Equinox Campbell Strategy Fund Portfolio Holdings as of October 31, 2017 (Based on Net Assets)

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1 Equinox Campbell Strategy Fund Portfolio Holdings as of October 31, 2017 (Based on Net Assets) Description Market Value () Percentage Equinox Campbell Ltd Controlled Foreign Corporation $96,112, % US Treasury Notes (3 Yr Note Due 1/15/2018) $39,974, % US Treasury Note (3 Yr Note Due 3/15/2018) $99,901, % Cash 38.44% TOTAL 100% Equinox Campbell Strategy Fund Subsidiary Holdings as of October 31, 2017 Description Percentage of Subsidiary Assets Goldman Sachs Liquid Institutional # % JPM Liquidity Premier # % TOTAL 100% The security holdings are presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the funds may invest, and may not be representative of the fund s current or future investments. Portfolio holdings are subject to change and should not be considered to be investment advice. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MUTUAL FUND PROGRAM.

2 Campbell Strategy Position Report as of October 31, 2017 The Equinox Campbell Strategy Fund is invested, through its wholly-owned foreign subsidiary, in a total return swap with Deutsche Bank AG, London Branch ( Deutsche Bank ). The swap * provides exposure to the total returns of the Managed Futures Program of Campbell & Company LP. ("Campbell") calculated on a daily basis with reference to a customized reference index that is proprietary to Deutsche Bank (the Reference Index ). The Reference Index is comprised at any given time of trading positions selected by Campbell that include over-the-counter foreign exchange and currency option transactions, exchange traded futures and options in relation to any commodity, metal, financial instrument, currency, interest rate or index traded on certain exchanges. The following table sets forth the composition of the Reference Index as of October 31, The composition of the Reference Index will vary on a frequent basis in accordance with the trading strategy employed by Campbell. The performance of the Reference Index is reduced by management and incentive fees payable to Campbell, a fee payable to Deutsche Bank and applicable transaction costs. Sector Market Maturity Quantity FxForward BRL/ 20/12/ ,894, $5,996, FxForward CAD/ 20/12/2017-1,399, $1,125, FxForward CHF/ 20/12/2017-4,748, $4,796, FxForward CLP/ 20/12/2017 3,039,173, $4,804, FxForward CNH/ 20/12/ ,690, $5,348, FxForward COP/ 20/12/2017 9,237,488, $3,103, FxForward CZK/ 20/12/ ,980, $3,331, FxForward HUF/ 20/12/2017 2,546,307, $10,407, FxForward IDR/ 20/12/ ,133,920, $4,385, FxForward ILS/ 20/12/ ,518, $6,614, FxForward INR/ 20/12/ ,782, $12,441, FxForward JPY/ 20/12/2017-5,214,082, $47,027, FxForward KRW/ 20/12/2017 4,618,744, $4,137, FxForward MXN/ 20/12/2017 1,499, $80, FxForward NOK/ 20/12/ ,706, $45,128,637.94

3 Sector Market Maturity Quantity FxForward PHP/ 20/12/ ,988, $815, FxForward PLN/ 20/12/2017 8,922, $2,890, FxForward RUB/ 20/12/ ,901, $6,180, FxForward SEK/ 20/12/ ,389, $20,223, FxForward SGD/ 20/12/ ,109, $25,245, FxForward TRY/ 20/12/ ,062, $12,945, FxForward TWD/ 20/12/ ,396, $616, FxForward /AUD 20/12/ ,895, $10,267, FxForward /EUR 20/12/ ,439, $47,033, FxForward /GBP 20/12/ ,543, $33,404, FxForward /NZD 20/12/ ,534, $39,172, FxForward ZAR/ 20/12/ ,565, $9,384, Agricultural Futures Cocoa Future 3/14/ $4,734, Agricultural Futures Coffee C Future 12/18/ $15,757, Agricultural Futures Corn Future 12/14/2017-1, $28,972, Agricultural Futures Cotton No.2 Future 12/6/ $1,404, Agricultural Futures Feeder Cattle Future 1/25/ $7,482, Agricultural Futures Hard Red Winter Wheat Future 12/14/ $6,264, Agricultural Futures Lean Hog Future 12/14/ $6,090, Agricultural Futures Live Cattle Future 12/29/ $6,841, Agricultural Futures Soybean Meal Future 12/14/ $343, Agricultural Futures Soybean Oil Future 12/14/ $374, Agricultural Futures Soybeans Future 1/12/ $12,277, Agricultural Futures Sugar No.11 Future 2/28/ $12,843, Agricultural Futures Wheat Future 12/14/ $14,640, Base Metal Futures Copper Future 12/27/ $12,099, Base Metal Futures Copper Grade A Future 12/20/ $24,380, Base Metal Futures Primary High Grade Aluminium Future 12/20/ $5,810, Base Metal Futures Primary Nickel Future 12/20/ $5,101, Base Metal Futures Zinc Future 12/20/ $17,395, Bond Futures 10 year Australian Treasury Bond Future 12/15/ $36,589, Bond Futures 10 year Canadian Govt Bond Future 12/18/ $30,817,838.51

4 Sector Market Maturity Quantity Bond Futures 10 year Japanese Goverment Bond Future 12/13/ $131,032, Bond Futures 10 year US Treasury Notes Future 12/19/ $69,205, Bond Futures 2 year Euro-Schatz Future 12/7/ $19,868, Bond Futures 3 year Australian Treasury Bond Future 12/15/ $71,488, Bond Futures 30 year US Treasury Bonds Future 12/19/ $304, Bond Futures 5 year US Treasury Notes Future 12/29/ $69,946, Bond Futures Euro-BOBL Future 12/7/2017 1, $164,629, Bond Futures Euro-BUND Future 12/7/ $179,265, Bond Futures Euro-OAT Futures 12/7/ $52,981, Bond Futures Ultra Long-Term T Bond Future 12/19/ $1,811, Energy Futures Brent Crude Monthly Future 11/30/ $26,932, Energy Futures Gasoil Monthly Future 12/12/ $13,924, Energy Futures Henry Hub Natural Gas Future 11/28/ $16,917, Energy Futures Light Sweet Crude Oil (WTI) Future 11/20/ $9,371, Energy Futures NY Harbour ULSD Future 11/30/ $7,656, Equity Futures AEX Index Future 11/17/ $19,913, Equity Futures CAC 40 11/17/ $16,470, Equity Futures CME E-Mini Russell 2000 Index 12/15/ $15,827, Equity Futures DAX Index Future 12/15/ $14,624, Equity Futures E-Mini Nasdaq /15/ $14,482, Equity Futures E-Mini S&P /15/ $28,558, Equity Futures E-Mini S&P MidCap /15/ $20,336, Equity Futures E-mini Dow 12/15/ $37,536, Equity Futures EURO STOXX 50 Index Future 12/15/ $23,466, Equity Futures FTSE 100 Index Future 12/15/ $16,642, Equity Futures FTSE MIB Index Future 12/15/ $14,445, Equity Futures FTSE/JSE Top 40 Index Future 12/21/ $12,305, Equity Futures Hang Seng Index 11/29/ $1,448, Equity Futures IBEX-35 Future 11/17/ $5,896, Equity Futures MSCI Singapore Index Future 11/29/ $14,131, Equity Futures MSCI Taiwan Index Future 11/29/ $28,646, Equity Futures Nikkei 225 Future 12/7/ $29,047,363.96

5 Sector Market Maturity Quantity Equity Futures OMXS30 11/17/ $15,278, Equity Futures S&P 500 Volatility Index Future 11/15/ $1,268, Equity Futures S&P CNX Nifty Index Future 11/30/ $19,158, Equity Futures S&P Canada 60 Index Future 12/14/ $42,067, Equity Futures SPI 200 Index 12/21/ $34,723, Equity Futures TOPIX Future 12/7/ $38,322, Interest Rate Futures 3 month Euro (EURIBOR) 12/17/ $245,439, Interest Rate Futures 3 month Sterling 12/19/2018-1, $193,818, Interest Rate Futures 90 Day Bank Accepted Bill Future 3/8/ $191,302, Interest Rate Futures Eurodollar 12/17/2018-1, $374,054, Three Month Canadian Bankers Acceptance Interest Rate Futures Future 12/18/ $63,437, Precious Metal Futures Gold 12/27/ $25,269, Precious Metal Futures Palladium 12/27/ $6,547, Precious Metal Futures Platinum 1/29/ $2,021, Precious Metal Futures Silver 12/27/ $11,747, * Notional market values are provided in this report for the underlying over-the-counter foreign exchange forwards and exchange traded futures positions to which the fund gains exposure holdings. While notional market value is important information that may be useful tool in analyzing an investment, notional market values are not adjusted to reflect credit exposure, relative market risk exposure, and liquidity characteristics of the underlying instruments. Therefore, there are inherent limitations to using notional market value, independent of other considerations, to measure the financial risk and leverage of a portfolio. Notional data source: Bloomberg, Deutsche Bank IMPORTANT RISK DISCLOSURE Mutual funds involve risk including possible loss of principal. There is no assurance that the Fund will achieve its investment objective. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other important information about the Fund is contained in the Prospectus or Summary Prospectus, which can be obtained by calling The Prospectus or Summary Prospectus should be read carefully before investing. The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Institutional Asset Management, LP and featured Commodity Trading Advisor are not affiliated with Northern Lights Distributors, LLC.

6 Equinox Institutional Asset Management, LP serves as the Fund s investment advisor. SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at or info@equinoxfunds.com. +DESCRIPTIONS OF INDICES AND TERMS A swap is traditionally, the exchange of one security for another to change the maturity (bonds), quality of issues (stocks or bonds), or because investment objectives have changed. Recently, swaps have grown to include currency swaps and interest rate swaps NLD-11/16/2017