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© 2012, Equinox Fund Management, LLC. All rights reserved.

SGI Smart Market Neutral Commodity IndexSM (the “Reference Index”) is a service mark of Société Générale and has been licensed for use by Equinox Fund Management, LLC and its affiliates.

The SGl Smart Market Neutral Commodity IndexSM is the property of Société Générale and is used under license. The Equinox Commodity Strategy Fund (the “Fund”) is not sponsored, endorsed, or promoted by Société Générale. Neither Société Générale nor any of its affiliates have passed on the Fund as to its legality or suitability, and such parties make no warranties nor bear any liability with respect to the Fund. Neither Société Générale nor any of its affiliates acts as an investment adviser with respect to the Fund, Equinox Fund Management, LLC (“Equinox”) or Index. The Reference Index is the exclusive property of Société Générale, which has contracted with Standard & Poor’s, a division of The McGraw Hill Companies, Inc. (“S&P”); to maintain and calculate the Reference Index. S&P shall have no liability for any errors or omissions in calculating the Reference Index. (Bloomberg Ticker: SGICVMX <Index>.)

Securities offered through Equinox Group Distributors, LLC, Member FINRA.
47 Hulfish Street, Suite 510, Princeton, NJ 08542
1.877.837.0600

Mutual funds involve risk including possible loss of investment.
Although the Fund intends to follow a long/short market-neutral strategy, exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Because the Fund anticipates entering into one or more commodity-linked derivative instruments, a loss may be sustained as a result of the failure of another party to a contract to make required payments or otherwise comply with a contract’s terms. The use of derivatives, such as swap agreements, options, warrants, futures contracts, and structured notes, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying security, commodity, asset, index or reference rate. Derivative strategies often involve leverage, which may exaggerate or magnify a loss, potentially causing the Fund to lose more money than it would have lost had it invested directly in the underlying security. Also, a liquid secondary market may not always exist for the Fund’s derivative positions at times when the Fund might wish to terminate or sell such positions. Fixed income securities are subject to credit risk and interest rate risk.

There can be no assurance that the strategies reflected in the Reference Index and Underlying Index will be successful. The Fund is managed with a passive investment strategy, attempting to track the performance of the Reference Index. This approach differs from that of an actively managed fund, which typically seeks to outperform some benchmark index. Maintaining an investment in a specific component regardless of market conditions or performance could cause the Fund’s return to be lower than if the Fund employed an active strategy. The Fund’s portfolio composition and performance may not match, and may vary substantially from, that of the Reference Index for any period of time. The Fund is non-diversified. A non-diversified fund’s greater investment in a single issuer makes the fund more susceptible to financial, economic or market events impacting such issuer. There is a risk that the investments that the Fund holds are bought and sold in a frequent manner, thereby increasing Fund expenses and resulting in lower investment returns. The Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of sectors.

Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Equinox Commodity Strategy Fund. This and other important information about the Fund is contained in the Fund’s Prospectus, which can be obtained by calling 1-888-643-3431. The Prospectus should be read carefully before investing. Distributed by Northern Lights Distributors, LLC, Member FINRA. Equinox Fund Management, LLC, and Equinox Group Distributors, LLC are not affiliated with Northern Lights Distributors, LLC.

1162-NLD-6/6/2011
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