Equinox MutualHedge 3/31/2018 Futures Strategy …

1 Equinox Funds | Q4 Equinox MUTUALHEDGEFUTURES Strategy FUNDThe fund offers a diverse portfolio of managed Futures strategies in a single, actively managed mutual fund investment that seeks to reduce risk and enhance returns across market data quoted here represents past performance and does not guarantee Futures results. Current performance may be lower or higher than the performance quoted above. The value of an investor s shares will fluctuate so that investor s shares, when redeemed, may be worth more or less than their original cost. The fund s investment advisor, Equinox Institutional Asset Management, LP, has contractually agreed to reduce its fees and/or absorb expenses of the fund at least until 1/31/2019 to ensure that the net annual fund operating expenses do not exceed (Class A), (Class C), and (Class I) of the fund s average daily net assets, subject to possible recoupment from the fund in future years subject to approval of the fund s Board of Trustees.

2 For performance current to the most recent month end, please visit 1 The Gross/Net Expense Ratio does not include costs associated with any over the-counter (OTC) derivatives utilized by the fund to gain exposure to managed Futures programs. The fund does not anticipate that it will pay fees to derivatives counterparties in the fiscal year 2017 in excess of (annualized) of the notional exposure to managed Futures programs. Please review the fund s prospectus for more information regarding fees and Morningstar RatingTM 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.

3 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 receive 4 stars, the next 35% receive 3 stars, the next receive 2 stars, and the bottom 10% receive 1 star.

4 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. Definitions of Terms and Indices can be found on the back CLASSTICKERCUSIPC lass AMHFAX66537V682 Class CMHFCX66537V674 Class IMHFIX66537X555 fund FACTSFund Assets: $ Category: Managed Futures , MorningstarFund Type: Alternative Investment fund ; 1940 Act Open-End Mutual FundCommodity Trading Advisor: Multi-StrategyInception Date: Class A 12/31/2009 Class C 12/31/2009 Class I 5/24/2011 Gross/Net Expense Ratios1: Fee: 1% on shares redeemed within first 30 daysDistribution Frequency.

5 AnnualMonthly Rate of Return Since Inception Class A As of 12/31/ 2018 ANNUALIZED RATE OF RETURNQ4 2018 YTD1 YEAR3 YEAR5 YEARSINCE INCEPTIONCLASS A (with maximum sales charge) Futures (BTOP50 Index) received an overall Morningstar rating of 4 stars in the managed Futures category, a 4-star rating out of 95 funds, and a 4-star rating out of 65 funds, based on overall, three, and five-year risk-adjusted returns, respectively as of 12/31 FACT SHEET 12/31/ 2018 Additional fund Characteristics Since Inception As of 12/31/ 2018 MHFAXMANAGED FUTURESANNUALIZED OF MAX DRAWDOWN (months)2844 Performance vs.

6 Benchmark As of 12/31/ 2018 Equinox Funds | Diversification by Sector2 As of 12/31/ 2018 Quarterly Performance Attribution by Sector As of 12/31/ 2018 Correlation As of 12/31/ 2018 Equinox MutualHedge Futures Strategy fund 12/31/ 2018 DESCRIPTIONS OF INDICES AND TERMSC ommodities: S&P GSCI Total Return Index A sub-index of the S&P GSCI that provides investors with a reliable and publicly available benchmark for investment performance in the livestock commodity market. Equities: S&P 500 Total Return Index Widely regarded as the best single gauge of the US equities market, this world-renowned Index includes 500 leading companies in leading industries of the US economy.

7 Fixed Income: Barclays Capital US Aggregate Bond Index The most common index used to track the performance of investment grade bonds in the US. Global Equities: MSCI World Index A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Managed Futures : Barclay BTOP50 Index The Index seeks to replicate the overall composition of the managed Futures industry with regard to trading style and overall market exposure. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

8 1940 Act fund is a pooled investment vehicle offered by a registered investment company as defined in the 1940 Investment Companies Act. Such pooled investment vehicles fall into two broad categorizations: open-end and closed-end. All 1940 Act funds are registered as securities with the SEC. Drawdown is the peak-to-trough decline during a specific record period of an investment, fund or commodity. Risk-adjusted return measures how much risk is involved in producing a return, which is generally expressed as a number or rating. Risk-adjusted returns are applied to individual securities and investment funds and portfolios.

9 Sharpe Ratio is a risk-adjusted measure calculated using annualized standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the funds historical risk-adjusted performance (assumed risk-free rate is 0%). Standard Deviation is a statistical measure (single number) that sheds light on historical volatility. A volatile investment will have a higher stand deviation, while the more stable investment will have a lower standard deviation. IMPORTANT RISK DISCLOSUREM utual funds involve risk including possible loss of principal. There is no assurance that the fund will achieve its investment broad sector gross risk exposures.

10 Sector exposures and positions held may vary depending on market conditions and may not be representative of the fund s current or future exposures. Portfolio positions are subject to change and should not be considered investment advice Source: Equinox Funds and Bloomberg, 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 US Dollar, or, in the case of short positions, that the US 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 for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the US or abroad.