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TICKER: EEHAX
CUSIP: 29446A785
INCEPTION DATE: Sep 9, 2013
TICKER: EEHIX
CUSIP: 29446A777
INCEPTION DATE: Sep 9, 2013

DAILY PRICING (as of Nov 8, 2019)

NAV: Change: Change: Change YTD:
$11.95 +$0.03 +0.25% +32.63%

DAILY PRICING (as of Nov 8, 2019)

NAV: Change: Change: Change YTD:
$12.10 +$0.02 +0.17% +32.82%

To view information and literature on the AXS Alternative Growth Fund, please visit
AXS Investments.

To view information and literature on the AXS Alternative Growth Fund you will be directed to the AXS Investments website.

Fund exposure by futures strategy — as of Sep 30, 2019

Futures Strategy
% Exposure
program description
Info, Notes & Performance
Quest Partners
16.3%
Trend Following
Quadrant Dynamic Risk Allocation
11.6%
Systematic Global Macro (Dynamic Equity Hedge)
H2O Asset Management
8.5%
Global Macro
Firm location:
London, United Kingdom  
Program name:
Force 10 
Program inception:
March 2011 
Firm AUM (9/29/19):
$29.6 Billion  
Principal(s):
Bruno Crastes, CEO,
Vincent Chailley, CIO,
Marc Maudhuit, Client Portfolio Manager,
Jean-Noel Alba, CEO,
Jean Jacques Duhot, Deputy Chief Investment Officer

The investment philosophy of H2O is based on the conviction that value diversification is the most stable and robustsource of alpha over time. All-out diversification not only across assets, but also by investment horizon and manager expertise, gives us the ability to make better decisions and to produce more consistent risk adjusted performance. To generate alpha, H2O AM follows a top-down qualitative investment process and monitors the risk associated to calibrate the highly diversified strategies. No single position in itself has any meaning outside this overall risk/return context. A view is fed by a set of factors from seven fund managers and established as a risk-on, risk-off or diversifying strategy at a given horizon. The qualitative views are then translated into quantitative forecasts taking into account past volatilities and correlations and using Black & Litterman methodology as the key instrument enabling the conversion of views into positions. H2O AM fund managers take directional, relative value and specific/thematic positions in fixed income, currency and equity markets (no credit, no commodity exposure). The exposures are first decided in respect of each asset class: G4 govies, USD and equity markets. Relative value strategies are then constructed independently from the directional positions: they are "exposure-neutral". Finally, specific or thematic calls may be implemented separately. All the above strategies are invested using preferably derivatives. The Funds Under Management corresponds to the assets of the strategy.

Crabel Capital Management
6.7%
Short-Term Trading
Firm location:
Los Angeles, CA  
Program name:
Multi-Product program 
Program inception:
March 1998 
Firm AUM (8/30/19):
$3,631.5 billion (includes notional equity)  
Principal(s):
Toby Crabel

Quantitative Investment Management
6.2%
Short-Term Trading
Firm location:
Charlottesville, VA 
Program name:
Global program 
Program inception:
October 2003 
Firm AUM (9/29/19):
$1.57 billion 
Principal(s):
Jaffray Woodriff,
Michael Geismar,
Greyson Williams

IPM Informed Portfolio Mgmt.
5.8%
Global Macro
SCT Capital Management
5.2%
Short-Term Trading
Emil van Essen, LLC
4.8%
Spread/Commodity Traders
Firm location:
Chicago, IL  
Program name:
Spread Trading program 
Program inception:
December 2006 
Firm AUM (9/29/19):
$ 81 million  
Principal(s):
Emil Van Essen

Quantica Capital
4.8%
Trend Following
Firm location:
Schaffhausen, Switzerland 
Program name:
Managed Futures program 
Program inception:
January 2005 
Firm AUM (9/29/19):
$518 million  
Principal(s):
Dr. Bruno Gmür,
Patrick J. Aregger,
Dr. Philipp Keller

Arctic Blue Capital
4.7%
Spread/Commodity Traders
FORT, L.P.
4.6%
Other
Firm location:
Chevy Chase, MD  
Program name:
Global Contrarian program 
Program inception:
October 2002  
Firm AUM (9/29/19):
$6.19 billion  
Principal(s):
Dr. Yves Balcer, Ph.D.,
Dr. Sanjiv Kumar, Ph.D.

LCJ Investments SA
4.2%
Currency Traders
J E Moody & Company
3.9%
Spread/Commodity Traders
Mesirow Financial
3.9%
Currency Traders
KeyQuant SAS
3.3%
Trend Following
QMS Capital Mangement
3.0%
Global Macro
Quest Partners
2.5%
Dynamic Equity Hedge
Firm location:
New York, NY 
Program name:
Tracker Index program 
Program inception:
October 2011 
Firm AUM (9/29/19):
$1.527 B  
Principal(s):
Nigol Koulajian,
Pawel Czkwianianc

Performance attribution — as of Sep 30, 2019


Correlation matrix of futures strategies — Oct 1, 2014 - Sep 30, 2019

Arctic Crabel EVE FORT H2O IPM J E Moody KeyQuant LCJ Mesirow QDRA QIM QMS Quantica Quest SCT
Arctic 1.00
Crabel 0.321.00
EVE 0.15-0.021.00
FORT 0.330.350.071.00
H2O -0.04-0.15-0.05-0.181.00
IPM -0.080.010.12-0.020.221.00
J E Moody 0.020.22-0.20-0.040.20-0.191.00
KeyQuant 0.390.480.060.76-0.11-0.020.131.00
LCJ -0.040.20-0.230.17-0.07-0.100.080.161.00
Mesirow -0.090.08-0.030.03-0.160.03-0.030.070.251.00
QDRA -0.170.08-0.110.15-0.250.25-0.010.260.380.251.00
QIM 0.310.040.090.14-0.17-0.05-0.150.08-0.04-0.09-0.081.00
QMS 0.080.14-0.020.320.170.250.140.440.01-0.110.26-0.161.00
Quantica 0.460.510.060.79-0.24-0.00-0.000.780.180.110.230.100.371.00
Quest 0.490.58-0.040.54-0.17-0.060.230.740.300.120.480.050.340.661.00
SCT 0.300.480.010.67-0.08-0.100.130.680.090.110.180.230.220.720.631.00

Fund Performance

As of Nov 8, 2019 As of Sep 30, 2019
Annualized Rate of Return
Fund Name 1 month ytd quarter 1 year 3 years 5 years since
inception
Equinox Ampersand Strategy Fund
Class A, without load (inception: Sep 9, 2013)
3.11% 32.63% 4.45% 19.29% 11.94% 10.38% 10.07%
Equinox Ampersand Strategy Fund
Class A, max load (inception: Sep 9, 2013)
-2.85% 25.00% -1.56% 12.47% 9.74% 9.09% 8.99%
As of Nov 8, 2019 As of Sep 30, 2019
Annualized Rate of Return
Fund Name 1 month ytd quarter 1 year 3 years 5 years since
inception
Equinox Ampersand Strategy Fund
Class I (inception: Sep 9, 2013)
3.07% 32.82% 4.48% 19.58% 12.36% 10.74% 10.40%

Performance Period — as of Nov 8, 20191

Equinox Ampersand Strategy Fund - Class I
S&P 500 Total Return Index
Difference

Performance and risk versus benchmarks — as of Oct 31, 2019

  1 month ytd 2016 2017 2018 Cumulative Return Annualized Return Maximum Drawdown standard deviation Correlation
Vs. Indices
Equinox Ampersand Strategy Fund
Class A, without load
-2.09% 30.19% 11.88% 15.45% -8.55% 75.04% 9.54% -14.73% 11.39% 1.00
S&P 500 Total Return Index
2.17% 23.16% 11.96% 21.83% -4.38% 106.04% 12.49% -13.52% 11.38% 0.80

Performance and risk versus benchmarks — as of Oct 31, 2019

  1 month ytd 2016 2017 2018 Cumulative Return Annualized Return Maximum Drawdown standard deviation Correlation
Vs. Indices
Equinox Ampersand Strategy Fund
Class I
-2.06% 30.52% 12.19% 15.54% -7.95% 78.29% 9.87% -14.19% 11.39% 1.00
S&P 500 Total Return Index
2.17% 23.16% 11.96% 21.83% -4.38% 106.04% 12.49% -13.52% 11.38% 0.81