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SGI Smart Market Neutral Commodity Index^SM (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 Index^SM 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.
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Mutual Funds involve risk including possible loss of investment.

MutualHedge Frontier Legends Fund
The Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between various currencies. The Fund will invest a percentage of its assets in derivatives, such as futures and options contracts. The use of such derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities and commodities underlying those derivatives. The Fund may experience losses that exceed losses experienced by funds that do not use futures contracts and options. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures and options on futures. Although futures contracts are generally liquid instruments, under certain market conditions there may not always be a liquid secondary market for a futures contract. As a result, the Fund may be unable to close out its futures contracts at a time which is advantageous. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts and options. 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. Over-the-counter transactions are subject to little, if any, regulation and may be subject to the risk of counterparty default. A portion of the Fund’s assets may be used to trade OTC commodity interest contracts, such as forward contracts, option contracts in foreign currencies and other commodities, or swaps or spot contracts. A substantial portion of the trades of the global macro programs are expected to take place on markets or exchanges outside the United States. Some foreign markets present additional risk, because they are not subject to the same degree of regulation as their U.S. counterparts. Trading on foreign exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. An adverse development with respect to any of these variables could reduce the profit or increase the loss earned on trades in the affected international markets. International trading activities are subject to foreign exchange risk. The Fund may employ leverage and may invest in leveraged instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. Leverage will cause the value of the Fund’s shares to be more volatile than if the Fund did not use leverage. The Fund may take short positions, directly and indirectly through the Subsidiary, in derivatives. If a derivative in which the Fund has a short position increases in price, the underlying Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss.

Equinox Commodity Strategy Fund
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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