Fund Terms

Summary:

May enhance overall portfolio returns.
May reduce overall portfolio risk.
May provide low correlation to equities, bonds and to other alternative investments.
May provide profit potential in bull and bear markets by exposure to both long and short strategies.

MutualHedge also holds cash, cash equivalents and fixed income securities. The Fund may also invest in a variety of derivative instruments.

Investment Objective: Seeks to achieve capital appreciation in both rising and falling (bull and bear) equity markets with an annual volatility that is generally lower than the volatility experienced by the S&P 500^® Index.

Investment Advisor: Equinox Fund Management, LLC

Portfolio Manager: Richard Bornhoft

Minimum Investment: The minimum initial and subsequent investment in Class A and Class C shares is $2,500 and $500. The minimum initial investment in Class I shares is $1,000,000 and there is no subsequent investment minimum. There is no minimum investment requirement when you are buying shares by reinvesting dividends and distributions from the Fund. The Fund reserves the right to waive or reduce the investments under certain circumstances. The Fund may change the investment minimums at any time.

Fund Fees and Expenses:

Class A

Class C

Class I

Gross Expense Ratio	2.86%	5.85%	4.85%
Net Expense Ratio	1.99%*	2.74%	1.74%

* The maximum sales charge for Class A Shares is 5.75%. Class A Share investors may be eligible for a reduction in sales charges.

Redemption Fee: 1% fee on shares redeemed within the first 30 days.

Symbol and CUSIP Number:

Symbol

CUSIP

Inception

Class A	MHFAX	66537V682	12/31/2009
Class C	MHFCX	66537V674	12/31/2009
Class I	MHFIX	66537X555	05/24/2011

Income Distribution Frequency: Annual

Fund Type: Alternative Investment Fund

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

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

There is no assurance that the Fund will achieve its investment objective.

Mutual Funds involve risk including possible loss of principal.

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.

Investors should carefully consider the investment objectives, risks, charges and expenses of MutualHedge. This and other important information about the Fund is contained in the Prospectus, which can be obtained by calling 1-888-MHEDGE1 (888-643-3431). The Prospectus should be read carefully before investing. MutualHedge is distributed by Northern Lights Distributors, LLC, Member FINRA.

1299-NLD-6/21/2011