Equinox Funds Trust N-CSR Certified annual shareholder report (management investment company)

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22447

Equinox Funds Trust

(Exact name of registrant as specified in charter)

17605 Wright Street Omaha, Nebraska 68130

(Address of principal executive offices) (Zip code)

James Ash, Gemini Fund Services, LLC.

80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2619

Date of fiscal year end: 9/30

Date of reporting period: 9/30/17

Item 1. Reports to Stockholders.

EQUINOX CAMPBELL STRATEGY FUND

CLASS A SHARES: EBSAX

CLASS C SHARES: EBSCX

CLASS I SHARES: EBSIX

CLASS P SHARES: EBSPX

ANNUAL REPORT

SEPTEMBER 30, 2017

1-888-643-3431

WWW.EQUINOXFUNDS.COM

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer to buy shares of the Equinox Campbell Strategy Fund. Such offering is made only by prospectus, which includes details as to offering price and other material information.

Distributed by Northern Lights Distributors, LLC
Member FINRA

EQUINOX CAMPBELL STRATEGY FUND

Annual Letter to Shareholders for the year ended September 30, 2017

The Equinox Campbell Strategy Fund (the “Fund”) was launched on the Equinox Alternative Strategy Platform (“EASP”) on March 8, 2013 (except for Class C Shares, as shown in the table below).

The Fund’s investment objective is to seek long-term capital appreciation, which is pursued by investing (a) directly or (b) indirectly through its wholly-owned subsidiary, in a combination of

(i) derivative instruments such as swap agreements¹ that provide exposure to the managed futures program of Campbell & Company, Inc. (the “Campbell Program”)²; and

(ii) a fixed-income portfolio.

PERFORMANCE OF THE FUND (as of 9/30/2017)

NAME	TICKER	12 MO RETURN (10/1/16-9/30/17)	CUMULATIVE RETURN SINCE INCEPTION	INCEPTION DATE
Equinox Campbell Strategy Fund - A	EBSAX	-7.60%	1.03%	3/8/2013
Equinox Campbell Strategy Fund – A (with 5.75% maximum sales charge)	EBSAX	-12.93%	-4.78%	3/8/2013
Equinox Campbell Strategy Fund - C	EBSCX	-8.32%	2.49%	2/11/2014
Equinox Campbell Strategy Fund - I	EBSIX	-7.45%	2.23%	3/8/2013
Equinox Campbell Strategy Fund - P	EBSPX	-7.36%	2.23%	3/8/2013

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

Investments in Managed Futures are speculative, involve substantial risk, and are not suitable for all investors.

Returns of the Fund’s shares for the fiscal year are shown in the table above. The Fund’s primary investment allocation is to the Campbell Program, which is a diversified intermediate

1 A swap is a derivative contract through which two parties exchange financial instruments. Most swaps involve cash flows based on a notional principal amount that both parties agree to. Usually, the principal does not change hands. Each cash flow comprises one leg of the swap. One cash flow is generally fixed, while the other is variable – that is, based on a benchmark interest rate, floating currency exchange rate or index price. The most common kind of swap is an interest rate swap. Swaps do not trade on exchanges, and retail investors do not generally engage in swaps. Rather, swaps are over-the-counter contracts between businesses or financial institutions.

2 A “Managed Futures Program” generally is a trading program that a CTA uses to guide its investments in futures, forwards, options or spot contracts. Please see the Fund’s Prospectus for a detailed description of the Fund’s investment strategy.

47 Hulfish Street, Suite 510, Princeton, NJ 08542 • T 609.430.0404 • F 609.454.5010 • www.equinoxfunds.com

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to long-term multi-strategy (but predominantly trend-following) program. The Fund had negative performance for the fiscal year, but is still in positive territory since inception. As shown on page 2, the Campbell Program’s (and consequently the Fund’s) market exposure continues to be diversified across six sectors. As of the fiscal year-end, Currencies, Equity Indices, and Interest Rates, in that order, represent the largest gross exposures, and total almost 83% (vs. 70% last year), while the physical commodity sectors, Metals, Agricultural Commodities, and Energy (in that order) total the remaining 17%.

It is worth noting that the Campbell Program has long-term target risk exposures to various sectors. The actual sector risk exposures at any time are a function of the signals generated by the trading models: when there are more trends in markets, whether up or down, actual sector risk exposures will tend to be higher. It is also worth distinguishing between “gross” and “net” risk exposures: for example, a sector that has long positions whose risk exposure is 10% and short positions whose risk exposure is –15% will be shown as having a gross risk exposure of 25%, even though its “net” exposure would be only –5% (short).

SECTOR ALLOCATION (as of 9/30/2017)

CURRENCIES	EQUITY INDICES	INTEREST RATES	AGRICULTURAL COMMODITIES	ENERGY	METALS	TOTAL
38.7%	28.9%	15.0%	4.1%	3.8%	9.5%	100.0%

In terms of sector attribution, Equity Indices were the only positive contributor to performance. Agricultural Commodities, Energy, Interest Rates, Metals, and Currencies, in that order, all detracted from performance. Clearly, it was not a favorable market environment for most Commodity Trading Advisor (CTA) strategies, including trend-following.

SECTOR ATTRIBUTION (10/1/2016 TO 9/30/2017)

CURRENCIES	EQUITY INDICES	INTEREST RATES	AGRICULTURAL COMMODITIES	ENERGY	METALS	TOTAL
-0.23%	13.14%	-4.70%	-8.02%	-6.13%	-1.68%	-7.60%

FUND PERFORMANCE HIGHLIGHTS

The fund’s performance for the year was driven mainly by four months.

October 2016

The Fund returned [–3.06%] in October, a difficult month for trend-following strategies.

Trend-following strategies were responsible for most of the losses. Rising yields in the US and Europe led to losses for long positions held by longer-term (greater than 3-month average

47 Hulfish Street, Suite 510, Princeton, NJ 08542 • T 609.430.0404 • F 609.454.5010 • www.equinoxfunds.com

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holding period) strategies. Time-horizon diversification was helpful, however, as both short- term and medium-term trend strategies outperformed in all four sectors. Non-trend following strategies contributed positively during the month. Cross sector strategies, which use information from one asset class to trade markets in another asset class, posted significant gains in foreign exchange, with further gains in equities and fixed-income. Short-term mean- reversion and carry strategies posted small negative returns.

Sector performance diverged dramatically. Performance in equity indices, which represented the largest risk exposure for the program during October, was approximately flat. Net long positioning benefited from the risk-on sentiment early in the month, yielding early gains. As the month progressed, however, sector gains were erased as uncertainty surrounding the impending US election drove investors out of risky assets. Global equities sold off for five consecutive days to end the month, while equity implied volatility (VIX) rose by more than 30% during the same period. Concurrent with the month-end sell-off in equities, global bonds also moved lower. For the fourth consecutive month, global stocks and bonds (as proxied by the MSCI World Index and JPM Global Aggregate Bond Index, respectively) moved in the same direction.

Though equity indices and fixed income both retreated in October, the sell-off was much more significant for bonds. The 2.6% monthly decline for the JPM Bond Index was the largest in several years. While fixed income was a negative contributor to performance, short and medium-term trend strategies limited losses in the sector. These more reactive strategies helped drive net sector exposure short by month-end, marking the first time the portfolio had been net short fixed income in recent history.

The currency and commodity sectors were, respectively, the largest positive and negative contributors to profit and loss (P&L) in October. Net long dollar positions profited as the US Dollar strengthened against other traded currencies. The US Dollar Index (DXY) rose more than 3%, and the British Pound (–5.3%) and Swedish Krona (–5.0%) were the biggest losses vs the USD.

Difficulties in the commodity sector continued to plague performance. Year-to-date, performance has been dominated by losses in the energy complex, with trend-based strategies getting chopped up amidst the frequent reversals in the space. In October, short positions in corn and natural gas contributed significantly to P&L.

January 2017

Broad reversals in the last few trading days of the month led to negative performance (–2.89%). Short-term mean reversion strategies provided some profits, but it was a rough month for trend models, particularly those with 1-3month lookbacks, which incurred appreciable losses from reversals in currency and commodity markets.

47 Hulfish Street, Suite 510, Princeton, NJ 08542 • T 609.430.0404 • F 609.454.5010 • www.equinoxfunds.com

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Returns in the equity sector were positive albeit volatile. A sizable net long position led to gains in the early part of the month and again in the days following the presidential inauguration, as markets ramped higher. However, a month-end sell-off erased some of those profits. Overall positioning in the equity sector remained long, with net exposure moving higher by month-end.

Fixed-income sector performance was slightly negative, with losses in long-term rates more than offsetting small gains in short-term rates. Markets seemed mostly to react to country- specific events; most contracts traded lower, but Australian futures were higher while US futures were little changed. A net long position in European contracts led to some small losses, and net short exposure in Asia and North America also had some impact.

Performance in the commodity sector was negative. There was significant dispersion in returns across the complex, with large gains in base metals and losses in energy and grains. One of the most difficult markets was Reformulated Gasoline Blendstock for Oxygen Blending (RBOB) Gasoline, where a large long position suffered losses as prices declined rapidly throughout the month. The portfolio was well-positioned in industrial metals, with long positions in Copper, Aluminum and Nickel all profiting as those markets moved higher on bullish fundamentals.

Finally, the currency sector was a significant detractor from performance. Coming off a very strong fourth quarter, which included 3 consecutive monthly gains and a cumulative increase of more than 7%, the USD Index reversed course and finished the month of January about 2.6% lower. With the exception of Turkish Lira, our entire universe of currencies strengthened versus the greenback as investors pared back their bullish dollar bets amid worries that Trump was focusing more on protectionism than pro-growth economic policies. Some of the largest long USD/short Forex (FX) positions that suffered losses were the Japanese Yen, Swedish Krona and Canadian Dollar. By the end of the month, shorter-term models significantly reduced USD exposure, and even established long positions in certain currencies, such as the New Zealand and Australian Dollars.

February 2017

Trend-based strategies were the primary drivers of strong gains (+4.15%) during February, driven largely by the continued positive momentum in global equities. Long equity index positions in both medium-term and long-term trend-following models profited as global markets moved higher, although net exposure was reduced somewhat as the month progressed. While trend strategies represented the majority of the gains, net profits from macro strategies, including both multi-asset carry and cross sector investments, also boosted performance.

The rise in global equities was the dominant theme in February, as better-than-expected economic data and a potentially favorable political environment in the US promoted “risk-on”

47 Hulfish Street, Suite 510, Princeton, NJ 08542 • T 609.430.0404 • F 609.454.5010 • www.equinoxfunds.com

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sentiment. In tandem with the rally, volatility continued to decline to historically low levels – the MSCI World Index daily volatility (annualized) was just 4% during February, compared to an average of 11% over the prior 5 years. Notably, equity volatility was lower than both fixed- income and currency volatility during January and February. This had not occurred since at least January 2000.

A notable development during February was the divergence in net positioning between trend and macro strategies, which were both profitable despite their differing views. This was largely driven by changing signals within the trend portfolio, which flipped signs (of net exposure) in several sectors during the month. In the currency sector, trend strategies responded to the recent USD weakness and established a small net short position in early February, while macro strategies maintained a net long USD position. Trend strategies also repositioned somewhat in the fixed-income sector, reducing net short exposure throughout the month to finish nearly (net) flat. Macro strategies, however, maintained a long position in fixed-income. In the equity sector, macro strategies remained relatively uncommitted, with a small net short position serving to moderate long positions from trend-following.

June 2017

Sharp trend reversals at month-end led to a dramatic shift in performance for the managed futures asset class in general and for the Fund, which was down –3.82%. The sell-off in global fixed-income, which began on June 27 on the heels of comments from the European Central Bank’s (ECB) Mario Draghi at the Forum on Central Banking, was the main driver of the disappointing results for the month.

Trend-following strategies, which at this point held net long positions in the fixed-income sector, incurred broad losses, most notably in Europe. Unfortunately, macro and other non- trend models, which are normally less correlated to trend, also became broadly aligned with trend-following and lost money during the late-month reversal. Losses were only marginally mitigated by short-term strategies, which were quickest to react to the shift and ended up moderately profitable.

Three broad themes contributed to the month’s (and hence the quarter’s) poor results.

1. Trend Reversals: While fixed-income markets reversed in the wake of Draghi’s comments, the reversals extended to other sectors as well, notably commodities (energies and grains) and currencies. As an example, Sugar fell 26% in Q2 through June 26th, before rallying nearly 8% in the last four trading days.

2. Volatility Expansion: Market volatility had been extremely compressed in 2017 until the last days of June. As of June 26th, realized volatility (63-day trailing) for more than 30 traded markets was in the bottom decile of its historical distribution, and below the average for many others. CTAs typically use realized volatility as an input to forecast market volatility. In June, this resulted in volatility forecasts that were severely

47 Hulfish Street, Suite 510, Princeton, NJ 08542 • T 609.430.0404 • F 609.454.5010 • www.equinoxfunds.com

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understated. Forward-looking implied volatility measures also did not anticipate the spike in volatility. As one example of several: historical volatility estimates indicate that the 4-day sell-off in Bunds was a 4-sigma event (one that should occur roughly once in about 100,000 observations).

3. Correlation breakdown: There was a marked shift in the correlation structure between equities and fixed-income, particularly in Europe. For example, the daily correlation (63- day rolling) between the DAX Index and the Bund had been negative and declining for the entire second quarter, before reversing and rising sharply at the end of June. Thus, anticipated risk mitigation from long positions in both markets/sectors did not materialize, as both sold off concurrently. Global stocks and bonds experienced similar, albeit less extreme, shifts in correlation.

MARKET COMMENTARY AND OUTLOOK

The major drivers of the Fund’s negative performance have already been discussed. After three good years, bonds have started showing signs of stress, as the Fed starts to downsize its balance sheet, and rate hikes loom on the horizon. Global equity markets, however, continue their upward march, and we are now in the ninth year of the bull run, with most global indices at or near all-time highs. Energy prices have been volatile, and may continue to do so, especially given the specter of Trump’s reneging on the Iran deal.

The VIX^® Index, known to investors as the “fear index,” has remained in an extremely narrow range since January 2017. After recording only 9 readings below 10% in the 27 years since its inception (in 1990), the Index proceeded to record 24 readings below 10% during the first nine months of 2017. Noted academic and industry pundits began to question the value of the VIX^® as a predictor of market uncertainty; one academic called the low levels of the VIX^® “the biggest financial mystery of our time.” Many people are now deriding the VIX^® as “a fake fear index,” and contending that it is time to switch to other more useful indicators.

The rationale for these types of statements is that there is still rampant uncertainty in the markets. In the US, it centers mainly on Trump’s healthcare, fiscal, and tax policies, and the escalating Russia scandal and its potential outcome(s). In addition, US-North Korea tensions have added a new dimension to previously existing geopolitical stresses. Surprisingly, equity markets have continued to rally but not without an occasional case of the jitters. The Fed itself has remarked that equity prices are “quite high relative to standard valuation measures.” The widely followed Cyclically Adjusted Price-to-earnings (CAPE) Ratio stands at a historical high of almost 31.0, according to creator Nobel laureate Robert Shiller, who has commented that the U.S. stock market “hasn’t been this overvalued except a couple of times around 1929 (the Great Depression) and around 2000.” We are well above the 2007 valuations right before the global financial crisis; still, to be fair, Shiller has also expressed his belief the market could still have room to run. Meanwhile, other market professionals have expressed concerns about increases in the level and volatility of interest rates.

47 Hulfish Street, Suite 510, Princeton, NJ 08542 • T 609.430.0404 • F 609.454.5010 • www.equinoxfunds.com

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We are a little leery of beginning to sound like a “broken record” in repeating that we believe there is still a lot of latent uncertainty in the markets. In the US, concerns about the Trump administration and the potential outcome of multiple investigations into Russia-related financial and electoral scandals continue, as do the geopolitical stresses in Europe and the Middle East. Climate change continues to rear its ugly head, this year in the form of an unprecedented hurricane season. Surprisingly, equity markets continue to scale new heights while raising the question: how much longer? Opinions about the Fed’s policy on interest rates and its impact still seem likely to evolve over time, depending on the strength of the economy and evidence of inflation.

Investors should bear in mind that Commodity Trading Advisor (CTA) programs have historically offered useful diversification benefits, with the potential for attractive risk-adjusted returns over the long run. In fact, managed futures have historically tended to perform well in a wide variety of market conditions, perhaps particularly so during periods of equity market turbulence and volatility expansion. We continue to believe that a significant and strategic allocation to the asset class, while not a “hedge” for equities, nonetheless has the potential to serve investors well in the long run.

Although the Fund has been in operation for a short period of time, the Campbell Program itself has a track record dating back to 1998. It has historically offered useful diversification benefits, along with what we view as attractive risk-adjusted long-term returns over multiple market cycles. In our opinion, the Fund and the managed futures asset class should continue to offer these potential benefits in a market environment that is still challenging and a geopolitical outlook that remains fraught with uncertainty. In fact, managed futures, although not a hedge for equities in the true sense of the word, have historically displayed the ability to earn what has been termed as “crisis alpha:” positive returns during periods when equity markets have collapsed and volatility has increased.

Difficult market conditions, the prevailing climate of economic and geopolitical uncertainty, and the unpredictable nature of financial markets all pose challenges for investors. The Campbell program is, we believe, positioned to potentially perform well under these conditions. As always, we encourage investors to focus on holding a portfolio that blends traditional assets with a strategic and meaningful allocation to alternative assets, appropriate for their long-term goals. A well-balanced portfolio may display lower volatility, while also affording opportunities for potential long-term growth. We believe that the managed futures asset class should play an important role in such a portfolio.

Thank you for investing in the Equinox Campbell Strategy Fund.

47 Hulfish Street, Suite 510, Princeton, NJ 08542 • T 609.430.0404 • F 609.454.5010 • www.equinoxfunds.com

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DEFINITIONS OF TERMS AND INDICES

Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund’s alpha.

A Bund is a debt security issued by Germany’s federal government, and it is the German equivalent of a U.S. Treasury Bond.

Carry Trade is a strategy in which traders borrow a currency that has a low interest rate and use the funds to buy a different currency that is paying a higher interest rate.

A Commodity Trading Advisor (“CTA”) is a trader who may invest in more than 150 global futures markets. They seek to generate profit in both bull or bear markets, due to their ability to go long (buy) futures positions, in anticipation of rising markets, or go short (sell) futures positions, in anticipation of falling markets.

Crisis Alpha refers to the fact that some strategies earn superior risk-adjusted returns during crises.

The Cyclically Adjusted Price-to-Earnings Ratio is a valuation measure usually applied to the US S&P 500 equity market. It is defined as price divided by the average of ten years of earnings, adjusted for inflation.

DAX Index is a stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange.

Forex (FX) is the market in which currencies are traded. The Forex market is the largest, most liquid market in the world.

Gilts are bonds that are issued by the British government, and they are generally considered low-risk investments.

J.P. Morgan (JPM) Global Aggregate Bond Index is a comprehensive global investment grade benchmark.

J.P.M. Bond Index covers a variety of asset classes ranging from flagship coverage of emerging.

Long Position refers to the buying of a security such as a stock, commodity or currency, with the expectation that the asset will rise in value.

Mean-Reversion is the theory suggesting that prices and returns eventually move back toward the mean or average.

MSCI World Index is the MSCI World is a market cap weighted stock market index of 1,652 ‘world’ stocks

Reformulated Gasoline Blendstock for Oxygen Blending (RBOB) is the term given to unleaded gas futures.

S&P 500^® Index is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ

Short Position is a position whereby an investor sells borrowed securities in anticipation of a price decline and is required to return an equal number of shares at some point in the future.

Trend-Following is an investment strategy based on the technical analysis of market prices, rather than on the fundamental strengths of the companies.

US Dollar Index is a measure of the value of the US dollar relative to the value of a basket of currencies

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of the majority of the US’s most significant trading partners.

The VIX^® Index (VIX) is a forward-looking measure of equity market volatility. Since its introduction, the VIX is considered by many to be the world’s premier barometer of investor sentiment and market volatility.

Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

5846-NLD-11/07/2017

47 Hulfish Street, Suite 510, Princeton, NJ 08542 • T 609.430.0404 • F 609.454.5010 • www.equinoxfunds.com

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Equinox Campbell Strategy Fund

PORTFOLIO REVIEW (Unaudited)

September 30, 2017

The Fund’s performance figures* for the periods ended September 30, 2017, as compared to its benchmarks:

		Annualized
			Since Inception	Since Inception
	One Year	Three Year	(03/08/2013)**	(02/11/2014)+
Equinox Campbell Strategy Fund
Class A with Load	(12.93)%	(4.72)%	(1.07)%	N/A
Class A	(7.60)%	(2.83)%	0.22%	N/A
Class C	(8.32)%	(3.50)%	N/A	0.68%
Class I	(7.45)%	(2.56)%	0.48%	N/A
Class P	(7.36)%	(2.56)%	0.48%	N/A
S&P 500 Total Return Index ^	18.61%	10.81%	13.56%	11.69%
BTOP 50 Index ***	(4.95)%	(0.18)%	0.61%	1.30%

* The performance data quoted is historical. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for Class A maximum applicable sales charge of 5.75%. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or on the redemptions of portfolio shares. Performance figures for periods greater than one year are annualized. The returns would have been lower had the Advisor not waived its fees or reimbursed a portion of the Fund’s expenses. Per the fee table in the Fund’s prospectus dated February 1, 2017, the Fund’s “Total Annual Fund Operating Expenses” are 1.25%, 2.00%, 1.00% and 1.00% and the Fund’s “Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Reimbursement)” are 1.17%, 1.92%, 0.92% and 0.92% for Class A, Class C, Class I, and Class P shares, respectively, of the Fund’s average daily net assets. These expenses may differ from the actual expenses incurred by the Fund for the period covered by this report. Additional information regarding the Fund’s expense ratios is available in the Financial Highlights. For performance information current to the most recent month-end please call 1-888-643-3431.

** Commencement of operations was March 4, 2013. Start of performance is March 8, 2013.

+ Commencement of operations was February 11, 2014.

^ The S&P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors cannot invest directly in an index.

*** The Barclay BTOP50 Index (“BTOP50 Index”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 Index employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50 Index. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. For 2017, there are 20 funds in the BTOP50 Index. Investors cannot invest directly in an index.

Comparison of the Change in Value of a $100,000 Investment

Holdings by Asset Class	% of Net Assets
U.S. Treasury Notes		64.8	%
Short-Term Investments		35.3	%
Other Assets Less Liabilities		(0.1	)%
		100.0	%

Please refer to the Consolidated Portfolio of Investments in this annual report for a detail of the Fund’s holdings. The value of the Fund’s derivative positions that provide exposure to a managed futures program is included in “other assets less liabilities;” however, the portfolio composition detailed above does not include derivatives exposure. See the accompanying notes for more information on the impact of the Fund’s derivative positions on the consolidated financial statements.

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Equinox Campbell Strategy Fund

CONSOLIDATED PORTFOLIO OF INVESTMENTS

September 30, 2017

Principal Amount			Coupon Rate %	Maturity Date	Fair Value
		U.S. TREASURY NOTES - 64.8%
$	100,000,000	United States Treasury Note	0.7500	10/31/2017	$	99,977,500
	40,000,000	United States Treasury Note	0.8750	1/15/2018		39,968,471
	100,000,000	United States Treasury Note	1.0000	3/15/2018		99,910,529
		TOTAL U.S. TREASURY NOTES (Cost $239,970,085)				239,856,500
Shares
		SHORT-TERM INVESTMENTS - 35.3%
		MONEY MARKET FUNDS - 35.3%
	63,232,060	Goldman Sachs Funds PLC - US$ Liquid Reserves Fund - Administration Share Class, 0.94%* +				63,232,060
	67,225,533	JPMorgan Liquidity Funds - US Dollar Liquidity Fund - Premier Share Class, 1.20%* +				67,225,533
		TOTAL SHORT-TERM INVESTMENTS (Cost - $130,457,593)				130,457,593
		TOTAL INVESTMENTS - 100.1% (Cost $370,427,678)			$	370,314,093
		OTHER ASSETS LESS LIABILITIES - NET - (0.1)%				(450,748	)
		TOTAL NET ASSETS - 100.0%			$	369,863,345

* Pledged as collateral for swap contract.

+ All or a portion of this investment is a holding of Equinox Campbell Strategy Fund Limited.

See accompanying notes to consolidated financial statements.

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Equinox Campbell Strategy Fund

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2017

TOTAL RETURN SWAP+

Notional Value at					Variable Rate			Unrealized
September 30, 2017		Description	Counterparty	Fixed Rate Paid	Received	Maturity Date		Depreciation
$	440,781,000	Campbell Systematic Trading Program	Deutsche Bank	0.35% of the notional value	Total returns of the Campbell Systematic Trading Program		3/7/2018	$(86,280,900)

Total Return Swap Top 50 Holdings ^
FUTURES CONTRACTS
Short Contracts
						Unrealized
				Notional Value at		Appreciation/
Number of Contracts	Description	Counterparty	Expiration Date		September 30, 2017		(Depreciation)
196	2 Year Euro-Schatz Future	Deutsche Bank	Dec-17	$	25,960,654	$	4,141
467	2 Year U.S. Treasury Notes Future	Deutsche Bank	Dec-17		100,721,423		29,328
1,153	3 Month Sterling	Deutsche Bank	Dec-18		191,579,609		105,242
1,706	3 Year Australian Treasury Bond Future	Deutsche Bank	Dec-17		402,627,641		325,868
640	5 Year U.S. Treasury Notes Future	Deutsche Bank	Dec-17		75,205,191		121,269
29	10 Year Australian Treasury Bond Future	Deutsche Bank	Dec-17		22,042,024		(1,599	)
424	10 Year Canadian Govt Bond Future	Deutsche Bank	Dec-17		46,036,120		441,101
828	10 Year U.S. Treasury Notes Future	Deutsche Bank	Dec-17		103,796,098		642,739
527	90 Day Bank Accepted Bill Future	Deutsche Bank	Mar-18		99,062,220		(29,122	)
146	Copper Grade A Future	Deutsche Bank	Dec-17		23,833,697		109,271
1,834	Eurodollar	Deutsche Bank	Dec-18		449,830,491		231,672
592	Henry Hub Natural Gas Future	Deutsche Bank	Oct-17		17,864,814		72,969
171	Long Gilt Future	Deutsche Bank	Dec-17		28,408,921		1,836
433	Primary High Grade Aluminium Future	Deutsche Bank	Dec-17		23,037,651		(82,161	)
502	Three Month Canadian Bankers Acceptance Future	Deutsche Bank	Dec-17		98,777,814		(132,578	)
Long Contracts
334	10 Year Australian Treasury Bond Future	Deutsche Bank	Dec-17		253,863,314		(433,744	)
108	10 Year Japanese Goverment Bond Future	Deutsche Bank	Dec-17		144,128,252		(908,968	)
735	3 Month Euro (EURIBOR)	Deutsche Bank	Dec-18		217,486,747		(11,089	)
214	AEX Index Future	Deutsche Bank	Oct-17		27,102,356		473,889
342	CAC 40	Deutsche Bank	Oct-17		21,449,514		431,312
301	CME E-Mini Russell 2000 Index	Deutsche Bank	Dec-17		22,466,742		1,164,737
254	Copper Grade A Future	Deutsche Bank	Dec-17		41,464,103		(1,514,554	)
48	DAX Index Future	Deutsche Bank	Dec-17		18,118,314		354,564
510	E-Mini Dow	Deutsche Bank	Dec-17		56,898,463		1,149,338
302	E-Mini S&P 500	Deutsche Bank	Dec-17		37,917,438		516,319
139	E-Mini S&P MidCap 400	Deutsche Bank	Dec-17		24,991,177		850,586
584	EURO STOXX 50 Index Future	Deutsche Bank	Dec-17		24,655,007		476,807
930	Euro-BOBL Future	Deutsche Bank	Dec-17		144,108,070		(308,486	)
758	Euro-BUND Future	Deutsche Bank	Dec-17		144,182,890		(899,229	)
313	Euro-OAT Futures	Deutsche Bank	Dec-17		57,366,960		(268,582	)
776	MSCI Taiwan Index Future	Deutsche Bank	Oct-17		29,914,681		47,040
221	Nikkei 225 Future	Deutsche Bank	Dec-17		39,921,560		1,084,205
588	Primary High Grade Aluminium Future	Deutsche Bank	Dec-17		31,284,385		470,532
146	S&P Canada 60 Index Future	Deutsche Bank	Dec-17		21,508,337		335,595
1,033	S&P CNX Nifty Index Future	Deutsche Bank	Oct-17		20,328,218		(104,452	)
234	TOPIX Future	Deutsche Bank	Dec-17		34,812,939		1,007,694

+ This investment is a holding of Equinox Campbell Strategy Fund Limited.

^ This investment is a not a direct holding of Equinox Campbell Strategy Fund Limited. The top 50 holdings were determined based on the absolute notional values of the positions within the underlying swap basket.

See accompanying notes to consolidated financial statements.

12

Equinox Campbell Strategy Fund

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2017

Total Return Swap Top 50 Holdings ^
FORWARD FOREIGN CURRENCY CONTRACTS
									Unrealized
			Currency to			Foreign Currency			Appreciation/
Settlement Date		Counterparty	Deliver/Receive	Value	In Exchange For	Value	U.S. Dollar Value		(Depreciation)
	12/20/2017	Deutsche Bank	CAD	81,328,578	USD	65,580,284		65,123,686	$	(456,598	)
	12/20/2017	Deutsche Bank	CNH	154,659,263	USD	23,538,761		23,155,072		(383,689	)
	12/20/2017	Deutsche Bank	HUF	7,282,081,919	USD	28,492,748		27,793,259		(699,489	)
	12/20/2017	Deutsche Bank	ILS	93,200,451	USD	26,275,480		26,464,388		188,907
	12/20/2017	Deutsche Bank	INO	1,228,676,370	USD	18,963,954		18,645,704		(318,250	)
	12/20/2017	Deutsche Bank	MXN	480,173,524	USD	26,437,276		26,085,654		(351,622	)
	12/20/2017	Deutsche Bank	NOK	496,069,337	USD	63,886,192		62,388,981		(1,497,211	)
	12/20/2017	Deutsche Bank	PLN	74,530,369	USD	20,942,828		20,452,250		(490,578	)
	12/20/2017	Deutsche Bank	SEK	340,560,297	USD	42,998,468		41,948,086		(1,050,382	)
	12/20/2017	Deutsche Bank	TRY	90,651,123	USD	25,583,423		24,894,656		(688,767	)
	12/20/2017	Deutsche Bank	USD	64,863,575	AUD	81,578,512		82,524,824		(946,311	)
	12/20/2017	Deutsche Bank	USD	81,341,568	EUR	67,882,120		68,670,983		(788,863	)
	12/20/2017	Deutsche Bank	USD	26,714,191	NZD	37,140,217		37,076,270		63,947
	12/20/2017	Deutsche Bank	USD	43,343,092	GBP	33,141,271		31,920,971		1,220,300

^ This investment is a not a direct holding of Equinox Campbell Strategy Fund Limited. The top 50 holdings were determined based on the absolute notional values of the positions within the underlying swap basket.

AUD - Austrailian Dollar

BRO - Brazilian Real

CAD - Canadian Dollar

EUR - Euro

GBP - Pound Sterling

INO - Indian Rupee

JPY - Japanese Yen

MXN - Mexican Peso

SGO - Singapore Dollar

USD - U.S. Dollar

See accompanying notes to consolidated financial statements.

13

Equinox Campbell Strategy Fund

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

September 30, 2017

ASSETS
Investment securities:
At cost	$	370,427,678
At fair value	$	370,314,093
Cash		56,796,348
Receivable for swap		29,283,802
Interest receivable		432,242
Receivable for fund shares sold		53,182
Prepaid expenses & other assets		35,129
TOTAL ASSETS		456,914,796
LIABILITIES
Unrealized depreciation on swap contract		86,280,900
Payable for fund shares redeemed		229,442
Advisory fee payable		355,959
Distribution (12b-1) fees payable		24,881
Payable to related parties		23,210
Accrued expenses and other liabilities		137,059
TOTAL LIABILITIES		87,051,451
NET ASSETS	$	369,863,345
Net Assets Consist Of:
Paid in capital	$	514,030,971
Accumulated net investment loss		(86,824,188	)
Accumulated net realized gain from investments and swap contract		29,051,047
Net unrealized depreciation on investments and swap contract		(86,394,485	)
NET ASSETS	$	369,863,345

See accompanying notes to consolidated financial statements.

14

Equinox Campbell Strategy Fund

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Continued)

September 30, 2017

Net Asset Value Per Share:
Class A Shares:
Net Assets	$	24,091,896
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,573,758
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	9.36
Maximum offering price per share (maximum sales charges of 5.75%) (a)	$	9.93
Class C Shares:
Net Assets	$	22,792,443
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,491,922
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)	$	9.15
Class I Shares:
Net Assets	$	279,211,985
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		29,575,048
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	9.44
Class P Shares:
Net Assets	$	43,767,021
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		4,636,046
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	9.44

(a) A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after a purchase of Class A shares where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. A CDSC of 1.00% is assessed on redemptions of Class C shares made within one year after a purchase of such shares.

See accompanying notes to consolidated financial statements.

15

Equinox Campbell Strategy Fund

CONSOLIDATED STATEMENT OF OPERATIONS

For the Year Ended September 30, 2017

INVESTMENT INCOME
Interest	$	3,947,505
EXPENSES
Investment advisory fees		4,221,400
Distribution (12b-1) fees
Class A		96,562
Class C		336,594
Transfer agent fees		500,200
Non 12b-1 sharesholder services fees		117,098
Insurance expense		233,198
Printing and postage expenses		114,809
Administrative services fees		206,427
Registration fees		97,198
Legal fees		249,592
Custodian fees		49,701
Accounting services fees		66,268
Audit and tax fees		65,306
Compliance officer fees		19,703
Trustees fees and expenses		56,543
Other expenses		379
TOTAL EXPENSES		6,430,978
Less: Fees waived by the Advisor		(947,515	)
NET EXPENSES		5,483,463
NET INVESTMENT LOSS		(1,535,958	)
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) on:
Investments		(194,068	)
Swap contract		6,917,662
		6,723,594
Net change in unrealized depreciation on:
Investments		(258,665	)
Swap contract		(62,323,546	)
		(62,582,211	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(55,858,617	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(57,394,575	)

See accompanying notes to consolidated financial statements.

16

Equinox Campbell Strategy Fund

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	For the Year Ended			For the Year Ended
	September 30,			September 30,
	2017			2016
FROM OPERATIONS
Net investment loss	$	(1,535,958	)	$	(7,676,325	)
Net realized gain on investments and swap contract		6,723,594			19,376,731
Net change in unrealized depreciation on investments and swap contract		(62,582,211	)		(98,396,934	)
Net decrease in net assets resulting from operations		(57,394,575	)		(86,696,528	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Class A		—			(1,476,041	)
Class C		—			(904,271	)
Class I		—			(20,401,555	)
Class P		—			(2,308,829	)
From distributions to shareholders		—			(25,090,696	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		5,704,431			27,276,547
Class C		2,345,438			19,152,099
Class I		79,514,822			306,992,752
Class P		15,856,183			38,923,617
Net asset value of shares issued in reinvestment of distributions:
Class A		—			1,386,845
Class C		—			880,201
Class I		—			2,890,148
Class P		—			2,230,239
Redemption fee proceeds:
Class A		—			4
Class C		—			3
Class I		—			50
Class P		—			6
Payments for shares redeemed:
Class A		(42,329,431	)		(39,682,974	)
Class C		(24,955,847	)		(18,518,884	)
Class I		(510,361,202	)		(452,313,473	)
Class P		(65,539,014	)		(38,210,616	)
Net decrease in net assets from shares of beneficial interest		(539,764,620	)		(148,993,436	)
TOTAL DECREASE IN NET ASSETS		(597,159,195	)		(260,780,660	)
NET ASSETS
Beginning of Period		967,022,540			1,227,803,200
End of Period*	$	369,863,345		$	967,022,540
*  Includes accumulated net investment loss of:	$	(86,824,188	)	$	(92,142,708	)

See accompanying notes to consolidated financial statements.

17

Equinox Campbell Strategy Fund

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the Year Ended			For the Year Ended
	September 30,			September 30,
	2017			2016
SHARE ACTIVITY
Class A:
Shares Sold		590,750			2,487,331
Shares Reinvested		—			125,734
Shares Redeemed		(4,384,329	)		(3,686,250	)
Net decrease in shares of beneficial interest outstanding		(3,793,579	)		(1,073,185	)
Class C:
Shares Sold		247,544			1,768,365
Shares Reinvested		—			80,605
Shares Redeemed		(2,638,728	)		(1,769,690	)
Net increase/(decrease) in shares of beneficial interest outstanding		(2,391,184	)		79,280
Class I:
Shares Sold		8,173,840			28,062,871
Shares Reinvested		—			260,843
Shares Redeemed		(52,569,300	)		(42,045,767	)
Net decrease in shares of beneficial interest outstanding		(44,395,460	)		(13,722,053	)
Class P:
Shares Sold		1,631,107			3,559,088
Shares Reinvested		—			201,467
Shares Redeemed		(6,767,806	)		(3,577,599	)
Net increase/(decrease) in shares of beneficial interest outstanding		(5,136,699	)		182,956

See accompanying notes to consolidated financial statements.

18

Equinox Campbell Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

	Class A
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30,			September 30,			September 30,			September 30,			September 30,
	2017			2016			2015			2014			2013 (1)
Net asset value, beginning of period	$	10.13		$	11.17		$	11.01		$	10.14		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.04	)		(0.09	)		(0.13	)		(0.11	)		(0.07	)
Net realized and unrealized gain/(loss) on investments and swap contract		(0.73	)		(0.74	)		0.97			0.98	(3)		0.21	(3)
Total from investment operations		(0.77	)		(0.83	)		0.84			0.87			0.14
Less distributions from:
Net investment income		—			(0.21	)		(0.68	)		—			—
Net asset value, end of period	$	9.36		$	10.13		$	11.17		$	11.01		$	10.14
Total return (4)		(7.60	)%		(7.60	)%		7.48	%		8.58	%		1.40	%
Net assets, at end of period (000’s)	$	24,092		$	64,528		$	83,077		$	34,976		$	14,427
Ratio of net expenses to average net assets including interest expense (6)(10)(11)		1.15	%		1.17	%		1.15	%		1.15	% (8)		1.18	% (7)(8)
Ratio of net investment loss to average net assets		(0.45	)%		(0.83	)%		(1.08	)%		(1.10	)%		(1.13	)% (7)(9)
Portfolio Turnover Rate		0	%		0	%		0	%		0	%		871	% (5)

(1)	The Equinox Campbell Strategy Fund Class A commenced operations on March 4, 2013. Start of Performance was March 8, 2013.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3)	Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to the timing of share transactions for the period.
(4)	Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Total returns shown exclude the effect of the maximum applicable sales charges of 5.75% and, if applicable, wire redemption fees. Had the Advisor not waived its fees or reimbursed a portion of the Fund’s expenses, the returns would have been lower.
(5)	Not annualized.

(6)	Represents the ratio of expenses to average net assets net of fee waivers and/or expense reimbursements by the Advisor. Had these waivers not been in place, the expense ratio would have been:	1.33	%	1.25	%	1.24	%	1.30	% (8)	2.07	% (7)(8)
(7)	Annualized.
(8)	Does not include the expenses of other investment companies in which the Fund invests, if any.
(9)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests.
(10)	Ratio of gross expenses to average net assets excluding interest expense (6).	1.33	%	1.23	%	1.24	%	1.30	% (8)	2.07	% (7)(8)
(11)	Ratio of net expenses to average net assets excluding interest expense.	1.15	%	1.15	%	1.15	%	1.15	% (8)	1.18	% (7)(8)

See accompanying notes to consolidated financial statements.

19

Equinox Campbell Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

	Class C
	Year Ended			Year Ended			Year Ended			Period Ended
	September 30,			September 30,			September 30,			September 30,
	2017			2016			2015			2014 (1)
Net asset value, beginning of period	$	9.98		$	11.03		$	10.96		$	9.61
Activity from investment operations:
Net investment loss (2)		(0.11	)		(0.17	)		(0.21	)		(0.12	)
Net realized and unrealized gain/(loss) on investments and swap contract		(0.72	)		(0.72	)		0.97			1.47
Total from investment operations		(0.83	)		(0.89	)		0.76			1.35
Less distributions from:
Net investment income		—			(0.16	)		(0.69	)		—
Net asset value, end of period	$	9.15		$	9.98		$	11.03		$	10.96
Total return (3)		(8.32	)%		(8.16	)%		6.72	%		14.05	%
Net assets, at end of period (000’s)	$	22,792		$	48,712		$	52,977		$	11,829
Ratio of net expenses to average net assets including interest expense (5)(8)(9)		1.90	%		1.92	%		1.90	%		1.90	% (6)(7)
Ratio of net investment loss to average net assets		(1.19	)%		(1.58	)%		(1.82	)%		(1.84	)% (6)(7)
Portfolio Turnover Rate		0	%		0	%		0	%		0	% (4)

(1)	The Equinox Campbell Strategy Fund Class C commenced operations on February 11, 2014.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3)	Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Total returns shown exclude the effect of the maximum applicable sales charge and, if applicable, wire redemption fees. Had the Advisor not waived its fees or reimbursed a portion of the Fund’s expenses, the returns would have been
(4)	Not annualized.

(5)	Represents the ratio of expenses to average net assets net of fee waivers and/or expense reimbursements by the Advisor. Had these waivers not been in place, the expense ratio would have been:	2.08	%	2.00	%	1.99	%	2.17	% (6)(7)
(6)	Annualized.
(7)	Does not include the expenses of other investment companies in which the Fund invests, if any.
(8)	Ratio of gross expenses to average net assets excluding interest expense (5).	2.08	%	1.98	%	1.99	%	2.17	% (6)(7)
(9)	Ratio of net expenses to average net assets excluding interest expense.	1.90	%	1.90	%	1.90	%	1.90	% (6)(7)

See accompanying notes to consolidated financial statements.

20

Equinox Campbell Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

	Class I
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30,			September 30,			September 30,			September 30,			September 30,
	2017			2016			2015			2014			2013 (1)
Net asset value, beginning of period	$	10.20		$	11.22		$	11.05		$	10.16		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.02	)		(0.06	)		(0.09	)		(0.08	)		(0.05	)
Net realized and unrealized gain/(loss) on investments and swap contract		(0.74	)		(0.73	)		0.96			0.97			0.21	(3)
Total from investment operations		(0.76	)		(0.79	)		0.87			0.89			0.16
Less distributions from:
Net investment income		—			(0.23	)		(0.70	)		—			—
Net asset value, end of period	$	9.44		$	10.20		$	11.22		$	11.05		$	10.16
Total return (4)		(7.45	)%		(7.20	)%		7.72	%		8.76	%		1.60	%
Net assets, at end of period (000’s)	$	279,212		$	754,171		$	984,152		$	612,173		$	295,031
Ratio of net expenses to average net assets including interest expense (6)(10)(11)		0.90	%		0.92	%		0.90	%		0.90	% (8)		0.91	% (7)(8)
Ratio of net investment loss to average net assets		(0.20	)%		(0.58	)%		(0.81	)%		(0.85	)%		(0.87	)% (7)(9)
Portfolio Turnover Rate		0	%		0	%		0	%		0	%		871	% (5)

(1)	The Equinox Campbell Strategy Fund Class I commenced operations on March 4, 2013. Start of Performance was March 8, 2013.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3)	Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to the timing of share transactions for the period.
(4)	Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Total returns would be lower absent fee waivers.
(5)	Not annualized.

(6)	Represents the ratio of expenses to average net assets net of fee waivers and/or expense reimbursements by the Advisor. Had these waivers not been in place, the expense ratio would have been:	1.07	%	1.00	%	0.99	%	1.05	% (8)	1.58	% (7)(8)
(7)	Annualized.
(8)	Does not include the expenses of other investment companies in which the Fund invests, if any.
(9)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests.
(10)	Ratio of gross expenses to average net assets excluding interest expense (6).	1.07	%	0.98	%	0.99	%	1.05	% (8)	1.58	% (7)(8)
(11)	Ratio of net expenses to average net assets excluding interest expense.	0.90	%	0.90	%	0.90	%	0.90	% (8)	0.91	% (7)(8)

See accompanying notes to consolidated financial statements.

21

Equinox Campbell Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

	Class P
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30,			September 30,			September 30,			September 30,			September 30,
	2017			2016			2015			2014			2013 (1)
Net asset value, beginning of period	$	10.19		$	11.22		$	11.05		$	10.16		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.02	)		(0.06	)		(0.13	)		(0.08	)		(0.05	)
Net realized and unrealized gain/(loss) on investments and swap contract		(0.73	)		(0.74	)		1.00			0.97			0.21	(3)
Total from investment operations		(0.75	)		(0.80	)		0.87			0.89			0.16
Less distributions from:
Net investment income		—			(0.23	)		(0.70	)		—			—
Net asset value, end of period	$	9.44		$	10.19		$	11.22		$	11.05		$	10.16
Total return (4)		(7.36	)%		(7.29	)%		7.72	%		8.76	%		1.60	%
Net assets, at end of period (000’s)	$	43,767		$	99,612		$	107,596		$	37,153		$	8,340
Ratio of net expenses to average net assets including interest expense (6)(10)(11)		0.90	%		0.92	%		0.90	%		0.90	% (9)		0.92	% (7)(8)
Ratio of net investment loss to average net assets		(0.19	)%		(0.58	)%		(1.09	)%		(0.85	)%		(0.87	)% (7)(9)
Portfolio Turnover Rate		0	%		0	%		0	%		0	%		871	% (5)

(1)	The Equinox Campbell Strategy Fund Class P commenced operations on March 4, 2013. Start of Performance was March 8, 2013.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3)	Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to the timing of share transactions for the period.
(4)	Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Total returns would be lower absent fee waivers.
(5)	Not annualized.

(6)	Represents the ratio of expenses to average net assets net of fee waivers and/or expense reimbursements by the Advisor. Had these waivers not bee in place, the expense ratio would have been:	1.07	%	1.00	%	1.00	%	1.06	% (8)	1.97	% (7)(8)
(7)	Annualized.
(8)	Does not include the expenses of other investment companies in which the Fund invests, if any
(9)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests
(10)	Ratio of gross expenses to average net assets excluding interest expense (6)	1.07	%	0.98	%	1.00	%	1.06	% (8)	1.97	% (7)(8)
(11)	Ratio of net expenses to average net assets excluding interest expense	0.90	%	0.90	%	0.90	%	0.90	% (8)	0.92	% (7)(8)

See accompanying notes to consolidated financial statements.

22

Equinox Campbell Strategy Fund

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September 30, 2017

1. ORGANIZATION

The Equinox Campbell Strategy Fund (the “Fund”) is a non-diversified series of shares of beneficial interest of Equinox Funds Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on June 2 2010, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund began operations on March 4, 2013. The Fund currently offers Class A, Class C, Class I, and Class P shares. Class A, Class I, and Class P shares commenced operations on March 4, 2013. Class C commenced operations on February 11, 2014. The investment objective of the Fund is to achieve long term capital appreciation.

Class C, Class I, and Class P shares are offered at net asset value. Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after a purchase of Class A shares where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. A CDSC of 1.00% is assessed on redemptions of Class C shares made within one year after a purchase of such shares. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.

Security Valuation – Securities, including exchange traded funds, listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Short-

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September 30, 2017

term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value. Investments in swap contracts are reported at fair value based on daily price reporting from the swap counterparty.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to a fair value team composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Advisor. The team may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process – As noted above, the fair value team is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Advisor to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the Advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities;

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September 30, 2017

(ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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Equinox Campbell Strategy Fund

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September 30, 2017

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of September 30, 2017 for the Fund’s assets and liabilities measured at fair value:

Assets	Level 1		Level 2		Level 3		Total
U.S. Treasury Notes	$	—	$	239,856,500	$	—	$	239,856,500
Money Market Funds		130,457,593		—		—		130,457,593
Total	$	130,457,593	$	239,856,500	$	—	$	370,314,093
Liabilities	Level 1		Level 2		Level 3		Total
Swap Contract	$	—	$	86,280,900	$	—	$	86,280,900
Total	$	—	$	86,280,900	$	—	$	86,280,900

There were no transfers between levels during the period.

It is the Fund’s policy to record transfers between levels the end of the reporting period.

The Fund did not hold any Level 3 securities during the period.

See Consolidated Portfolio of Investments for more information related to the Fund’s investments.

Consolidation of Subsidiary – The Consolidated Financial Statements of the Fund include the accounts of its subsidiary, Equinox Campbell Strategy Fund Limited (“EPS-CFC”), a wholly-owned and controlled foreign corporation (“CFC”). All inter-company accounts and transactions have been eliminated in consolidation.

The Fund may invest approximately 25% of its total assets in a CFC which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objectives and policies.

EPS-CFC utilizes a total return swap with Deutsche Bank AG, London Branch, that provides exposure to the total returns of the managed futures program of Campbell & Company, Inc. (the “Campbell Program”) to facilitate the Fund’s pursuit of its investment objective. In accordance with its investment objective and through its exposure to the Campbell Program, the Fund may have increased or decreased exposure to one or more of the risk factors including, with respect to the Campbell Program, swap agreements, defined in the Principal Investment Risks section of the Fund’s prospectus.

A summary of the Fund’s investments in the EPS-CFC is as follows:

			% Of the Fund’s
	Inception Date of	EPS-CFC Net Assets at	Total Net Assets at
	EPS-CFC	September 30, 2017	September 30, 2017
EPS-CFC	3/4/2013	$                   73,460,494	19.86%

For tax purposes, EPS-CFC is an exempted Cayman investment company. EPS-CFC has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S.

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Equinox Campbell Strategy Fund

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September 30, 2017

income tax purposes, EPS-CFC is a CFC and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, EPS-CFC’s net income and capital gains, to the extent of its earnings and profits, will be included each year in the Fund’s investment company taxable income.

Market Risk – Market risk is the risk that changes in interest rates, foreign exchange rates or equity prices will affect the positions held by the Fund. The Fund is exposed to market risk on financial instruments that are valued at market prices as disclosed in the schedule of investments. The prices of derivative instruments, including options, forwards and futures prices, can be highly volatile. Price movements of derivative contracts in which the Fund’s assets may be invested are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies. The Fund is exposed to market risk on derivative contracts in that the Fund may not be able to readily dispose of its holdings when it chooses and also that the price obtained on disposal is below that at which the investment is included in Fund’s consolidated financial statements. All financial instruments are recognized at fair value, and all changes in market conditions directly affect net income. The Fund’s investments in derivative instruments are exposed to market risk and are disclosed in the consolidated portfolio of investments.

Credit Risk – Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Counterparty Risk – Counterparty risk, including swap counterparty risk, is the risk that the counterparty to a financial instrument will cause a financial loss for the Fund by failing to discharge an obligation. A concentration of counterparty risk exists in that part of the Fund’s cash is held at the broker. The Fund could be unable to recover assets held at the broker, including assets directly traceable to the Fund, in the event of the broker’s bankruptcy. The Fund does not anticipate any material losses as a result of this concentration.

Security Transactions and Related Income – Security transactions are accounted for on trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid at least annually. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on ex-dividend date.

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September 30, 2017

Cash and Cash Equivalents – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.

Federal Income Taxes – The Fund intends to continue to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for Federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2014-2016, or expected to be taken in the Fund’s 2017 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, Colorado and foreign jurisdictions where the Fund makes significant investments; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Allocation of Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund’s relative net assets or another appropriate basis. Expenses specifically attributable to a particular Fund in the Trust are borne by that Fund. Other expenses are allocated to each Fund based on its net assets in relation to the total net assets of all the applicable Funds in the Trust or another reasonable basis.

Swap Agreements – The Fund is subject to equity price risk, interest rate risk and/or commodity risk in the normal course of pursuing its investment objective. The Fund may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency), or credit risk. Currently, the Fund, through EPS-CFC, utilizes a total return swap with Deutsche Bank AG, London Branch, that provides exposure to the total returns of the Campbell Program. These total return swaps are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

To help to reduce counterparty risk on the Fund, the Advisor has the right to reduce the Funds exposure and remove cash from the Fund’s total return swap with Deutsche Bank AG. This cash holding shall be in excess of $250,000, and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Fund is charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. As of September 30, 2017, the Fund had no cash holdings advances from the Fund’s total return swap with Deutsche Bank AG.

The gross returns exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the

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September 30, 2017

Consolidated Statement of Operations. Realized gains and losses from a decrease in the notional value swap are recognized on trade date. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities.

EPS-CFC maintains cash and investments in money market funds, approximately 20% of the notional value of the swap, as collateral to secure its obligations under the swap. Please refer to the Consolidated Portfolio of Investments for additional detail on the money market holdings. The cash maintained as collateral is recorded as a short-term investment on the Consolidated Portfolio of Investments and in investment securities on the Consolidated Statement of Assets and Liabilities. As of September 30, 2017, the notional value of the swap was $440,781,000. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive. In order to maintain prudent risk exposure to the counterparty, the Advisor will reduce net positive exposure to the counterparty whenever that exposure exceeds 5% of the net assets of the Fund for a period of one week or such lesser time as the Advisor may determine. If the Advisor determines that the counterparty presents an imprudent risk, the swap may be terminated in its entirety. For the year ended September 30, 2017, the net change in unrealized depreciation on the swap contract was $(62,323,546). For the year ended September 30, 2017, the Fund had a realized gain of $6,917,662 from swap contracts. As of September 30, 2017, there is a swap receivable of $29,283,802 for cumulative realized net gains/losses that get recorded when there is a reduction to the notional value of the swap. The payable will be net settled on the swap contract’s maturity date.

In addition, the agreement provides for an annual fee of $3,500 due to the counterparty for serving as a financial intermediary. The swap also provides for an annual fee of 0.35% payable to Deutsche Bank accrued on the notional level of the swap. These fees are included in the net realized gain on investments on swap contract and the net change in unrealized depreciation on swap contract in the Consolidated Statement of Operations.

During the period of this report, the Fund used a swap contract to gain exposure to the managed futures trading program of Campbell & Company, Inc. in the implementation of its investment strategy. The Fund is permitted to use derivatives to gain exposure to the asset class and for risk management purposes, including to gain exposure to various markets in a cost efficient manner, to reduce transaction costs or to remain fully invested. The Fund may also invest in derivatives to protect from broad fluctuations in market prices, interest rates or foreign currency exchange rates (a practice known as “hedging”).

Impact of Derivatives on the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations

The following is a summary of the location of derivative investments on the Fund’s Consolidated Statement of Assets and Liabilities as of September 30, 2017:

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Equinox Campbell Strategy Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

September 30, 2017

Location on the Consolidated Statement of Assets and Liabilities
Derivatives Investment Type	Liability Derivatives
Equity/Currency/ Commodity/ Interest Rate Contracts	Unrealized depreciation on swap contract

The following is a summary of the location of derivative investments on the Funds’ Consolidated Statement of Operations for the year ended September 30, 2017.

Location on the Consolidated Statement of Operations
Derivatives Investment Type	Location of Gain (Loss) on Derivatives
Equity/Currency/Commodity/Interest Rate Contracts	Net change in unrealized depreciation on swap contracts. Net realized gain on swap contracts

For the year ended September 30, 2017, the notional value, net change in unrealized depreciation, and realized gain from the swaps were as follows:

	Net Change in
	Unrealized
Fund	Depreciation			Net Realized Gain		Notional
EPS-CFC	$	(62,323,546	)	$	6,917,662	$	440,781,000

The notional value of the derivative instruments outstanding as of September 30, 2017 as disclosed in the Consolidated Portfolios of Investments and the amounts of realized gains and losses and changes in unrealized depreciation on derivative instruments during the period as disclosed above and within the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

Offsetting of Financial Assets and Derivative Assets

It is the Fund’s policy to recognize a net asset or liability equal to the unrealized appreciation/depreciation for swap contracts. During the year ended September 30, 2017, the Fund is subject to a master netting arrangement for the swap. The following table shows additional information regarding the offsetting of assets and liabilities at September 30, 2017.

The Fund may mitigate credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements or other master netting agreements which are the standard contracts governing most derivative transactions between the Fund and its counterparties. These agreements may allow the Fund and a counterparty to offset certain derivative instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the Fund’s custodian. To the extent amounts

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Equinox Campbell Strategy Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

September 30, 2017

due to the Fund from a counterparty are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

								Gross Amounts Not Offset in the
								Consolidated Statement of Assets &
Liabilities:								Liabilities
						Net Amounts of
				Gross Amounts		Liabilities
				Offset in the		Presented in the
	Gross Amounts of			Consolidated		Consolidated		Financial
	Recognized			Statement of		Statement of		Instruments			Receivable for
Description	Liabilities			Assets & Liabilities		Assets & Liabilities		Pledged (2)			Swap		Net Amount
Unrealized Depreciation on Swap Contract	$	86,280,900	(1)	$	—	$	86,280,900	$	56,997,098	(3)	$	29,283,802	$	—
Total	$	86,280,900		$	—	$	86,280,900	$	56,997,098		$	29,283,802	$	—

(1) Net unrealized depreciation as presented in the Consolidated Portfolio of Investments.

(2) Amounts relate to master netting agreements and collateral agreements (for example, ISDA) which have been determined by the Fund to be legally enforceable in the event of default and where certain other criteria are met in accordance with applicable offsetting accounting guidance.

(3) The table above does not include additional securities pledged to the counterparty. Additional financial instruments pledged to broker as collateral as of September 30, 2017 was $73,460,495.

Indemnification – The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

3. INVESTMENT TRANSACTIONS

For the year ended September 30, 2017, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, amounted to $0 and $0, respectively.

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Equinox Institutional Asset Management, LP serves as the Fund’s Investment Advisor (the “Advisor”). Pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Fund’s average daily

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September 30, 2017

net assets. For the year ended September 30, 2017, the Advisor earned fees of $4,221,400.

The Advisor has contractually agreed to reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific fees and expenses (such as Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), interest, extraordinary items, “Acquired Fund” fees and expenses and brokerage commissions, do not exceed the contractual limits set forth below (the “Expense Limitation”). The Expense Limitation with respect to the Fund will remain in place for the periods set forth below unless the Board of Trustees approves its earlier termination, subject to 60 days’ written notice to the Advisor. The Advisor shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such waived or reimbursed amounts for a period of up to three (3) years from the year in which the Advisor reduced its compensation and/or assumed expenses for a Fund. The Advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses for a Class do not exceed the limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s operating expenses are below the expense limitation amount. For the year ended September 30, 2017, the Advisor waived fees of $947,515.

	Contractual Limit on
	Total Operating
Funds	Expenses	Effective Date	Termination Date
Equinox Campbell Strategy Fund	1.10%	April 19, 2012	May 19, 2013
	0.90%	May 20, 2013	January 31, 2018

The Advisor may seek reimbursement only for expenses waived or paid by it during the three fiscal years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Expense Limitation Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time.

Pursuant to the Expense Limitation Agreement, the following amounts are subject to recapture by the Fund by the following dates:

9/30/2018	$977,636
9/30/2019	$934,070
9/30/2020	$947,515

On September 30, 2017, $853,505 of previously waived fees expired without recoupment by the Advisor.

The Board has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25%, 1.00%, and 0.25% of the average daily net assets attributable to the Class A shares, Class C shares and Class P shares, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund’s shareholder accounts, not otherwise required to be provided by the Advisor. However, the Fund is not currently making payments under the Rule 12b-1 Plan with respect

32

Equinox Campbell Strategy Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

September 30, 2017

to Class P shares. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. The Plan further provides for periodic payments to brokers, dealers and other financial intermediaries, including insurance companies, for providing shareholder services and for promotional and other sales-related costs. For the year ended September 30, 2017, Class A shares and Class C shares were charged as follows:

Class A	$	96,562
Class C	$	336,594

For the year ended September 30, 2017, Class P shares did not incur 12b-1 fees.

The Distributor acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s Class A, Class C, Class I, and Class P shares. For the year ended September 30, 2017, the Distributor received $48,241 and $22,837 in underwriting commissions for sales of Class A and Class C shares, respectively, of which $17,798 and $1,356 were retained by the principal underwriter or other affiliated broker-dealers.

In addition, certain affiliates of the Distributor provide services to the Fund as follows:

Gemini Fund Services, LLC (“GFS”), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with GFS, the Fund pays GFS customary fees for providing administration, fund accounting and transfer agency services to the Fund.

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of GFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

BluGiant, LLC (“BluGiant”), an affiliate of GFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Fund.

5. REDEMPTION FEE

The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if shareholders sell their shares after holding them for less than 30 days. The redemption fee is paid directly to the Fund. For the year ended September 30, 2017, the Fund received $0 in redemption fees.

33

Equinox Campbell Strategy Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

September 30, 2017

6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at September 30, 2017, were as follows:

Cost for Federal Tax purposes	$	370,427,678
Unrealized Appreciation	$	—
Unrealized Depreciation		(113,585	)
Tax Net Unrealized Depreciation		(113,585	)

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

There were no distributions for the fiscal year ended September 30, 2017. The tax character of distributions paid during the fiscal years ended September 30, 2016 was as follows:

	Fiscal Year Ended		Fiscal Year Ended
	September 30, 2017		September 30, 2016
Ordinary Income	$	—	$	25,082,342
Long-Term Capital Gain		—		—
Return of Capital		—		8,354
	$	—	$	25,090,696

As of September 30, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed		Undistributed		Post October Loss			Capital Loss			Other			Unrealized			Total
Ordinary		Long-Term		and			Carry			Book/Tax			Appreciation/			Accumulated
Income		Gains		Late Year Loss			Forwards			Differences			(Depreciation)			Earnings/(Deficits)
$	—	$	—	$	(1,936,540	)	$	(30,519	)	$	(142,086,982	)	$	(113,585	)	$	(144,167,626	)

The differences between book basis and tax basis unrealized appreciation/depreciation, net accumulated realized gain/loss, and accumulated net investment loss are primarily attributable to the tax adjustments relating to the Fund’s holding in EPS-CFC.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $1,741,357.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $195,183.

34

Equinox Campbell Strategy Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

September 30, 2017

At September 30, 2017, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

Non-Expiring		Non-Expiring
Short-Term		Long-Term		Total
$	30,519	$	—	$	30,519

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and short-term capital gains, resulted in reclassifications for the Fund for the fiscal year ended September 30, 2017 as follows:

Paid			Undistributed		Accumulated
In			Net Investment		Net Realized
Capital			Income (Loss)		Gains (Loss)
$	(6,854,478	)	$	6,854,478	$	—

8. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statement of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. Management has concluded that there were no events or transactions requiring adjustment or disclosure in the consolidated financial statements.

35

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Equinox Funds Trust

and the Shareholders of Equinox Campbell Strategy Fund

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Equinox Campbell Strategy Fund (the Fund), a series of the Equinox Funds Trust, as of September 30, 2017, and the related consolidated statements of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from March 4, 2013 (commencement of operations) through September 30, 2013. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 2017, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Equinox Campbell Strategy Fund as of September 30, 2017, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from March 4, 2013 (commencement of operations) through September 30, 2013 in conformity with U.S. generally accepted accounting principles.

/s/ RSM US LLP

Denver, Colorado

November 29, 2017

36

Equinox Campbell Strategy Fund

EXPENSE EXAMPLES (Unaudited)

September 30, 2017

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases of Class A shares and Class C shares; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2017 through September 30, 2017.

Actual Expenses

The “Actual” expenses line in the table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Expenses Paid	Annualized
	Account Value	Account Value	During Period*	Expense
Actual	4/1/17	9/30/17	4/1/17 – 9/30/17	Ratio
Class A	$ 1,000.00	$ 967.90	$ 5.67	1.15%
Class C	1,000.00	964.20	9.36	1.90%
Class I	1,000.00	969.20	4.44	0.90%
Class P	1,000.00	969.20	4.44	0.90%
	Beginning	Ending	Expenses Paid	Annualized
Hypothetical	Account Value	Account Value	During Period*	Expense
(5% return before expenses)	4/1/17	9/30/17	4/1/17 – 9/30/17	Ratio
Class A	$ 1,000.00	$ 1,019.30	$ 5.82	1.15%
Class C	1,000.00	1,015.54	9.60	1.90%
Class I	1,000.00	1,020.56	4.56	0.90%
Class P	1,000.00	1,020.56	4.56	0.90%

* Actual expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the period (183) divided by the number of days in the fiscal year (365).

37

Equinox Campbell Strategy Fund

SUPPLEMENTAL INFORMATION (Unaudited)

September 30, 2017

Statement Regarding Basis for Approval of Investment Advisory Contract

The Board of Trustees (the “Board”) of Equinox Fund Trust (“Trust”), including a majority of the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the advisory agreement between Equinox Institutional Asset Management, LP (“EIAM” or the “Advisor”) and the Trust, for the Equinox Campbell Strategy Fund (“Fund”) (“Agreement”), at an in-person meeting held on November 17, 2016 (the “Meeting”). At the Meeting, the Board considered the continuation of the Agreement with respect to the Fund for an additional one-year period.

At the Meeting, in determining whether to approve the Agreement, the Trustees considered information provided by the Advisor in accordance with Section 15(c) of the 1940 Act regarding: (i) the services performed for the Fund, (ii) the size and qualifications of EIAM’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with EIAM’s management of the Fund, (iv) investment performance, (v) the capitalization and financial condition of EIAM, (vi) a comparison of the advisory fee and expense ratio of the Fund to the advisory fees and expense ratios of comparable funds; (vii) brokerage selection procedures (including soft dollar arrangements, if any), (viii) the procedures for allocating investment opportunities between the Fund and other clients, (ix) results of any regulatory examination, including any recommendations or deficiencies noted, (x) any litigation, investigation or administrative proceeding which may have a material impact on EIAM’s ability to service the Fund, (xi) EIAM’s internal program for ensuring compliance with the Fund’s investment objectives, policies and practices (including codes of ethics), federal securities laws and other regulatory requirements, (xii) EIAM’s proxy voting policies, and (xiii) details regarding, and quantification of, any fee sharing arrangements with respect to the distribution of shares of the Fund. The Trustees determined that the information provided to the Trustees was sufficient to make their determination regarding whether to approve the continuation of the Agreement with respect to the Fund.

The Trustees also considered information provided by EIAM regarding the advisory fees and an analysis of these fees in relation to the delivery of services to the Fund, the costs of providing such services and the profitability of the firm in general and as a result of the fees received from the Fund. In addition, the Trustees also received a copy of the Agreement, EIAM’s most recent Form ADV and a memorandum from legal counsel regarding the legal standard applicable to their review of the Agreement. Legal counsel to the Fund reviewed with the Trustees the relevant case law with respect to the approval of an investment advisory agreement by the trustees of an investment company.

The Trustees noted the reports provided at Board meetings throughout the year covering matters such as the relative performance of the Fund, compliance with the investment objectives, policies, strategies and limitations for the Fund, the compliance of management personnel with

38

Equinox Campbell Strategy Fund

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

September 30, 2017

the applicable code of ethics, and the adherence to fair value pricing procedures as established by the Board.

The Trustees considered that representatives from EIAM attended the Meeting and discussed EIAM’s history, experience with mutual funds that utilize managed futures, and the Fund’s investment strategies in connection with the proposed approval of the Agreement with respect to the Fund and answered questions from the Board.

The Trustees’ evaluation of the services provided by EIAM took into account the Trustees’ knowledge and familiarity gained as Board members, including the scope and quality of EIAM’s investment management capabilities in selecting managed futures programs, allocating assets across various managed futures programs, and managing certain types of assets in-house (e.g., fixed income securities and derivatives), and its compliance responsibilities. The Trustees considered EIAM’s personnel and the depth of EIAM’s personnel who possess the experience to provide investment management services to the Fund. Based on the information provided by EIAM, the Trustees concluded that (i) the nature, extent and quality of the services provided by EIAM are appropriate and consistent with the terms of the Agreement including the proposed advisory fee, (ii) the Fund is likely to benefit from the continued receipt of EIAM’s services under the Agreement, and (iii) EIAM has sufficient personnel, with the appropriate education and experience, to serve the Fund effectively and has demonstrated its continuing ability to attract and retain qualified personnel.

Investment Performance. At the Meeting, the Board considered the overall investment performance of EIAM and the Fund. The Trustees reviewed performance information for the Fund for the most recently ended fiscal year on September 30, 2016, including a comparison to the Barclays BTOP50 Index (“Index”) and three other investment companies employing a managed futures strategy that were identified by EIAM as comparable (“Peer Funds”). The Trustees also received performance information for the other series of the Trust managed by EIAM for the same period. The Trustees also reviewed EIAM’s commentary regarding the performance data and the various factors contributing to the Fund’s shorter-term performance, noting that longer-term performance was not available. The Trustees took note of the various periods where the Fund outperformed, underperformed or performed in line with the Peer Funds and the Index.

The Trustees noted that the Fund underperformed the Index for the year ended September 30, 2016. The Trustees further noted that the Fund underperformed each of the Peer Funds for the year ended September 30, 2016. The Trustees noted that the Fund underperformed the Index for the three year period ended September 30, 2016. The Trustees further noted that the Fund underperformed each of the Peer Funds for the three year period ended September 30, 2016. The Trustees further noted that the Fund underperformed the Index for the since inception period ended September 30, 2016. The Trustees further noted that the Fund outperformed one of the Peer Funds and underperformed two of the Peer Funds for the since inception period ended September 30, 2016.

39

Equinox Campbell Strategy Fund

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

September 30, 2017

The Trustees considered explanations provided by the Advisor regarding the various factors contributing to the Fund’s relative performance, including, among other things, differences in the Fund’s investment strategies and portfolio construction in comparison to the Peer Funds. The Board discussed with EIAM the reasons behind such results for the Fund. With respect to Fund performance that lagged a relevant Peer Fund for certain periods (but not necessarily all periods), the Trustees considered other factors that supported the continuation of the Agreement, including the following: (i) that EIAM’s investment decisions, such as security selection and sector allocation, contributing to such underperformance were reasonable and consistent with the Fund’s investment objective and policies; and (ii) that the Fund had a limited history of investment performance. Taking note of EIAM’s discussion of (i) the various factors contributing to the Fund’s performance and (ii) its continuing commitment to the Fund’s current investment strategy, the Independent Trustees concluded that the recent investment performance of the Fund was satisfactory.

Fees. At the Meeting, the Trustees noted that EIAM had provided information regarding its advisory fees and an analysis of these fees in relation to the delivery of services to the Fund and any other ancillary benefits resulting from EIAM’s relationship with the Fund. The Trustees considered the advisory fees paid to EIAM, the total expenses of the Fund, and EIAM’s commitment to waive its advisory fees and/or reimburse Fund expenses in order to maintain the stated cap on Fund operating expenses. The Trustees considered the rate of the investment advisory fee and other expenses paid by the Fund under the Agreement as compared to those of representative comparable funds managed by EIAM and other investment advisors. The Trustees noted that the investment advisory fee and total operating expenses for the Fund were lower than the median of the contractual advisory fee rates and total operating expenses for the Peer Funds, as indicated in materials prepared for the Board by EIAM, based on information contained in various publicly available documents. The Trustees noted that EIAM waived a portion of its advisory fee with respect to the Fund in order to maintain the stated cap on Fund operating expenses. The Trustees concluded that the advisory fees and services provided by EIAM are consistent with those of other advisors which manage mutual funds with investment objectives, strategies and policies similar to those of the Fund based on the information provided at the Meetings.

Cost of Services Provided. Trustees also considered (i) the costs of the services provided by EIAM, (ii) the compensation and benefits received by EIAM in providing services to the Fund, and (iii) EIAM’s profitability. The Trustees noted that the level of profitability of EIAM is an appropriate factor to consider in providing service to the Fund, and the Trustees should be satisfied that EIAM’s profits are sufficient to continue as healthy, ongoing concerns generally and as investment advisor of the Fund specifically. Based on the information provided, the Trustees concluded that EIAM’s estimated fees and profits (if any) expected to be derived from its relationship with the Trust in light of the Fund’s expenses, are reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisors for managing comparable mutual funds with similar strategies. In so concluding, the Trustees noted that EIAM has contractually agreed to waive the fee it receives from the Fund in an amount equal to the management fee paid to EIAM by the Fund’s wholly-owned subsidiary.

40

Equinox Campbell Strategy Fund

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

September 30, 2017

The Trustees also concluded that the overall expense ratio of the Fund is reasonable, taking into account the projected growth and size of the Fund, the quality of services provided by EIAM and the expense limitations agreed to by EIAM.

Economies of Scale. The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board noted that economies of scale may be achieved at higher asset levels for the Fund for the benefit of Fund shareholders but the advisory fee structure for the Fund did not currently include breakpoint reductions as asset levels increase.

In voting to approve the Agreement with respect to the Fund, the Board considered all factors it deemed relevant and the information presented to the Board by the Advisor. In arriving at its decision, the Board did not identify any single factor as being of paramount importance and each member of the Board gave varying weights to each factor according to his own judgment. The Board determined that the approval of the Agreement would be in the best interests of the Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, unanimously approved the continuation of the Agreement with respect to the Fund for an additional one-year period.

41

Equinox Campbell Strategy Fund

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

September 30, 2017

The following tables present certain information regarding the Board of Trustees and officers of the Trust. Each person listed under “Interested Trustees” below is an “interested person” of the Trust, the Adviser, or Distributor, within the meaning of the 1940 Act. Each person who is not an “interested person” of the Trust, the Adviser or the Distributor within the meaning of the 1940 Act is referred to as an “Independent Trustee” and is listed under such heading below. Unless otherwise noted, the address of each Trustee and Officer is 17605 Wright Street, Suite 2, Omaha, NE 68130.

Independent Trustees

Name and Year of Birth	Position(s) Held/Term of Office*	Principal Occupation During the Last Five Years	Number of Portfolios in Fund Complex** Overseen by Trustee	Other Directorships*** held by Trustee During Last Five Years
David P. Demuth 9/1945	Trustee Since December 2010	Consultant, CFO Consulting Partners, LLC (since May 2004).	8	None
Kevin R. Green 7/1954	Trustee Since December 2010	CEO of TripleTree Holdings, LLC an Investment Bank, Advisory and Principal Investing business (since 1997).	8	Director of BlueCross BlueShield of Minnesota (healthcare services).
Jay Moorin 7/1951	Trustee Since December 2010	Managing Partner, ProQuest Management, LLC (since 1998).	8	None

Interested Trustee

Name and Year of Birth	Position(s) Held/Term of Office*	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex** Overseen by Trustee	Other Directorships*** held by Trustee During the Last Five Years
Robert J. Enck 9/1962	Chairman, Trustee, President and Principal Executive Officer Since December 2010	President and Chief Executive Officer, Equinox Institutional Asset Management, LP (since 2015); President and Chief Executive Officer, Equinox Fund Management, LLC (since 2007).	8	Executive Committee Member of The Frontier Fund (commodity pool).

42

Equinox Campbell Strategy Fund

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

September 30, 2017

Executive Officers

Name and Year of Birth	Position(s) Held/Term of Office*	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex** Overseen by Trustee	Other Directorships*** held by Trustee During the Past Five Years
Laura Latella 4/1958	Treasurer, Principal Financial Officer and Secretary Since November 2016	Chief Administrative Officer, Equinox Institutional Asset Management, LP (since May 2016); Consultant, Equinox Institutional Asset Management, LP (January 2016–April 2016); Treasurer, CFO, Principal, 6800 Capital, LLC (May 1994–January 2016).	N/A	N/A
Laura Szalyga 3/1978	Assistant Treasurer since August 2014	Vice President (since 2015) and Assistant Vice President (2011 to 2015) of Fund Administration, Gemini Fund Services, LLC	N/A	N/A
Doug Tyre	Chief Compliance Officer and Anti- Money Laundering Officer Since October 13, 2017	Assistant Compliance Director of Cipperman Compliance Services LLC (since 2014); Client Services & Operations Specialist-Senior Associate of Echo Point Investment Management LLC (2010–2014).	N/A	N/A

* Each Trustee and Officer shall serve until death, resignation or removal.

** The term “Fund Complex” refers to the Equinox Funds Trust.

*** Directorships are held in a company with a class of securities registered pursuant to section 12 of the Securities Exchange Act or subject to the requirements of section 15(d) of the Securities Exchange Act or a company registered as an investment company under the 1940 Act.

43

PRIVACY NOTICE

Rev. August 2011

FACTS	WHAT DOES EQUINOX FUNDS TRUST DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	■       Social Security number ■       Assets ■       Retirement Assets ■       Transaction History ■       Checking Account Information	■       Purchase History ■       Account Balances ■       Account Transactions ■       Wire Transfer Instructions
	When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Equinox Funds Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Equinox Funds Trust share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-888-643-3431

44

Rev. August 2011

Who we are
Who is providing this notice?	Equinox Funds Trust
What we do
How does Equinox Funds Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Equinox Funds Trust collect my personal information?	We collect your personal information, for example, when you ■       Open an account ■       Provide account information ■       Give us your contact information ■       Make deposits or withdrawals from your account ■       Make a wire transfer ■       Tell us where to send the money ■       Tells us who receives the money ■       Show your government-issued ID ■       Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only   ■       Sharing for affiliates’ everyday business purposes – information about your creditworthiness ■       Affiliates from using your information to market to you ■       Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■       Equinox Funds Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies ■       Equinox Funds Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■       Equinox Funds Trust doesn’t jointly market.

45

This Page Intentionally Left Blank

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-643-3431 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year (quarters ended December and June) on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-888-643-3431.

INVESTMENT ADVISOR

Equinox Institutional Asset Management, LP

47 Hulfish Street, Suite 510

Princeton, NJ 08542

ADMINISTRATOR

Gemini Fund Services, LLC

80 Arkay Drive, Suite 110

Hauppauge, New York 11788

Item 2. Code of Ethics. (a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's Principal executive officer, Principal financial officer, Principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)        For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3)        Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5)        Accountability for adherence to the code.

(c)        Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d)        Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant’ website.

(f) A copy of the Code of Ethics is attached as an exhibit.

Item 3. Audit Committee Financial Expert. (a)(1)ii The Registrant’s board of trustees has determined that David DeMuth is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. DeMuth is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) In this regard, no member of the audit committee was identified as having all of the required technical attributes identified in instruction 2 (b) to item 3 of Form N-CSR to qualify as an “audit committee financial expert,” whether through the type of specialized education or experience required by that instruction. At this time, the board believes the experience provided by each member of the audit committee collectively offers the fund adequate oversight by its audit committee given the fund’s level of financial complexity. The board will from time to time reexamine such belief.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

2017 - $55,000

2016 - $52,500

2015 - $52,500

2014 - $52,500

2013 - $ 47,500

(b) Audit-Related Fees

2017 – None

2016 – None

2015 – None

2014 - None

2013 – None

(c) Tax Fees

2017 - $16,020

2016 - $15,000

2015 - $18,000

2014 - $18,000

2013 - $ 18,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All Other Fees

2017 – None

2016 – None

2015 – None

2014 - None

2013 – None

(e) (1) Audit Committee’s Pre-Approval Policies

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the Principal accountant's engagement were attributed to work performed by persons other than the Principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:

2017 - None

2016 - None

2015 - None

2014 - None

2013 - None

(h) The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the Principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a)       Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the Principal executive officer and Principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s Principal executive officer and Principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)       There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics is filed herewith.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Equinox Funds Trust

By (Signature and Title)

/s/ Robert J. Enck

Robert J. Enck, Principal Executive Officer

Date 12/7/2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Robert J. Enck

Robert J. Enck, Principal Executive Officer

Date 12/7/2017

By (Signature and Title)

/s/ Laura Latella

Laura Latella, Principal Financial Officer

Date 12/7/2017