engages in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts), and may, from time to time, engage in cash and spot transactions;

allocates funds to a limited liability trading company or companies (“Trading Company” or “Trading Companies”). Except as otherwise described in these notes, each Trading Company has one-year renewable contracts with its own independent commodity trading advisor(s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company’s assets and make the trading decisions for the assets of each Series vested in such Trading Company. Each Trading Company will segregate its assets from any other Trading Company;

maintains separate, distinct records for each Series, and accounts for the assets of each Series separately from the other Series;

calculates the Net Asset Value (“NAV”) of its Units for each Series separately from the other Series;

has an investment objective of increasing the value of each Series’ Units over the long term (capital appreciation), while managing risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments;

maintains each Series of Units in between two to six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%

●

maintains each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund  are charged a service fee of up to two percent (2.0%) annually of the NAV (or the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAVpurchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold)sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. Class 1AP was created as a sub-class of Class 1 and it has been presented separately because the fees applicable to it are different from those applicable to Class 1. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and 1 Table of Contents ● all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.   all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York. The assets of any particular Series include only those funds and other assets that are paid to, held by or distributed to the Trust on account of and for the benefit of that Series. Under the “Inter-Series Limitation on Liability” expressly provided for under Section 3804(a) of the Trust Act, separate and distinct records of the cash and equivalents, although pooled for maximizing returns, is maintained in the books and records of each Series. As of December 31, 2014,2016, the total Units outstanding were 438,024 for the Equinox Frontier Diversified Fund, 80,593 for the Equinox Frontier Long/Short Commodity Fund, 142,761 for the Equinox Frontier Masters Fund, 555,520 for the Equinox Frontier Balanced Fund, 122,869 for the Equinox Frontier Select Fund, 185,748 for the Equinox Frontier Winton Fund and 78,770, for the Equinox Frontier Heritage Fund. As of each Series ofDecember 31, 2016, the Trust, was 500,842 with respect to the Equinox Frontier Diversified Fund 139,604and Equinox Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Long/Short Commodity Fund, 212,533 with respect to the Equinox Frontier Masters Fund, 705,682 with respect to the Equinox Frontier Balanced Fund, 155,534 with respect to the Equinox Frontier Select Fund, 211,024 with respect to the Equinox Frontier Winton Fund and 93,534 with respect to the Equinox Frontier Heritage Fund. Each of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund has investedseparates Units into a portionmaximum of its assets in several different Trading Companies and has multiple Trading Advisors that manage the assets invested in such Trading Companies. During July 2012, Equinox Frontier Long/Short Commodity Fund three separate Classes—Class 1, Units and Equinox Frontier Balanced Fund Class 1a Units ceased trading operations and all remaining Units were exchanged for Class 3 Units2 and Class 3a Units, respectively. As of December 9, 2013, the Balanced Series of the1AP. The Trust, became known aswith respect to the Equinox Frontier Balanced Fund the Frontier Diversified Seriesseparates Units into a maximum of thefive separate Classes— Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, became known as the Equinox Frontier Diversified Fund, the Frontier Heritage Series became known as Equinox Frontier Heritage Fund, the Frontier Long/Short Commodity Series became known aswith respect to the Equinox Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and December 31, 2016, a portion of the interests in Equinox Frontier Masters Series became known asTrading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, and Frontier Trading Company XXIII LLC held by Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, the Frontier Select Series became known as the Equinox Frontier SelectBalanced Fund and the Winton Series became known as the Equinox Frontier Winton Fund.Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program,  the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account. 2 Table of Contents Trading Advisors are responsible for the trading decisions of the respective Trading Companies or Galaxy Plus entities for which they trade. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies or Galaxy Plus entities to be committed as margin for trading positions but from time to time these percentages may be substantially more or less. The remainder of each Series’ assets is maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of U.S. Treasury securities and credit default swaps.securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date. The Trading Advisors were selected based upon the Managing Owner’s evaluation of each Trading Advisor’s past performance, trading portfolios and strategies, as well as how each Trading Advisor’s performance, portfolio and strategies complement and differ from those of the other Trading Advisors. As of December 31, 2014, none of the Trading Advisors or any of their principals had any beneficial interest in the Trust, but any of them are free to acquire such beneficial interest. Equinox Fund Management, LLC, The Managing Owner is a Delaware limited liability companyLimited Liability Company formed in June 2003, is the managing owner of the Trust (the “Managing Owner”).2003. The Managing Owner became registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator (“CPO”), as of August 6, 2003, and has been a member of the National Futures Association (the “NFA”) in such capacity since that date. The Managing Owner’s main business office is located at 1775 Sherman Street, Suite 2500,2010, Denver, Colorado 80203, telephone (303) 837-0600. A description of the Managing Owner’s responsibilities to the Trust is contained in a Prospectus dated April 30, 2014,29, 2016, filed with the SEC on May 7, 20142, 2016 pursuant to Rule 424(b)(3) of the Securities Act of 1933, as amended (File No. 333-185695)333-210313), which is referred to herein as the “Prospectus,” under the section captioned “The Managing Owner,” and such description is incorporated herein by reference from the Prospectus. Regulation Under the Commodity Exchange Act, as amended, (the “Commodity Exchange Act”) commodity exchanges and commodity futures trading are subject to regulation by the CFTC. The NFA, a registered futures association under the Commodity Exchange Act, is the only non-exchange self-regulatory organization for commodity industry professionals. The CFTC has delegated responsibility to the NFA for the registration of “commodity trading advisors,Trading Advisors,” “commodity pool operators,” “futures commission merchants,” “introducing brokers” and their respective “associated persons” and “floor brokers.” The Commodity Exchange Act requires “commodity pool operators,” such as the Managing Owner, “commodity trading advisors,Trading Advisors,” and commodity brokers or “futures commission merchants,” such as the Trust’s commodity brokers, to be registered and to comply with various reporting and recordkeeping requirements. The Managing Owner and the Trust’s commodity brokers are members of the NFA. The CFTC may suspend a commodity pool operator’s or a commodity trading advisor’sTrading Advisor’s registration if it finds that its trading practices tend to disrupt orderly market conditions, or as the result of violations of the Commodity Exchange Act or rules and regulations promulgated thereunder. In the event that the Managing Owner’s registration as a commodity pool operator were terminated or suspended, the Managing Owner would be unable to continue to manage the business of the Trust. Should the Managing Owner’s registration be suspended, termination of the Trust may result. In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long and net short positions that any person, including the Trust, may hold or control in particular commodities. Most exchanges also limit the maximum changes in futures contract prices that may occur during a single trading day. The Trust also trades in dealer markets for forward and swap contracts, which are not regulated by the CFTC. Federal and state banking authorities also do not regulate forward trading or forward dealers. In addition, the Trust trades on foreign commodity exchanges, which are not subject to regulation by any U.S. government agency. Operations A description of the business of the Trust, including trading approaches for each Series of Units, rights and obligations of the limited owners, compensation arrangements and fees and expenses is contained in the Prospectus, under the sections captioned “Risk Disclosure Statement,” “Summary,” “Risk Factors,” “Equinox Funds Trust,” “The Offering,” “Trading Limitations, Policies and Swaps,swaps,” “The Trustee,” “The Managing Owner,” “Actual and Potential Conflicts of Interest,” “Fees and Expenses” and the appendix attached to the Prospectus for each Series of Units, and such description is incorporated herein by reference from the Prospectus. 3 Table of Contents The Trading Companies and Galaxy Plus entities for each Series of Units engage in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including Swaps)swaps) and may, from time to time, engage in cash and spot transactions. A brief description of the Trust’s main types of investments is set forth below:   A futures contract is a standardized contract traded on an exchange that calls for the future delivery of a specified quantity of a commodity at a specified time and place. ● A futures contract is a standardized contract traded on an exchange that calls for the future delivery of a specified quantity of a commodity at a specified time and place. ● A forward contract is an individually negotiated contract between principals, not traded on an exchange, to buy or sell a specified quantity of a commodity at or before a specified date at a specified price. ● An option on a futures contract, forward contract or a commodity gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract, forward contract or a commodity, as applicable, at a specified price on or before a specified date. Options on futures contracts are standardized contracts traded on an exchange, while options on forward contracts and commodities, referred to collectively in this prospectus as over-the-counter options, generally are individually negotiated, principal-to-principal contracts not traded on an exchange. ● A swap contract generally involves an exchange of a stream of payments between the contracting parties. Swap contracts generally are not uniform and not exchange-traded.   A forward contract is an individually negotiated contract between principals, not traded on an exchange, to buy or sell a specified quantity of a commodity at or before a specified date at a specified price. An option on a futures contract, forward contract or a commodity gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract, forward contract or a commodity, as applicable, at a specified price on or before a specified date. Options on futures contracts are standardized contracts traded on an exchange, while options on forward contracts and commodities, referred to collectively in this prospectus as over-the-counter options, generally are individually negotiated, principal-to-principal contracts not traded on an exchange. A swap contract generally involves an exchange of a stream of payments between the contracting parties. Swap contracts generally are not uniform and not exchange-traded. Certain of the Trading Companies and Galaxy Plus entities have entered into contractual arrangements with independent commodity trading advisorsTrading Advisors that will manage all or a portion of such Trading Company’s and Galaxy Plus entity’s assets and make the trading decisions with respect to the assets of such Trading Company.Company or Galaxy Plus entity. Selection and Replacement of Trading Advisors The managing ownerManaging Owner is responsible for the selection, retention and termination of the trading advisorsTrading Advisors and reference programs on behalf of each series.Series. The actual allocation among trading advisorsTrading Advisors for each seriesSeries will vary based upon the relative trading performance of the trading advisorsTrading Advisors and/or reference programs, and the managing ownerManaging Owner may otherwise vary such percentages from time to time in its sole discretion. The managing ownerManaging Owner will adjust its allocations and rebalance the portfolio of any seriesSeries among trading advisorsTrading Advisors to maintain weightings that it believes will most likely achieve capital growth within the investment guidelines of the relevant series.Series. The managing ownerManaging Owner utilizes certain quantitative and qualitative analysis in connection with the identification, evaluation and selection of the trading advisors.Trading Advisors. The managing owner’sManaging Owner’s proprietary and commercial analytical software programs and comprehensive trading advisorTrading Advisor database provide the quantitative basis for the trading advisorTrading Advisor selection, portfolio implementation process, and ongoing risk management, monitoring, and review. In 1983, Richard Bornhoft, the Chief Investment Officer of the managing owner, began compiling a proprietary database of the leading United States and internationally based alternative investment programs. Trading advisors are monitored and performance data is entered on a daily, monthly, quarterly or bi-annual basis according to internal ranking systems. The managing owner’sManaging Owner’s research department is continually refining ways to assimilate vast amounts of trading advisorTrading Advisor performance data and due-diligence information. The proprietary and commercial database of alternative investment programs is always increasing. Research team members regularly interact with trading advisorsTrading Advisors throughout the due diligence and monitoring process. Only those programs that have met strict quantitative and qualitative review are considered as potential managers of client assets. Following is a summary of the quantitative and qualitative analysis: Quantitative Analysis The managing owner’sManaging Owner’s analytical software system applies a variety of statistical measures towards the evaluation of current and historical advisor performance data. Statistical measures include but are not limited to: (1) risk/reward analysis, (2) time window analysis, (3) risk analysis, (4) correlation analysis, (5) statistical overlays and (6) performance cycle analysis. Qualitative Analysis Although quantitative analysis statistically identifies the top performing trading advisors,Trading Advisors, qualitative analysis plays a major role in the trading advisorTrading Advisor evaluation and final selection process. Each trading advisorTrading Advisor in the managing owner’sManaging Owner’s top deciledocile universe initially undergoes extensive qualitative review by the managing owner’sManaging Owner’s research department, as well as continual monitoring. This analysis generally includes, but is not limited to: (1) preliminary information and due diligence, (2) background review, (3) onsiteon-site due diligence, (4) extensive due diligence questionnaires and (5) written review and periodic updates. This information allows a thorough review of each trading advisor’sTrading Advisor’s trading philosophy, trading systems and corporate structure. 4 Table of Contents Multi-Manager Approach A multi-manager approach to portfolio management provides diversification of trading advisorsTrading Advisors and access to broader global markets. Multiple trading advisorsTrading Advisors can provide diversification across trading methodologies, trading time horizons, and markets traded. Additionally, multi-manager portfolios tend to provide a greater level of professional management with ongoing risk management and review. The result can be more consistent returns with lower volatility. The trading system of each of the major commodity trading advisors usedTrading Advisors and the means by which the Series access those Trading Companies isAdvisors are as follows:   Major Commodity Trading Advisor   Trading System Style Accessed Through Abraham Trading Company Aspect Capital Limited   Systematic Galaxy Plus Beach Horizon Systematic Trading Company BH-DG Systematic Trading LLP   Systematic Swap Brandywine Asset Management Chesapeake Capital Corporation Systematic Galaxy Plus Crabel Capital Partners LLPC Systematic Swap Emil Van Essen, LLC   Discretionary Galaxy Plus Campbell & Company, Inc. Fort, L.P.   Systematic Galaxy Plus Cantab Capital Partners LLP H2O Asset Management   Systematic Chesapeake Capital Corporation   SystematicSwap Commodity Strategies AG Systematic Crabel Capital Management, LLC Systematic Emil Van Essen, LLC Discretionary Fort, L.P. Systematic H2O Asset Management Systematic J E Moody & Company   Systematic Swap Quantica Capital AG Quantitative Investment Management, LLC   Systematic Galaxy Plus Quantitative InvestmentQuantmetrics Capital Management LLC LLP   Systematic Galaxy Plus QuantMetrics Capital Management LLP Quest Partners LLC   Systematic Quest Partners LLC   SystematicGalaxy Plus Red Oak Commodity Advisors, Inc.   Discretionary Galaxy Plus Rosetta Capital Management, LLC   Discretionary Skyline Management, Inc.   DiscretionaryGalaxy Plus Tiverton Trading Discretionary Transtrend B.V.   Systematic Trading Company Winton Capital Management Ltd.   Systematic Trading Company A commodity trading advisorTrading Advisor (“CTA”) that may be allocated at least 10% of the assets of any Series is referred to herein as a major CTA. A non-major CTA in respect of any Series is a CTA whose allocation will be less than 10% of such Series’ assets. 5 Table of Contents As of December 31, 2014,2016, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:       Allocation as of December 31, 2014 (expressed as a percentage of aggregate notional exposure to commodity trading  programs)   Advisor   Equinox Frontier Diversified Fund     Equinox Frontier Long/Short Commodity Fund     Equinox Frontier Masters Fund     Equinox Frontier Balanced Fund     Equinox Frontier Select Fund     Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund   Abraham Trading Company     —        21 %      —        —        —        —        —    Brandywine Asset Management     —        —        —        3        —        —        —    BH- DG Systematic Trading LLP     10 %      —        —        —        43 %      —        46 %  Campbell &Company Inc.     —        —        —        9 %      —        —        —    Cantab Capital Partners LLP     —        —        —        8 %      —        —        —    Chesapeake Capital Corporation     10 %      —        27 %      —        —        —        —    Commodity Strategies AG     —        —        —        —        —        —        —    Crabel Capital Management, LLC     8 %      —        —        4 %      —        —        —    Emil Van Essen, LLC     6 %      22 %      17        4 %      —        —        —    Fort, L.P.     10 %      —        —        10 %      —        —        —    H2O Asset Management     7 %      —        —        8 %      —        —        —    J E Moody & Company     —        16 %      —        —        —        —        —    Quantica Capital AG     —        —        —        6 %      —        —        —    Quantitative Investment     9 %      —        —        7 %      —        —        —    Management, LLC QuantMetrics Capital     14 %      —        —        8 %      —        —        —    Management LLP Quest Partners LLC     11 %      —        —        —        —        —        —    Red Oak Commodity Advisors, Inc.     —        20 %      —        —        —        —        —    Rosetta Capital Management, LLC     —        16 %      —        —        —        —        —    Skyline Management, Inc.     —        —        —        7 %      —        —        —    Tiverton Trading     —        —        —        7 %      —        —        —    Transtrend B.V.     —        —        26 %      —        57 %      —        —    Winton Capital Management Ltd.     12 %      —        30 %      9 %      —        100 %      54 %  Allocation as of December 31, 2016 (expressed as a percentage of aggregate notional exposure to commodity trading programs)           Equinox                                     Equinox     Frontier     Equinox     Equinox           Equinox     Equinox       Frontier     Long/Short     Frontier     Frontier     Equinox     Frontier     Frontier       Diversified     Commodity     Masters     Balanced     Frontier     Winton     Heritage   Advisor     Fund       Fund       Fund       Fund       Select Fund       Fund       Fund   Aspect Capital Limited     5 %     —       —       6 %     —       —       —   Beach Horizon     —       —       —       5 %     —       —       —   BH-DG Systematic Trading LLP     —       —       —       —       41 %     —       44 % Chesapeake Capital Corporation     9 %     15 %     25 %     —       —       —       —   Crabel Capital Management, LLC     4 %     —       —       5 %     —       —       —   Doherty     3 %                     4 %                         Emil Van Essen, LLC     8 %     22 %     23 %     7 %     —       —       —   Fort, L.P.     9 %     —       —       11 %     —       —       —   H2O Asset Management     9 %     —       —       12 %     —       —       —   J E Moody & Company     —       10 %     —       —       —       —       —   Landmark     2 %     4 %             4 %                         Quantitative Investment Management,LLC     19 %     —       —       21 %     —       —       —   Quantmetrics Capital ManagementLLP     15 %     —       —       14 %     —       —       —   Quest Partners LLC     8 %     —       —       2 %     —       —       —   Red Oak Commodity Advisors, Inc.     —       30 %     —       —       —       —       —   Rosetta Capital Management, LLC     —       19 %     —       —       —       —       —   Transtrend B.V.     —       —       28 %     —       59 %     —       —   Winton Capital Management Ltd.     9 %     —       24 %     9 %     —       100 %     56 % A description of the trading strategies of the major commodity trading advisors,Trading Advisors, including general trading focus and registration as a commodity pool operator and/or an investment adviser, and a description of the advisory agreements with the commodity trading advisorsTrading Advisors is contained in the Prospectus, under the section captioned “Summary of Agreements—Advisory Agreements” and the appendix attached to the Prospectus for each Series of Units, containing a description of each major commodity trading advisorTrading Advisor and its trading program, and such description is incorporated herein by reference from the Prospectus. Financial Information about Geographic Areas Although the Trust trades in the global futures and forward markets, it does not have operations outside of the U.S.United States, and therefore this item is not applicable. Employees The Trust has no employees. The Trust is managed solely by the Managing Owner in its capacity as the managing owner of the Trust pursuant to the Trust Agreement. Available Information The Trust files quarterly, annual and current reports with the Securities and Exchange Commission (“SEC”). These reports are posted athttp://equinoxfunds.comwww.WakefieldFunds.com, and are also available to read and copy at the SEC’s Public Reference Facilities in Washington, D.C. at 450 Fifth Street, N.W., Washington, D.C. 20549. Please call the SEC’s toll free number, 1-800-SEC-0330, for further information or visithttp://www.sec.gov. 6 Table of Contents Additional Information None. On December 5, 2016, Equinox Fund Management, LLC (“Equinox”), Frontier Fund Management LLC (the “New Managing Owner”), and Wakefield Advisors, LLC (“Wakefield”) entered into a Unit Purchase Agreement (the “Agreement”). Equinox was the Managing Owner of the Trust and the Series. Pursuant to the Agreement, Equinox agreed to transfer to the New Managing Owner such amount of Equinox’s General Units (as defined in the Trust Agreement) as the Managing Owner shall be required to hold in its capacity as managing owner of the Trust pursuant to the Trust Agreement, and redeem the remainder of Equinox’s General Units (the “Transaction”). The Transaction was consummated on March 6, 2017, and upon consummation of the Transaction, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. Consequently, consummation of the Transaction constituted a change of operational control in respect of the Trust and each Series. In connection with the foregoing, the Trust Agreement was amended to effect certain changes to replace Equinox as the managing owner and to reflect the New Managing Owner as the new managing owner. Also, the New Managing Owner has temporarily suspended the sale of Units (as defined in the Trust Agreement) while the Managing Owner engages with the Securities and Exchange Commission to have declared effective a post-effective amendment to the Series’ registration statements, as well as approval by the NFA. The Series will file Form 8-K to announce the resumption of the sale of Units, which the New Managing Owner expects will occur shortly. The New Managing Owner is seeking to cause the suspension to be lifted as promptly as practicable. Any forward-looking statements herein are based on expectations of the New Managing Owner at this time. Whether or not actual results and developments will conform to the New Managing Owner’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in the Series’ prospectuses, general economic, market and business conditions, changes in laws or regulations or other actions made by governmental authorities or regulatory bodies, and other world economic and political developments. The Series and the New Managing Owner undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.   Item 1A. RISK FACTORS. The Trust is a venture in a high-risk business. An investment in the Units of each Series is very speculative. You should make an investment in one or more of the Series only after consulting with independent, qualified sources of investment and tax advice and only if your financial condition will permit you to bear the risk of a total loss of your investment. You should consider an investment in the Units only as a long-term investment. Moreover, to evaluate the risks of this investment properly, you must familiarize yourself with the relevant terms and concepts relating to commodities trading and the regulation of commodities trading, which are discussed in the Prospectus in the Statement of Additional Information below, in the section captioned “The Futures Markets,” which is incorporated herein by reference. You should carefully consider all the information we have included or incorporated by reference in this Form 10-K and our subsequent periodic filings with the SEC. In particular, you should carefully consider the risk factors described below and read the risks and uncertainties as set forth in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” Section of this Form 10-K. Any of the following risks and uncertainties could materially adversely affect the Trust, its trading activities, operating results, financial condition and NAV and therefore could negatively impact the value of your investment. The information contained herein does not constitute investment, legal or tax advice. You should not invest in the Units unless you can afford to lose all of your investment. Market Risks The commodity interest markets in which the Trading Advisors trade are highly volatile, which could cause substantial losses and may cause you to lose your entire investment. Commodity interest contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Consequently, you could lose all or substantially all of your investment in the Units of any Series should such Series’ trading positions suddenly turn unprofitable. The profitability of any Series depends primarily on the ability of its Trading Advisor(s) to predict these fluctuations accurately. Price movements for commodity interests are influenced by, among other things:   changes in interest rates; ● changes in interest rates;   governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; ● governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies;   weather and climate conditions; ● weather and climate conditions;   ● natural disasters, such as hurricanes; natural disasters, such as hurricanes;7 Table of Contents ● changing supply and demand relationships;   changing supply and demand relationships; ● changes in balances of payments and trade;   changes in balances of payments and trade; ● U.S. and international rates of inflation;   U.S. and international rates of inflation; ● currency devaluations and revaluations;   currency devaluations and revaluations; ● U.S. and international political and economic events; and   U.S. and international political and economic events; and ● changes in philosophies and emotions of market participants.   changes in philosophies and emotions of market participants. The Trading Advisors’ technical trading methods may not take account of these factors except as they may be reflected in the technical input data analyzed by the Trading Advisors. In addition, governments from time to time intervene, directly and by regulation, in certain markets, often with the intent to influence prices directly. The effects of governmental intervention may be particularly significant at certain times in the financial instrument and currency markets, and this intervention may cause these markets to move rapidly. Futures, forward and options trading is volatile and may cause large losses. A principal risk in futures, forward and options trading is volatile performance. Because the trading decisions for the Equinox Frontier Winton Fund will be made by a single Trading Advisor, the trading for Equinox Frontier Winton Fund is similar to a single advisor fund in which one trading advisorrading Advisor makes all the trading decisions. In single advisor funds, volatility may increase as compared to a fund with several trading advisorsTrading Advisors who, collectively, can diversify risk to a greater extent (assuming those advisors are non-correlated with each other). Options trading can be more volatile and expensive than futures trading. Certain Trading Advisors may trade options on futures. Although successful options trading requires many of the same skills as successful futures trading, the risks involved are somewhat different. Successful options trading requires a trader to accurately assess near-term market volatility because that volatility is immediately reflected in the price of outstanding options. Correct assessment of market volatility can therefore be of much greater significance in trading options than it is in many long-term futures strategies. If market volatility is incorrectly predicted, the use of options can be extremely expensive. 8 Table of Contents The Trading Advisors’ trading is subject to execution risks. Although each Series generally will purchase and sell actively traded contracts, orders may not be executed at or near the desired price, particularly in thinly traded markets, in markets that lack trading liquidity, or because of applicable “daily price fluctuation limits,” “speculative position limits” or market disruptions. If market illiquidity or disruptions occur, major losses could result. Futures Interestsinterests trading is speculative and volatile. The rapid fluctuations in the market prices of futures, forwards, and options make an investment in any of the seriesSeries volatile. Volatility is caused by, among other things: changes in supply and demand relationships; weather; agriculture, trade, fiscal, monetary and exchange control programs; domestic and foreign political and economic events and policies; and changes in interest rates. The Trading Advisors’ technical trading methods may not take account of these factors except as they may be reflected in the technical input data analyzed by the trading advisors.Trading Advisors. In addition, governments from time to time intervene, directly and by regulation, in certain markets, often with the intent to influence prices directly. The effects of governmental intervention may be particularly significant at certain times in the financial instrument and currency markets, and this intervention may cause these markets to move rapidly. Each Series’ performance will be volatile, and a Series could lose all or substantially all of its assets. The multi-advisor feature of each Series, except for Equinox Frontier Winton Fund, may reduce the return volatility relative of the performance of single-advisor investment funds. Options are volatile and inherently leveraged, and sharp movements in prices could cause the Trust to incur large losses. Certain Trading Advisors may trade options on futures. Although successful options trading requiresrequire many of the same skills as successful futures trading, the risks involved are somewhat different. Successful options trading requiresrequire a trader to accurately assess near-term market volatility, because that volatility is immediately reflected in the price of outstanding options. Correct assessment of market volatility can therefore be of much greater significance in trading options than it is in many long-term futures strategies. If market volatility is incorrectly predicted, the use of options can be extremely expensive. Exchanges of futures for physicals may adversely affect performance. Certain Trading Advisors may engage in exchanges of futures for physicals for client accounts. An exchange of futures for physicals is a transaction permitted under the rules of many futures exchanges in which two parties holding futures positions may close out their positions without making an open, competitive trade on the exchange. Generally, the holder of a short futures position buys the physical commodity, while the holder of a long futures position sells the physical commodity. The prices at which such transactions are executed are negotiated between the parties. If a Trading Advisor engaging in exchanges of futures for physicals were prevented from such trading as a result of regulatory changes, the performance of client accounts of such Trading Advisor could be adversely affected. Cash flow needs may cause positions to be closed which may cause substantial losses. Certain Trading Advisors may trade options on futures. Futures contract gains and losses are marked-to-market daily for purposes of determining margin requirements. Option positions generally are not marked-to-market daily, although short option positions will require additional margin if the market moves against the position. Due to these differences in margin treatment between futures and options, there may be periods in which positions on both sides must be closed down prematurely due to short term cash flow needs. If this occurs during an adverse move in a spread or straddle relationship, then a substantial loss could occur. The Trading Companies or Galaxy Plus entities and Trust may enter into Swapswap and similar transactions which may create risks. Swaps are not traded on exchanges and are not subject to the same type of government regulation as exchange markets. As a result, many of the protections afforded to participants on organized exchanges and in a regulated environment are not available in connection with these transactions. The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, will affect the manner in which OTCover-the-counter (“OTC”) swap transactions are traded and the credit risk associated with such trading. Any changes will likely impact the way swaps are traded and could impact the trading strategy of the trust,Trust, as well as make it more expensive to trade swaps. There are no limitations on daily price movements in swaps. Speculative position limits are not applicable to swaps, although the counterparties to swaps may limit the size or duration of positions as a consequence of credit considerations. Participants in the swap markets are not required to make continuous markets in the swaps they trade. Participants could refuse to quote prices for swaps or quote prices with an unusually wide spread between the price at which they are prepared to buy and the price at which they are prepared to sell. In the case of any swap that references a fund or program managed by a trading advisor,Trading Advisor, certain or all of the risks disclosed in this report in relation to the trading advisorsTrading Advisors also may apply, indirectly, in relation to the relevant series’Series’ investment in such swap. 9 Table of Contents The trading on behalf of each Series will be margined, which means that sharp declines in prices could lead to large losses. Because the amount of margin funds necessary to be deposited with a futures clearing broker to enter into a futures, forward contract or option position is typically about 2% to 10% of the total value of the contract, each Trading Advisor may take positions on behalf of a Series with face values equal to several times such Series’ NAV. These low margin requirements provide a large amount of leverage. As a result of margining, even a small movement in the price of a contract can cause major losses. Any purchase or sale of a futures or forward contract or option position may result in losses that substantially exceed the amount invested. If severe short-term price declines occur, such declines could force the liquidation of open positions with large losses. Margin is normally monitored through the margin-to-equity ratio employed by each trading advisor.Trading Advisor. Under normal circumstances, the Trading Advisors will vary between a 10% to 30% margin-to-equity ratio. In addition, OTC transactions present risks in addition to those associated with exchange-traded contracts, as discussed immediately below. OTC transactions are subject to little, if any, regulation and may be subject to the risk of counterparty default. A portion of each Series’ assets may be used to trade OTC derivative contracts, such as forward contracts, option contracts, or swaps, or spot contracts. OTC contracts are typically traded on a principal-to-principal basis through dealer markets that are dominated by major money center and investment banks and other institutions and are essentially unregulated by the CFTC. You therefore do not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act in connection with this trading activity. The markets for OTC contracts rely upon the integrity of market participants in lieu of the additional regulation imposed by the CFTC on participants in the futures markets. The lack of regulation in these markets could expose a Series in certain circumstances to significant losses in the event of trading abuses or financial failure by participants. Each Series also faces the risk of non-performance by the counterparties to the OTC contracts. Unlike in futures contracts, the counterparty to these contracts is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, there will be greater counterparty credit risk in these transactions. The clearing member, clearing organization or other counterparty may not be able to meet its obligations, in which case the applicable Series could suffer significant losses on these contracts. The Dodd-Frank Act will affect the manner in which OTC swap transactions are traded and the credit risk associated with such trading. Depending upon actions taken by regulatory authorities, these changes may also affect the manner of trading of OTC foreign currency transactions. Transactions that have been entered into prior to implementation of the provisions of the Dodd-Frank Act willmay remain in effect. Accordingly, even after the new regulatory framework is fully implemented, the risks of OTC foreign exchange transactions willmay continue to exist with respect to transactions entered into prior to the implementation of the provisions of the Dodd-Frank Act. Additionally, any changes will likely impact the way swaps are traded and could impact the trading strategy of the trust, as well as make it more expensive to trade swaps. Assets Held in Accounts at U.S. Banks May Not Be Fully Insured. The assets of each trading companyTrading Company or Galaxy Plus entity that are deposited with commodity brokers or their affiliates may be placed in deposit accounts at U.S. banks. The Federal Deposit Insurance Corporation (FDIC) insures deposit accounts at insured banks for up to $250,000 for each accountholder, and, if the funds in an account can be traced back to multiple individual co-owners, then each co-owner may be entitled to $250,000 in coverage. This amount of deposit insurance coverage was made permanent by the Dodd-Frank Act. Uninsured depositors also may receive funds in the event of a receivership of the bank holding the deposit accounts, but uninsured depositors have a lower priority in respect of payment than insured depositors or certain other creditors, and frequently there are insufficient funds in a receivership estate to pay off uninsured depositors fully or at all. If the FDIC were to become receiver of an insured U.S. bank holding deposit accounts that were established by a commodity broker or one of its affiliates, then it is uncertain whether the commodity broker, the affiliate involved, the trading company,Trading Company or Galaxy Plus entity, the Series involved, or the investor would be able to reclaim cash in the deposit accounts in the full amount. Your investment could be illiquid. A Trading Advisor may not always be able to liquidate its commodity interest positions at the desired time or price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as a foreign government taking political actions that disrupt the market in its currency or in a major export, can also make it difficult to liquidate a position. Alternatively, limits imposed by futures exchanges or other regulatory organizations, such as speculative position limits and daily price fluctuation limits, may contribute to a lack of liquidity with respect to some commodity interests. There is no secondary market for the Units and none is expected to develop. 10 Table of Contents Certain Restrictions on Redemption and Transfer of the Units Will Apply. Investors may redeem units daily on one business day notice, but certain restrictions on redemption and transfer will apply. For example, if you invest in Class 1 or 1a Units and redeem all or a portion of such Units on or before the end of the 12 full months following the purchase of such Units, you will be charged a redemption fee of up to 2.0% of the purchase price of any such units being redeemed. Also, transfers of Units are permitted only with the prior written consent of the managing ownerManaging Owner and provided that conditions specified in the trust agreement are satisfied. There is no secondary market for the Units and none is expected to develop. Redemptions may be temporarily suspended. The Managing Owner may temporarily suspend redemptions for some or all of the Series for up to 30 days if the effect of any redemption, either alone or in conjunction with other redemptions, would be to impair the Trust’s ability to operate in pursuit of its objectives (for example, if the Managing Owner believes a redemption, if allowed, would materially advantage one investor over another investor). The Managing Owner anticipates suspending redemptions only under extreme circumstances, such as a natural disaster, force majeure, act of war, terrorism or other event which results in the closure of financial markets. During any suspension of redemptions, a redeeming Limited Owner invested in a Series for which redemptions were suspended would remain subject to market risk with respect to such Series. An investment in Units may not diversify an overall portfolio. Historically, managed futures have performed in a manner largely independent from the general equity and debt markets. If, however, a Series does not perform in a non-correlated manner with respect to the general financial markets or does not perform successfully, you will obtain little or no diversification benefits by investing in the Units. An investment in any Series of the Trust could increase, rather than reduce your overall portfolio losses during periods when the Trust and the equity and debt markets decline in value. There is no way of predicting whether the Trust will lose more or less than stocks and bonds in declining markets. You should therefore not consider the Units to be a hedge against losses in your core stock and bond portfolios. Past performance is not indicative of future results. Trading Risks There are disadvantages to making trading decisions based on technical analysis. Many of the Trading Advisors except certain Trading Advisors trading for the Equinox Frontier Long/Short Commodity Fund may base their trading decisions on trading strategies that use mathematical analyses of technical factors relating to past market performance rather than fundamental analysis. The buy and sell signals generated by a technical, trend-following trading strategy are derived from a study of actual daily, weekly and monthly price fluctuations, volume variations and changes in open interest in the markets. The profitability of any technical, trend-following trading strategy depends upon the occurrence in the future of significant, sustained price moves in some of the markets traded. A danger for trend-following traders is whip-saw markets, that is, markets in which a potential price trend may start to develop but reverses before an actual trend is realized. A pattern of false starts may generate repeated entry and exit signals in technical systems, resulting in unprofitable transactions. In the past, there have been prolonged periods without sustained price moves. Presumably these periods will continue to occur. Periods without sustained price moves may produce substantial losses for trend-following trading strategies. Further, any factor that may lessen the prospect of these types of moves in the future, such as increased governmental control of, or participation in, the relevant markets, may reduce the prospect that any trend- following trading strategy will be profitable in the future. There are disadvantages to making trading decisions based on fundamental analysis. Certain Trading Advisors will base their decisions on trading strategies which utilize in whole or in part fundamental analysis of underlying market forces. Fundamental analysis attempts to examine factors external to the trading market which affect the supply and demand for a particular commodity interest in order to predict future prices. Such analysis may not result in profitable trading because certain Trading Advisors may not have knowledge of all factors affecting supply and demand or may incorrectly interpret the information they do have. Furthermore, prices may often be affected by unrelated or unexpected factors and fundamental analysis may not enable the Trading Advisor to determine whether its previous decisions were incorrect in sufficient time to avoid substantial losses. In addition, fundamental analysis assumes that commodity markets are inefficient—i.e., that commodity prices do not always reflect all available information—which some market analysts dispute. Increased competition from other systematic traders could reduce the Trading Advisors’ profitability. There has been a dramatic increase over the past 15 to 25 years in the amount of assets managed pursuant to trading systems like those that some of the Trading Advisors may employ. This means increased trading competition among a larger number of market participants for transactions at favorable prices, which could operate to the detriment of some or all Series by preventing the Trading Advisors from effecting transactions at the desired prices. It may become more difficult for the Trading Advisors to implement their trading strategies if other commodity trading advisorsTrading Advisors using technical systems are attempting to initiate or liquidate commodity interest positions at the same time as the Trading Advisors. The more competition there is for the same positions, the more costly and harder they will be to acquire. 11 Table of Contents Discretionary decision-making may result in missed opportunities or losses. Because each of the Trading Advisors’ strategies involves some discretionary aspects in addition to analysis of technical factors, certain Trading Advisors may occasionally use discretion in investing the assets of a Series. For example, the Trading Advisors often use discretion in selecting contracts and markets to be followed. In exercising such discretion, such Trading Advisor may take positions opposite to those recommended by the Trading Advisor’s trading system or signals. Discretionary decision making may also result in a Trading Advisor’s failing to capitalize on certain price trends or making unprofitable trades in a situation where another trader relying solely on a systematic approach might not have done so. Furthermore, such use of discretion may not enable the Series to avoid losses, and in fact, such use of discretion may cause the Series to forego profits which it may have otherwise earned had such discretion not been used. The Trading Companies or Galaxy Plus entities are subject to speculative position limits. The U.S. futures exchanges have established speculative position limits (referred to as “position limits”) on the maximum net long or net short position which any person or group of persons may hold or control in particular futures and options on futures. Most exchanges also limit the amount of fluctuation in commodity futures contract prices on a single trading day. Therefore, a Trading Advisor may have to modify its trading instructions or reduce the size of its positions in one or more futures or options contracts in order to avoid exceeding such position limits, which could adversely affect the profitability of the Trading Companies.Companies or Galaxy Plus entities. The futures exchange may amend or adjust these position limits or the interpretation of how such limits are applied, which could adversely affectingaffect the profitability of the Trading Companies.Companies or Galaxy Plus entities. In addition, in October 2011,December 2016, the CFTC adopted rules governing positionvoted unanimously to repropose regulations implementing limits on speculative positions in 25 core physical commodity futures (andcontracts and their economically equivalent futures, options and swaps. Comments on futures) on a number of agricultural, energy and metals commodities, as well as on swaps that perform a significant price discovery function with respect to those futures and options. In September 2012, the CFTC’s rulesthese regulations were vacateddue by the United States District Court for the Districtend of Columbia and remanded to the CFTC for further consideration. The CFTC proposed revised position limits rules late in 2013. The comment period for the rules closed in February 2014, and the CFTC subsequently reopened comment periods for comments about certain issues related to futures and options contracts on agricultural commodities only. Those comment periods have also closed. The comment period for the rules has closed, and the date for the CFTC’s final rules is unknown. It is possible that these rules may take effect in some form. If so, these2017. These rules could have an adverse effect on the Trading Advisors’ trading for the Trading Companies.Companies and Galaxy Plus entities. Increases in assets under management of any of the Trading Advisors could lead to diminished returns. We believe that none of the Trading Advisors intendsintend to limit the amount of additional equity that it may manage, and each will continue to seek major new accounts. However, the rates of returns achieved by a Trading Advisor often diminish as the assets under its management increase. This can occur for many reasons, including the inability of the Trading Advisor to execute larger position sizes at desired prices and because of the need to adjust the Trading Advisor’s trading program to avoid exceeding speculative position limits. These limits are established by the CFTC and the exchanges on the number of speculative futures and options contracts in a commodity that one trader may own or control. Furthermore, if the Trading Advisors for a Series cannot manage any additional allocation from the Trust, the Managing Owner may add additional Trading Advisors for such Series who may have less experience or less favorable performance than the existing Trading Advisors. The use of multiple Trading Advisors may result in offsetting or opposing trading positions and may also require one Trading Advisor to fund the margin requirements of another Trading Advisor. The use of multiple Trading Advisors for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may result in developments or positions that adversely affect the respective Series’ NAV. For example, because the Trading Advisors trading for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund will be acting independently, such Series could buy and sell the same futures contract, thereby incurring additional expenses but with no net change in its holdings. The Trading Advisors also may compete, from time to time, for the same trades or other transactions, increasing the cost to such Series of making trades or transactions or causing some of them to be foregone altogether. Even though the margin requirements resulting from each Trading Advisor’s trading for any such Series ordinarily will be met from that Trading Advisor’s allocated net assets of such Series, a Trading Advisor for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, or Equinox Frontier Long/Short Commodity Fund may incur losses of such magnitude that such Series is unable to meet margin calls from the allocated net assets of that Trading Advisor. If losses of such magnitude were to occur, the Clearing Brokers for the Trading CompanyCompany(ies) or Trading CompaniesGalaxy Plus entity(ies) in which such Series invests its assets may require liquidations and contributions from the allocated net assets of another Trading Advisor for such Series. 12 Table of Contents The Trading Advisors’ trading programs bear some similarities and, therefore, may lessen the benefits to the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund of having multiple Trading Advisors. Each Trading Advisor has, over time, developed and modified the program it will use in trading. Nevertheless, the Trading Advisors’ trading programs have some similarities. These similarities may, in fact, mitigate the positive effect of having multiple Trading Advisors for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund and Equinox Frontier Long/Short Commodity Fund. For example, in periods where one Trading Advisor experiences a draw-down, it is possible that these similarities will cause the other Trading Advisors to also experience a draw-down. Each Series relies on its Trading Advisor(s) for success, and if a Trading Advisor’s trading is unsuccessful, the Series may incur losses. The Trading Advisor(s) for each Series will make the commodity trading decisions for that Series. Therefore, the success of each Series depends on the judgment and ability of the Trading Advisors. A Trading Advisor’s trading for any Series may not prove successful under all or any market conditions. If a Trading Advisor’s trading is unsuccessful, the applicable Series may incur losses. Similarly, the success of each Series that invests in swaps largely depends on the judgment and ability of the commodity trading advisorsTrading Advisors whose trading programs are referenced by swaps in which such Series invests. There are disadvantages associated with terminating or replacing Trading Advisors.Advisors, Trading Programs, or Reference Trading Programs A Trading Advisor generally is required to recoup previous trading losses in its trading program or a reference trading program, as applicable, before it can earn performance-based compensation. However, the Managing Owner may elect to replace a Trading Advisor, or any trading program or reference trading program, that has a “loss carryforward.” In that case, the Trusttrust would lose the “free ride” of any potential recoupment of the prior losses of such Trading Advisor.Advisor, trading program or reference trading program. In addition, the new Trading Advisor, trading program or reference trading program, or an existing Trading Advisor in respect of a new trading program or reference program, would earn the same type of performance-based compensation on the first dollars of investment profits. It is also possible that (i) the advisory agreement with any Trading Advisor, once it expires, will not be renewed on the same terms as the current advisory agreement for that Trading Advisor, (ii) if assets of any Series allocated to a particular Trading Advisor, trading program or reference trading program are reallocated to a new or different Trading Advisor, trading program or reference trading program, the new or different Trading Advisor, with respect to its applicable trading program or reference trading program, will not manage the assets on terms as favorable to the Series as those previously negotiated, with the previous Trading Advisor, (iii) the addition of a new Trading Advisor, trading program or reference trading program and/or the removal of one of the current Trading Advisors, trading programs or reference trading programs may cause disruptions in trading as assets are reallocated, or (iv) the services of a replacement Trading Advisor, in respect of a trading advisorprogram, reference program or otherwise, may not be available. There is severe competition for the services of qualified trading advisors,Trading Advisors, and the Managing Owner may not be able to retain replacement or additional trading advisorsTrading Advisors on acceptable terms. The effect of the replacement of, or the reallocation of assets away from, a Trading Advisor, trading program or reference trading program therefore could be significant. Each Trading Advisor advises other clients and may achieve more favorable results for its other accounts. Each of the Trading Advisors currently manages other trading accounts, and each will remain free to manage additional accounts, including its own accounts, in the future. A Trading Advisor may vary the trading strategies applicable to the Series for which it trades from those used for its other managed accounts, or its other managed accounts may impose a different cost structure than that of the Series for which it trades. Consequently, the results any Trading Advisor achieves for the Series for which it trades may not be similar to those achieved for other accounts managed by the Trading Advisor or its affiliates at the same time. Moreover, it is possible that those other accounts managed by the Trading Advisor or its affiliates may compete with the Series for which it trades for the same or similar positions in the commodity interest markets and that those other accounts may make trades at better prices than the Series for which it trades. A Trading Advisor may also have a financial incentive to favor other accounts because the compensation received from those other accounts exceeds, or may in the future exceed, the compensation that it receives from managing the account of the Series for which it trades. Because records with respect to other accounts are not accessible to investors in the Units, investors will not be able to determine if any Trading Advisor is favoring other accounts. The Trading Advisors’ positions may be concentrated from time to time, which may render each Series susceptible to larger losses than if the positions were more diversified. One or more of the Trading Advisors may from time to time cause a Series to hold a few, relatively large positions in relation to its assets. Consequently, a loss in any such position could result in a proportionately greater loss to such Series than if the Series’ assets had been spread among a wider number of instruments. 13 Table of Contents Markets or positions may be correlated and may expose a Series to significant risk of loss. Different markets traded or individual positions held by a Series of Units may be highly correlated to one another at times. Accordingly, a significant change in one such market or position may affect other such markets or positions. The Trading Advisors cannot always predict correlation. Correlation may expose such Series of Units both to significant risk of loss and significant potential for profit. Turnover in each Series’ portfolio may be high which could result in higher brokerage commissions and transaction fees and expenses. Each Trading Advisor will make certain trading decisions on the basis of short-term market considerations. The portfolio turnover rate may be substantial at times, either due to such decisions or to market conditions, and this could result in one or more Series incurring substantial brokerage commissions and other transaction fees and expenses. Stop-loss Orders May Not Prevent Large Losses. Certain of the Trading Advisors may use stop-loss orders. Such stop-loss orders may not effectively prevent substantial losses, and depending on market factors at the time, may not be able to be executed at such stop-loss levels. No risk control technique can assure that large losses will be avoided. Trading Swaps Creates Distinctive Risks. The series may trade in certain swaps. Unlike futures and options on futures contracts, most swap contracts currently are not traded on or cleared by an exchange or clearinghouse. The CFTC currently requires only a limited class of swap contracts (certain interest rate and credit default swaps) to be cleared and executed on an exchange or other organized trading platform. In accordance with the Dodd-Frank Act, the CFTC will determine in the future which other classes of swap contracts will be required to be cleared and executed on an exchange or other organized trading platform. Until such time as these transactions are cleared, the series will be subject to a greater risk of counterparty default on its swaps. Because swaps do not generally involve the delivery of underlying assets or principal, the amount payable upon default and early termination is usually calculated by reference to the current market value of the contract. Swap dealers and major swap participants require the series to deposit initial margin and variation margin as collateral to support such series’ obligation under the swap agreement but may not themselves provide collateral for the benefit of any series. If the counterparty to such a swap defaults, the series would be a general unsecured creditor for any termination amounts owed by the counterparty to the series as well as for any collateral deposits in excess of the amounts owed by the series to the counterparty, which would result in losses to the series. There are no limitations on daily price movements in swaps. Speculative position limits are not currently applicable to swaps, but in the future may be applicable for swaps on certain commodities. In addition, participants in the swap markets are not required to make continuous markets in the swaps they trade, and determining a market value for calculation of termination amounts can lead to uncertain results. Trading of swaps has been and will continue to be subject to substantial change under the Dodd-Frank Act and related regulatory action. Under the Dodd-Frank Act, many commodity swaps will be required to be cleared through central clearing parties and executed on exchanges or other organized trading platforms. Security-based swaps will be subject to similar requirements. Additional regulatory requirements will apply to all swaps, whether subject to mandatory clearing or not. These include margin, collateral and capital requirements, reporting obligations, speculative position limits for certain swaps, and other regulatory requirements. Swaps which are not offered for clearing by a clearinghouse will continue to be traded bi-laterally. Such bi-lateral transactions will remain subject to many of the risks discussed in the preceding paragraphs. Swap counterparties may hold collateral in U.S. or non-U.S. depositories. Non-U.S. depositories are not subject to U.S. regulation. The series’ assets held in these depositories are subject to the risk that events could occur which would hinder or prevent the availability of these funds for distribution to customers, including the series. Such events may include actions by the government of the jurisdiction in which the depository is located including expropriation, taxation, moratoria and political or diplomatic events. The Unregulated Nature of Uncleared Trades in the OTC Markets Creates Counterparty Risks that Do Not Exist in Futures Trading on Exchanges or in Cleared Swaps. Unlike futures contracts and cleared swaps, uncleared trades, such as forward contracts, some swaps and some OTC “spot” contracts, are entered into between private parties off an exchange or other trading platform and are not subject to clearing. As a result, the performance of those contracts is not guaranteed by an exchange or its clearinghouse and the seriesSeries is at risk with respect to the ability of the counterparty to perform on the contract, including the creditworthiness of the counterparty. Trading of foreign exchange spot contracts of foreign exchange forwards and foreign exchange swaps (as such terms are defined in the Dodd-Frank Act), and of uncleared swaps is not regulated or is subject to limited regulation; therefore, there are limited or no specific standards or regulatory supervision of trade pricing and other trading activities that occur in those markets. Foreign Currency and Spot Contracts Historically Were Not Regulated When Traded Between Certain “Eligible Contract Participants” and Are Subject to Credit Risk. Each seriesSeries may trade forward contracts in foreign currencies and may engage in spot commodity transactions (transactions in physical commodities). These contracts, unlike futures contracts and options on futures, historically were not regulated by the CFTC when traded between certain “eligible contract participants,” as defined in the Commodity Exchange Act. On July 21, 2010, the President signed into law major financial services reform legislation in the form of the Dodd-Frank Act. The Dodd-Frank Act includes foreign currency forwards and foreign currency swaps (as such terms are defined in the Dodd-Frank Act) in the definition of “swap.” The CFTC has been granted authority to regulate all swaps, but grants the U.S. Treasury Department the discretion to exempt foreign currency forwards and foreign currency swaps from all aspects of the Dodd-Frank Act other than reporting, recordkeeping and business conduct rules for swap dealers and major swap participants. In November 2012, Treasury determined that those transactions can be carved out of the swap category, and they are subject only to the noted categories of the Dodd-Frank Act requirements. Therefore, the seriesSeries will not receive the full benefit of CFTC regulation for certain of their foreign currency trading activities. The percentage of each Series’ positions that are expected to constitute foreign currency forwards and foreign currency swaps can vary substantially from month to month. Trading on Foreign Exchanges Presents Greater Risks to the Series than Trading on U.S. Exchanges. Each seriesSeries trades on exchanges located outside the United States. Trading on U.S. exchanges is subject to CFTC regulation and oversight, including, for example, minimum capital requirements for commodity brokers, segregation of customer funds, regulation of trading practices on the exchanges, prohibitions against trading ahead of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements, testing and licensing of industry sales personnel and other industry professionals, and recordkeeping requirements, and other requirements and restrictions for the purpose of preventing price manipulation and other disruptions to market integrity, avoiding systemic risk, preventing fraud and promoting innovation, competition and financial integrity of transactions. Trading on foreign exchanges is not regulated by the CFTC or any other U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchange trading is subject, provide less protection to investors than trading on U.S. exchanges, and may be less vigorously enforced than regulations in the U.S. The CFTC has no power to compel the enforcement of the rules of a foreign exchange or applicable foreign laws. Therefore, the seriesSeries will not receive any benefit of U.S. government regulation for these trading activities. 14 Table of Contents Trading on foreign exchanges involves some risks that trading on U.S. exchanges does not, such as: Lack of Investor Protection Regulation The rights of the seriesSeries in the event of the insolvency or bankruptcy of a non-U.S. market or broker are likely to differ from rights that the seriesSeries would have in the United States and these rights may be more limited than in the case of failures of U.S. markets or brokers. Possible Governmental Intervention Generally, foreign brokers are not subject to the jurisdiction of the CFTC or any other U.S. regulator. In addition, the series’Series’ assets held outside of the United States to margin transactions on foreign exchanges are held in accordance with the client assets protection regime and the insolvency laws of the applicable jurisdiction. A foreign government might halt trading in a market and/or take possession of the series’Series’ assets maintained in its country in which case the assets may never be recovered. The managing ownerManaging Owner and the seriesSeries might have little or no notice that such events were happening. In such circumstances, the managing ownerManaging Owner may not be able to obtain the series’Series’ assets. Relatively New Markets Some foreign exchanges on which the seriesSeries trade may be in developmental stages so that prior price histories may not be indicative of current price patterns. Exchange-Rate Exposure The seriesSeries are valued in U.S. dollars. Contracts on foreign exchanges are usually traded in the local currency. The series’Series’ assets held in connection with contracts priced and settled in a foreign currency may be held in a foreign depository in accounts denominated in a foreign currency. Changes in the value of the local currency relative to the U.S. dollar could cause losses to the seriesSeries even if the contract traded is profitable. Investments in Reference Programs Through a Swap or Other Derivative Instrument May Not Always Replicate Exactly Performance of the Relevant CTA Trading Program(s). Certain Series invest in reference programs through total return swaps with Deutsche Bank AG. Such swaps reference an index comprised of shares in segregated investment portfolios directed by CTAs selected by the managing owner.Managing Owner. It is possible that the underlying index in respect of any swap owned by a seriesSeries may not fully replicate the performance of the relevant CTA programs in respect of other accounts traded by such CTAs. Further, the calculation of the underlying index for such swaps will include a deduction for a fee payable to the swap counterparty. Each of these deductions will mean that the return of such investment will be less than would be the case if no fees were deducted. There Are Certain Risks Associated with the Trust’s Investment in U.S. Government Debt Securities. With respect to the portion of the Trust’s assets apportioned for cash management, the Trust may invest in U.S. government securities which include any security issued or guaranteed as to principal or interest by the United States, or by a person controlled by or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by Congress of the United States or any certificate of deposit for any of the foregoing, including U.S. Treasury bonds, U.S. Treasury bills and issues of agencies of the U.S. government (such as Ginnie Mae, Fannie Mae, or Freddie Mac). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Trust. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government would provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The Trust’s Investment in U.S. Government Debt Securities Will Be Subject to Interest Rate Risk. The Trust’s cash management pool includes investments in U.S. government debt securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. On the other hand, if rates fall, the value of these investments generally increases. U.S. government securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Usually, the changes in the value of fixed income securities will not affect cash income generated, but may affect the value of your investment. Given the current low interest rate environment, the risk associated with rising rates is heightened. 15 Table of Contents Operating Risks Past performance is not necessarily indicative of future performance. The Managing Owner has selected each Trading Advisor to manage the assets of each Series because each Trading Advisor performed well through the date of its selection. You must consider, however, the uncertain significance of past performance, and you should not rely to a substantial degree on the Trading Advisors’ or the Managing Owner’s records to date for predictive purposes. You should not assume that any Trading Advisor’s future trading decisions will create profit, avoid substantial losses or result in performance for the Series comparable to that Trading Advisor’s or to the Managing Owner’s past performance. In fact, as a significant amount of academic study has shown, futures funds more frequently than not under-perform the past performance records included in their prospectuses. The managing ownerManaging Owner believes that the past performance of the trading advisorsTrading Advisors may be of interest to prospective investors, but encourages you to look at such information as an example of the respective objectives of the managing ownerManaging Owner and each trading advisorTrading Advisor rather than as any indication that the investment objectives of any seriesSeries will be achieved. Because you and other investors will acquire, exchange, and redeem Units at different times, you may experience a loss on your Units even though the Series in which you have invested as a whole is profitable and even though other investors in that Series experience a profit. The past performance of any Series may not be representative of each investor’s investment experience in it. Likewise, you and other investors will invest in different Series managed by different Trading Advisors. Each Series’ assets are valued and accounted for separately from every other Series. Consequently, the past performance of one Series has no bearing on the past performance of another Series. You cannot, for example, consider the Equinox Frontier Balanced Fund’s past performance in deciding whether to invest in any other Series. You have limited performance information on which to evaluate an investment in a Series. Certain of the Series have limited performance histories upon which to evaluate your investment in such Series. Although past performance is not necessarily indicative of future results, if any such Series had a longer performance history, such performance history might provide you with more information on which to base your investment decision for such Series. As such Series have limited performance histories, you will have to make your decision to invest in any such Series without such possibly useful information. The Managing Owner may allocate nominal assets in respect of a Series that are in excess of the NAV of such Series. At any given time, the nominal assets, which are the total amount of assets of a seriesSeries allocated to trading advisorsTrading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisorsTrading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisorsTrading Advisors and any reference programs, of a Series may exceed the NAV of such Series depending on the amount of notional equity that is being utilized. The Managing Owner expects that the nominal assets of each Series will generally be maintained at a level in excess of the NAV of such Series and such excess may be substantial to the extent the Managing Owner deems necessary to achieve the desired level of volatility. To the extent that nominal assets of a Series are in excess of NAV, investors should understand that the applicable Series will experience greater volatility as measured by NAV than it would if the nominal assets were maintained at a level equal to NAV. In such case, any losses to the Series will be greater as measured by a percentage of NAV, as compared to the percentage loss incurred in respect of nominal assets. Consequently, the allocation of nominal assets in excess of a Series’ NAV will magnify exposure to the swings in market prices of futures, forwards, options or other assets held by a trading companyTrading Company or Galaxy Plus entity or referenced by a swap or other derivative instrument and result in increased volatility, and potentially greater losses. You may lose all or substantially all of your investment in a Series. Each Series is charged substantial fees and expenses regardless of profitability. Each Series is charged brokerage charges, over-the-counter (or OTC)OTC dealer spreads and related transaction fees and expenses and management fees in all cases regardless of whether any Series’ activities are profitable. In addition, the Managing Owner charges each Series an incentive fee based on a percentage of the trading profits generated by each trading advisorTrading Advisor for such Series, and the Managing Owner pays all or a portion of such incentive fees to the Trading Advisor(s) for such Series. Because the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, it is possible that such Series could pay substantial incentive fees out of the net assets of any such Series with respect to one or more Trading Advisors in a year in which such Series has no net trading profits or in which such Series actually loses money. In addition, each Series must earn trading profits and interest income sufficient to cover these fees and expenses in order for it to be profitable. Investors should note that the management fee payable to the Managing Owner is based on nominal assets rather than NAV. Therefore, the management fee will be greater as a percentage of a Series’ NAV to the extent that the nominal assets of such Series exceed its NAV. The Managing Owner expects that the nominal assets of each Series will generally be maintained at a level in excess of the net asset value for such Series and such excess may be substantial to the extent the Managing Owner deems necessary to achieve the desired level of volatility. 16 Table of Contents There are certain risks associated with investments in trading companies. Certain of the trading companies may be The Trading Companies are organized as seriesSeries limited liability companies. This means that, under the Delaware Limited Liability Company Act, the assets of one Series are not available to pay the liabilities of another Series or the trading company as a whole. This statute has not been tested in a court of law in the United States. In the event seriesSeries limited liability is not enforceable, a segregated Series could be obligated to pay the liabilities of another Series or the trading company. Each All of the Series except for Equinox Frontier Winton Fund investsinvest in trading companies that, although they are organized as series limited liability companies, allocate assets to more than one commodity trading advisorTrading Advisor without the establishment of separate series with segregated liabilities. For these trading companies, losses incurred by one commodity trading advisorTrading Advisor may negatively impact the trading company as a whole, as the assets allocated to a different commodity trading advisorTrading Advisor may be made available to pay the liabilities of the commodity trading advisorTrading Advisor that has incurred the loss. Since the Series currently invest in such trading companies, this could indirectly cause the assets of one Series to be used to pay the liabilities of another Series. For trading companies that allocate assets to more than one commodity trading advisor,Trading Advisor, a Series may be allowed to allocate a portion of its assets to a particular commodity trading advisorTrading Advisor accessed by the trading company, rather than to the trading company as a whole. There are certain risks associated with investments in Galaxy Plus entities. The assets of each Series are substantially invested in commodity pools offered through the Galaxy Plus Platform, and accordingly, each Series’ performance depends substantially upon the performance of each such commodity pool. Factors that may significantly affect a commodity pool’s performance include the investment strategies selected for it by the sponsor, Gemini Alternative Funds, LLC (the “Sponsor” or “Gemini”) and/or such commodity pool’s Trading Advisor in their sole discretion, the commodity pool’s adherence to the selected strategies, the effectiveness of such strategies and the specific trading activities of the commodity pool’s Trading Advisor, including the Trading Advisor’s selection of financial instruments. Each commodity pool on the Galaxy Plus Platform is advised by an independent Trading Advisor. As a result, many of the risks outlined above with respect to the Trading Advisors of each Series will also apply to the Trading Advisors of each commodity pool. The Galaxy Plus Platform was formed in April 2015 and has a limited history of operations. The commodity pools offered on the platform are recently established with a limited operating history or, in some cases, newly established with no operating history. There is a limited performance history, or in some cases, no performance history, to serve as a factor in evaluating an investment in the commodity pools on the Galaxy Plus Platform. The Galaxy Plus Platform allows multiple investors to subscribe for interests in its commodity pools. Investors other than a Series could cause a commodity pool to take, or omit to take, actions that may adversely affect the performance of, or value of a Series’ investments in, a commodity pool. A commodity pool may experience relatively large redemptions or investments related to actions of other investors in the commodity pool. In the event of such redemptions or investments, a Trading Advisor to the commodity pool could be required to sell futures, options or other investments or to invest cash at a time when it is not advantageous to do so, harming the performance of a Series. The commodity pools on the Galaxy Plus Platform operate independently from each Series, the Trust and the Managing Owner. The Managing Owner will have no control over, or involvement in, the operation and administration of the commodity pools. Gemini, as the sponsor of the commodity pools, may make operational and administrative decisions that could adversely affect the performance of the commodity pool and the value of a Series’ investment in the commodity pool. The Galaxy Plus Platform and/or its Sponsor will have the ability to restrict investments into, or divestments from, any of the commodity pools on the Galaxy Plus Platform. The success of each Series depends upon the ability to select Trading Advisors n the Galaxy Plus Platform through investments into, or divestments from, one or more commodity pools. If investments into or out of a commodity pool are limited or restricted by the Galaxy Plus Platform and/or its Sponsor, Gemini, the performance of a Series may be adversely affected. Unlike the Trading Companies managed by the Managing Owner, the on-going business operations of the Galaxy Plus Platform are administered by Gemini. If Gemini ceases operating, or effects administrative or other changes to, the Galaxy Plus Platform, a Series may no longer be able to access one or more Trading Advisors available through commodity pools on the Galaxy Plus Platform. The inability to gain exposure to Trading Advisors through the Galaxy Plus Platform may materially affect the performance of a Series. Each Series is subject to certain risks related to the operation and administration of the Galaxy Plus Platform by Gemini as a result of its investment in one or more commodity pools on the Galaxy Plus Platform. The investment of each Series in a commodity pool may be adversely affected due to possible human error or fraud on the part of an employee or agent of Gemini, prohibited trading activity by a commodity pool’s Trading Advisors due to a lack of internal controls or failed trading systems, Gemini’s noncompliance with applicable laws, rules and regulations and external events such as service provider failure, hardware or software failure or acts of god. 17 Table of Contents In addition, as the use of technology increases, each Series may be more susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Series to lose proprietary information or operational capacity or suffer data corruption. As a result, each Series may incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, and/or financial loss. In addition, cyber security breaches of the Series’ third party service providers or issuers in which the Series invest may also subject the Series to many of the same risks associated with direct cyber security breaches. Differing levels of fees received may create an incentive for the Managing Owner to favor certain Series over others. The Managing Owner charges the various Series differing levels of fees. This may create an incentive for the Managing Owner to favor certain Series over other Series in, among other things, the amount of time and effort spent managing any given Series and the selection of Trading Advisors for a given Series. Each Series may incur higher fees and expenses upon renewing existing or entering into new contractual relationships. The clearing agreements between the Clearing Brokers and the Trading Companies and Galaxy Plus entities generally are terminable by the Clearing Brokers once the Clearing Broker has given the Trading Company or Galaxy Plus entity the required notice. Upon termination of a clearing agreement, the Managing Owner may be required to renegotiate that agreement or make other arrangements for obtaining clearing. The services of the Clearing Brokers may not be available, or even if available, these services may not be available on the terms as favorable as those contained in the expired or terminated clearing agreements. The Series may be obligated to make payments under guarantee agreements. Each of the Series has guaranteed the obligations of the trading companiesTrading Companies and Galaxy Plus entities under the customer agreements with UBS Securities asa variety of Clearing Broker.Brokers. In the event that one Series is unable to meet its obligations to UBS Securities,the Clearing Brokers, the assets of the other Series will be available to UBS Securitiesthose Clearing Brokers as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the trading company.Trading Company or Galaxy Plus entity. As such, even if you are not invested in the defaulting Series, your investment could be impacted. The Trust, or any Series of the Trust, may enter into similar guarantees in the future. The incentive fees could be an incentive to the Trading Advisors to make riskier investments. The Managing Owner pays each Trading Advisor incentive fees based on the trading profits earned by it for the applicable Series, including unrealized appreciation on open positions. Accordingly, it is possible that the Managing Owner will pay an incentive fee on trading profits that do not become realized. Also, because the Trading Advisors are compensated based on the trading profits earned, each of the Trading Advisors has a financial incentive to make investments that are riskier than might be made if a Series’ assets were managed by a Trading Advisor that did not receive performance-based compensation. You have limited rights, and you cannot prevent the Trust from taking actions which could cause losses. You will exercise no control over the Trust’s day-to-day business. Therefore, the Trust will take certain actions and enter into certain transactions or agreements without your approval. For example, the Trust may retain a Trading Advisor for a Series in which you are invested, and such Trading Advisor may ultimately incur losses for the Series. As a Limited Owner, you will have no ability to influence the hiring, retention or firing of such Trading Advisor. However, certain actions, such as termination or dissolution of a Series, may only be taken upon the affirmative vote of Limited Owners holding Units representing at least a majority (over 50%) of the NAV of the Series (excluding Units owned by the Managing Owner and its affiliates). You may not be able to establish a basis for liability against a Trading Advisor, a Clearing Broker or the Swap Counterparty. Each Trading Advisor, Clearing Broker and Swapswap counterparty acts only as a trading advisor, clearing broker or swap counterparty, respectively, to the applicable Series and/or Trading Company. These parties do not act as trading advisors, clearing brokers, or swap counterparties to you. Therefore, you have no contractual privity with the Trading Advisors, the Clearing Brokers or any Swapswap counterparty. Due to this lack of contractual privity, you may not be able to establish a basis for liability against a Trading Advisor, Clearing Broker or Swapswap counterparty. 18 Table of Contents An unanticipated number of redemption requests over a short period of time could result in losses. Substantial redemptions of units could require a Series to liquidate investments more rapidly than otherwise desirable in order to raise the necessary cash to fund the redemptions, which could result in losses. Illiquidity in the markets could make it difficult to liquidate positions on favorable terms, which could result in additional losses. It may also be difficult for the Series to achieve a market position appropriately reflecting a smaller equity base. Reserves for contingent liabilities may be established upon redemption, and the Trust may withhold a portion of your redemption amount. When you redeem your units, the Trust may find it necessary to set up a reserve for undetermined or contingent liabilities and withhold a certain portion of your redemption amount. This could occur, for example, if (i) some of the positions of the Series in which you were invested were illiquid, (ii) there are any assets which cannot be properly valued on the redemption date, or (iii) there is any pending transaction or claim by or against the Trust involving or which may affect your capital account or your obligations. Conflicts of interest exist in the structure and operation of the Trust. A number of actual and potential conflicts of interest exist in the operation of the Trust’s business. The Managing Owner, the Trading Advisors and their respective principals are all engaged in other investment activities, and are not required to devote substantially all of their time to the Trust’s business. The failure or bankruptcy of one of its Futures Clearing Brokers, central clearing brokers, banks, counterparties or other custodians could result in a substantial loss of one or more Series’ assets. The Trust is subject to the risk of insolvency of an exchange, clearinghouse, central clearing broker, commodity broker, and counterparties with whom the trading companiesTrading Companies and Galaxy Plus entities trade. Trust assets could be lost or impounded in such an insolvency during lengthy bankruptcy proceedings. Were a substantial portion of the Trust’s capital tied up in a bankruptcy, the Managing Owner might suspend or limit trading, perhaps causing a Series to miss significant profit opportunities. The Trust is subject to the risk of the inability or refusal to perform on the part of the counterparties with whom contracts are traded. In the event that the Clearing Brokers are unable to perform their obligations, the Trust’s assets are at risk and investors may only recover apro ratashare of their investment, or nothing at all. Exchange-traded futures and futures-styled option contracts are marked to market on a daily basis, with variations in value credited or charged to the Trust’s account on a daily basis. The Clearing Brokers, as futures commission merchants for the Trust’s exchange-traded contracts, are required, pursuant to CFTC regulations, to segregate from their own assets, and for the sole benefit of their commodity customers, all funds held by such clients with respect to exchange-traded futures and futures-styled options contracts, including an amount equal to the net unrealized gain on all open futures and futures-styled options contracts. Similar requirements apply with respect to funds held in connection with cleared swap contracts. Bankruptcy law applicable to all U.S. futures brokers requires that, in the event of the bankruptcy of such a broker, all property held by the broker, including certain property specifically traceable to the Trust, will be returned, transferred, or distributed to the broker’s customers only to the extent of each customer’spro rata share of the assets held by such futures broker. The Managing Owner will attempt to limit the Trust’s deposits and transactions to well-capitalized institutions in an effort to mitigate such risks, but there can be no assurance that even a well-capitalized, major institution will not become bankrupt. In the event of a shortfall in segregated customer funds held by the futures commission merchant, the series’Series’ assets on account with the futures commission merchant may be at risk in the event of the futures commission merchant’s bankruptcy or insolvency, and in such event, the seriesSeries may only recover a portion of the available customer funds. If no property is available for distribution, the seriesSeries would not recover any of its assets. With respect to a series’Series’ OTC uncleared swaps, prior to the implementation of the Dodd-Frank Act’s provisions, there was no requirement to segregate funds held with respect to such contracts. There is still no requirement to segregate funds held as variationOn December 16, 2015, the CFTC finalized rules regarding margin posted by a party engagingfor uncleared swaps which will impose certain requirements beginning September 1, 2016. These rules require, among other things, daily two-way margin (posting and collecting) for all trades between covered swap entities (“CSEs”) and swap dealers (“SDs”) and major swap participants (“MSPs”), and daily two-way margin for all trades between CSEs and financial end users that have over $8 billion in gross notional exposure in uncleared swaps with a swap dealer or major swap participant; however, a party engaging in uncleared swaps with a swap dealer or major swap participant can ask that the initial margin posted by such party be held with an independent third party custodian. Generally, the party requesting segregation will pay the costs of such custodial arrangement.swaps. The rules also require daily cash payments for all trades between CSEs and SD/MSPs and daily posting for all trades between SD/MSPs and financial end users. There may also be costs and delays involved in negotiating the custodial arrangement and related contractual terms. With respect to transactions a Series enters into that are not traded on an exchange, there are no daily settlements of variations in value and there is no requirement to segregate funds held with respect to such accounts. Thus, the funds that a Series invests in such transactions may not have the same protections as funds used as margin or to guarantee exchange-traded futures and options contracts. If the counterparty becomes insolvent and a Series has a claim for amounts deposited or profits earned on transactions with the counterparty, the Series’ claim may not receive a priority. Without a priority, the Trust is a general creditor and its claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even funds of the Trust that the counterparty keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors. There are no limitations on the amount of allocated assets a portfolio manager can trade on foreign exchanges or in forward contracts. 19 Table of Contents You will not be able to review any Series’ holdings on a daily basis, and you may suffer unanticipated losses. The Trading Advisors make trading decisions on behalf of the assets of each Series. While the Trading Advisors receive daily trade confirmations from the Clearing Brokers of each transaction entered into on behalf of each Series for which they manage the trading, each Series’ trading results are only reported to investors monthly in summary fashion. Accordingly, an investment in the Units does not offer investors the same transparency that a personal trading account offers. As a result, you may suffer unanticipated losses. You Will Not Be Aware of Changes to Trading Programs. Because of the proprietary nature of each Trading Advisor’s trading programs, you generally will not be advised if adjustments are made to a trading program in order to accommodate additional assets under management or for any other reason. The Trust could terminate before you achieve your investment objective causing potential loss of your investment or upsetting your investment portfolio. Unforeseen circumstances, including substantial losses or withdrawal of the Trust’s Managing Owner, could cause the Trust to terminate before its stated termination date of December 31, 2053. The Trust’s termination would cause the liquidation and potential loss of your investment and could upset the overall maturity and timing of your investment portfolio. Neither the Trust nor any of the trading companies is a registered investment company. Neither the Trust nor any of the trading companies is an investment company subject to the Investment Company Act. Accordingly, you do not have the protections afforded by that statute. For example, the Investment Company Act requires investment companies to have a majority of disinterested directors and regulates the relationship between the investment company and its investment adviser. Since neither the Trust nor the trading companies is a registered investment company, you will not benefit from such protections. The Managing Owner is leanly staffed and relies heavily on its key personnel to manage the Trust’s trading activities. The loss of such personnel could adversely affect the Trust. In managing and directing the day-to-day activities and affairs of the Trust, the Managing Owner relies heavily on its principals. The Managing Owner is leanly staffed, although there are back-up personnel for every key function. If any of its key persons were to leave or be unable to carry out his or her present responsibilities, it may have an adverse effect on the management of the Trust. In addition, under the operating agreement of the Managing Owner, Mr. Bornhoft’s ability to serve as the Chief Investment Officer of the Managing Owner is dependent upon certain factors. If Mr. Bornhoft ceases to be the Chief Investment Officer of the Managing Owner, the Trust may be adversely affected. The Managing Owner places significant reliance on the Trading Advisors and their key personnel; the loss of such personnel could adversely affect a Series. The Managing Owner relies on the Trading Advisors to achieve trading gains for each Series, entrusting each of them with the responsibility for, and discretion over, the investment of their allocated portions of the Trust’s assets. The Trading Advisors, in turn, are dependent on the services of a limited number of persons to develop and refine their trading approaches and strategies and execute the trading transactions. The loss of the services of any Trading Advisor’s principals or key employees, or the failure of those principals or key employees to function effectively as a team, may have an adverse effect on that Trading Advisor’s ability to manage its trading activities successfully or may cause the Trading Advisor to cease operations entirely. This, in turn, could negatively impact one or more Series’ performance. Each of the Trading Advisors is wholly- (or majority-) owned and controlled, directly or indirectly, by single individuals who have major roles in developing, refining and implementing the Trading Advisor’s trading strategies and operating its business. The death, incapacity or other prolonged unavailability of such individuals likely would greatly hinder these Trading Advisors’ operations, and could result in their ceasing operations entirely, which could adversely affect the value of your investment. The Managing Owner may terminate, replace and/or add Trading Advisors in its sole discretion which may disrupt trading, adversely affecting the Net Asset Value of a Series. The Managing Owner may terminate, substitute or retain Trading Advisors on behalf of each Series in its sole discretion. The addition of a new Trading Advisor and/or the removal of one of the current Trading Advisors may cause disruptions in trading as assets are reallocated and new Trading Advisors transition over, which may have an adverse effect on the NAV of the affected Series. The Managing Owner’s allocation of the Trust’s assets among Trading Advisors may result in less than optimal performance by the Trust. The Managing Owner may reallocate assets among the Trading Advisors for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund or Equinox Frontier Long/Short Commodity Fund upon termination of a Trading Advisor or retention of a new Trading Advisor or at the commencement of any month. Consequently, the net assets for such Series may be allocated among the Trading Advisors in a different manner than the currently anticipated allocations. The Managing Owner’s allocation of assets of any such Series may adversely affect the profitability of the trading of the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund and Equinox Frontier Long/Short Commodity Fund, possibly in an adverse manner. For example, a Trading Advisor for a Series may experience a high rate of return but may be managing only a small percentage of the net assets of such Series. In this case, the Trading Advisor’s performance could have a minimal effect on the NAV of such Series. 20 Table of Contents The success of each Series depends on the ability of the personnel of its Trading Advisor(s) to accurately implement their trading systems, and any failure to do so could subject a Series to losses. The Trading Advisors’ computerized trading systems rely on the Trading Advisors’ personnel to accurately process the systems’ outputs and execute the transactions called for by the systems. In addition, each Trading Advisor relies on its staff to properly operate and maintain the computer and communications systems upon which its trading systems rely. Execution and operation of each Trading Advisor’s systems is therefore subject to human errors. Any failure, inaccuracy or delay in implementing any of the Trading Advisors’ systems and executing transactions could impair the trading advisor’sTrading Advisor’s ability to identify profit opportunities and benefit from them. It could also result in decisions to undertake transactions based on inaccurate or incomplete information. This could cause substantial losses. Regulation of the commodity interest markets is extensive and constantly changing; future regulatory developments are impossible to predict and may significantly, but adversely affect the Trust. The futures, options on futures and security futures markets are subject to comprehensive statutes, regulations and margin requirements. With respect to traditional futures exchanges, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily limits and the suspension of trading. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. In addition, various national governments have expressed concern regarding the disruptive effects of speculative trading in the currency markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change is impossible to predict, but could be substantial and adverse. The Risk Management Approaches of One or All of the Trading Advisors May Not Be Fully Effective, and a Series May Incur Losses. The mechanisms employed by each Trading Advisor to monitor and manage the risks associated with its trading activities on behalf of the Series for which it trades may not succeed in mitigating all identified risks. Even if a Trading Advisor’s risk management approaches are fully effective, it cannot anticipate all risks that it may face. If one or more of the Trading Advisors fails to identify and adequately monitor and manage all of the risks associated with its trading activities, the Series for which it trades may suffer losses. The Managing Owner May Adjust the Leverage Employed by a Trading Advisor to Maintain the Target Rate of Volatility. In its sole discretion, the managing ownerManaging Owner may modify the allocations between the trading advisorsTrading Advisors used by a particular seriesSeries at any time, including adding new trading advisorsTrading Advisors or terminating current trading advisorTrading Advisor relationships, and the managing ownerManaging Owner may also increase or decrease the amount of leverage employed by a specific trading advisorTrading Advisor by allocating notional funds to a particular trading advisorTrading Advisor in accordance with the managing owner’sManaging Owner’s proprietary management program. The managing ownerManaging Owner may increase or decrease the notional equity allocated to one or more individual trading advisorsTrading Advisors over time in order to adjust the annual volatility for a seriesSeries within the target volatility range disclosed for such series.Series. To the extent that the managing ownerManaging Owner increases the leverage employed by a particular trading advisorTrading Advisor to maintain the target volatility of a series,Series, either by increasing the actual funds which are traded by the trading advisorTrading Advisor at a leverage of greater than 1x or by allocating notional amounts to one or more trading advisors,Trading Advisors, the specific risks associated with the relevant trading advisorsTrading Advisors will be greater for the affected series.Series. As the notional equity under management of a specific trading advisorTrading Advisor increases, the diversification benefits attributable to a multi-advisor pool will be decreased to an extent, since the trading advisorTrading Advisor will manage a greater percentage of the notional exposure of the series.Series. Since the managing ownerManaging Owner may change the applicable leverage used by a particular trading advisorTrading Advisor at any time, the diversification of risks between the trading advisorsTrading Advisors is variable. Tax and ERISA Risks You are strongly urged to consult your own tax advisor and counsel about the possible tax consequences to you of an investment in the Trust. Tax consequences may differ for different investors, and you could be affected by changes in the tax laws. 21 Table of Contents You May Have Tax Liability Attributable to Your Investment in a Series Even if You Have Received No Distributions and Redeemed No Units, and Even if the Series Generated an Economic Loss. If a Series has profit for a taxable year (as determined for federal income tax purposes), the profit will be includible in your taxable income, whether or not cash or other property is actually distributed to you by the Series. The Managing Owner does not intend to make any distributions from any Series. Accordingly, it is anticipated that federal income taxes on your allocable share of a Series’ profits will exceed the amount of distributions to you, if any, for a taxable year. As such, you must be prepared to satisfy any tax liability from redemptions of Units or other sources. In addition, a Series may have capital losses from trading activities that cannot be deducted against the Series’ interest income, so that you may have to pay taxes on interest income even if the Series generates a net economic loss for a taxable year. You may be taxed on gains that the Trust never realizes. Because a substantial portion of the Trust’s open positions are “marked-to-market” at the end of each year, some of your tax liability for each year may be based on unrealized gains that the Trust may never actually realize. Partnership treatment is not assured, and if the Trust is not treated as a Partnership, you could suffer adverse tax consequences. The Managing Owner believes that the Trust and each Series will be treated as a partnership for Federal income tax purposes and, assuming that at least 90% of the gross income of the Trust, and each Series, has always constituted and will continue to constitute “qualifying income” within the meaning of Section 7704(d) of the Code, neither the Trust nor any Series will be treated as a publicly traded partnership treated as a corporation. The Managing Owner believes it is likely, but not certain, that the Trust, and each Series, will meet this income test. The Trust has not requested, and does not intend to request, a ruling from the Internal Revenue Service (the “IRS”), concerning its tax treatment or the tax treatment of any Series. If the Trust, or any Series, were to be treated as a corporation for Federal income tax purposes: the net income of the Trust, or the Series, would be taxed at corporate income tax rates, thereby substantially reducing its distributable cash; you would not be allowed to deduct losses of the Trust, or a Series; and distributions to you, other than liquidating distributions, would constitute dividends to the extent of the current or accumulated earnings and profits of the Trust, or a Series, and would be taxable as such. There is the possibility of a tax audit which could result in additional taxes to you. The Trust’s tax returns may be audited by a taxing authority, and such an audit could result in adjustments to the Trust’s returns. If an audit results in an adjustment, you may be compelled to file amended returns and to pay additional taxes plus interest and penalties. You will likely recognize short-term capital gain. Profits on futures contracts traded in regulated U.S. and some foreign exchanges, foreign currency contracts traded in the interbank market, and U.S. and some foreign exchange-traded options on commodities are generally taxed as short-term capital gain to the extent of 40% of gains with respect to section 1256 contracts. Special rules apply in the case of mixed straddles (generally, offsetting positions where some, but not all, of the positions are marked-to-market). These special rules could have the effect of limiting the amount of gain treated as long-term capital gain. The IRS could challenge allocations of recognized gains to Unitholders who redeem. The trust agreement provides that recognized gains may be specially allocated for tax purposes to redeeming limited owners. If the IRS were to successfully challenge such allocations, each remaining limited owner’s share of recognized gains would be increased. The IRS could take the position that deductions for certain Trust expenses are subject to various limitations. Non-corporate taxpayers are subject to certain limitations for deductions for “investment advisory expenses” for federal income tax and alternative minimum tax purposes. The IRS could argue that certain expenses of the Trust are investment advisory expenses. The investment of Benefit Plan Investors may be limited and/or Subject to Mandatory Redemption if any or all of the Series (or Class of any Series) are deemed to hold plan assets or if the Trading Advisors have fiduciary relationships with certain investing Benefit Plan Investors and Benefit Plan Investors are required to consider their fiduciary responsibilities in making an investment decision. Special considerations apply to investments in the Trust by individual retirement accounts, pension, profit-sharing, stock bonus, Keogh, welfare benefit and other employee benefit plans whether or not subject to ERISA or Section 4975 of the Code, each a Plan, a Plan that is subject to Part 4 of Subtitle B of Title I of ERISA or Section 4975 of the Code, or an ERISA Plan, and any entity whose underlying assets include plan assets by reason of a Plan’s investment in such entity is referred to as a “Benefit Plan Investor.” While the assets of the Trust or any Series (and Class of any Series) are intended not to constitute plan assets with respect to any Benefit Plan Investors, the United States Department of Labor, or the DOL, IRS or a court could disagree. If the DOL, IRS or a court were to find that the assets of some or all of the Series (or Class of any Series) are the assets of Benefit Plan Investors, the Managing Owner and the Trading Advisors to such Series (or Class) may be fiduciaries and certain transactions in or by the Trust could be prohibited. For example, if the Trust were deemed to hold “plan assets,” within the meaning of 29 C.F.R. § 2510.3-101, the Trading Advisors may have to refrain from directing certain transactions that are currently contemplated. Furthermore, whether or not the Trust is deemed to hold plan assets, if a Benefit Plan Investor has certain pre-existing relationships with the Managing Owner, one or more Trading Advisors, the selling agents or a Clearing Broker, investment in a Series may be limited or prohibited. In the event that, for any reason, the assets of any Series (or Class of any Series) might be deemed to be “plan assets,” and if any transactions would or might constitute prohibited transactions under ERISA or the Code and an exemption for such transaction or transactions is not available or cannot be obtained (or the Managing Owner determines not to seek such exemption), the Managing Owner reserves the right, upon notice to, but without the consent of any limited owner, to mandatorily redeem Units held by any limited owner that is a Benefit Plan Investor. Furthermore, whether or not a Series (or Class of any Series) are plan assets, Benefit Plan Investors should consider their fiduciary responsibilities before making a decision to invest in a Series (or Class of any Series) and Plan investors who are not subject to ERISA may be subject to similar responsibilities under state, local, or non-U.S. law. 22 Table of Contents Foreign investors may face exchange rate risk and local tax consequences. Foreign investors should note that the Units are denominated in U.S. dollars and that changes in the rates of exchange between currencies may cause the value of their investment to decrease. Regulatory Risks Regulation of the Commodity Interest Markets is Extensive and Constantly Changing; Future Regulatory Developments are Impossible to Predict, but May Significantly and Adversely Affect the Trust. The futures, options on futures and security futures markets are subject to comprehensive statutes, regulations and margin requirements. With respect to traditional futures exchanges, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily limits and the suspension of trading. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. In addition, various national governments have expressed concern regarding the disruptive effects of speculative trading in the currency markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change is impossible to predict, but could be substantial and adverse. CFTC registrations could be terminated which could adversely affect the Trust or a Series. If the Commodity Exchange Act registrations or NFA memberships of the Managing Owner or the registered Trading Advisors were no longer effective, these entities would not be able to act for the Trust, which could adversely affect the Trust or such Series. The Trust and the Managing Owner have been represented by unified counsel, and neither the Trust nor the Managing Owner will retain independent counsel to review this offering. The Trust and the Managing Owner have been represented by unified counsel. To the extent that the Trust, the Managing Owner or you could benefit from further independent review, such benefit will not be available unless you separately retain such independent counsel. The foregoing risk factors are not a complete explanation of all the risks involved in purchasing interests in a fund that invests in the highly speculative, highly leveraged trading of futures, forwards and options. You should read this entire Form 10-K and the Prospectus before determining to subscribe for Units. Item 1B. UNRESOLVED STAFF COMMENTS. None.   Item 2. PROPERTIES. The Trust does not own or use any physical properties in the conduct of its business. Its assets currently consist of cash items such as custom time deposits, and, through each Trading Company, items such as U.S. and international futures and forward contracts and other interests in derivative instruments, including options contracts on futures, forwards and swap contracts. The Managing Owner’s main office is located at 1775 Sherman Street, Suite 2500,2010, Denver, Colorado 80203. 23 Table of Contents Item 3. LEGAL PROCEEDINGS. This section describes the major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Managing Owner or its subsidiaries is a party or to which any of their property is subject. There are no material legal proceedings to whichpending against the Trust or any Series. On January 19, 2016, the Managing Owner consented to and became the subject of an Order Instituting Administrative and Cease and- Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Section 21C of the Securities Exchange Act of 1934, and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and- Desist Order by the SEC to resolve allegations related to certain disclosures of certain options invested in by certain of the Series of the Trust, as well as the Managing Owner’s calculation and disclosure of management fees paid by investors in certain of the Series. On or about March 16, 2016, the Managing Owner consented to and became the subject of an Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, Making Findings and Imposing Remedial Sanctions by the CFTC to resolve similar claims. Specifically, each of the SEC and CFTC found that the Trust’s disclosures regarding its affiliates ismethodology of valuing certain derivatives were misleading; that the Trust’s disclosure regarding the transfer of an option between Series was misleading; that the Trust failed to disclose a partymaterial subsequent event in the Trust’s Quarterly Report on Form 10-Q for the period ended June 30, 2011; and that the Managing Owner committed a disclosure violation related to how management fees were calculated and paid to the Managing Owner. Without admitting or denying the underlying allegations and without adjudication of which any issue of their assets arelaw or fact, the subject.Managing Owner accepted and consented to entry of findings and the imposition of a cease and desist order, censure, payment of disgorgement and prejudgment interest, civil monetary penalties of $400,000 to the SEC and $250,000 to the CTFC, respectively, and undertakings related to public statements, cooperation and payment of the disgorgement, interest and fines.   Item 4. MINE SAFETY DISCLOSURES Not applicable. 24 Table of Contents Part II   Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.SECURITIES. No Units in any Series are publicly traded. The Units in each Series may be redeemed, in whole or in part, on a daily basis, subject to a notice requirement as set forth in the Prospectus. Except as otherwise set forth in the Prospectus, Units will be redeemed at a redemption price equal to 100% of the NAV per Unit of the applicable Series, calculated as of the point described in the Prospectus. The redemption of Units has no impact on the value of Units that remain outstanding. The Managing Owner may temporarily suspend redemptions under limited circumstances described in the Prospectus. The right to obtain redemption of Units of a Series is contingent upon such Series’ having property sufficient to discharge its liabilities on the date of redemption. Further, if a Limited Owner redeems all or a portion of its Class 1 or Classand 1a Units of any Series on or before the end of twelve full months following the effective date of the purchase of the Units being redeemed, such Limited Owner is charged a redemption fee of up to 3.0%2.0% of the NAV at which the Units are redeemed. The redemption fee charged will depend on, among other things, the particular Series of Units being redeemed. The Trust Agreement also contains restrictions on the transfer or assignment of the Units. The Managing Owner has the sole discretion in determining what distributions, if any, the Trust will make to the Limited Owners. The Trust has not affected distributions on the Units in any Series as of the date hereof and the Managing Owner does not intend to effect any distributions in the foreseeable future. The proceeds of offerings are deposited in the bank and brokerage accounts of the Trust, and the Trading Companies and the Galaxy Plus entities for the purpose of engaging in trading activities in accordance with the Trust’s trading policies and its Trading Advisors’ respective trading strategies. 25 Table of Contents The following table shows the number of Limited Owners and the number of Units outstanding in each Class of each Series as of December 31, 2014:2016:     Number of Limited   Number of Units     Owners     Outstanding      Number of Limited Owners      Number of Units Outstanding             Equinox Frontier Diversified Fund (Class 1)      540         169,725        73       44,569   Equinox Frontier Diversified Fund (Class 2)      342         282,534        341       284,124   Equinox Frontier Diversified Fund (Class 3)      187         48,583        395       105,594   Equinox Frontier Long/Short Commodity Fund (Class 1a)      403         57,130        149       20,628   Equinox Frontier Long/Short Commodity Fund (Class 2)      81         9,013        51       3,924   Equinox Frontier Long/Short Commodity Fund (Class 2a)      91         15,291        54       6,893   Equinox Frontier Long/Short Commodity Fund (Class 3)      467         52,284        287       33,685   Equinox Frontier Long/Short Commodity Fund (Class 3a)      70         5,886        100       10,816   Equinox Frontier Masters Fund (Class 1)      337         101,632        116       47,530   Equinox Frontier Masters Fund (Class 2)      184         69,004        145       41,318   Equinox Frontier Masters Fund (Class 3)      153         41,897        202       51,022   Equinox Frontier Balanced Fund (Class 1)      2,661         548,117        2,030       422,530   Equinox Frontier Balanced Fund (Class 1AP)      29         5,618        20       4,671   Equinox Frontier Balanced Fund (Class 2)      352         131,447        290       112,166   Equinox Frontier Balanced Fund (Class 2a)      19         3,923        13       1,817   Equinox Frontier Balanced Fund (Class 3a)      88         16,577        64       10,380   Equinox Frontier Select Fund (Class 1)      892         142,913        664       112,059   Equinox Frontier Select Fund (Class 1AP)      11         494        7       296   Equinox Frontier Select Fund (Class 2)      62         12,127        50       10,444   Equinox Frontier Winton Fund (Class 1)      613         152,717        498       131,283   Equinox Frontier Winton Fund (Class 1AP)      1         214        1       214   Equinox Frontier Winton Fund (Class 2)      41         58,093        36       54,044   Equinox Frontier Heritage Fund (Class 1)      462         74,927        348       62,779   Equinox Frontier Heritage Fund (Class 1AP)      8         442    Equinox Frontier Heritiage Fund (Class 1AP)     3       45   Equinox Frontier Heritage Fund (Class 2)      51         18,165        39       15,518   No Units are authorized for issuance by the Trust under equity compensation plans. During the year ended December 31, 2014,2016, no unregistered Units were sold by the Trust. In addition, the Trust did not repurchase any Units under a formal repurchase plan. All Unit redemptions during the year ended December 31, 20142016 were in the ordinary course of business. There have not been any purchases of units by the trust or any affiliated purchasers during the year ended December 31, 2014.2016. 26 Table of Contents ITEM 6. SELECTED FINANCIAL DATA.DATA. The selected financial information as of and for the years ended December 31, 2016, 2015, 2014, 2013, 2012, 2011, and 20102012, is taken from the financial statements of the Trust included in section F of this filing and previous filings. You should read this information in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the related notes included therewith. Results from past periods are not necessarily indicative of results that may be expected for any future period. 27 Table of Contents AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2016                 Equinox Frontier       Equinox Frontier     Equinox Frontier     Long/Short       Diversified Fund     Masters Fund     Commodity Fund   Interest-net   $ 323,854     $ 133,801     $ 21,855   Total Expenses     3,330,405       1,386,826       506,768   Net gain/(loss) on investments     4,169,841       1,745,161       483,619   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     1,163,290       492,136       (133,170 ) Net income/ (loss) per unit- Class 1     0.91       (0.07 )     —   Net income/ (loss) per unit- Class 1a     —       —       (1.98 ) Net income/ (loss) per unit- Class 2     3.34       2.18       (2.54 ) Net income/ (loss) per unit- Class 2a     —       —       (0.52 ) Net income/ (loss) per unit- Class 3     3.40       2.32       (1.34 ) Net income/ (loss) per unit- Class 3a     —       —       0.64   Total Assets   $ 59,238,419     $ 17,425,839     $ 11,023,280   Total owners’ capital-Class 1     5,189,420       5,361,626       —   Total owners’ capital-Class 1a     —       —       1,913,595   Total owners’ capital-Class 2     38,231,581       5,657,562       808,363   Total owners’ capital-Class 2a     —       —       963,195   Total owners’ capital-Class 3     13,050,390       6,150,119       4,405,863   Total owners’ capital-Class 3a     —       —       1,174,511   Total net asset value per unit- Class 1     116.43       112.80       —   Total net asset value per unit- Class 1a     —       —       92.78   Total net asset value per unit- Class 2     132.94       128.78       129.56   Total net asset value per unit- Class 2a     —       —       105.67   Total net asset value per unit- Class 3     123.27       119.89       130.80   Total net asset value per unit- Class 3a     —       —       107.50                                 Equinox Frontier     Equinox Frontier     Equinox Frontier       Balanced Fund     Heritage Fund     Select Fund   Interest-net   $ 96,270     $ 1,430     $ 1,025   Total Expenses     4,637,078       610,757       792,796   Net gain/(loss) on investments     10,486,586       524,782       2,398,954   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     5,297,666       (301,637 )     617,789   Net income/ (loss) per unit- Class 1     6.77       (4.69 )     3.71   Net income/ (loss) per unit- Class 1AP     11.38       (1.07 )     6.88   Net income/ (loss) per unit- Class 2     15.30       (1.44 )     9.14   Net income/ (loss) per unit- Class 2a     14.17       —       —   Net income/ (loss) per unit- Class 3a     14.12       —       —   Total Assets   $ 88,477,739     $ 15,420,967     $ 16,307,508   Total owners’ capital-Class 1     56,955,371       7,507,072       10,540,702   Total owners’ capital-Class 1AP     677,181       5,826       29,897   Total owners’ capital-Class 2     22,401,557       2,744,375       1,411,440   Total owners’ capital-Class 2a     516,256       —       —   Total owners’ capital-Class 3a     1,749,006       —       —   Total net asset value per unit- Class 1     134.80       119.58       94.06   Total net asset value per unit- Class 1AP     144.97       128.60       101.16   Total net asset value per unit- Class 2     194.99       172.10       134.25   Total net asset value per unit- Class 2a     169.05       —       —   Total net asset value per unit- Class 3a     168.49       —       —                                 Equinox Frontier                   Winton Fund               Interest-net   $ 7,717                   Total Expenses     2,240,389                   Net gain/(loss) on investments     1,071,349                   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     (1,625,498 )                 Net income/ (loss) per unit- Class 1     (9.66 )                 Net income/ (loss) per unit- Class 1AP     (5.14 )                 Net income/ (loss) per unit- Class 2     (6.53 )                 Total Assets   $ 41,295,183                   Total owners’ capital-Class 1     20,284,935                   Total owners’ capital-Class 1AP     35,478                   Total owners’ capital-Class 2     11,446,113                   Total net asset value per unit- Class 1     154.51                   Total net asset value per unit- Class 1AP     166.17                   Total net asset value per unit- Class 2     210.98                   28 Table of Contents AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2015     Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Interest-net   $ 603,350     $ 260,900     $ 141,120   Total Expenses     4,859,068       2,122,056       1,207,403   Net gain/(loss) on investments     11,317,997       1,398,913       (391,811 ) Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     2,585,692       (462,243 )     (1,458,094 ) Net income/ (loss) per unit- Class 1     2.43       (3.74 )     —   Net income/ (loss) per unit- Class 1a     —       —       (6.36 ) Net income/ (loss) per unit- Class 2     4.93       (1.93 )     (6.20 ) Net income/ (loss) per unit- Class 2a     —       —       (5.16 ) Net income/ (loss) per unit- Class 3     4.84       (1.49 )     (6.20 ) Net income/ (loss) per unit- Class 3a     —       —       (4.91 ) Total Assets   $ 56,164,247     $ 23,001,628     $ 13,195,609   Total owners’ capital-Class 1     11,814,234       8,323,800       —   Total owners’ capital-Class 1a     —       —       4,053,754   Total owners’ capital-Class 2     34,633,100       7,893,358       993,600   Total owners’ capital-Class 2a     —       —       1,287,665   Total owners’ capital-Class 3     9,267,632       6,611,141       5,906,669   Total owners’ capital-Class 3a     —       —       851,163   Total net asset value per unit- Class 1     115.52       112.87       —   Total net asset value per unit- Class 1a     —       —       94.76   Total net asset value per unit- Class 2     129.60       126.60       132.10   Total net asset value per unit- Class 2a     —       —       106.19   Total net asset value per unit- Class 3     119.87       117.57       132.14   Total net asset value per unit- Class 3a     —       —       106.86                                 Equinox Frontier Balanced Fund     Equinox Frontier Heritage Fund     Equinox Frontier Select Fund   Interest-net   $ 29,151     $ 1     $ —   Total Expenses     5,591,382       797,551       968,941   Net gain/(loss) on investments     4,329,355       555,165       272,917   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     (1,492,595 )     (450,548 )     (730,624 ) Net income/ (loss) per unit- Class 1     (3.51 )     (6.01 )     (5.26 ) Net income/ (loss) per unit- Class 1AP     0.39       (2.26 )     (2.54 ) Net income/ (loss) per unit- Class 2     0.53       (3.02 )     (3.37 ) Net income/ (loss) per unit- Class 2a     1.86       —       —   Net income/ (loss) per unit- Class 3a     1.85       —       —   Total Assets   $ 91,069,226     $ 15,625,364     $ 19,996,286   Total owners’ capital-Class 1     62,563,337       8,628,726       11,710,517   Total owners’ capital-Class 1AP     714,747       58,523       47,365   Total owners’ capital-Class 2     22,708,408       2,853,353       1,338,173   Total owners’ capital-Class 2a     548,070       —       —   Total owners’ capital-Class 3a     2,435,421       —       —   Total net asset value per unit- Class 1     128.03       124.27       90.35   Total net asset value per unit- Class 1AP     133.59       129.67       94.28   Total net asset value per unit- Class 2     179.69       173.54       125.11   Total net asset value per unit- Class 2a     154.88       —       —   Total net asset value per unit- Class 3a     154.37       —       —                                 Equinox Frontier Winton Fund               Interest-net   $ 28                   Total Expenses     2,967,166                   Net gain/(loss) on investments     (2,967,138 )                 Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     (2,160,638 )                 Net income/ (loss) per unit- Class 1     (11.78 )                 Net income/ (loss) per unit- Class 1AP     (6.87 )                 Net income/ (loss) per unit- Class 2     (8.72 )                 Total Assets   $ 41,615,649                   Total owners’ capital-Class 1     23,022,800                   Total owners’ capital-Class 1AP     36,576                   Total owners’ capital-Class 2     11,882,167                   Total net asset value per unit- Class 1     164.17                   Total net asset value per unit- Class 1AP     171.31                   Total net asset value per unit- Class 2     217.51                   29 Table of Contents AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2014        Equinox Frontier Diversified Fund      Equinox Frontier Masters Fund      Equinox  Frontier Long/Short Commodity Fund   Interest - net    $ 579,067       $ 298,175       $ 216,027    Total Expenses      7,289,756         2,939,200         1,487,941    Net gain / (loss) on investments      27,814,644         8,093,183         1,582,778    Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests      14,287,705         5,452,158         1,077,686    Net income / (loss) per unit - Class 1      25.99         24.78         —      Net income / (loss) per unit - Class 1a      —           —           8.39    Net income / (loss) per unit - Class 2      30.32         29.07         13.04    Net income / (loss) per unit - Class 2a      —           —           11.01    Net income / (loss) per unit - Class 3      30.82         27.15         13.04    Net income / (loss) per unit - Class 3a      —           —           11.30    Total Assets    $ 75,398,613       $ 26,576,520       $ 16,879,229    Total owners’ capital - Class 1      19,195,036         11,850,911         —      Total owners’ capital - Class 1a      —           —           5,776,906    Total owners’ capital - Class 2      35,224,292         8,868,743         1,246,481    Total owners’ capital - Class 2a      —           —           1,702,551    Total owners’ capital - Class 3      5,588,281         4,988,200         7,233,099    Total owners’ capital - Class 3a      —           —           657,882    Total net asset value per unit - Class 1      113.09         116.61         —      Total net asset value per unit - Class 1a      —           —           101.12    Total net asset value per unit - Class 2      124.67         128.53         138.30    Total net asset value per unit - Class 2a      —           —           111.35    Total net asset value per unit - Class 3      115.03         119.06         138.34    Total net asset value per unit - Class 3a      —           —           111.77         Equinox Frontier Balanced Fund      Equinox Frontier Heritage Fund      Equinox Frontier Select Fund   Interest - net    $ 27,454       $ 1       $ —      Total Expenses      7,434,719         1,056,664         1,364,426    Net gain / (loss) on investments      31,862,512         4,838,618         3,799,808    Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests      19,364,501         2,812,848         2,435,382    Net income / (loss) per unit - Class 1      25.25         28.23         15.75    Net income / (loss) per unit - Class 1AP      30.58         33.13         21.29    Net income / (loss) per unit - Class 2      38.67         42.35         24.34    Net income / (loss) per unit - Class 2a      34.22         —           —      Net income / (loss) per unit - Class 3a      34.11         —           —      Total Assets    $ 110,738,530       $ 16,906,298       $ 15,556,907    Total owners’ capital - Class 1      72,098,275         9,761,819         13,663,563    Total owners’ capital - Class 1AP      748,275         58,378         47,785    Total owners’ capital - Class 2      23,550,697         3,207,182         1,558,130    Total owners’ capital - Class 2a      600,287         —           —      Total owners’ capital - Class 3a      2,528,303         —           —      Total net asset value per unit - Class 1      131.54         130.28         95.61    Total net asset value per unit - Class 1AP      133.20         131.93         96.82    Total net asset value per unit - Class 2      179.16         176.56         128.48    Total net asset value per unit - Class 2a      153.02         —           —      Total net asset value per unit - Class 3a      152.52         —           —          Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Interest-net   $ 579,067     $ 298,175     $ 216,027   Total Expenses     7,289,756       2,939,200       1,487,941   Net gain/(loss) on investments     21,323,765       8,093,183       1,582,778   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     14,287,705       5,452,158       1,077,686   Net income/ (loss) per unit- Class 1     25.99       24.78       —   Net income/ (loss) per unit- Class 1a     —       —       8.39   Net income/ (loss) per unit- Class 2     30.32       29.07       13.04   Net income/ (loss) per unit- Class 2a     —       —       11.01   Net income/ (loss) per unit- Class 3     30.82       27.15       13.04   Net income/ (loss) per unit- Class 3a     —       —       11.30   Total Assets   $ 62,725,802     $ 26,576,520     $ 16,879,229   Total owners’ capital-Class 1     19,195,036       11,850,911       —   Total owners’ capital-Class 1a     —       —       5,776,906   Total owners’ capital-Class 2     35,224,292       8,868,743       1,246,481   Total owners’ capital-Class 2a     —       —       1,702,551   Total owners’ capital-Class 3     5,588,281       4,988,200       7,233,099   Total owners’ capital-Class 3a     —       —       657,882   Total net asset value per unit- Class 1     113.09       116.61       —   Total net asset value per unit- Class 1a     —       —       101.12   Total net asset value per unit- Class 2     124.67       128.53       138.30   Total net asset value per unit- Class 2a     —       —       111.35   Total net asset value per unit- Class 3     115.03       119.06       138.34   Total net asset value per unit- Class 3a     —       —       111.77                                 Equinox Frontier Balanced Fund     Equinox Frontier Heritage Fund     Equinox Frontier Select Fund   Interest-net   $ 27,454     $ 1     $ —   Total Expenses     7,434,719       1,056,664       1,364,426   Net gain/(loss) on investments     33,601,230       4,838,618       3,799,808   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     19,364,501       2,812,848       2,435,382   Net income/ (loss) per unit- Class 1     25.25       28.23       15.75   Net income/ (loss) per unit- Class 1AP     30.58       33.13       21.29   Net income/ (loss) per unit- Class 2     38.67       42.35       24.34   Net income/ (loss) per unit- Class 2a     34.22       —       —   Net income/ (loss) per unit- Class 3a     34.11       —       —   Total Assets   $ 110,738,530     $ 16,906,298     $ 15,556,907   Total owners’ capital-Class 1     72,098,275       9,761,819       13,663,563   Total owners’ capital-Class 1AP     748,275       58,378       47,785   Total owners’ capital-Class 2     23,550,697       3,207,182       1,558,130   Total owners’ capital-Class 2a     600,287       —       —   Total owners’ capital-Class 3a     2,528,303       —       —   Total net asset value per unit- Class 1     131.54       130.28       95.61   Total net asset value per unit- Class 1AP     133.20       131.93       96.82   Total net asset value per unit- Class 2     179.16       176.56       128.48   Total net asset value per unit- Class 2a     153.02       —       —   Total net asset value per unit- Class 3a     152.52       —       —                                 Equinox Frontier Winton Fund               Interest-net   $ 55                   Total Expenses     3,960,912                   Net gain/(loss) on investments     12,603,511                   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     8,642,654                   Net income/ (loss) per unit- Class 1     36.36                   Net income/ (loss) per unit- Class 1AP     39.25                   Net income/ (loss) per unit- Class 2     52.06                   Total Assets   $ 41,541,451                   Total owners’ capital-Class 1     26,870,878                   Total owners’ capital-Class 1AP     38,042                   Total owners’ capital-Class 2     13,142,313                   Total net asset value per unit- Class 1     175.95                   Total net asset value per unit- Class 1AP     178.18                   Total net asset value per unit- Class 2     226.23                   30      Equinox Frontier Winton Fund   Interest - net    $ 55    Total Expenses      3,960,912    Net gain / (loss) on investments      12,603,511    Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests      8,642,654    Net income / (loss) per unit - Class 1      36.36    Net income / (loss) per unit - Class 1AP      39.25    Net income / (loss) per unit - Class 2      52.06    Total Assets    $ 41,541,451    Total owners’ capital - Class 1      26,870,878    Total owners’ capital - Class 1AP      38,042    Total owners’ capital - Class 2      13,142,313    Total net asset value per unit - Class 1      175.95    Total net asset value per unit - Class 1AP      178.18    Total net asset value per unit - Class 2      226.23    Table of Contents AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2013        Equinox Frontier Diversified Fund      Equinox Frontier Masters Fund      Equinox Frontier Long/Short  Commodity Fund   Interest - net    $ 1,544,382       $ 757,793       $ 945,988    Total Expenses      5,290,909         2,956,297         3,021,094    Net gain / (loss) on investments      (5,520,937 )       (2,052,522 )       7,300,417    Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests      (9,267,464 )       (4,251,026 )       (6,044,396 )  Net income / (loss) per unit - Class 1      (7.30 )       (9.28 )       —      Net income / (loss) per unit - Class 1a      —           —           (15.85 )  Net income / (loss) per unit - Class 2      (6.13 )       (8.15 )       (20.39 )  Net income / (loss) per unit - Class 2a      —           —           (15.11 )  Net income / (loss) per unit - Class 3      —           3.90         (20.39 )  Net income / (loss) per unit - Class 3a      —           —           (9.13 )  Total Assets    $ 64,685,474       $ 34,068,483       $ 28,968,346    Total owners’ capital - Class 1      28,744,047         23,115,495         —      Total owners’ capital - Class 1a      —           —           8,752,826    Total owners’ capital - Class 2      34,714,991         10,406,162         3,371,798    Total owners’ capital - Class 2a      —           —           3,103,405    Total owners’ capital - Class 3      —           249,127         9,619,596    Total owners’ capital - Class 3a      —           —           257,471    Total net asset value per unit - Class 1      87.10         91.83         —      Total net asset value per unit - Class 1a      —           —           92.73    Total net asset value per unit - Class 2      94.35         99.46         125.26    Total net asset value per unit - Class 2a      —           —           100.34    Total net asset value per unit - Class 3      —           91.91         125.30    Total net asset value per unit - Class 3a      —           —           100.47         Equinox Frontier Balanced Fund      Equinox Frontier Heritage Fund      Equinox Frontier Select Fund   Interest - net    $ 280,359       $ 109,122       $ 261,102    Total Expenses      7,350,844         938,253         1,365,128    Net gain / (loss) on investments      (6,490,128 )       2,516,149         1,521,198    Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests      (16,152,498 )       1,423,001         417,171    Net income / (loss) per unit - Class 1      (10.03 )       7.50         1.20    Net income / (loss) per unit - Class 2      (8.71 )       13.54         4.59    Net income / (loss) per unit - Class 2a      (5.56 )       —           —      Net income / (loss) per unit - Class 3      —           —           —      Net income / (loss) per unit - Class 3a      (5.55 )       —           —      Total Assets    $ 124,183,143       $ 16,696,747       $ 17,804,703    Total owners’ capital - Class 1      80,801,534         11,328,406         15,852,947    Total owners’ capital - Class 2      26,611,117         2,850,062         1,758,901    Total owners’ capital - Class 2a      491,579         —           —      Total owners’ capital - Class 3      —           —           —      Total owners’ capital - Class 3a      2,322,629         —           —      Total net asset value per unit - Class 1      106.29         102.05         79.86    Total net asset value per unit - Class 2      140.49         134.21         104.14    Total net asset value per unit - Class 2a      118.80         —           —      Total net asset value per unit - Class 3      —           —           —      Total net asset value per unit - Class 3a      118.41         —           —          Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Interest-net   $ 1,544,382     $ 757,793     $ 945,988   Total Expenses     5,290,909       2,956,297       3,021,094   Net gain/(loss) on investments     (5,520,937 )     (2,052,522 )     7,300,417   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     (9,267,464 )     (4,251,026 )     (6,044,396 ) Net income/ (loss) per unit- Class 1     (7.30 )     (9.28 )     —   Net income/ (loss) per unit- Class 1a     —       —       (15.85 ) Net income/ (loss) per unit- Class 2     (6.13 )     (8.15 )     (20.39 ) Net income/ (loss) per unit- Class 2a     —       —       (15.11 ) Net income/ (loss) per unit- Class 3     —       3.90       (20.39 ) Net income/ (loss) per unit- Class 3a     —       —       (9.13 ) Total Assets   $ 64,685,474     $ 34,068,483     $ 28,968,346   Total owners’ capital-Class 1     28,744,047       23,115,495       —   Total owners’ capital-Class 1a     —       —       8,752,826   Total owners’ capital-Class 2     34,714,991       10,406,162       3,371,798   Total owners’ capital-Class 2a     —       —       3,103,405   Total owners’ capital-Class 3     —       249,127       9,619,596   Total owners’ capital-Class 3a     —       —       257,471   Total net asset value per unit- Class 1     87.10       91.83       —   Total net asset value per unit- Class 1a     —       —       92.73   Total net asset value per unit- Class 2     94.35       99.46       125.26   Total net asset value per unit- Class 2a     —       —       100.34   Total net asset value per unit- Class 3     —       91.91       125.30   Total net asset value per unit- Class 3a     —       —       100.47                                 Equinox Frontier Balanced Fund     Equinox Frontier Heritage Fund     Equinox Frontier Select Fund   Interest-net   $ 280,359     $ 109,122     $ 261,102   Total Expenses     7,350,844       938,253       1,365,128   Net gain/(loss) on investments     (6,490,128 )     2,516,149       1,521,198   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     (16,152,498 )     1,423,001       417,171   Net income/ (loss) per unit- Class 1     (10.03 )     7.50       1.20   Net income/ (loss) per unit- Class 2     (8.71 )     13.54       4.59   Net income/ (loss) per unit- Class 2a     (5.56 )     —       —   Net income/ (loss) per unit- Class 3     —       —       —   Net income/ (loss) per unit- Class 3a     (5.55 )     —       —   Total Assets   $ 124,183,143     $ 16,696,747     $ 17,804,703   Total owners’ capital-Class 1     80,801,534       11,328,406       15,852,947   Total owners’ capital-Class 2     26,611,117       2,850,062       1,758,901   Total owners’ capital-Class 2a     491,579       —       —   Total owners’ capital-Class 3     —       —       —   Total owners’ capital-Class 3a     2,322,629       —       —   Total net asset value per unit- Class 1     106.29       102.05       79.86   Total net asset value per unit- Class 2     140.49       134.21       104.14   Total net asset value per unit- Class 2a     118.80       —       —   Total net asset value per unit- Class 3     —       —       —   Total net asset value per unit- Class 3a     118.41       —       —                                 Equinox Frontier Winton Fund               Interest-net   $ 283,863                   Total Expenses     2,340,519                   Net gain/(loss) on investments     4,790,126                   Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     2,733,470                   Net income/ (loss) per unit- Class 1     8.86                   Net income/ (loss) per unit- Class 2     15.87                   Net income/ (loss) per unit- Class 3     —                   Total Assets   $ 37,083,828                   Total owners’ capital-Class 1     26,164,147                   Total owners’ capital-Class 2     10,460,690                   Total owners’ capital-Class 3     —                   Total net asset value per unit- Class 1     139.59                   Total net asset value per unit- Class 2     174.17                   Total net asset value per unit- Class 3     —                   31      Equinox Frontier Winton Fund   Interest - net    $ 283,863    Total Expenses      2,340,519    Net gain / (loss) on investments      4,790,126    Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests      2,733,470    Net income / (loss) per unit - Class 1      8.86    Net income / (loss) per unit - Class 2      15.87    Net income / (loss) per unit - Class 3      —      Total Assets    $ 37,083,828    Total owners’ capital - Class 1      26,164,147    Total owners’ capital - Class 2      10,460,690    Total owners’ capital - Class 3      —      Total net asset value per unit - Class 1      139.59    Total net asset value per unit - Class 2      174.17    Total net asset value per unit - Class 3      —      Table of Contents AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2012        Equinox Frontier Diversified Fund      Equinox Frontier Masters Fund      Equinox Frontier Long/Short  Commodity Fund   Interest - net    $ 2,199,327       $ 1,038,493       $ 1,385,312    Total Expenses      9,596,941         4,016,767         6,010,679    Net gain / (loss) on investments      2,078,348         3,545,722         (11,084,454 )  Net increase / (decrease) in owners’ capital resulting from operations      (5,319,266 )       618,878         (6,542,114 )  Net income / (loss) per unit - Class 1      (5.00 )       0.86         (0.72 )  Net income / (loss) per unit - Class 1a      —           —           (13.13 )  Net income / (loss) per unit - Class 2      (3.48 )       2.78         (16.32 )  Net income / (loss) per unit - Class 2a      —           —           (11.78 )  Net income / (loss) per unit - Class 3      —           —           (16.27 )  Total Assets    $ 116,445,177       $ 51,943,272       $ 63,948,673    Total owners’ capital - Class 1      58,999,936         34,603,499         —      Total owners’ capital - Class 1a      —           —           18,983,538    Total owners’ capital - Class 2      56,181,636         16,882,659         6,898,785    Total owners’ capital - Class 2a      —           —           10,882,111    Total owners’ capital - Class 3      —           —           19,761,047    Total net asset value per unit - Class 1      94.40         101.11         135.41    Total net asset value per unit - Class 1a      —           —           108.58    Total net asset value per unit - Class 2      100.48         107.61         145.65    Total net asset value per unit - Class 2a      —           —           115.65    Total net asset value per unit - Class 3      —           —           145.69         Equinox Frontier Balanced Fund      Equinox Frontier Heritage Fund      Equinox Frontier Select Fund   Interest - net    $ 276,272       $ 134,302       $ 263,049    Total Expenses      16,386,180         1,822,802         2,449,160    Net gain / (loss) on investments      7,382,357         (681,944 )       (2,138,461 )  Net increase / (decrease) in owners’ capital resulting from operations      (13,154,863 )       (2,370,444 )       (4,324,572 )  Net income / (loss) per unit - Class 1      (8.18 )       10.18         (12.36 )  Net income / (loss) per unit - Class 1a      (4.13 )       —           —      Net income / (loss) per unit - Class 2      (5.82 )       (9.03 )       (12.29 )  Net income / (loss) per unit - Class 2a      (3.99 )       —           —      Net income / (loss) per unit - Class 3a      (4.40 )       —           —      Total Assets    $ 247,702,914       $ 20,925,980       $ 25,650,403    Total owners’ capital - Class 1      143,906,872         16,680,498         22,266,758    Total owners’ capital - Class 2      51,459,568         4,073,041         3,077,883    Total owners’ capital - Class 2a      1,009,520         —           —      Total owners’ capital - Class 3a      3,776,790         —           —      Total net asset value per unit - Class 1      116.32         94.55         78.66    Total net asset value per unit - Class 1a      104.32         —           —      Total net asset value per unit - Class 2      149.20         120.67         99.55    Total net asset value per unit - Class 2a      124.36         —           —      Total net asset value per unit - Class 3a      123.96         —           —          Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Interest-net   $ 2,199,327     $ 1,038,493     $ 1,385,312   Total Expenses     9,596,941       4,016,767       6,010,679   Net gain/(loss) on investments     2,078,348       3,545,722       (11,084,454 ) Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     (5,319,266 )     618,878       (6,542,114 ) Net income/ (loss) per unit- Class 1     (5.00 )     0.86       (0.72 ) Net income/ (loss) per unit- Class 1a     —       —       (13.13 ) Net income/ (loss) per unit- Class 2     (3.48 )     2.78       (16.32 ) Net income/ (loss) per unit- Class 2a     —       —       (11.78 ) Net income/ (loss) per unit- Class 3     —       —       (16.27 ) Total Assets   $ 116,445,177     $ 51,943,272     $ 63,948,673   Total owners’ capital-Class 1     58,999,936       34,603,499       —   Total owners’ capital-Class 1a     —       —       18,983,538   Total owners’ capital-Class 2     56,181,636       16,882,659       6,898,785   Total owners’ capital-Class 2a     —       —       10,882,111   Total owners’ capital-Class 3     —       —       19,761,047   Total net asset value per unit- Class 1     94.40       101.11       135.41   Total net asset value per unit- Class 1a     —       —       108.58   Total net asset value per unit- Class 2     100.48       107.61       145.65   Total net asset value per unit- Class 2a     —       —       115.45   Total net asset value per unit- Class 3     —       —       145.69                                 Equinox Frontier Balanced Fund     Equinox Frontier Heritage Fund     Equinox Frontier Select Fund   Interest-net   $ 276,272     $ 134,302     $ 263,049   Total Expenses     16,386,180       1,822,802       2,449,160   Net gain/(loss) on investments     7,382,357       (681,944 )     (2,138,461 ) Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     (13,154,863 )     (2,370,444 )     (4,324,572 ) Net income/ (loss) per unit- Class 1     (8.18 )     10.18       (12.36 ) Net income/ (loss) per unit- Class 1a     (4.13 )     —       —   Net income/ (loss) per unit- Class 2     (5.82 )     (9.03 )     (12.29 ) Net income/ (loss) per unit- Class 2a     (3.99 )     —       —   Net income/ (loss) per unit- Class 3a     (4.40 )     —       —   Total Assets   $ 247,702,914     $ 20,925,980     $ 25,650,403   Total owners’ capital-Class 1     143,906,872       16,680,498       22,266,758   Total owners’ capital-Class 2     51,459,568       4,073,041       3,077,883   Total owners’ capital-Class 2a     1,009,520       —       —   Total owners’ capital-Class 3a     3,776,790       —       —   Total net asset value per unit- Class 1     116.32       94.55       78.66   Total net asset value per unit- Class 1a     104.32       —       —   Total net asset value per unit- Class 2     149.20       120.67       99.55   Total net asset value per unit- Class 2a     124.36       —       —   Total net asset value per unit- Class 3a     123.96       —       —                                 Equinox Frontier Winton Fund               Interest-net   $ 531,125                   Total Expenses     2,435,758                   Net gain/(loss) on investments     (1,356,583 )                 Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests     (3,261,216 )                 Net income/ (loss) per unit- Class 1     (10.40 )                 Net income/ (loss) per unit- Class 2     (7.52 )                 Total Assets   $ 41,241,712                   Total owners’ capital-Class 1     30,645,208                   Total owners’ capital-Class 2     10,314,326                   Total net asset value per unit- Class 1     130.73                   Total net asset value per unit- Class 2     158.30                   Total net asset value per unit- Class 3     —                   32      Equinox Frontier Winton Fund   Interest - net    $ 531,125    Total Expenses      2,435,758    Net gain / (loss) on investments      (1,356,583 )  Net increase / (decrease) in owners’ capital resulting from operations      (3,261,216 )  Net income / (loss) per unit - Class 1      (10.40 )  Net income / (loss) per unit - Class 2      (7.52 )  Total Assets    $ 41,241,712    Total owners’ capital - Class 1      30,645,208    Total owners’ capital - Class 2      10,314,326    Total net asset value per unit - Class 1      130.73    Total net asset value per unit - Class 2      158.30    Total net asset value per unit - Class 3      —      Table of Contents AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2011      Equinox Frontier Diversified Fund      Equinox Frontier Masters Fund      Equinox Frontier Long/Short Commodity Fund   Interest - net    $ 2,399,088       $ 1,026,007       $ 1,371,889    Total Expenses      12,210,432         4,466,240         8,087,479    Net gain / (loss) on investments      5,428,786         2,393,047         17,234,688    Net increase / (decrease) in owners’ capital resulting from operations      (4,382,558 )       (1,019,452 )       4,459,637    Net income / (loss) per unit - Class 1      (4.18 )       (2.71 )       3.40    Net income / (loss) per unit - Class 1a      —           —           3.75    Net income / (loss) per unit - Class 2      (2.50 )       (0.98 )       8.71    Net income / (loss) per unit - Class 2a      —           —           6.05    Net income / (loss) per unit - Class 3      —           —           8.70    Total Assets    $ 135,642,082       $ 53,200,171       $ 107,793,563    Total owners’ capital - Class 1      72,424,906         34,090,136         4,159,047    Total owners’ capital - Class 1a      —           —           18,891,395    Total owners’ capital - Class 2      61,548,698         18,734,861         9,188,762    Total owners’ capital - Class 2a      —           —           10,911,464    Total owners’ capital - Class 3      —           —           27,810,058    Total net asset value per unit - Class 1      99.40         100.25         136.13    Total net asset value per unit - Class 1a      —           —           121.71    Total net asset value per unit - Class 2      103.96         104.83         161.97    Total net asset value per unit - Class 2a      —           —           127.23    Total net asset value per unit - Class 3      —           —           161.96         Equinox Frontier Balanced Fund      Equinox Frontier Select Fund      Equinox Frontier Heritage Fund   Interest - net    $ 534,877       $ 106,784       $ 217,875    Total Expenses      24,591,620         2,973,773         2,926,790    Net gain / (loss) on investments      5,648,268         (6,401,143 )       (2,260,583 )  Net increase / (decrease) in owners’ capital resulting from operations      (12,244,073 )       (9,268,132 )       (4,498,779 )  Net income / (loss) per unit - Class 1      (7.45 )       (19.44 )       (15.10 )  Net income / (loss) per unit - Class 1a      (7.91 )       —           —      Net income / (loss) per unit - Class 2      (4.44 )       (19.89 )       (14.34 )  Net income / (loss) per unit - Class 2a      (5.31 )       —           —      Net income / (loss) per unit - Class 3      (5.30 )       —           —      Total Assets    $ 301,978,826       $ 40,083,210       $ 31,026,648    Total owners’ capital - Class 1      183,785,318         35,180,631         24,783,519    Total owners’ capital - Class 1a      2,536,559          Total owners’ capital - Class 2      63,372,567         4,433,341         5,990,168    Total owners’ capital - Class 2a      2,784,830         —           —      Total owners’ capital - Class 3a      2,952,802         —           —      Total net asset value per unit - Class 1      124.50         91.02         104.73    Total net asset value per unit - Class 1a      108.45         —           —      Total net asset value per unit - Class 2      155.02         111.84         129.70    Total net asset value per unit - Class 2a      128.35         —           —      Total net asset value per unit - Class 3      128.36         —           —           Equinox Frontier Winton Fund   Interest - net    $ 457,889    Total Expenses      3,596,286    Net gain / (loss) on investments      5,865,030    Net increase / (decrease) in owners’ capital resulting from operations      2,726,633    Net income / (loss) per unit - Class 1      6.09    Net income / (loss) per unit - Class 2      11.83    Net income / (loss) per unit - Class 3      —      Total Assets    $ 50,363,648    Total owners’ capital - Class 1      38,345,799    Total owners’ capital - Class 2      11,702,325    Total owners’ capital - Class 3      —      Total net asset value per unit - Class 1      141.13    Total net asset value per unit - Class 2      165.82    Total net asset value per unit - Class 3      —      AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2010      Equinox Frontier Diversified Fund      Equinox Frontier Masters Fund      Equinox Frontier Long/Short  Commodity Fund   Interest - net    $ 2,225,700       $ 941,795       $ 1,120,080    Total Expenses      9,452,058         3,767,056         8,021,021    Net gain / (loss) on investments      18,519,243         8,845,121         15,903,113    Net increase / (decrease) in owners’ capital resulting from operations      11,135,880         6,019,860         11,915,293    Net income / (loss) per unit - Class 1      6.78         8.50         18.96    Net income / (loss) per unit - Class 1a      —           —           16.47    Net income / (loss) per unit - Class 2      8.69         10.44         25.77    Net income / (loss) per unit - Class 2a      —           —           18.70    Net income / (loss) per unit - Class 3      —           —           25.77    Total Assets    $ 162,451,657       $ 67,230,426       $ 79,526,348    Total owners’ capital - Class 1      90,022,131         41,213,675         31,185,756    Total owners’ capital - Class 1a      —           —           5,652,309    Total owners’ capital - Class 2      69,473,841         25,062,055         15,584,978    Total owners’ capital - Class 2a      —           —           3,761,826    Total owners’ capital - Class 3      —           —           20,998,571    Total net asset value per unit - Class 1      103.58         102.96         132.73    Total net asset value per unit - Class 1a      —           —           117.96    Total net asset value per unit - Class 2      106.46         105.81         153.26    Total net asset value per unit - Class 2a      —           —           121.18    Total net asset value per unit - Class 3      —           —           153.26         Equinox Frontier Balanced Fund      Equinox Frontier Heritage Fund      Equinox Frontier Select Fund   Interest - net    $ 404,451       $ 263,156       $ 8,268    Total Expenses      26,553,122         4,321,685         4,848,257    Net gain / (loss) on investments      82,334,394         11,966,369         10,645,135    Net increase / (decrease) in owners’ capital resulting from operations      41,691,751         5,263,217         3,912,601    Net income / (loss) per unit - Class 1      13.41         9.77         5.81    Net income / (loss) per unit - Class 1a      10.86          Net income / (loss) per unit - Class 2      20.45         15.65         10.63    Net income / (loss) per unit - Class 2a      16.06         —           —      Net income / (loss) per unit - Class 3      16.06         —           —      Total Assets    $ 436,618,030       $ 64,282,827       $ 71,057,049    Total owners’ capital - Class 1      287,807,510         45,898,246         61,842,996    Total owners’ capital - Class 1a      5,120,558          Total owners’ capital - Class 2      76,715,728         11,612,192         8,386,332    Total owners’ capital - Class 2a      3,562,374         —           —      Total owners’ capital - Class 3a      3,691,280         —           —      Total net asset value per unit - Class 1      131.95         119.83         110.46    Total net asset value per unit - Class 1a      116.36          Total net asset value per unit - Class 2      159.46         144.04         131.73    Total net asset value per unit - Class 2a      133.66         —           —      Total net asset value per unit - Class 3      133.66         —           —           Equinox Frontier Winton Fund   Interest - net    $ 306,338    Total Expenses      3,812,097    Net gain / (loss) on investments      12,010,660    Net increase / (decrease) in owners’ capital resulting from operations      8,504,901    Net income / (loss) per unit - Class 1      17.47    Net income / (loss) per unit - Class 2      23.89    Net income / (loss) per unit - Class 3    Total Assets    $ 61,570,878    Total owners’ capital - Class 1      49,350,981    Total owners’ capital - Class 2      11,368,456    Total owners’ capital - Class 3      —      Total net asset value per unit - Class 1      135.04    Total net asset value per unit - Class 2      153.99    Total net asset value per unit - Class 3      —      Supplementary Quarterly Financial Information The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2016. The information in this chart has been prepared under the consolidation accounting policy discussed in Note 2 of the Series of Equinox Frontier Funds Financial Statements that accompany this filing. That policy was implemented in the current year. Previously filed quarterly data was prepared prior to the implementation of this accounting policy and has been modified accordingly.     1st Quarter     2nd Quarter     3rd Quarter     4th Quarter       2016 (unaudited)     2016 (unaudited)     2016 (unaudited)     2016 (unaudited)   Equinox Frontier Diversified Fund:                                 Net gain (loss) on investments   $ 2,972,555       (793,944 )     (297,399 )   $ 2,288,629   Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 1,533,771       (790,611 )     (359,558 )   $ 779,688   Increase (decrease) in net asset value per Class 1 units   $ 2.91     $ (0.37 )   $ (2.27 )   $ 0.64   Increase (decrease) in net asset value per Class 2 units   $ 3.84     $ 0.17     $ (1.98 )   $ 1.31   Increase (decrease) in net asset value per Class 3 units   $ 3.63     $ 0.23     $ (1.75 )   $ 1.29   Net asset value per Class 1 units   $ 118.43     $ 118.06     $ 115.79     $ 116.43   Net asset value per Class 2 units   $ 133.44     $ 133.61     $ 131.63     $ 132.94   Net asset value per Class 3 units   $ 123.50     $ 123.73     $ 121.98     $ 123.27                                     Equinox Frontier Masters Fund:                                 Net gain (loss) on investments   $ 1,866,339     $ 395,214     $ 66,778     $ (583,170 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 1,350,376     $ 136,389     $ (58,348 )   $ (936,281 ) Increase (decrease) in net asset value per Class 1unit   $ 6.14     $ 0.84     $ (0.81 )   $ (6.24 ) Increase (decrease) in net asset value per Class 2 unit   $ 7.47     $ 1.54     $ (0.31 )   $ (6.52 ) Increase (decrease) in net asset value per Class 3 unit   $ 7.02     $ 1.50     $ (0.20 )   $ (6.00 ) Net asset value per Class 1 unit   $ 119.01     $ 119.85     $ 119.04     $ 112.80   Net asset value per Class 2 unit   $ 134.07     $ 135.61     $ 135.30     $ 128.78   Net asset value per Class 3 unit   $ 124.59     $ 126.09     $ 125.89     $ 119.89                                     Equinox Frontier Long/Short Commodity Fund:                                 Net gain (loss) on investments   $ 80,555       435,335     $ (263,816 )   $ 231,545   Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ (240,272 )     103,878     $ (329,162 )   $ 332,386   Increase (decrease) in net asset value per Class 1a units   $ (2.21 )   $ 0.40     $ (3.21 )   $ 3.04   Increase (decrease) in net asset value per Class 2 units   $ (2.60 )   $ 1.05     $ (4.99 )   $ 4.00   Increase (decrease) in net asset value per Class 2a units   $ (2.03 )   $ 1.10     $ (3.49 )   $ 3.90   Increase (decrease) in net asset value per Class 3 units   $ (2.61 )   $ 0.92     $ (3.68 )   $ 4.03   Increase (decrease) in net asset value per Class 3a units   $ (1.97 )   $ 0.73     $ (2.15 )   $ 4.03   Net asset value per Class 1a units   $ 92.55     $ 92.95     $ 89.74     $ 92.78   Net asset value per Class 2 units   $ 129.50     $ 130.55     $ 125.56     $ 129.56   Net asset value per Class 2a units   $ 104.16     $ 105.26     $ 101.77     $ 105.67   Net asset value per Class 3 units   $ 129.53     $ 130.45     $ 126.77     $ 130.80   Net asset value per Class 3a units   $ 104.89     $ 105.62     $ 103.47     $ 107.50                                     Equinox Frontier Balanced Fund:                                 Net gain (loss) on investments   $ 5,049,993       506,563       1,713,116     $ 3,216,914   Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 3,122,472       228,316       (385,973 )   $ 2,332,851   Increase (decrease) in net asset value per Class 1 units   $ 4.15     $ (1.68 )   $ 0.02     $ 4.28   Increase (decrease) in net asset value per Class 1AP units (8)   $ 5.38     $ (0.74 )   $ 1.08     $ 5.66   Increase (decrease) in net asset value per Class 2 units   $ 7.23     $ (1.00 )   $ 1.46     $ 7.61   Increase (decrease) in net asset value per Class 2a units   $ 6.61     $ (0.55 )   $ 1.41     $ 6.70   Increase (decrease) in net asset value per Class 3a units   $ 6.59     $ (0.55 )   $ 1.40     $ 6.68   Net asset value per Class 1 units   $ 132.18     $ 130.50     $ 130.52     $ 134.80   Net asset value per Class 1AP units (8)   $ 138.97     $ 138.23     $ 139.31     $ 144.97   Net asset value per Class 2 units   $ 186.92     $ 185.92     $ 187.38     $ 194.99   Net asset value per Class 2a units   $ 161.49     $ 160.94     $ 162.35     $ 169.05   Net asset value per Class 3a units   $ 160.96     $ 160.41     $ 161.81     $ 168.49                                     Equinox Frontier Select Fund:                                 Net gain (loss) on investments   $ 2,458,845     $ 83,339     $ 10,160     $ (153,390 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 1,325,471     $ (184,145 )   $ (234,575 )   $ (288,962 ) Increase (decrease) in net asset value per Class 1 units   $ 9.05     $ (1.28 )   $ (1.86 )   $ (2.20 ) Increase (decrease) in net asset value per Class 1AP units (8)   $ 10.22     $ (0.57 )   $ (1.18 )   $ (1.59 ) Increase (decrease) in net asset value per Class 2 units   $ 13.57     $ (0.76 )   $ (1.57 )   $ (2.10 ) Net asset value per Class 1 units   $ 99.40     $ 98.12     $ 96.26     $ 94.06   Net asset value per Class 1AP units (8)   $ 104.50     $ 103.93     $ 102.75     $ 101.16   Net asset value per Class 2 units   $ 138.68     $ 137.92     $ 136.35     $ 134.25                                     Equinox Frontier Winton Fund:                                 Net gain (loss) on investments   $ 3,032,321     $ 2,031,063     $ (1,783,567 )   $ (2,208,468 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 1,166,285     $ 575,743     $ (1,643,430 )   $ (1,724,096 ) Increase (decrease) in net asset value per Class 1 units   $ 5.01     $ 2.35     $ (8.31 )   $ (8.71 ) Increase (decrease) in net asset value per Class 1AP units (8)   $ 6.55     $ 3.82     $ (7.46 )   $ (8.05 ) Increase (decrease) in net asset value per Class 2 units   $ 8.31     $ 4.85     $ (9.47 )   $ (10.22 ) Net asset value per Class 1 units   $ 169.18     $ 171.53     $ 163.22     $ 154.51   Net asset value per Class 1AP units (8)   $ 177.86     $ 181.68     $ 174.22     $ 166.17   Net asset value per Class 2 units   $ 225.82     $ 230.67     $ 221.20     $ 210.98                                     Equinox Frontier Heritage Fund:                                 Net gain (loss) on investments   $ 1,237,263     $ (39,331 )   $ (386,484 )   $ (286,666 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 631,785     $ (74,435 )   $ (429,665 )   $ (429,322 ) Increase (decrease) in net asset value per Class 1 units   $ 6.49     $ (0.99 )   $ (5.13 )   $ (5.06 ) Increase (decrease) in net asset value per Class 1AP units (8)   $ 7.80     $ (0.02 )   $ (4.41 )   $ (4.44 ) Increase (decrease) in net asset value per Class 2 units   $ 10.43     $ (0.03 )   $ (5.89 )   $ (5.95 ) Net asset value per Class 1 units   $ 130.76     $ 129.77     $ 124.64     $ 119.58   Net asset value per Class 1AP units (8)   $ 137.47     $ 137.45     $ 133.04     $ 128.60   Net asset value per Class 2 units   $ 183.97     $ 183.94     $ 178.05     $ 172.10   33 Table of Contents The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2015.     1st Quarter     2nd Quarter     3rd Quarter     4th Quarter       2015 (unaudited)     2015 (unaudited)     2015 (unaudited)     2015 (unaudited)   Equinox Frontier Diversified Fund:                                 Net gain (loss) on investments   $ 15,234,471     $ (7,276,498 )   $ 3,137,315     $ 222,709   Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 13,030,463     $ (7,505,363 )   $ 885,542     $ (3,824,950 ) Increase (decrease) in net asset value per Class 1 units   $ 18.57     $ (16.11 )   $ 1.45     $ 2.43   Increase (decrease) in net asset value per Class 2 units   $ 21.09     $ (17.27 )   $ 2.19     $ 4.93   Increase (decrease) in net asset value per Class 3 units   $ 19.54     $ (15.87 )   $ 2.09     $ 4.84   Net asset value per Class 1 units   $ 131.66     $ 115.55     $ 117.00     $ 115.52   Net asset value per Class 2 units   $ 145.76     $ 128.49     $ 130.68     $ 129.60   Net asset value per Class 3 units   $ 134.57     $ 118.70     $ 120.79     $ 119.87                                     Equinox Frontier Masters Fund:                                 Net gain (loss) on investments   $ 3,440,003     $ (3,430,447 )   $ 1,409,605     $ (20,248 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 2,578,394     $ (3,793,874 )   $ 746,021     $ 7,216   Increase (decrease) in net asset value per Class 1unit   $ 11.77     $ (18.37 )   $ 3.30     $ (3.74 ) Increase (decrease) in net asset value per Class 2 unit   $ 13.59     $ (19.80 )   $ 4.22     $ (1.93 ) Increase (decrease) in net asset value per Class 3 unit   $ 12.67     $ (18.28 )   $ 3.99     $ (1.49 ) Net asset value per Class 1 unit   $ 128.38     $ 110.01     $ 113.31     $ 112.87   Net asset value per Class 2 unit   $ 142.12     $ 122.32     $ 126.54     $ 126.60   Net asset value per Class 3 unit   $ 131.73     $ 113.45     $ 117.44     $ 117.57                                     Equinox Frontier Long/Short Commodity Fund:                                 Net gain (loss) on investments   $ 2,732,204     $ (1,822,067 )   $ (1,047,364 )   $ (1,915,295 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 2,316,181     $ (2,045,099 )   $ (1,251,451 )   $ (477,725 ) Increase (decrease) in net asset value per Class 1a units   $ 19.58     $ (13.53 )   $ (8.87 )   $ (6.36 ) Increase (decrease) in net asset value per Class 2 units   $ 27.90     $ (18.04 )   $ (11.63 )   $ (6.20 ) Increase (decrease) in net asset value per Class 2a units   $ 22.14     $ (47.46 )   $ (9.36 )   $ (5.16 ) Increase (decrease) in net asset value per Class 3 units   $ 27.72     $ (17.86 )   $ (11.63 )   $ (6.20 ) Increase (decrease) in net asset value per Class 3a units   $ 22.32     $ (14.45 )   $ (9.34 )   $ (4.91 ) Net asset value per Class 1a units   $ 120.70     $ 107.17     $ 98.30     $ 94.76   Net asset value per Class 2 units   $ 166.20     $ 148.16     $ 136.53     $ 132.10   Net asset value per Class 2a units   $ 133.49     $ 119.03     $ 109.67     $ 106.19   Net asset value per Class 3 units   $ 166.06     $ 148.20     $ 136.57     $ 132.14   Net asset value per Class 3a units   $ 134.09     $ 119.64     $ 110.30     $ 106.86                                     Equinox Frontier Balanced Fund:                                 Net gain (loss) on investments   $ 16,254,937     $ (11,603,137 )   $ (16,101 )   $ (306,344 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 12,927,288     $ (12,148,257 )   $ (1,161,838 )   $ (1,109,788 ) Increase (decrease) in net asset value per Class 1 units   $ 17.26     $ (16.98 )   $ (1.92 )   $ (3.51 ) Increase (decrease) in net asset value per Class 1AP units (8)   $ 18.60     $ (16.31 )   $ (0.96 )   $ 0.39   Increase (decrease) in net asset value per Class 2 units   $ 25.01     $ (21.93 )   $ (1.29 )   $ 0.53   Increase (decrease) in net asset value per Class 2a units   $ 21.74     $ (18.40 )   $ (0.74 )   $ 1.86   Increase (decrease) in net asset value per Class 3a units   $ 21.67     $ (18.34 )   $ (0.74 )   $ 1.85   Net asset value per Class 1 units   $ 148.80     $ 131.82     $ 129.90     $ 128.03   Net asset value per Class 1AP units (8)   $ 151.80     $ 135.49     $ 134.53     $ 133.59   Net asset value per Class 2 units   $ 204.17     $ 182.24     $ 180.95     $ 179.69   Net asset value per Class 2a units   $ 174.76     $ 156.36     $ 155.62     $ 154.88   Net asset value per Class 3a units   $ 174.19     $ 155.85     $ 155.11     $ 154.37                                     Equinox Frontier Select Fund:                                 Net gain (loss) on investments   $ 2,741,233     $ (4,071,120 )   $ 1,808,306     $ (205,502 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 1,683,063     $ (2,913,177 )   $ 895,851     $ (396,361 ) Increase (decrease) in net asset value per Class 1 units   $ 10.55     $ (18.85 )   $ 5.85     $ (5.26 ) Increase (decrease) in net asset value per Class 1AP units (8)   $ 11.49     $ (18.57 )   $ 6.74     $ (2.54 ) Increase (decrease) in net asset value per Class 2 units   $ 15.25     $ (24.64 )   $ 8.94     $ (3.37 ) Net asset value per Class 1 units   $ 106.16     $ 87.31     $ 93.16     $ 90.35   Net asset value per Class 1AP units (8)   $ 108.31     $ 89.74     $ 96.48     $ 94.28   Net asset value per Class 2 units   $ 143.73     $ 119.09     $ 128.03     $ 125.11                                     Equinox Frontier Winton Fund:                                 Net gain (loss) on investments   $ 4,997,118     $ (5,119,775 )   $ 1,646,828     $ (143,546 ) Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 3,676,291     $ (5,700,069 )   $ 885,063     $ (1,021,923 ) Increase (decrease) in net asset value per Class 1 units   $ 15.95     $ (26.05 )   $ 3.50     $ (11.78 ) Increase (decrease) in net asset value per Class 1AP units (8)           $ (25.31 )   $ 4.93     $ (6.87 ) Increase (decrease) in net asset value per Class 2 units   $ 17.59     $ (32.13 )   $ 6.25     $ (8.72 ) Net asset value per Class 1 units   $ 191.90     $ 165.85     $ 169.35     $ 164.17   Net asset value per Class 1AP units (8)           $ 170.46     $ 175.39     $ 171.31   Net asset value per Class 2 units   $ 195.77     $ 216.43     $ 222.68     $ 217.51                                     Equinox Frontier Heritage Fund:                                 Net gain (loss) on investments   $ 3,048,084     $ (2,770,445 )   $ 105,347     $ 172,179   Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ 1,767,687     $ (2,101,869 )   $ 319,718     $ (436,084 ) Increase (decrease) in net asset value per Class 1 units   $ 17.59     $ (21.77 )   $ 3.05     $ (6.01 ) Increase (decrease) in net asset value per Class 1AP units (8)   $ 18.93     $ (21.25 )   $ 4.14     $ (2.26 ) Increase (decrease) in net asset value per Class 2 units   $ 25.33     $ (28.44 )   $ 5.54     $ (3.02 ) Net asset value per Class 1 units   $ 147.87     $ 126.10     $ 129.15     $ 124.27   Net asset value per Class 1AP units (8)   $ 150.86     $ 129.61     $ 133.75     $ 129.67   Net asset value per Class 2 units   $ 201.89     $ 173.45     $ 178.99     $ 173.54   34 Table of Contents The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2014.     1st Quarter   2nd Quarter   3rd Quarter   4th Quarter      1st Quarter 2014 (unaudited)      2nd Quarter 2014 (unaudited)      3rd Quarter 2014 (unaudited)      4th Quarter 2014 (unaudited)     2014 (unaudited)   2014 (unaudited)   2014 (unaudited)   2014 (unaudited)   Equinox Frontier Diversified Fund:             Equinox Frontier Diversified Fund (1):                                 Net gain (loss) on investments    ($ 1,584,528 )     $ 4,070,105       $ 6,490,602        $ 12,347,588      $ (1,584,528 )   $ 4,070,105     $ 6,490,602     $ 12,347,588   Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 2,619,266 )     $ 2,547,276       $ 5,261,494        $ 9,423,574    Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ (2,619,266 )   $ 2,547,276     $ 5,261,494     $ 9,423,574   Increase (decrease) in net asset value per Class 1 units    ($ 4.33 )     $ 4.00       $ 9.12        $ 17.20      $ (4.33 )   $ 4.00     $ 9.12     $ 17.20   Increase (decrease) in net asset value per Class 2 units    ($ 4.30 )     $ 4.76       $ 10.43        $ 19.43      $ (4.30 )   $ 4.76     $ 10.43     $ 19.43   Increase (decrease) in net asset value per Class 3 units    ($ 1.29 )     $ 4.45       $ 9.67        $ 17.99      $ (1.29 )   $ 4.45     $ 9.67     $ 17.99   Net asset value per Class 1 units     $ 82.77       $ 86.77       $ 95.89        $ 113.09      $ 82.77     $ 86.77     $ 95.89     $ 113.09   Net asset value per Class 2 units     $ 90.05       $ 94.81       $ 105.24        $ 124.67      $ 90.05     $ 94.81     $ 105.24     $ 124.67   Net asset value per Class 3 units     $ 82.92       $ 87.37       $ 97.04        $ 115.03      $ 82.92     $ 87.37     $ 97.04     $ 115.03   Equinox Frontier Masters Fund:                                             Equinox Frontier Masters Fund (2):                                 Net gain (loss) on investments    ($ 1,139,641 )     $ 2,119,822       $ 2,557,909        $ 4,555,093      $ (1,139,641 )   $ 2,119,822     $ 2,557,909     $ 4,555,093   Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 1,615,359 )     $ 1,569,419       $ 1,965,207        $ 3,532,891    Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ (1,615,359 )   $ 1,569,419     $ 1,965,207     $ 3,532,891   Increase (decrease) in net asset value per Class 1 unit    ($ 4.53 )     $ 5.67       $ 8.12        $ 15.52      $ (4.53 )   $ 5.67     $ 8.12     $ 15.52   Increase (decrease) in net asset value per Class 2 unit    ($ 4.50 )     $ 6.61       $ 9.36        $ 17.60      $ (4.50 )   $ 6.61     $ 9.36     $ 17.60   Increase (decrease) in net asset value per Class 3 unit    ($ 4.11 )     $ 6.17       $ 8.73        $ 16.36      $ (4.11 )   $ 6.17     $ 8.73     $ 16.36   Net asset value per Class 1 unit     $ 87.30       $ 92.97       $ 101.09        $ 116.61      $ 87.30     $ 92.97     $ 101.09     $ 116.61   Net asset value per Class 2 unit     $ 94.96       $ 101.57       $ 110.93        $ 128.53      $ 94.96     $ 101.57     $ 110.93     $ 128.53   Net asset value per Class 3 unit     $ 87.80       $ 93.97       $ 102.70        $ 119.06      $ 87.80     $ 93.97     $ 102.70     $ 119.06   Equinox Frontier Long/Short Commodity Fund:                                             Equinox Frontier Long/Short Commodity Fund (3):                                 Net gain (loss) on investments    ($ 4,086,877 )     $ 1,521,079       $ 4,217,572       ($ 68,995 )    $ (4,086,877 )   $ 1,521,079     $ 4,217,572     $ (68,995 ) Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 4,424,801 )     $ 111,679       $ 3,901,860       ($ 417,500 )  Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ (4,424,801 )   $ 111,679     $ 3,901,860     $ (417,500 ) Increase (decrease) in net asset value per Class 1a units    ($ 10.31 )     $ 0.34       $ 21.24       ($ 2.88 )    $ (10.31 )   $ 0.34     $ 21.24     $ (2.88 ) Increase (decrease) in net asset value per Class 2 units    ($ 13.78 )     $ 0.69       $ 29.33       ($ 3.20 )    $ (13.78 )   $ 0.69     $ 29.33     $ (3.20 ) Increase (decrease) in net asset value per Class 2a units    ($ 10.78 )     $ 0.76       $ 23.70       ($ 2.67 )    $ (10.78 )   $ 0.76     $ 23.70     $ (2.67 ) Increase (decrease) in net asset value per Class 3 units    ($ 13.79 )     $ 0.69       $ 29.34       ($ 3.20 )    $ (13.79 )   $ 0.69     $ 29.34     $ (3.20 ) Increase (decrease) in net asset value per Class 3a units    ($ 10.73 )     $ 0.82       $ 23.82       ($ 2.61 )    $ (10.73 )   $ 0.82     $ 23.82     $ (2.61 ) Net asset value per Class 1a units     $ 82.42       $ 82.76       $ 104.00        $ 101.12      $ 82.42     $ 82.76     $ 104.00     $ 101.12   Net asset value per Class 2 units     $ 111.48       $ 112.17       $ 141.50        $ 138.30      $ 111.48     $ 112.17     $ 141.50     $ 138.30   Net asset value per Class 2a units     $ 89.56       $ 90.32       $ 114.02        $ 111.35      $ 89.56     $ 90.32     $ 114.02     $ 111.35   Net asset value per Class 3 units     $ 111.51       $ 112.20       $ 141.54        $ 138.34      $ 111.51     $ 112.20     $ 141.54     $ 138.34   Net asset value per Class 3a units     $ 89.74       $ 90.56       $ 114.38        $ 111.77      $ 89.74     $ 90.56     $ 114.38     $ 111.77   Equinox Frontier Balanced Fund:                                             Equinox Frontier Balanced Fund (4):                                 Net gain (loss) on investments    ($ 2,141,831 )     $ 6,379,507       $ 10,465,597        $ 18,898,072      $ (2,141,831 )   $ 6,379,507     $ 10,465,597     $ 18,898,072   Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 4,165,357 )     $ 1,705,510       $ 8,478,094        $ 13,346,369    Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ (4,165,357 )   $ 1,705,510     $ 8,478,094     $ 13,346,369   Increase (decrease) in net asset value per Class 1 units    ($ 4.30 )     $ 1.87       $ 10.39        $ 17.29      $ (4.30 )   $ 1.87     $ 10.39     $ 17.29   Increase (decrease) in net asset value per Class 1AP units (1)          $ 12.20        $ 18.37    Increase (decrease) in net asset value per Class 1AP units (8)                   $ 12.20     $ 18.37   Increase (decrease) in net asset value per Class 2 units    ($ 4.68 )     $ 3.54       $ 15.10        $ 24.71      $ (4.68 )   $ 3.54     $ 15.10     $ 24.71   Increase (decrease) in net asset value per Class 2a units    ($ 3.63 )     $ 3.30       $ 13.16        $ 21.38      $ (3.63 )   $ 3.30     $ 13.16     $ 21.38   Increase (decrease) in net asset value per Class 3a units    ($ 3.61 )     $ 3.29       $ 13.12        $ 21.31      $ (3.61 )   $ 3.29     $ 13.12     $ 21.31   Net asset value per Class 1 units     $ 101.99       $ 103.86       $ 114.25        $ 131.54      $ 101.99     $ 103.86     $ 114.25     $ 131.54   Net asset value per Class 1AP units (8)          $ 114.83        $ 133.20                      $ 114.83     $ 133.20   Net asset value per Class 2 units     $ 135.81       $ 139.35       $ 154.45        $ 179.16      $ 135.81     $ 139.35     $ 154.45     $ 179.16   Net asset value per Class 2a units     $ 115.17       $ 118.48       $ 131.64        $ 153.02      $ 115.17     $ 118.48     $ 131.64     $ 153.02   Net asset value per Class 3a units     $ 114.80       $ 118.09       $ 131.21        $ 152.52      $ 114.80     $ 118.09     $ 131.21     $ 152.52                                   Equinox Frontier Select Fund (5):                                             Net gain (loss) on investments    ($ 770,338 )     $ 902,903       $ 1,619,376        $ 2,047,868      $ (770,338 )   $ 902,903     $ 1,619,376     $ 2,047,868   Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 1,043,766 )     $ 610,991       $ 1,204,743        $ 1,663,415    Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ (1,043,766 )   $ 610,991     $ 1,204,743     $ 1,663,415   Increase (decrease) in net asset value per Class 1 units    ($ 4.85 )     $ 3.22       $ 7.09        $ 10.29      $ (4.85 )   $ 3.22     $ 7.09     $ 10.29   Increase (decrease) in net asset value per Class 1AP units (1)          $ 10.22        $ 11.07    Increase (decrease) in net asset value per Class 1AP units (8)                   $ 10.22     $ 11.07   Increase (decrease) in net asset value per Class 2 units    ($ 5.59 )     $ 5.01       $ 12.23        $ 14.69      $ (5.59 )   $ 5.01     $ 12.23     $ 14.69   Net asset value per Class 1 units     $ 75.01       $ 78.23       $ 85.32        $ 95.61      $ 75.01     $ 78.23     $ 85.32     $ 95.61   Net asset value per Class 1AP units (8)          $ 85.75        $ 96.82                      $ 85.75     $ 96.82   Net asset value per Class 2 units     $ 98.55       $ 103.56       $ 113.79        $ 128.48      $ 98.55     $ 103.56     $ 113.79     $ 128.48   Equinox Frontier Winton Fund:                                             Equinox Frontier Winton Fund (6):                                 Net gain (loss) on investments    ($ 103,198 )     $ 2,996,455       $ 1,751,401        $ 7,958,850      $ (103,198 )   $ 2,996,455     $ 1,751,401     $ 7,958,850   Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 631,089 )     $ 2,051,148       $ 1,012,414        $ 6,210,178    Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ (631,089 )   $ 2,051,148     $ 1,012,414     $ 6,210,178   Increase (decrease) in net asset value per Class 1 units    ($ 2.66 )     $ 8.14       $ 4.10        $ 26.78      $ (2.66 )   $ 8.14     $ 4.10     $ 26.78   Increase (decrease) in net asset value per Class 1AP units (1)          $ 10.99        $ 28.26    Increase (decrease) in net asset value per Class 2 units    ($ 2.05 )     $ 11.59       $ 6.62        $ 35.89    Net asset value per Class 1 units     $ 136.93       $ 145.07       $ 149.17        $ 175.95    Net asset value per Class 1AP units (1)          $ 149.92        $ 178.18    Net asset value per Class 2 units     $ 172.12       $ 183.72       $ 190.34        $ 226.23    Equinox Frontier Heritage Fund:             Net gain (loss) on investments    ($ 1,236,579 )     $ 1,418,344       $ 1,275,742        $ 3,381,113    Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 874,418 )     $ 832,265       $ 677,551        $ 2,177,452    Increase (decrease) in net asset value per Class 1 units    ($ 6.64 )     $ 7.02       $ 6.37        $ 21.33    Increase (decrease) in net asset value per Class 1AP units (1)          $ 10.70        $ 22.43    Increase (decrease) in net asset value per Class 1AP units (8)                   $ 10.99     $ 28.26   Increase (decrease) in net asset value per Class 2 units    ($ 7.80 )     $ 10.31       $ 9.60        $ 30.03      $ (2.05 )   $ 11.59     $ 6.62     $ 35.89   Net asset value per Class 1 units     $ 95.41       $ 102.58       $ 108.95        $ 130.28      $ 136.93     $ 145.07     $ 149.17     $ 175.95   Net asset value per Class 1AP units (8)          $ 109.50        $ 131.93                      $ 149.92     $ 178.18   Net asset value per Class 2 units     $ 126.41       $ 136.93       $ 146.53        $ 176.56      $ 172.12     $ 183.72     $ 190.34     $ 226.23                                   Equinox Frontier Heritage Fund (7):                                 Net gain (loss) on investments   $ (1,236,579 )   $ 1,418,344     $ 370,678     $ 3,381,113   Net increase/(decrease) in capital resulting from operations attributable to controlling interests   $ (1,412,412 )   $ 832,265     $ 677,551     $ 2,177,452   Increase (decrease) in net asset value per Class 1 units   $ (6.64 )   $ 7.02     $ 6.37     $ 21.33   Increase (decrease) in net asset value per Class 1AP units (8)                   $ 10.70     $ 22.43   Increase (decrease) in net asset value per Class 2 units   $ (7.80 )   $ 10.31     $ 9.60     $ 30.03   Net asset value per Class 1 units   $ 95.41     $ 102.58     $ 108.95     $ 130.28   Net asset value per Class 1AP units (8)                   $ 109.50     $ 131.93   Net asset value per Class 2 units   $ 126.41     $ 136.93     $ 146.53     $ 176.56   35 Table of Contents (1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2013.      1st Quarter 2013 (unaudited)      2nd Quarter 2013 (unaudited)      3rd Quarter 2013 (unaudited)      4th Quarter 2013 (unaudited)   Equinox Frontier Diversified Fund:             Net gain (loss) on investments    ($ 113,017 )     ($ 7,089,299 )     ($ 6,696,322 )      $ 8,378,001    Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 1,173,341 )     ($ 7,920,142 )     ($ 7,331,811 )      $ 7,158,130    Increase (decrease) in net asset value per Class 1 units    ($ 1.19 )     ($ 7.66 )     ($ 7.42 )      $ 8.97    Increase (decrease) in net asset value per Class 2 units    ($ 0.84 )     ($ 7.79 )     ($ 7.59 )      $ 10.09    Net asset value per Class 1 units     $ 93.21        $ 85.55        $ 78.13        $ 87.10    Net asset value per Class 2 units     $ 99.64        $ 91.85        $ 84.26        $ 94.35    Equinox Frontier Masters Fund:             Net gain (loss) on investments     $ 883,034       ($ 2,575,152 )     ($ 2,509,310 )      $ 2,151,906    Net increase / (decrease) in capital resulting from operations attributable to controlling interests     $ 321,529       ($ 3,146,403 )     ($ 3,041,836 )      $ 1,618,684    Increase (decrease) in net asset value per Class 1 unit     $ 0.53       ($ 6.90 )     ($ 6.87 )      $ 3.96    Increase (decrease) in net asset value per Class 2 unit     $ 0.99       ($ 6.89 )     ($ 6.96 )      $ 4.71    Increase (decrease) in net asset value per Class 3 unit              $ 3.90    Net asset value per Class 1 unit     $ 101.64        $ 94.74        $ 87.87        $ 91.83    Net asset value per Class 2 unit     $ 108.60        $ 101.71        $ 94.75        $ 99.46    Net asset value per Class 3 unit              $ 91.91    Equinox Frontier Long/Short Commodity Fund:             Net gain (loss) on investments    ($ 1,371,456 )     ($ 3,603,745 )     ($ 3,403,485 )      $ 1,078,269    Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 194,728 )     ($ 4,184,929 )     ($ 2,283,631 )      $ (236,835 )  Increase (decrease) in net asset value per Class 1a units    ($ 0.61 )     ($ 8.07 )     ($ 6.30 )     ($ 0.87 )  Increase (decrease) in net asset value per Class 2 units    ($ 0.54 )     ($ 10.65 )     ($ 8.37 )     ($ 0.83 )  Increase (decrease) in net asset value per Class 2a units    ($ 0.16 )     ($ 8.15 )     ($ 6.30 )     ($ 0.50 )  Increase (decrease) in net asset value per Class 3 units    ($ 0.55 )     ($ 10.65 )     ($ 8.37 )     ($ 0.82 )  Increase (decrease) in net asset value per Class 3a units      N/A       ($ 2.45 )     ($ 6.24 )     ($ 0.44 )  Net asset value per Class 1a units     $ 107.97        $ 99.90        $ 93.60        $ 92.73    Net asset value per Class 2 units     $ 145.11        $ 134.46        $ 126.09        $ 125.26    Net asset value per Class 2a units     $ 115.29        $ 107.14        $ 100.84        $ 100.34    Net asset value per Class 3 units     $ 145.14        $ 134.49        $ 126.12        $ 125.30    Net asset value per Class 3a units        $ 107.15        $ 100.91        $ 100.47    Equinox Frontier Balanced Fund:             Net gain (loss) on investments    ($ 3,972,194 )     ($ 8,942,702 )     ($ 10,036,310 )       16,461,078    Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 3,212,419 )     ($ 13,129,934 )     ($ 9,721,779 )       9,911,634    Increase (decrease) in net asset value per Class 1 units    ($ 2.12 )     ($ 9.31 )     ($ 7.17 )      $ 8.57    Increase (decrease) in net asset value per Class 2 units    ($ 1.65 )     ($ 11.01 )     ($ 8.34 )      $ 12.29    Increase (decrease) in net asset value per Class 2a units    ($ 0.90 )     ($ 8.77 )     ($ 6.58 )      $ 10.69    Increase (decrease) in net asset value per Class 3a units    ($ 0.91 )     ($ 8.74 )     ($ 6.56 )     ($ 5.76 )  Net asset value per Class 1 units     $ 114.20        $ 104.89        $ 97.72        $ 106.29    Net asset value per Class 2 units     $ 147.55        $ 136.54        $ 128.20        $ 140.49    Net asset value per Class 2a units     $ 123.46        $ 114.69        $ 108.11        $ 118.80    Net asset value per Class 3a units     $ 123.05        $ 114.31        $ 107.75        $ 118.41    Equinox Frontier Select Fund:             Net gain (loss) on investments     $ 1,322,891       ($ 31,845 )     ($ 1,021,631 )      $ 1,188,093    Net increase / (decrease) in capital resulting from operations attributable to controlling interests     $ 1,001,644       ($ 215,120 )     ($ 1,275,734 )       906,381    Increase (decrease) in net asset value per Class 1 units     $ 3.20       ($ 0.85 )     ($ 4.99 )      $ 3.84    Increase (decrease) in net asset value per Class 2 units     $ 4.80       ($ 0.31 )     ($ 5.65 )      $ 5.75    Net asset value per Class 1 units     $ 81.86        $ 81.01        $ 76.02        $ 79.86    Net asset value per Class 2 units    $ 104.35        $ 104.04        $ 98.39        $ 104.14    Equinox Frontier Winton Fund:             Net gain (loss) on investments     $ 2,311,200       ($ 529,952 )     ($ 380,598 )      $ 3,389,476    Net increase / (decrease) in capital resulting from operations attributable to controlling interests     $ 1,871,424       ($ 1,007,300 )     ($ 862,383 )      $ 2,731,729    Increase (decrease) in net asset value per Class 1 units     $ 5.80       ($ 3.72 )     ($ 3.19 )      $ 9.97    Increase (decrease) in net asset value per Class 2 units     $ 8.22       ($ 3.33 )     ($ 2.68 )      $ 13.66    Net asset value per Class 1 units     $ 136.53        $ 132.81        $ 129.62        $ 139.59    Net asset value per Class 2 units     $ 166.52        $ 163.19        $ 160.51        $ 174.17    Equinox Frontier Heritage Fund:             Net gain (loss) on investments     $ 1,759,853       ($ 414,134 )     ($ 249,447 )      $ 1,419,877    Net increase / (decrease) in capital resulting from operations attributable to controlling interests     $ 1,501,008       ($ 605,972 )     ($ 427,171 )      $ 955,136    Increase (decrease) in net asset value per Class 1 units     $ 7.08       ($ 3.55 )     ($ 2.53 )      $ 6.50    Increase (decrease) in net asset value per Class 2 units     $ 9.98       ($ 3.61 )     ($ 2.32 )      $ 9.49    Net asset value per Class 1 units    $ 101.63        $ 98.08        $ 95.55        $ 102.05    Net asset value per Class 2 units     $ 130.65        $ 127.04        $ 124.72        $ 134.21    The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2012.      1st Quarter 2012 (unaudited)      2nd Quarter 2012 (unaudited)      3rd Quarter 2012 (unaudited)      4th Quarter 2012 (unaudited)   Equinox Frontier Diversified Fund:             Net gain (loss) on investments    ($ 4,245,182 )      $ 6,100,289        $ 3,088,069        $ (2,864,828 )  Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 5,335,328 )      $ 3,422,181        $ 610,072        $ (4,016,191 )  Increase (decrease) in net asset value per Class 1 units    ($ 4.17 )      $ 2.37        $ 0.22       ($ 3.42 )  Increase (decrease) in net asset value per Class 2 units    ($ 3.92 )      $ 2.95        $ 0.67       ($ 3.18 )  Net asset value per Class 1 units     $ 95.23        $ 97.60        $ 97.82        $ 94.40    Net asset value per Class 2 units     $ 100.04        $ 102.99        $ 103.66        $ 100.48    Equinox Frontier Masters Fund:             Net gain (loss) on investments     $ 1,005,015        $ 1,870,660        $ 2,798,459        $ (2,128,412 )  Net increase / (decrease) in capital resulting from operations attributable to controlling interests     $ 444,846        $ 629,198        $ 1,582,386        $ (2,037,552 )  Increase (decrease) in net asset value per Class 1 unit     $ 0.70        $ 1.09        $ 2.88       ($ 3.81 )  Increase (decrease) in net asset value per Class 2 unit     $ 1.19        $ 1.63        $ 3.52       ($ 3.56 )  Net asset value per Class 1 unit     $ 100.95        $ 102.04        $ 104.92        $ 101.11    Net asset value per Class 2 unit     $ 106.02        $ 107.65        $ 111.17        $ 107.61    Equinox Frontier Long/Short Commodity Fund:             Net gain (loss) on investments    ($ 5,732,135 )     ($ 938,042 )      $ 985,593        $ (5,399,870 )  Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 532,943 )     ($ 2,927,896 )      $ 4,804,594        $ (7,885,869 )  Increase (decrease) in net asset value per Class 1 units    ($ 1.92 )     ($ 6.14 )      $ 7.34        $ 0.00    Increase (decrease) in net asset value per Class 1a units    ($ 1.16 )     ($ 5.29 )      $ 8.16       ($ 14.84 )  Increase (decrease) in net asset value per Class 2 units    ($ 1.09 )     ($ 6.68 )      $ 11.08       ($ 19.63 )  Increase (decrease) in net asset value per Class 2a units    ($ 0.66 )     ($ 5.03 )      $ 9.10       ($ 15.19 )  Increase (decrease) in net asset value per Class 3 units    ($ 1.09 )     ($ 6.69 )      $ 11.15       ($ 19.64 )  Net asset value per Class 1 units     $ 134.21        $ 128.07        $ 135.41        $ 135.41    Net asset value per Class 1a units     $ 120.55        $ 115.26        $ 123.42        $ 108.58    Net asset value per Class 2 units     $ 160.88        $ 154.20        $ 165.28        $ 145.65    Net asset value per Class 2a units     $ 126.57        $ 121.54        $ 130.64        $ 115.45    Net asset value per Class 3 units     $ 160.87        $ 154.18        $ 165.33        $ 145.69    Equinox Frontier Balanced Fund:             Net gain (loss) on investments    ($ 10,737,709 )      $ 20,087,572        $ 12,592,196         (14,559,702 )  Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 10,229,269 )      $ 7,375,812        $ 893,203         (11,194,609 )  Increase (decrease) in net asset value per Class 1 units    ($ 5.38 )      $ 3.53        $ 0.14       ($ 6.47 )  Increase (decrease) in net asset value per Class 1a units    ($ 4.58 )      $ 4.26        $ 4.45       ($ 8.26 )  Increase (decrease) in net asset value per Class 2 units    ($ 5.58 )      $ 5.57        $ 1.29       ($ 7.10 )  Increase (decrease) in net asset value per Class 2a units    ($ 4.51 )      $ 5.15        $ 1.16       ($ 5.79 )  Increase (decrease) in net asset value per Class 3a units    ($ 4.51 )      $ 4.69        $ 1.18       ($ 5.76 )  Net asset value per Class 1 units     $ 119.12        $ 122.65        $ 122.79        $ 116.32    Net asset value per Class 1a units     $ 103.87        $ 108.13        $ 112.58        $ 104.32    Net asset value per Class 2 units     $ 149.44        $ 155.01        $ 156.30        $ 149.20    Net asset value per Class 2a units     $ 123.84        $ 128.99        $ 130.15        $ 124.36    Net asset value per Class 3a units     $ 123.85        $ 128.54        $ 129.72        $ 123.96    Equinox Frontier Select Fund:             Net gain (loss) on investments     $ 29,652       ($ 648,067 )      $ 310,424         (1,830,470 )  Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 550,093 )     ($ 1,279,509 )     ($ 222,471 )       (2,272,499 )  Increase (decrease) in net asset value per Class 1 units    ($ 1.39 )     ($ 3.34 )     ($ 0.99 )     ($ 6.64 )  Increase (decrease) in net asset value per Class 2 units    ($ 0.92 )     ($ 3.88 )      $ 0.08       ($ 7.57 )  Net asset value per Class 1 units     $ 89.63        $ 86.29        $ 85.30        $ 78.66    Net asset value per Class 2 units     $ 110.92        $ 107.04        $ 107.12        $ 99.55    Equinox Frontier Winton Fund:             Net gain (loss) on investments    ($ 497,618 )     ($ 1,599,658 )      $ 583,943         156,750    Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 1,012,942 )     ($ 2,080,295 )      $ 109,410         (277,389 )  Increase (decrease) in net asset value per Class 1 units    ($ 3.13 )     ($ 6.28 )      $ 0.01       ($ 1.00 )  Increase (decrease) in net asset value per Class 2 units    ($ 2.47 )     ($ 6.23 )      $ 1.16        $ 0.02    Net asset value per Class 1 units     $ 138.00        $ 131.72        $ 131.73        $ 130.73    Net asset value per Class 2 units     $ 163.35        $ 157.12        $ 158.28        $ 158.30    Equinox Frontier Heritage Fund:             Net gain (loss) on investments     $ 484,523       ($ 1,646,353 )      $ 1,177,718         (697,832 )  Net increase / (decrease) in capital resulting from operations attributable to controlling interests    ($ 25,951 )     ($ 2,112,407 )      $ 784,100         (1,016,186 )  Increase (decrease) in net asset value per Class 1 units    ($ 0.36 )     ($ 8.32 )      $ 2.75       ($ 4.25 )  Increase (decrease) in net asset value per Class 2 units     $ 0.53       ($ 9.45 )      $ 4.35       ($ 4.46 )  Net asset value per Class 1 units     $ 104.37        $ 96.05        $ 98.80        $ 94.55    Net asset value per Class 2 units     $ 130.23        $ 120.78        $ 125.13        $ 120.67    Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Overview The Trust is a Delaware statutory trust formed on August 8, 2003. The Trust is a multi-advisor commodity pool, as described in CFTC Regulation § 4.10(d)(2). The Trust is authorized to issue multiple Series of Units, pursuant to the requirements of the Trust Act. The assets of each Series are held and accounted for in separate and distinct records separately from the assets of other Series. The Trust is managed by the Managing Owner, and its term will expire on December 31, 2053 (unless terminated earlier in certain circumstances). The Trust, with respect to each Series of Units, engages in the speculative trading of a diversified portfolio of futures, forwardsforward (including interbank foreign currencies), and options contracts and other derivative instruments (including Swaps)swaps). The Trust allocates funds to affiliated Trading Companies and Galaxy Plus entities, each of which has one-year renewable contracts with its own independent Trading Advisor(s) that will manage all or a portion of the applicable Trading Company’s or Galaxy Plus entity’s assets, and make the trading decisions for the assets of each Series vested in such Trading Company. In November 2010, the Equinox Frontier Select Fund invested a portion of its assets in an unaffiliated Trading Company Berkeley Quantitative Colorado Fund LLC which was liquidated on March 16, 2012.or Gemini Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of each other Trading Company.Company and Galaxy Plus entity. The Trust has an investment objective of increasing the value of the Units over the long term (capital appreciation), while controlling risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments (currencies). For additional overview of the Trust’s structure and business activities, see Item 1.1 “BUSINESS.” Critical Accounting Policies and Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Managing Owner to adopt accounting policies and make estimates and assumptions that affect amounts reported in the Trust’s financial statements. The Trust’s most significant accounting policy, described below, includes the valuation of its futures and forward contracts, options contracts, swap contracts, U.S. treasury securities and investments in unconsolidated Trading Companies.Companies and Galaxy Plus entities. The majority of these investments are exchange traded contracts valued upon exchange settlement prices or non-exchange traded contracts and obligations with valuation based on third-party quoted dealer values on the Interbank market. The Trust’s other significant accounting policies are described in detail in Note 2 of the financial statements. Investment Transactions and Valuation The Managing Owner has evaluated the nature and type of transactions processed and estimates that it makes in preparing the Trust’s financial statements and related disclosures and has adoptedAccounting Standard Codification (“ASC”) 820,Fair Value Measurements and Disclosure, and implemented the framework for measuring fair value for assets and liabilities. The Trust utilizes valuation techniques that are consistent with the market approach per the requirement of ASC 820 for the valuation of futures (exchange traded) contracts, forward (non-exchange traded) contracts, option contracts, swap contracts and other non-cash assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Trust applies the valuation techniques in a consistent manner for each asset or liability. The Trust records all investments at fair value in its Statements of Financial Condition, with changes in fair value reported as a component of net gain/(loss) on investments in the Statements of Operations. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the assets or liabilities. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the financial asset or liability based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the financial asset or liability based on the best information available in the circumstances. In addition, the Trust monitors counterparty credit risk and incorporates any identified risk factors when assigning input levels to underlying financial assets or liabilities. In that regard ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical financial assets and the lowest priority to unobservable inputs. A full disclosure of the fair value hierarchy is presented in Note 3 of the financial statements—Fair Value Measurements. 36 Table of Contents Liquidity and Capital Resources The Trust will raise additional capital only through the sale of Units offered pursuant to the continuing offering, and does not intend to raise any capital through borrowing. Due to the nature of the Trust’s business, it makes no capital expenditures and has no capital assets that are not operating capital or assets. The Managing Owner is responsible for the payment of all of the ordinary expenses associated with the organization of the Trust and the offering of each Series of Units, except for the initial and ongoing service fee, if any, and no Series will be required to reimburse these expenses. As a result, 100% of each Series’ offering proceeds are initially available for that Series’ trading activities. A portion of each Trading Company’s assets is used as margin to maintain that Trading Company’s forward currency contract positions, and another portion is deposited in cash in segregated accounts in the name of each Trading Company maintained for each Trading Company at the clearing brokers in accordance with CFTC segregation requirements. At December 31, 2014,2016, cash deposited at the clearing brokers was $65,911,348$31,611,050 for the Trust. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. Currently, with the Federal Funds target rate at 0.00% to 0.25%, this amount is estimated to be 0.00%. In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds and time deposits. Aggregate interest income from all sources, including assets held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier BalancedDiversified Fund, (Class 1a and Class 2a only), and the Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to eachthe Series iswas paid to the Managing Owner.Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. The amountsamount reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero. Approximately 10% to 30% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations there under. Approximately 2% to 6% of the Trust’s assets are expected to be deposited with over-the-counter counterparties in order to initiate and maintain forward and swap contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining approximately 64% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of December 31, 2014,2016, total cash and cash equivalents held at banking institutions were $4,210,638$674,227 for the Equinox Frontier Diversified Fund, $1,110,779$0 for the Equinox Frontier Long/Short Commodity Fund, $2,199,066$546,509 for the Equinox Frontier Masters Fund, $5,644,510$1,083,579 for the Equinox Frontier Balanced Fund, $878,280$432,021 for the Equinox Frontier Select Fund, $4,012,974$1,628,208 for the Equinox Frontier Winton Fund, and $921,598$382,499 for the Equinox Frontier Heritage Fund. As a commodity pool, the Registrant has large cash positions. Such cash positions are used to pay margin for the trading of futures, forwards and options, and also to pay redemptions. Generally, the Registrant has not been forced to liquidate positions to fund redemptions. During the fiscal year ended December 31, 2014,2016, the Registrant was able to pay all redemptions. Off-Balance Sheet Risk The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. Each Trading Company trades in futures, forward and swap contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions held by a Trading Company in respect of any Series at the same time, and if the Trading Advisor(s) of such Trading Company are unable to offset such futures interests positions, such Trading Company could lose all of its assets and the holders of Units of such Series would realize a 100% loss. The Managing Owner seeks to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time. 37 Table of Contents In addition to market risk, trading futures, forward and swap contracts entails credit risk which is the risk that a counterparty will not be able to meet its obligations to a Trading Company. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions. Some non-U.S. exchanges, in contrast to U.S. exchanges are principals’ markets in which performance is the responsibility only of the individual counterparty with whom the Trading Company has entered into the transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty. In the case of forward contracts and swaps traded on the interbank market and swaps, neither is traded on an exchange. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus, there may be a greater counterparty credit risk. The Managing Owner expects the Trading Advisors to trade only with those counterparties which it believes to be creditworthy. All positions of each Trading Company are valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to any Trading Company. The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, currency trading companies, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence or bad faith. The Trust has had no prior claims or payments pursuant to these agreements. The Trust’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience the Trust expects the risk of loss to be remote. Disclosure of Contractual Obligations The business of the Trust is the speculative trading of commodity interests. The majority of the Trust’s futures and forward positions, which may be categorized as “purchase obligations” under Item 303 of Regulation S-K, are short-term. That is, they are held for less than one year. Because the Trust does not enter into other long-term debt obligations, capital lease obligations, operating lease obligations or other long-term liabilities that would otherwise be reflected on the Trust’s Statement of Financial Condition, a table of contractual obligations has not been presented. Results of Operations for the Twelve Months Ended December 31, 2016 Series Returns and Other Information The returns for each Series and Class of Units for the twelve months ended December 31, 2016, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis. Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2016. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed. Equinox Frontier Diversified Fund 2016 The Equinox Frontier Diversified Fund – Class 1 NAV gained 0.79% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Diversified Fund – Class 2 NAV gained 2.58% for the twelve months ended December 31, 2016 net of fees and expenses; the Equinox Frontier Diversified Fund – Class 3 NAV gained 2.84% for the twelve months ended December 31, 2016 net of fees and expenses. For the twelve months ended December 31, 2016 the Equinox Frontier Diversified Fund recorded a net gain on investments of $4,169,841, net investment income of $323,854, and total expenses of $3,330,405, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $1,163,290. The NAV per Unit, Class 1, increased from $115.52 at December 31, 2015, to $116.43 as of December 31, 2016. The NAV per Unit, Class 2, increased from $129.60 at December 31, 2015, to $132.94 as of December 31, 2016. The NAV per Unit, Class 3, increased from $119.87 at December 31, 2015, to $123.27 as of December 31, 2016. Total Class 1 subscriptions and redemptions for the period were $560,094 and $7,446,278, respectively. Total Class 2 subscriptions and redemptions for the period were $8,879,067 and $6,038,305, respectively. Total Class 3 subscriptions and redemptions for the period were $6,329,267 and $2,690,710, respectively. Ending capital at December 31, 2016, is $5,189,420 for Class 1 and $38,231,581 for Class 2 and $13,050,390 for Class 3. 38 Table of Contents The Equinox Frontier Diversified Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Diversified Fund 39 Table of Contents Two of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2016. Stock Indices and Currencies were profitable while Interest Rates, Energies, Agriculturals, and Metals finished negative for the quarter. The Stock Indices and Interest Rates sectors were positive year-to-date (“YTD”) while Metals, Currencies, Agriculturals and Energies were negative YTD. In terms of major CTA performance, four of the ten major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2016. Emil Van Essen, H2O, QIM and Quantmetrics finished positive for the quarter. Aspect, Chesapeake, Crabel, Fort, Quest, and Winton finished negative for the quarter. In terms of YTD performance Crabel, Emil Van Essen, and QIM are positive YTD while Aspect, Chesapeake, Fort, H2O, Quantmetrics, Quest, and Winton are negative YTD. Equinox Frontier Long/Short Commodity Fund 2016 The Equinox Frontier Long/Short Commodity Fund – Class 2 NAV lost 2.09% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 1.01% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 2.09% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 0.49% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3a NAV gained 0.60% for the twelve months ended December 31, 2016, net of fees and expenses. For the twelve months ended December 31, 2016, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $483,619, net investment income of $21,855, and total expenses of $506,768, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $133,170 after operations attributable to non-controlling interests of $131,876. The NAV per Unit, Class 2, decreased from $132.10 at December 31, 2015, to $129.56 as of December 31, 2016. The NAV per Unit, Class 3, decreased from $132.14 at December 31, 2015, to $130.80 as of December 31, 2016. The NAV per Unit, Class 1a, decreased from $94.76 at December 31, 2015, to $92.78 as of December 31, 2016. The NAV per Unit, Class 2a, decreased from $106.19 at December 31, 2015, to $105.67 as of December 31, 2016. The NAV per Unit, Class 3a, decreased from $106.86 at December 31, 2015, to $107.50 as of December 31, 2016. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $167,296, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $0 and $1,457,594, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $0 and $2,078,012, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $0 and $314,992, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $534,064 and $210,324, respectively. Ending capital at December 31, 2016, is $808,137 for Class 2, $4,404,630 for Class 3, 1,913,059 for Class 1a, $962,925 for Class 2a and $1,174,183 for Class 3a. The Equinox Frontier Long/Short Commodity Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors, although the majority of the exposure will typically be in the Energies, Metals, and Commodities sectors. 40 Table of Contents Sector Attribution for the Equinox Frontier Long/Short Commodity Fund 41 Table of Contents Three of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2016. Energies, Softs, and Financials finished positive for the quarter while Base Metals, Meats, Grains, and Precious Metals finished negative for the quarter. Energies, Precious Metals, and Softs are positive YTD while Base Metals, Grains, Meats, and Financials are negative YTD. In terms of major CTA performance, Emil Van Essen and Red Oak finished positive for the quarter while Chesapeake, JE Moody, and Rosetta were negative for the quarter. In terms of YTD performance, Emil Van Essen and Red Oak are positive YTD while Chesapeake, JE Moody, and Rosetta are negative YTD. Equinox Frontier Masters Fund 2016 The Equinox Frontier Masters Fund – Class 1 NAV lost 0.06% for the twelve months ended December 31, 2016, net of fees and expenses, the Equinox Frontier Masters Fund – Class 2 NAV gained 1.72% for the twelve months ended December 31, 2016, net of fees and expenses, the Equinox Frontier Masters Fund – Class 3 NAV gained 1.97% for the twelve months ended December 31, 2016, net of fees and expenses. For the twelve months ended December 31, 2016 the Equinox Frontier Masters Fund recorded a net gain on investments of $1,745,161, net investment income of $133,801, and total expenses of $1,386,826, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $492,136. The NAV per Unit, Class 1, decreased from $112.87 at December 31, 2015, to $112.80 as of December 31, 2016. The NAV per Unit, Class 2, increased from $126.60 at December 31, 2015, to $128.78 as of December 31, 2016. The NAV per Unit, Class 3 increased from $117.57 at December 31, 2015 to $119.89 as of December 31, 2016. Total Class 1 subscriptions and redemptions for the twelve months were $125,188 and $3,203,465, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $157,500 and $2,592,906, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $1,835,158 and $2,472,603, respectively. Ending capital at December 31, 2016, is $5,361,626 for Class 1, $5,657,562 for Class 2 and $6,150,119 for Class 3. 42 Table of Contents The Equinox Frontier Masters Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, Hybrids, and Commodities sectors. Sector Attribution for the Equinox Frontier Masters Fund 43 Table of Contents Two of the seven sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2016. Stock Indices and Hybrids were positive while, Metals, Currencies, Energies, Agriculturals, and Interest Rates were negative for the quarter. Currencies, Energies, Interest Rates, Stock Indices, and Hybrids were positive for the year. In terms of major CTA performance, Chesapeake, Transtrend, and Winton finished negative for the quarter while Emil Van Essen was positive during the quarter. In terms of YTD performance, Emil Van Essen and Transtrend were positive while Chesapeake and Winton were negative YTD. Equinox Frontier Balanced Fund 2016 The Equinox Frontier Balanced Fund – Class 1 NAV gained 5.29% for the twelve months ended December 31, 2016, net of fees and expenses; The Equinox Frontier Balanced Fund – Class 1AP NAV gained 8.52% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV gained 8.51% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV gained 9.15% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV gained 9.15% for the twelve months ended December 31, 2016, net of fees and expenses. For the twelve months ended December 31, 2016, the Equinox Frontier Balanced Fund recorded net gain on investments of $10,486,586, net investment income of $96,270, and total expenses of $4,637,078, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $5,297,666 after operations attributable to non- controlling interests of $648,112. The NAV per Unit, Class 1, increased from $128.03 at December 31, 2015, to $134.80 at December 31, 2016 The NAV per Unit, Class 1AP, increased from $133.59 at December 31, 2015, to $144.97 at December 31, 2016 The NAV per Unit, Class 2, increased from $179.69 at December 31, 2015, to $194.99 at December 31, 2016. For Class 2a, the NAV per Unit increased from $154.88 at December 31, 2015, to $169.05 at December 31, 2016. For Class 3a, the NAV per Unit increased from $154.37 at December 31, 2015, to $168.49 at December 31, 2016. Total Class 1 subscriptions and redemptions for the twelve months were $214,073 and $8,950,159, respectively. Total Class 1AP subscriptions and redemptions for the twelve months were $0 and $95,000, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $19,471 and $2,180,977, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $0 and $78,366, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $0 and $897,320, respectively. Ending capital at December 31, 2016, was $56,955,371 for Class 1, $677,181 for Class 1 AP, $22,401,557 for Class 2, $516,256 for Class 2a and $1,749,006 for Class 3a. The Equinox Frontier Balanced Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 44 Table of Contents Sector Attribution for the Frontier Equinox Frontier Balanced Fund 45 Table of Contents Four of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2016. Currencies, Stock Indices Agricultures and Metals were profitable while Interest Rates and Energies finished negative for the quarter. The Stock Indices, Interest Rates, Agriculturals, and Energies sectors were positive YTD while Metals and Currencies were negative YTD. In terms of major CTA performance, Beach Horizon, Emil Van Essen, H2O, QIM, and Quantmetrics finished positive for the quarter. Aspect, Crabel, Fort, and Winton finished negative for the quarter. Brandywine, Cantab, Crabel, Emil Van Essen, Fort, H2O, and QIM were positive YTD. Aspect, Beach Horizon, Quantmetrics, and Winton were negative YTD. The series deallocated to Brandywine and Cantab during the year. Equinox Frontier Select Fund 2016 The Equinox Frontier Select Fund – Class 1 NAV gained 4.11% for the twelve months ended December 31, 2016, net of fees and expenses; The Equinox Frontier Select Fund – Class 1AP NAV gained 7.30% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Select Fund – Class 2 NAV gained 7.31% for the twelve months ended December 31, 2016, net of fees and expenses. 46 Table of Contents For the twelve months ended December 31, 2016, the Equinox Frontier Select Fund recorded net gain on investments of $2,398,954, net investment income of $1,025, and total expenses of $792,796, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $617,789 after operations attributable to non-controlling interests of $989,394. The NAV per Unit, Class 1, increased from $90.35 at December 31, 2015, to $94.06 as of December 31, 2016. The NAV per Unit, Class 1AP, increased from $94.28 at December 31, 2015, to $101.16 as of December 31, 2016. The NAV per Unit, Class 2, increased from $125.11 at December 31, 2015, to $134.25 as of December 31, 2016. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2016, were $16,022 and $1,700,518, respectively. Total Class 1AP subscriptions and redemptions for the twelve months ended December 31, 2016, were $0 and $21,949, respectively. Total Class 2 subscriptions and redemptions for the twelve months ended December 31, 2016, were $0 and $25,360, respectively. Ending capital, at December 31, 2016, was $10,540,702 for Class 1, $ 29,897 for Class 1AP, and $1,411,440 for Class 2. The Equinox Frontier Select Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, Hybrids, and Commodities sectors. 47 Table of Contents Sector Attribution for the Equinox Frontier Select Fund 48 Table of Contents Three of the seven sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2016. Currencies, Metals, and Stock Indices were positive while, Energies, Agriculturals, Interest Rates, and Hybrids were negative for the quarter. Currencies, Interest Rates, Stock Indices, and Hybrids were positive YTD while Metals, Energies, and Agriculturals were negative YTD. In terms of major CTA performance Brevan Howard finished positive for the quarter. Brevan Howard and Transtrend finished the year positive. Equinox Frontier Winton Fund 2016 The Equinox Frontier Winton Fund – Class 1 NAV lost 5.88% for the twelve months ended December 31, 2016, net of fees and expenses; The Equinox Frontier Winton Fund – Class 1AP NAV lost 3.00% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Winton Fund – Class 2 NAV lost 3.00% for the twelve months ended December 31, 2016, net of fees and expenses. For the twelve months ended December 31, 2016, the Equinox Frontier Winton Fund recorded net gain on investments of $1,071,349, net investment income of $7,717, and total expenses of $2,240,389, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $1,625,498 after operations attributable to non-controlling interests of $464,175. The NAV per Unit, Class 1, decreased from $164.17 at December 31, 2015 to $154.51 as of December 31, 2016. The NAV per Unit, Class 1AP, decreased from $171.31 at December 31, 2015 to $166.17 as of December 31, 2016. The NAV per Unit, Class 2, decreased from $217.51 at December 31, 2015, to $210.98 as of December 31, 2016. Total Class 1 subscriptions for the year were $159,082 and redemptions were $1,620,516. Total Class 1AP subscriptions for the year were $0 and redemptions were $0. Total Class 2 subscriptions for the year were $0 and redemptions were $88,086. Ending capital, at December 31, 2016, was $20,228,679 for Class 1, $35,380 for Class 1AP, and $11,446,113 for Class 2. The Equinox Frontier Winton Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 49 Table of Contents Sector Attribution for the Equinox Frontier Winton Fund Two of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2016. Currencies and Stock Indices were positive while Metals, Energies, Agriculturals, and Interest Rates were negative for the quarter. Currencies and Interest Rates were positive YTD while Metals, Energies, Agriculturals, and Stock Indices were negative YTD. 50 Table of Contents Equinox Frontier Heritage Fund 2016 The Equinox Frontier Heritage Fund – Class 1 NAV lost 3.77% for the twelve months ended December 31, 2016, net of fees and expenses; The Equinox Frontier Heritage Fund – Class 1AP NAV lost 0.83% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 2 NAV lost 0.83% for the twelve months ended December 31, 2016, net of fees and expenses. For the twelve months ended December 31, 2016, the Equinox Frontier Heritage Fund recorded net gain on investments of $524,782, net investment income of $1,430, and total expenses of $610,757, resulting in a net decrease in Owners’ capital from operations of $301,637, after non-controlling interest of $217,092. The NAV per Unit, Class 1, decreased from $124.27 at December 31, 2015, to $119.58 as of December 31, 2016. The NAV per Unit, Class 1AP, decreased from $129.67 at December 31, 2015, to $128.60 as of December 31, 2016. The NAV per Unit, Class 2, decreased from $173.54 at December 31, 2015, to $172.10 as of December 31, 2016. Total Class 1 subscriptions and redemptions for the twelve months were $35,716 and $871,326, respectively. Total Class 1AP subscriptions and redemptions for the twelve months were $0 and $56,051, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $90,031, respectively. Ending capital, at December 31, 2016, was $7,507,072 for Class 1, $5,826 for Class 1AP and $2,744,375 for Class 2. The Equinox Frontier Heritage Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 51 Table of Contents Sector Attribution for the Equinox Frontier Heritage Fund 52 Table of Contents Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2016. Currencies and Stock Indices were positive while Metals, Energies, Agriculturals, and Interest Rates were negative for the quarter. Interest Rates and Stock Indices were positive YTD while Metals, Currencies, Energies, and Agriculturals were negative YTD. In terms of major CTA performance, Brevan Howard and Winton finished down for the quarter, while Brevan Howard finished positive YTD. Results of Operations for the Twelve Months Ended December 31, 2015 The returns for each Series and Class of Units for the twelve months ended December 31, 2015, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis. Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2015. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed. Equinox Frontier Diversified Fund 2015 The Equinox Frontier Diversified Fund– Class 1 NAV gained 2.15% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Diversified Fund– Class 2 NAV gained 3.95% for the twelve months ended December 31, 2015 net of fees and expenses; the Equinox Frontier Diversified Fund-Class 3 NAV gained 4.21% for the twelve months ended December 31, 2015 net of fees and expenses. For the twelve months ended December 31, 2015 the Equinox Frontier Diversified Fund recorded a net gain on investments of $7,062,279, net investment income of $603,350, and total expenses of $4,859,068, resulting in a net increase in Owners’ capital from operations of $2,585,692. The NAV per Unit, Class 1, increased from $113.09 at December 31, 2014, to $115.52 as of December 31, 2015. The NAV per Unit, Class 2, increased from $124.67 at December 31, 2014, to $129.60 as of December 31, 2015. The NAV per Unit, Class 3, increased from $115.03 at December 31, 2014 to $119.87 at December 31, 2015. Total Class 1 subscriptions and redemptions for the period were $1,849,550 and $10,085,317, respectively. Total Class 2 subscriptions and redemptions for the period were $4,193,326 and $6,595,532, respectively. Total Class 3 subscriptions and redemptions for the period were $6,490,334 and $2,875,045, respectively. Ending capital at December 31, 2015, was $11,814,234 for Class 1, $34,633,100 for Class 2 and $9,267,632 for Class 3. The Equinox Frontier Diversified Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 53 Table of Contents Sector Attribution for the Equinox Frontier Diversified Fund Two of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2015. Metals and Energies were profitable while Currencies, Energies, Interest Rates and Stock Indices finished negative for the quarter. The Currencies sector was positive year-to-date (“YTD”) while Metals, Agriculturals, Interest Rates, Stock Indices and Energies were negative YTD. In terms of major CTA performance, seven of the eleven major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2015. Chesapeake, Crabel, Doherty, Emil Van Essen, H20, QIM and Winton finished positive for the quarter. Brevan Howard, Fort, Quantmetrics and Quest finished negative for the quarter. In terms of YTD performance Chesapeake, Doherty, Emil Van Essen, H20, QIM and Winton are positive YTD while Brevan Howard, Fort, Quatmetrics, Quest and Crabel are negative YTD. 54 Table of Contents Equinox Frontier Long/Short Commodity Fund 2015 The Equinox Frontier Long/Short Commodity Fund – Class 2 NAV lost 4.48% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 4.48% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 6.29% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 4.63% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3a NAV lost 4.39% for the twelve months ended December 31, 2015, net of fees and expenses. For the twelve months ended December 31, 2015, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $391,811, net investment income of $141,120, and total expenses of $1,207,403, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $1,458,094. The NAV per Unit, Class 2, decreased from $138.30 at December 31, 2014, to $132.10 as of December 31, 2015. The NAV per Unit, Class 3, decreased from $138.34 at December 31, 2014, to $132.14 as of December 31, 2015. The NAV per Unit, Class 1a, decreased from $101.12 at December 31, 2014, to $94.76 as of December 31, 2015. The NAV per Unit, Class 2a, decreased from $111.35 at December 31, 2014, to $106.19 as of December 31, 2015. The NAV per Unit, Class 3a, decreased from $111.77 at December 31, 2014, to $106.86 as of December 31, 2015. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $226,318, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $0 and $1,101,195, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $67,800 and $1,587,283, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $29,300 and $402,748, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $415,099 and $167,791, respectively. Ending capital at December 31, 2015, was $993,600 for Class 2, $5,906,669 for Class 3, $4,053,754 for Class 1a, $1,287,665 for Class 2a and $851,163 for Class 3a. The Equinox Frontier Long/Short Commodity Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors, although the majority of the exposure will typically be in the Energies, Metals, and Commodities sectors. 55 Table of Contents Sector Attribution for the Equinox Frontier Long/Short Commodity Fund 56 Table of Contents Two of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2015. Base Metals and Energies finished positive for the quarter while Meats, Grains, Precious Metals, Precious Metals, Financials and Softs finished negative for the quarter. Energies and Softs are positive YTD while Base Metals, Grains, Meats, Precious Metals and Financials are negative YTD. In terms of major CTA performance, Chesapeake, Emil Van Essen and JE Moody finished positive for the quarter while Red Oak Essen and Rosetta were negative for the quarter. In terms of YTD performance, Chesapeake, Emil Van Essen and JE Moody are positive YTD while Abraham, Red Oak and Rosetta are negative YTD. Equinox Frontier Masters Fund 2015 The Equinox Frontier Masters Fund – Class 1 NAV lost 3.21% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV lost 1.50% for the twelve months ended December 31, 2015, net of fees and expenses, the Equinox Frontier Masters Fund – Class 3 NAV lost 1.25% for the twelve months ended December 31, 2015, net of fees and expenses. For the twelve months ended December 31, 2015 the Equinox Frontier Masters Fund recorded a net gain on investments of $1,398,913, net investment income of $260,900, and total expenses of $2,122,056, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $462,243. The NAV per Unit, Class 1, decreased from $116.61 at December 31, 2014, to $112.87 as of December 31, 2015. The NAV per Unit, Class 2, decreased from $128.53 at December 31, 2014, to $126.60 as of December 31, 2015. The NAV per Unit, Class 3 decreased from $119.06 at December 31, 2014 to $117.57 as of December 31, 2015. Total Class 1 subscriptions and redemptions for the period were $2,092,649 and $5,299,823, respectively. Total Class 2 subscriptions and redemptions for the period were $174,300 and $1,041,711, respectively. Total Class 3 subscriptions and redemptions for the period were $3,820,000 and $2,162,727, respectively. Ending capital at December 31, 2015, was $8,323,800 for Class 1, $7,893,358 for Class 2 and $6,611,141 for Class 3. The Equinox Frontier Masters Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 57 Table of Contents Sector Attribution for the Equinox Frontier Masters Fund Two of the seven sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2015. Metals and Energies were positive while Currencies, Agriculturals, Interest Rates, Stock Indices and Hybrids were negative for the quarter. Metals, Energies and Hybrids were positive for the year, while Currencies, Agriculturals, Interest Rates and Stock Indices were negative for the year. In terms of major CTA performance, Chesapeake, Emil Van Essen, Transtrend and Winton were positive during the quarter. Chesapeake and Emil Van Essen were positive YTD while Transtrend and Winton were negative YTD. 58 Table of Contents Equinox Frontier Balanced Fund 2015 The Equinox Frontier Balanced Fund – Class 1 NAV lost 2.67% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 1AP NAV gained 0.29% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV gained 0.30% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV gained 1.22% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV gained 1.21% for the twelve months ended December 31, 2015, net of fees and expenses. For the twelve months ended December 31, 2015, the Equinox Frontier Balanced Fund recorded net gain on investments of $4,329,355, net investment income of $29,151, and total expenses of $5,591,382, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $1,492,595 after operations attributable to non- controlling interests of $259,719. The NAV per Unit, Class 1, decreased from $131.54 at December 31, 2014, to $128.03 at December 31, 2015. The NAV per Unit, Class 1AP, increased from $133.20 at December 31, 2014, to $133.59 at December 31, 2015. The NAV per Unit, Class 2, increased from $179.16 at December 31, 2014, to $179.69 at December 31, 2015. For Class 2a, the NAV per Unit increased from $153.02 at December 31, 2014, to $154.88 at December 31, 2015. For Class 3a, the NAV per Unit increased from $152.52 at December 31, 2014, to $154.37 at December 31, 2015. Total Class 1 subscriptions and redemptions for the twelve months were $215,189 and $8,249,954, respectively. Total Class 1AP subscriptions and redemptions for the twelve months were $1,457 and $39,001, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $19,235 and $982,356, respectively. Total Class 2a redemptions for the twelve month period were $60,850. There were no Class 2a subscriptions. Total Class 3a redemptions for the period were $127,078. There were no Class 3 subscriptions. Ending capital at December 31, 2015, was $62,563,337 for Class 1, $714,747 for Class 1AP, $22,708,408 for Class 2, $548,070 for Class 2a and $2,435,421 for Class 3a. The Equinox Frontier Balanced Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 59 Table of Contents Sector Attribution for the Frontier Equinox Frontier Balanced Fund 60 Table of Contents Two of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2015. Currencies and Energies were profitable while Metals, Agriculturals, Interest Rates and Stock Indices finished negative for the quarter. The Currencies, Interest Rates and Energies sectors were positive YTD while Metals, Agriculturals and Stock Indices were negative YTD. In terms of major CTA performance, Cantab, Crabel, Doherty, Emil Van Essen, Fort (GD), H20, QIM, and Winton finished positive for the quarter. Beach Horizon, Doherty, Emil Van Essen, Fort (GD), H20 AM, QIM and Winton were positive YTD. Beach Horizon, Brandywine, Fort (GC), Quantmetrics, and Quest finished negative for the quarter. Brandywine, Cantab, Crabel, Campbell, Fort (GC), Quantica, Quantmetrics, Quest and Systematic Alpha were negative YTD. 61 Table of Contents Equinox Frontier Select Fund 2015 The Equinox Frontier Select Fund – Class 1 NAV lost 5.50% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Select Fund – Class 1AP NAV lost 2.62% for the twelve months ended December 31, 2015, net of fees and expenses. The Equinox Frontier Select Fund – Class 2 NAV lost 2.62% for the twelve months ended December 31, 2015, net of fees and expenses. For the twelve months ended December 31, 2015, the Equinox Frontier Select Fund recorded net gain on investments of $272,917, net investment income of $0, and total expenses of $968,941, resulting in a net decrease in Owners’ capital from operations of $730,624. The NAV per Unit, Class 1, decreased from $95.61 at December 31, 2014, to $90.35 as of December 31, 2015. The NAV per Unit, Class 1AP, decreased from $96.82 at December 31, 2014, to $94.28 as of December 31, 2015. The NAV per Unit, Class 2, decreased from $128.48 at December 31, 2014, to $125.11 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2015, were $18,418 and $1,275,096, respectively. Total Class 1AP subscriptions and redemptions for the twelve months ended December 31, 2015, were $930 and $0, respectively. Total Class 2 redemptions for the twelve months ended December 31, 2015, were $187,051. There were no Class 2 subscriptions. Ending capital at December 31, 2015, was $11,710,517 for Class 1, $47,365 for Class 1AP and $1,338,173 for Class 2. The Equinox Frontier Select Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 62 Table of Contents Sector Attribution for the Equinox Frontier Select Fund Two of the seven sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2015. Metals and Energies were positive while Agriculturals, Currencies, Interest Rates, Hybrids and Stock Indices were negative for the quarter. Currencies, Energies and Metals were positive YTD while Agriculturals, Interest Rates, Hybrids and Stock Indices were negative YTD. In terms of major CTA performance Brevan Howard and Transtrend finished negative for the quarter, while Brevan Howard finished positive YTD and Transtrend finished negative YTD. 63 Table of Contents Equinox Frontier Winton Fund 2015 The Equinox Frontier Winton Fund – Class 1 NAV lost 6.70% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Winton Fund – Class 1AP NAV lost 3.86% for the twelve months ended December 31, 2015, net of fees and expenses the Equinox Frontier Winton Fund – Class 2 NAV lost 3.85% for the twelve months ended December 31, 2015, net of fees and expenses. For the twelve months ended December 31, 2015, the Equinox Frontier Winton Fund recorded net gain on investments of $1,380,625, net investment income of $28, and total expenses of $2,967,166, resulting in a net decrease in Owners’ capital from operations of $2,160,638. The NAV per Unit, Class 1, decreased from $175.95 at December 31, 2014 to $164.17 as of December 31, 2015. The NAV per Unit, Class 1AP, decreased from $178.18 at December 31, 2014 to $171.31 as of December 31, 2015. The NAV per Unit, Class 2, decreased from $226.23 at December 31, 2014, to $217.51 as of December 31, 2015. Total Class 1 subscriptions for the year were $175,616 and redemptions were $2,337,287. There were no Class 1AP subscriptions or redemptions for 2015. Total Class 2 redemptions for the year were $787,381. There were no Class 2 subscriptions. Ending capital at December 31, 2015, was $23,022,800 for Class 1, $36,576 for Class 1AP and $11,882,167 for Class 2. The Equinox Frontier Winton Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Winton Fund Two of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2015. Currencies and Energies were positive while Metals, Agriculturals, Interest Rates and Stock Indices were negative for the quarter. Metals, Energies and Interest Rates were positive YTD while Currencies, Agriculturals and Stock Indices were negative YTD. 64 Table of Contents Equinox Frontier Heritage Fund 2015 The Equinox Frontier Heritage Fund – Class 1 NAV lost 4.61% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 1AP NAV lost 1.71% for the twelve months ended December 31, 2015, net of fees and expenses. the Equinox Frontier Heritage Fund – Class 2 NAV lost 1.71% for the twelve months ended December 31, 2015, net of fees and expenses. For the twelve months ended December 31, 2015, the Equinox Frontier Heritage Fund recorded net gain on investments of $555,165, net investment income of $1, and total expenses of $797,550, resulting in a net decrease in Owners’ capital from operations of $450,548, after non-controlling interest of $208,163. The NAV per Unit, Class 1, decreased from $130.28 at December 31, 2014, to $124.27 as of December 31, 2015. The NAV per Unit, Class 1AP, decreased from $131.93 at December 31, 2014, to $129.67 as of December 31, 2015. The NAV per Unit, Class 2, decreased from $176.56 at December 31, 2014, to $173.54 as of December 31, 2015. Total Class 1 subscriptions and redemptions for the twelve months were $41,712 and $766,234, respectively. Total Class 1AP subscriptions for the twelve months were $1,288. There were no redemptions for Class 1AP. Total Class 2 redemptions for the twelve months were $312,995. There were no subscriptions for Class 2. Ending capital at December 31, 2015, was $8,628,726 for Class 1, $58,523 for Class 1AP and $2,853,353 for Class 2. The Equinox Frontier Heritage Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 65 Table of Contents Sector Attribution for the Equinox Frontier Heritage Fund Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2015. Metals and Energies were positive while Currencies, Agriculturals, Interest Rates and Stock Indices were negative for the quarter. Currencies, Metals and Energies were positive YTD while Agriculturals, Interest Rates and Stock Indices were negative YTD. In terms of major CTA performance, Brevan Howard finished down for both the quarter and the year, while Winton finished down YTD as well. 66 Table of Contents Results of Operations for the Twelve Months Ended December 31, 2014 Series Returns and Other Information The returns for each Series and Class of Units for the twelve months ended December 31, 2014, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis. Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2014. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed. Equinox Frontier Diversified Fund 2014 The Equinox Frontier Diversified Fund– Class 1 NAV gained 29.84% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Diversified Fund– Class 2 NAV gained 32.14% for the twelve months ended December 31, 2014 net of fees and expenses; the Equinox Frontier Diversified Fund-Class 3 NAV gained 36.60% for the twelve months ended December 31, 2014 net of fees and expenses. For the twelve months ended December 31, 2014 the Equinox Frontier Diversified Fund recorded a net gain on investments of $27,814,644,$21,323,765, net investment income of $579,067, and total expenses of $7,289,756, resulting in a net increase in Owners’ capital from operations attributable to controlling interest of $14,287,705.$14,613,076. The NAV per Unit, Class 1, increased from $87.10 at December 31, 2013, to $113.09 as of December 31, 2014. The NAV per Unit, Class 2, increased from $94.35 at December 31, 2013, to $124.67 as of December 31, 2014. The NAV per Unit, Class 3, increased from $84.21 at February 25, 2014December 31, 2013 to $115.03 at December 31, 2014. Total Class 1 subscriptions and redemptions for the period were $954,684 and $14,939,576, respectively. Total Class 2 subscriptions and redemptions for the period were $695,759 and $8,646,009, respectively. Total Class 3 subscriptions and redemptions for the period were $5,633,483 and $1,437,475, respectively. Ending capital at December 31, 2014, was $19,195,036 for Class 1, $35,224,292 for Class 2 and $5,588,281 for Class 3. The Equinox Frontier Diversified Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 67 Table of Contents Sector Attribution for the Equinox Frontier Diversified Fund   Four of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2014. Currencies, Energies, Interest Rates and Stock Indices were profitable while Metals and Agriculturals finished negative for the quarter. The Currencies, Agriculturals, Interest Rates and Stock Indices sectors were positive year-to-date (“YTD”) while Metals and Energies were negative YTD. In terms of major CTA performance, eight of the ten major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2014. Brevan Howard, Chesapeake, Crabel, Emil Van Essen, Fort, Quantmetrics, Quest Partners and Winton finished positive for the quarter. H20 and QIM finished negative for the quarter. In terms of YTD performance Breven Howard, Chesapeake, Crabel, Doherty, Fort, H20, Quantmetrics, Quest and Winton are positive YTD while Emil Van Essen and QIM are negative YTD. 68 Table of Contents Equinox Frontier Long/Short Commodity Fund 2014 The Equinox Frontier Long/Short Commodity Fund – Class 2 NAV gained 10.41% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV gained 10.41% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV gained 9.05% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV gained 10.97% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3a NAV gained 11.25% for the twelve months ended December 31, 2014, net of fees and expenses. For the twelve months ended December 31, 2014, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $1,582,778, net investment income of $216,027, and total expenses of $1,487,941, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $1,077,686. The NAV per Unit, Class 2, increased from $125.26 at December 31, 2013, to $138.30 as of December 31, 2014. The NAV per Unit, Class 3, increased from $125.30 at December 31, 2013, to $138.34 as of December 31, 2014. The NAV per Unit, Class 1a, increased from $92.73 at December 31, 2013, to $101.12 as of December 31, 2014. The NAV per Unit, Class 2a, increased from $100.34 at December 31, 2013, to $111.35 as of December 31, 2014. The NAV per Unit, Class 3a, increased from $100.47 at December 31, 2013, to $111.77 as of December 31, 2014 Total Class 2 subscriptions and redemptions for the twelve months were $0 and $2,130,879, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $0 and $2,978,679, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $107,716 and $3,407,382, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $0 and $1,485,154, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $514,745 and $186,230, respectively. Ending capital at December 31, 2014, was $1,246,481 for Class 2, $7,233,099 for Class 3, $5,776,906 for Class 1a, $1,702,551 for Class 2a and $657,882 for Class 3a. The Equinox Frontier Long/Short Commodity Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors, although the majority of the exposure will typically be in the Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Long/Short Commodity Fund   69 Table of Contents One of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2014. Financials finished positive for the quarter while Base Metals, Energies, Meats, Grains, Precious Metals and Softs finished negative for the quarter. Financials, Grains, Meats and Softs are positive YTD while Energies, Base Metals, and Precious Metals are negative YTD. In terms of major CTA performance, Abraham, Red Oak and JE Moody finished positive for the quarter while Emil Van Essen and Rosetta were negative for the quarter. In terms of YTD performance, Abraham, Red Oak and Rosetta are positive YTD while Emil Van Essen and JE Moody are negative YTD. 70 Table of Contents Equinox Frontier Masters Fund 2014 The Equinox Frontier Masters Fund – Class 1 NAV gained 26.98% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV gained 29.23% for the twelve months ended December 31, 2014, net of fees and expenses, the Equinox Frontier Masters Fund – Class 3 NAV gained 29.54% for the twelve months ended December 31, 2014, net of fees and expenses. For the twelve months ended December 31, 2014 the Equinox Frontier Masters Fund recorded a net gain on investments of $8,093,183, net investment income of $298,175, and total expenses of $2,939,200, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $5,452,158. The NAV per Unit, Class 1, increased from $91.83 at December 31, 2013, to $116.61 as of December 31, 2014. The NAV per Unit, Class 2, increased from $99.46 at December 31, 2013, to $128.53 as of December 31, 2014. The NAV per Unit, Class 3 increased from $91.91 at December 31, 2013 to $119.06 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the period were $574,921 and $14,142,871, respectively. Total Class 2 subscriptions and redemptions for the period were $35,000 and $3,624,212, respectively. Total Class 3 subscriptions and redemptions for the period were $5,049,885 and $1,407,811, respectively. Ending capital at December 31, 2014, was $11,850,911 for Class 1, $8,868,743 for Class 2 and $4,988,200 for Class 3. The Equinox Frontier Masters Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Masters Fund   71 Table of Contents   Five of the six sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2014. Metals, Currencies, Stock Indices, Interest Rates, and Energies were positive while, Agriculturals were negative for the quarter. Currencies, Energies, Agricultures, Interest Rates and Stock Indices were positive for the year. In terms of major CTA performance, Chesapeake, Emil Van Essen, Transtrend and Winton were positive during the quarter. All were positive YTD. Equinox Frontier Balanced Fund 2014 The Equinox Frontier Balanced Fund – Class 1 NAV gained 23.76% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 1AP NAV gained 29.80% for the five months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV gained 27.53% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV gained 28.80% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV gained 28.81% for the twelve months ended December 31, 2014, net of fees and expenses. For the twelve months ended December 31, 2014, the Equinox Frontier Balanced Fund recorded net gain on investments of $31,862,512,$33,601,230, net investment income of $27,454, and total expenses of $7,434,719, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $19,364,501 after operations attributable to non- controlling interests of $5,090,748.$6,829,464. The NAV per Unit, Class 1, increased from $106.29 at December 31, 2013, to $131.54 at December 31, 2014. The NAV per Unit, Class 1AP, increased from $102.62 at July 31, 2014, to $133.20 at December 31, 2014. The NAV per Unit, Class 2, increased from $140.49 at December 31, 2013, to $179.16 at December 31, 2014. For Class 2a, the NAV per Unit increased from $118.80 at December 31, 2013, to $153.02 at December 31, 2014. For Class 3a, the NAV per Unit increased from $118.41 at December 31, 2013, to $152.52 at December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months were $154,471 and $22,310,597, respectively. Total Class 1AP subscriptions and redemptions for the fivetwelve months ended December 31, 2014 were $1,011,652 and $453,561, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $14,424 and $8,090,417, respectively. Total Class 2a redemptions for the twelve month period were $30,794. There were no Class 2a subscriptions. Total Class 3a redemptions for the period were $360,701. There were no Class 3 subscriptions. Ending capital at December 31, 2014, was $72,098,275 for Class 1, $748,275 for Class 1AP, $23,550,697 for Class 2, $600,287 for Class 2a and $2,528,303 for Class 3a. The Equinox Frontier Balanced Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 72 Table of Contents Sector Attribution for the Frontier Equinox Frontier Balanced Fund   73 Table of Contents Three of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2014. Currencies, Energies and Interest Rates were profitable while Metals, Agriculturals and Stock Indices finished negative for the quarter. The Currencies, Agricultures, Energies, and Interest Rate sectors were positive YTD while Metals and Stock Indices were negative YTD. In terms of major CTA performance, Beach Horizon, Campbell, Cantab, Crabel, Doherty, Fort (GC), Fort (GD), Emil Van Essen, Quantica, Quantmetrics, Tiverton and Winton finished positive for the quarter. Beach Horizon, Cantab, Campbell, Crabel, Doherty, Emil Van Essen, Fort (GC), Fort (GD), H20 AM, Quantica, Quantmetrics, Tiverton and Winton were positive YTD. Brandywine, H20 AM, QIM and Systematic Alpha finished negative for the quarter. Brandywine, QIM, and Systematic Alpha were negative YTD. Equinox Frontier Select Fund 2014 The Equinox Frontier Select Fund – Class 1 NAV gained 19.72% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Select Fund – Class 1AP NAV gained 28.19% for the five months ended December 31, 2014, net of fees and expenses. The Equinox Frontier Select Fund – Class 2 NAV gained 23.37% for the twelve months ended December 31, 2014, net of fees and expenses. For the twelve months ended December 31, 2014, the Equinox Frontier Select Fund recorded net gain on investments of $3,799,808, net investment income of $0, and total expenses of $1,364,426, resulting in a net increase in Owners’ capital from operations of $2,435,382. The NAV per Unit, Class 1, increased from $79.86 at December 31, 2013, to $95.61 as of December 31, 2014. The NAV per Unit, Class 1AP, increased from $75.53 at July 31, 2014, to $96.82 as of December 31, 2014. The NAV per Unit, Class 2, increased from $104.14 at December 31, 2013, to $128.48 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2014, were $10,580 and $4,337,542, respectively. Total Class 1AP subscriptions and redemptions for the fivetwelve months ended December 31, 2014, were $194,475 and $156,681, respectively. Total Class 2 redemptions for the twelve months ended December 31, 2014, were $488,584. There were no Class 2 subscriptions. Ending capital at December 31, 2014, was $13,663,563 for Class 1, $47,785 for Class 1AP and $1,558,130 for Class 2. The Equinox Frontier Select Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. 74 Table of Contents Sector Attribution for the Equinox Frontier Select Fund   Four of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2014. Metals, Currencies, Energies and Interest Rates were positive while Agriculturals and Stock Indices were negative for the quarter. Currencies, Energies, Agriculturals,Agricultures, and Interest Rates were positive YTD while Metals and Stock Indices were negative YTD. In terms of major CTA performance Brevan Howard and Transtrend finished positive for the quarter and YTD. 75 Table of Contents Equinox Frontier Winton Fund 2014 The Equinox Frontier Winton Fund – Class 1 NAV gained 26.05% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Winton Fund – Class 1AP NAV gained 28.25% for the five months ended December 31, 2014, net of fees and expenses the Equinox Frontier Winton Fund – Class 2 NAV gained 29.89% for the twelve months ended December 31, 2014, net of fees and expenses. For the twelve months ended December 31, 2014, the Equinox Frontier Winton Fund recorded net gain on investments of $12,603,511, net investment income of $55, and total expenses of $3,960,912, resulting in a net increase in Owners’ capital from operations of $8,642,654. The NAV per Unit, Class 1, increased from $139.59 at December 31, 2013 to $175.95 as of December 31, 2014. The NAV per Unit, Class 1AP, increased from 138.93 at July 31, 2014 to 178.18 as of December 31, 2014. The NAV per Unit, Class 2, increased from $174.17 at December 31, 2013, to $226.23 as of December 31, 2014. Total Class 1 subscriptions for the year were $169,066 and redemptions were $5,054,720. Total Class 1AP subscriptions for the five months ended December 31, 2014year were $288,379 and redemptions were $266,356. Total Class 2 redemptions for the year were $352,627. There were no Class 2 subscriptions. Ending capital at December 31, 2014, was $26,870,878 for Class 1, $38,042 for Class 1AP and $13,142,313 for Class 2. The Equinox Frontier Winton Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Winton Fund   Five of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2014. Metals, Currencies, Energies, Interest Rates and Agricultures were positive while Stock Indices were negative for the quarter. Metals, Currencies, Energies Interest Rates and Stock Indices were positive YTD while Agriculturals were negative YTD. 76 Table of Contents Equinox Frontier Heritage Fund 2014 The Equinox Frontier Heritage Fund – Class 1 NAV gained 27.66% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 1AP NAV gained 33.53% for the five months ended December 31, 2014, net of fees and expenses. the Equinox Frontier Heritage Fund – Class 2 NAV gained 31.56% for the twelve months ended December 31, 2014, net of fees and expenses. For the twelve months ended December 31, 2014, the Equinox Frontier Heritage Fund recorded net gain on investments of $4,838,618, net investment income of $1, and total expenses of $1,056,664, resulting in a net increase in Owners’ capital from operations of $2,812,848, after non-controlling interest of $969,107. The NAV per Unit, Class 1, increased from $102.05 at December 31, 2013, to $130.28 as of December 31, 2014. The NAV per Unit, Class 1AP, increased from $98.80 at July 31, 2014, to $131.93 as of December 31, 2014. The NAV per Unit, Class 2, increased from $134.21 at December 31, 2013, to $176.56 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months were $26,517 and $3,615,044, respectively. Total Class 1AP subscriptions and redemptions for the fivetwelve months ended December 31, 2014 were $244,674 and $202,374, respectively. Total Class 2 redemptions for the twelve months were $417,710. There were no subscriptions for Class 2. Ending capital at December 31, 2014, was $9,761,819 for Class 1, $58,378 for Class 1AP and $3,207,182 for Class 2. The Equinox Frontier Heritage Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Heritage Fund   77 Table of Contents Four of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2014. Metals, Currencies, Energies, and Interest Rates were positive while Agriculturals and Stock Indices were negative for the quarter. Currencies, Metals, Energies and Interest Rates were positive YTD while Agriculturals and Stock Indices were negative YTD. In terms of major CTA performance, Brevan Howard and Winton finished up for both the quarter and the year. 78 Series Returns and Other Information The returns for each Series and ClassTable of Units for the twelve months ended December 31, 2013, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.Contents Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2013. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed. Equinox Frontier Diversified Fund 2013 The Equinox Frontier Diversified Fund– Class 1 NAV lost 7.73% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Diversified Fund– Class 2 NAV lost 6.10% for the twelve months ended December 31, 2013 net of fees and expenses. For the twelve months ended December 31, 2013 the Equinox Frontier Diversified Fund recorded a net loss on investments of $5,520,937, net investment income of $1,544,382, and total expenses of $5,290,909, resulting in a net decrease in Owners’ capital from operations of $9,267,464. The NAV per Unit, Class 1, decreased from $94.40 at December 31, 2012, to $87.10 as of December 31, 2013. The NAV per Unit, Class 2, decreased from $100.48 at December 31, 2012, to $94.35 as of December 31, 2013. Total Class 1 subscriptions and redemptions for the period were $1,513,497 and $26,569,016, respectively. Total Class 2 subscriptions and redemptions for the period were $5,658,402 and $23,057,953, respectively. Ending capital at December 31, 2013, was $28,744,047 for Class 1 and $34,714,991 for Class 2. The Equinox Frontier Diversified Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Diversified Fund Five of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2013. Stock Indices, Agriculturals, Energies, Currencies and Metals were profitable while Interest Rates finished negative for the quarter. The Stock Indices and Metals sectors were positive year-to-date (“YTD”) while Interest Rates, Currencies, Agriculturals and Energies were negative YTD. In terms of major CTA performance, eleven of the thirteen major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2013. QIM, Tiverton, Brevan Howard, Winton, Crabel, Fort (GC), Emil Van Essen, Quest Partners, Doherty, Quantmetrics and Chesapeake finished positive for the quarter. Cantab and Mesirow finished negative for the quarter. In terms of YTD performance Mesirow, Quantmetrics, Tiverton, Winton, Crabel, Fort (GC), Doherty and Chesapeake are positive YTD while Cantab, QIM, Brevan Howard, Emil Van Essen and Quest Partners are negative YTD. Equinox Frontier Long/Short Commodity Fund 2013 The Equinox Frontier Long/Short Commodity Fund – Class 2 NAV lost 14.00% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 14.00% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 14.60% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 13.09% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3a NAV lost 8.33% for the twelve months ended December 31, 2013, net of fees and expenses. For the twelve months ended December 31, 2013, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $7,300,417, net investment income of $945,988, and total expenses of $3,021,094, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $6,044,396 after operations attributable to non-controlling interests of ($3,331,127). The NAV per Unit, Class 2, decreased from $145.65 at December 31, 2012, to $125.26 as of December 31, 2013. The NAV per Unit, Class 3, decreased from $145.69 at December 31, 2012, to $125.30 as of December 31, 2013. The NAV per Unit, Class 1a, decreased from $108.58 at December 31, 2012, to $92.73 as of December 31, 2013. The NAV per Unit, Class 2a, decreased from $115.65 at December 31, 2012, to $100.34 as of December 31, 2013. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $2,799,533, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $0 and $8,155,026, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $732,853 and $8,681,027, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $251,400 and $6,987,180, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $310,702 and $48,178, respectively. Ending capital at December 31, 2013, was $3,371,798 for Class 2, $9,619,596 for Class 3, $8,752,826 for Class 1a, $3,103,405 for Class 2a and $257,471 for Class 3a. The Equinox Frontier Long/Short Commodity Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors, although the majority of the exposure will typically be in the Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Long/Short Commodity Fund Two of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2013. Energies and Financials finished positive for the quarter while Base Metals, Meats, Grains, Precious Metals and Softs finished negative for the quarter. Financials are positive YTD while Energies, Base Metals, Grains, Meats, Precious Metals and Softs are negative YTD. In terms of major CTA performance, Red Oak, Rosetta, Strategic Ag, Emil Van Essen and JE Moody finished positive for the quarter while Mesirow, Abraham, Commodity Strategies and Krom River were negative for the quarter. In terms of YTD performance, Red Oak, Abraham and JE Moody are positive YTD while Mesirow, Rosetta, Strategic Ag, Commodity Strategies, Emil Van Essen and Krom River are negative YTD. Equinox Frontier Masters Fund 2013 The Equinox Frontier Masters Fund – Class 1 NAV lost 9.18% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV lost 7.57% for the twelve months ended December 31, 2013, net of fees and expenses, the Equinox Frontier Masters Fund – Class 3 NAV gained 4.43% for the twelve months ended December 31, 2013, net of fees and expenses For the twelve months ended December 31, 2013 the Equinox Frontier Masters Fund recorded a net loss on investments of $2,052,522, net investment income of $757,793, and total expenses of $2,956,297, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $4,251,026. The NAV per Unit, Class 1, decreased from $101.11 at December 31, 2012, to $91.83 as of December 31, 2013. The NAV per Unit, Class 2, decreased from $107.61 at December 31, 2012, to $99.46 as of December 31, 2013. The NAV per Unit, Class 3 increased from $88.01 at December 16, 2013 (the inception date) to $91.91 as of December 31, 2013. Total Class 1 subscriptions and redemptions for the period were $2,886,992 and $11,256,921, respectively. Total Class 2 subscriptions and redemptions for the period were $599,084 and $5,932,078, respectively. Total Class 3 subscriptions for the period were $238,575. There were no Class 3 redemptions. Ending capital at December 31, 2013, was $23,115,495 for Class 1, $10,406,162 for Class 2 and $249,127 for Class 3. The Equinox Frontier Masters Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Masters Fund Four of the six sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2013. Stock Indices, Agricuturals, Currencies and Metals were positive while, Interest Rates and Energies were negative for the quarter. Metals, Agriculturals and Stock Indices were positive for the year In terms of major CTA performance, Cantab finished negative for the quarter while Tiverton, Transtrend and Winton were positive during the quarter. In terms of YTD performance, Winton and Transtrend were positive while Tiverton and Cantab were negative YTD. Equinox Frontier Balanced Fund 2013 The Equinox Frontier Balanced Fund – Class 1 NAV lost 8.62% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV lost 5.84% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV lost 4.47% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV lost 4.48% for the twelve months ended December 31, 2013, net of fees and expenses. For the twelve months ended December 31, 2013, the Equinox Frontier Balanced Fund recorded net loss on investments of $6,490,128, net investment income of $280,359, and total expenses of $7,350,844, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $16,152,498 after operations attributable to non- controlling interests of $2,591,885. The NAV per Unit, Class 1, decreased from $116.32 at December 31, 2012, to $106.29 at December 31, 2013 The NAV per Unit, Class 2, decreased from $149.02 at December 31, 2012, to $140.49 at December 31, 2013. For Class 2a, the NAV per Unit decreased from $124.36 at December 31, 2012, to $118.80 at December 31, 2013. For Class 3a, the NAV per Unit decreased from $123.96 at December 31, 2012, to $118.41 at December 31, 2013. Total Class 1 subscriptions and redemptions for the twelve months were $268,363 and $51,009,054, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $14,888 and $21,286,387, respectively. Total Class 2a redemptions for the twelve month period were $458,658. There were no Class 2a subscriptions. Total Class 3a redemptions for the period were $1,302,545. There were Class 3 no subscriptions. Ending capital at December 31, 2013, was $80,801,534 for Class 1 $26,611,117 for Class 2, $491,579 for Class 2a and $2,322,629 for Class 3a. The Equinox Frontier Balanced Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Frontier Equinox Frontier Balanced Fund Four of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2013. Currencies, Stock Indices Agricultures and Metals were profitable while Interest Rates and Energies finished negative for the quarter. The Stock Indices and Metals sectors were positive YTD while Interest Rates, Agricultures, Currencies and Energies were negative YTD. In terms of major CTA performance, QIM, Tiverton, Beach Horizon, Winton, Campbell, Fort (GC), Fort (GD), Quantica, Quantmentrics, Crabel, H20 AM, Emil Van Essen and Doherty finished positive for the quarter. Cantab finished negative for the quarter. Tiverton, Winton, Campbell, Fort (GC), Quantica, Quantmetrics, Crabel, H20 AM and Doherty were positive YTD. QIM, Cantab, Beach Horizon, Emil Van Essen and Fort (GD) were negative YTD. Equinox Frontier Select Fund 2013 The Equinox Frontier Select Fund – Class 1 NAV gained 1.53% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Select Fund – Class 2 NAV gained 4.61% for the twelve months ended December 31, 2013, net of fees and expenses. For the twelve months ended December 31, 2013, the Equinox Frontier Select Fund recorded net gain on investments of $1,521,198, net investment income of $261,102, and total expenses of $1,365,129, resulting in a net increase in Owners’ capital from operations of $417,171. The NAV per Unit, Class 1, increased from $78.66 at December 31, 2012, to $79.86 as of December 31, 2013. The NAV per Unit, Class 2, increased from $99.55 at December 31, 2012, to $104.14 as of December 31, 2013. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2013, were $14,901 and $6,736,727, respectively. Total Class 2 redemptions for the twelve months ended December 31, 2013, were $1,428,138. There were no Class 2 subscriptions. Ending capital at December 31, 2013, was $15,852,947 for Class 1 and $1,758,901 for Class 2. The Equinox Frontier Select Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Select Fund Four of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2013. Metals, Agriculturals, Currencies and Stock Indices were positive while, Interest Rates, and Energies were negative for the quarter. Metals, Agriculturals, Currencies and Stock Indices were positive YTD while Interest Rates and Energies were negative YTD. In terms of major CTA performance Brevan Howard, Tiverton and Transtrend finished positive for the quarter. Tiverton was negative YTD while Brevan Howard and Transtrend finished the year positive. Equinox Frontier Winton Fund 2013 The Equinox Frontier Winton Fund – Class 1 NAV gained 6.78% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Winton Fund – Class 2 NAV gained 10.03% for the twelve months ended December 31, 2013, net of fees and expenses. For the twelve months ended December 31, 2013, the Equinox Frontier Winton Fund recorded net gain on investments of $4,790,126, net investment income of $283,863, and total expenses of $2,340,519, resulting in a net increase in Owners’ capital from operations of $2,733,470. The NAV per Unit, Class 1, increased from $130.73 at December 31, 2012 to $139.59 as of December 31, 2013. The NAV per Unit, Class 2, increased from $158.30 at December 31, 2012, to $174.17 as of December 31, 2013. Total Class 1 subscriptions for the year were $171,785 and redemptions were $6,407,920. Total Class 2 redemptions for the year were $832,032. There were no Class 2 subscriptions. Ending capital at December 31, 2013, was $26,164,147 for Class 1 and $10,460,690 for Class 2. The Equinox Frontier Winton Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Winton Fund Four of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2013. Metals, Currencies, Agricultures and Stock Indices were positive while Energies and Interest Rates were negative for the quarter. Metals, Currencies, Agriculturals and Stock Indices were positive YTD while Energies and Interest Rates were negative YTD. Equinox Frontier Heritage Fund 2013 The Equinox Frontier Heritage Fund – Class 1 NAV gained 7.93% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 2 NAV gained 11.22% for the twelve months ended December 31, 2013, net of fees and expenses. For the twelve months ended December 31, 2013, the Equinox Frontier Heritage Fund recorded net gain on investments of $2,516,149, net investment income of $109,122, and total expenses of $938,253, resulting in a net increase in Owners’ capital from operations of $1,423,001, after non-controlling interest of $264,017. The NAV per Unit, Class 1, increased from $94.55 at December 31, 2012, to $102.05 as of December 31, 2013. The NAV per Unit, Class 2, increased from $120.67 at December 31, 2012, to $134.21 as of December 31, 2013. Total Class 1 subscriptions and redemptions for the twelve months were $40,552 and $6,463,086, respectively. Total Class 2 redemptions for the twelve months were $1,575,538. There were no subscriptions for Class 2. Ending capital at December 31, 2013, was $11,328,406 for Class 1 and $2,850,062 for Class 2. The Equinox Frontier Heritage Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Heritage Fund Four of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2013. Currencies, Agriculturals, Metals and Stock Indices were positive while Interest Rates and Energies were negative for the quarter. Currencies, Metals, Agriculturals and Stock Indices were positive YTD while Interest Rates and Energies were negative YTD. In terms of major CTA performance, Brevan Howard and Winton finished up for both the quarter and the year. Results of Operations for the Twelve Months Ended December 31, 2012 Series Returns and Other Information The returns for each Series and Class of Units for the twelve months ended December 31, 2012, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis. Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2012. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed. Equinox Frontier Diversified Fund 2012 The Equinox Frontier Diversified Fund – Class 1 NAV lost 5.00% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Diversified Fund– Class 2 NAV lost 3.35% for the twelve months ended December 31, 2012 net of fees and expenses. For the twelve months ended December 31, 2012 the Equinox Frontier Diversified Fund recorded a net gain on investments of $2,078,348, net investment income of $2,199,327, and total expenses of $9,596,941, resulting in a net decrease in Owners’ capital from operations of $5,319,266. The NAV per Unit, Class 1, decreased from $99.40 at December 31, 2011, to $94.40 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $103.96 at December 31, 2011, to $100.48 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the period were $6,210,689 and $16,218,845, respectively. Total Class 2 subscriptions and redemptions for the period were $10,594,121 and $14,058,731, respectively. Ending capital at December 31, 2012, was $58,999,936 for Class 1 and $56,181,636 for Class 2. The Equinox Frontier Diversified Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Diversified Fund Three of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2012. Currencies, Stock Indices and Interest Rates were profitable while Metals, Agriculturals and Energies finished negative for the quarter. Two of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in 2012. The Interest Rates and Stock Indices sectors were profitable while Currencies, Metals, Agriculturals and Energies finished negative for the year. In terms of major CTA performance, two of the seven major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2012. Quantmetrics and Cantab were profitable while Graham, Winton, Tiverton, Beach Horizon and QIM finished negative for the quarter. Equinox Frontier Long/Short Commodity Fund 2012 The Equinox Frontier Long/Short Commodity Fund – Class 1 NAV lost 0.53% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2 NAV lost 10.08% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 10.05% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 10.79% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 9.26% for the twelve months ended December 31, 2012, net of fees and expenses. For the twelve months ended December 31, 2012, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $11,084,454, net investment income of $1,385,312, and total expenses of $6,010,679, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $6,542,114 after operations attributable to non-controlling interests of ($9,167,707). The NAV per Unit, Class 1, decreased from $136.13 at December 31, 2011, to $135.41 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $161.97 at December 31, 2011, to $145.65 as of December 31, 2012. The NAV per Unit, Class 3, decreased from $161.96 at December 31, 2011, to $145.69 as of December 31, 2012. The NAV per Unit, Class 1a, decreased from $121.71 at December 31, 2011, to $108.58 as of December 31, 2012. The NAV per Unit, Class 2a, decreased from $127.23 at December 31, 2011, to $115.65 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the twelve months were $118,649 and $4,212,685, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $107,678 and $1,543,319, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $4,317,110 and $10,067,907, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $5,065,346 and $2,711,726, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $4,806,872 and $3,773,149, respectively. Ending capital at December 31, 2012, was $0 for Class 1, $6,898,785 for Class 2, $19,761,047 for Class 3, $18,983,538 for Class 1a and $10,882,111 for Class 2a. The Equinox Frontier Long/Short Commodity Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors, although the majority of the exposure will typically be in the Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Long/Short Commodity Fund None of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2012. Two of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in 2012. The Grains and Softs sectors were profitable while the Base Metals, Energies, Meats, Precious Metals and Financial sectors finished negative for the year. In terms of major CTA performance, one of the six major CTAs in the Equinox Frontier Long/Short Commodity Fund was profitable in Q4 2012. Strategic Ag finished positive while Global Advisors, Red Oak, Rosetta, Beach Horizon and Mesirow were negative for the quarter. Two of the six major CTAs in the Equinox Frontier Long/Short Commodity Fund were profitable in 2012. Red Oak and Rosetta were profitable while Beach Horizon, Global Advisors, Mesirow and Strategic Ag finished negative for the year. Equinox Frontier Masters Fund 2012 The Equinox Frontier Masters Fund – Class 1 NAV gained 0.86% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV gained 2.65% for the twelve months ended December 31, 2012, net of fees and expenses. For the period ended December 31, 2012 the Equinox Frontier Masters Fund recorded a net gain on investments of $3,545,722, net investment income of $1,038,493, and total expenses of $4,016,767, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $618,878 after operations attributable to non-controlling interests of ($51,430). The NAV per Unit, Class 1, increased from $100.25 at December 31, 2011, to $101.11 as of December 31, 2012. The NAV per Unit, Class 2, increased from $104.83 at December 31, 2011, to $107.61 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the period were $8,000,654 and $7,608,340, respectively. Total Class 2 subscriptions and redemptions for the period were $2,540,289 and $4,890,320, respectively. Ending capital at December 31, 2012, was $34,603,499 for Class 1 and $16,882,659 for Class 2. The Equinox Frontier Masters Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Masters Fund Two of the six sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2012. Currencies and Stock Indices were positive while Agriculturals, Interest Rates, Energies and Metals were negative for the quarter. Two of the six sectors traded in the Equinox Frontier Masters Fund were profitable in 2012. Interest Rates and Stock Indices were profitable while Energies, Currencies, Metals and Agriculturals finished negative for the year. In terms of major CTA performance, none of the four major CTAs in the Equinox Frontier Masters Fund were profitable during the quarter. Cantab, Transtrend, Winton and Tiverton finished negative for the quarter. Two of the four major CTAs in the Equinox Frontier Masters Fund were profitable in 2012. Cantab and Transtrend were profitable while Tiverton and Winton finished negative for the year. Equinox Frontier Balanced Fund 2012 The Equinox Frontier Balanced Fund – Class 1 NAV lost 6.57% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 1a NAV lost 3.81% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV lost 3.75% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV lost 3.11% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV lost 3.43% for the twelve months ended December 31, 2012, net of fees and expenses. For the twelve months ended December 31, 2012, the Equinox Frontier Balanced Fund recorded net gain on investments of $7,382,357, net investment income of $276,272, and total expenses of $16,386,180, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $13,154,863 after operations attributable to non- controlling interests of $4,427,312. The NAV per Unit, Class 1, decreased from $124.50 at December 31, 2011, to $116.32 at December 31, 2012. For Class 1a, the NAV per Unit decreased from $108.45 at December 31, 2011, to $104.32 at December 31, 2012. The NAV per Unit, Class 2, decreased from $155.02 at December 31, 2011, to $149.02 at December 31, 2012. For Class 2a, the NAV per Unit decreased from $128.35 at December 31, 2011, to $124.36 at December 31, 2012. For Class 3a, the NAV per Unit decreased from $128.36 at December 31, 2011, to $123.96 at December 31, 2012. Total Class 1 subscriptions and redemptions for the twelve months were $3,015,637 and $32,045,338, respectively. Total Class 1a subscriptions and redemptions for the twelve month period were $482 and $2,524,092, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $1,119,177 and $10,926,553, respectively. Total Class 2a redemptions for the twelve month period were $1,734,065. There were no Class 2a subscriptions. Total Class 3a subscriptions and redemptions for the period were $2,324,206 and $1,353,917, respectively. Ending capital at December 31, 2012, was $143,906,872 for Class 1, $0 for Class 1a, $51,459,568 for Class 2, $1,009,520 for Class 2a and $3,776,790 for Class 3a. The Equinox Frontier Balanced Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Frontier Equinox Frontier Balanced Fund Three of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2012. Currencies, Stock Indices and Interest Rates were profitable while Metals, Agriculturals and Energies finished negative for the quarter. Two of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in 2012. The Interest Rates and Stock Indices sectors were profitable while Currencies, Metals, Agriculturals and Energies finished negative in 2012. In terms of major CTA performance, none of the five major CTAs in the Equinox Frontier Balanced Fund were profitable in Q4 2012. Winton, Cantab, QIM, Tiverton and Beach Horizon finished negative for the quarter. Two of the five major CTAs in the Equinox Frontier Balanced Fund were profitable in 2012. QIM and Cantab were profitable while Tiverton, Beach Horizon and Winton finished negative in 2012. Equinox Frontier Select Fund 2012 The Equinox Frontier Select Fund – Class 1 NAV lost 13.58% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Select Fund – Class 2 NAV lost 10.99% for the twelve months ended December 31, 2012, net of fees and expenses. For the twelve months ended December 31, 2012, the Equinox Frontier Select Fund recorded net loss on investments of $2,138,461, net investment income of $263,049, and total expenses of $2,449,160, resulting in a net decrease in Owners’ capital from operations of $4,324,572. The NAV per Unit, Class 1, decreased from $91.02 at December 31, 2011, to $78.66 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $111.84 at December 31, 2011, to $99.55 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2012, were $555,613 and $9,566,450, respectively. Total Class 2 redemptions for the twelve months ended December 31, 2012, were $933,922. There were no Class 2 subscriptions. Ending capital at December 31, 2012, was $22,266,758 for Class 1 and $3,077,883 for Class 2. The Equinox Frontier Select Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Select Fund Two of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2012. Currencies, and Stock Indices were positive while Agriculturals, Interest Rates, Metals and Energies were negative for the quarter. Two of the six sectors traded in the Equinox Frontier Select Fund were profitable in 2012. The Interest Rates and Stock Indices sectors were profitable while Currencies, Metals, Agriculturals and Energies were negative in 2012. In terms of major CTA performance Graham, Transtrend and Tiverton finished negative for both the quarter and the year. Equinox Frontier Winton Fund 2012 The Equinox Frontier Winton Fund – Class 1 NAV lost 7.37% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Winton Fund – Class 2 NAV lost 4.54% for the twelve months ended December 31, 2012, net of fees and expenses. For the twelve months ended December 31, 2012, the Equinox Frontier Winton Fund recorded net loss on investments of $1,356,583, net investment income of $531,125, and total expenses of $2,435,758, resulting in a net decrease in Owners’ capital from operations of $3,261,216. The NAV per Unit, Class 1, decreased from $141.13 at December 31, 2011, to $130.73 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $165.82 at December 31, 2011, to $158.30 as of December 31, 2012. Total Class 1 subscriptions for the year were $565,351 and redemptions were $5,529,808. Total Class 2 redemptions for the year were $862,917. There were no Class 2 subscriptions. Ending capital at December 31, 2012, was $30,645,208 for Class 1 and $10,314,326 for Class 2. The Equinox Frontier Winton Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Winton Fund Three of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2012. Currencies, Stock Indices and Interest Rates were positive while Metals, Agriculturals and Energies were negative for the quarter. Two of the six sectors traded in the Equinox Frontier Winton Fund were profitable in 2012. The Stock Indices and Interest Rates sectors were profitable while Currencies, Metals, Agriculturals and Energies finished negative for the year. Equinox Frontier Heritage Fund 2012 The Equinox Frontier Heritage Fund – Class 1 NAV lost 9.72% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 2 NAV lost 6.96% for the twelve months ended December 31, 2012, net of fees and expenses. For the twelve months ended December 31, 2012, the Equinox Frontier Heritage Fund recorded net loss on investments of $681,944, net investment income of $134,302, and total expenses of $1,822,802, resulting in a net decrease in Owners’ capital from operations of $2,370,444. The NAV per Unit, Class 1, decreased from $104.73 at December 31, 2011, to $94.55 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $129.70 at December 31, 2011, to $120.67 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the twelve months were $444,193 and $6,503,244, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $12,593 and $1,603,246, respectively. Ending capital at December 31, 2012, was $16,680,498 for Class 1 and $4,073,041 for Class 2. The Equinox Frontier Heritage Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors. Sector Attribution for the Equinox Frontier Heritage Fund Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2012. Currencies and Stock Indices were positive while Interest Rates, Agriculturals, Metals and Energies were negative for the quarter. Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in 2012. The Interest Rates and the Stock Indices sectors were profitable while Currencies, Metals, Agriculturals and Energies finished negative in 2012. In terms of major CTA performance, both Graham and Winton finished negative for the quarter and the year. Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. The Trust is a speculative commodity pool. The market sensitive instruments, which are held by the Trading Companies or Galaxy Plus entities in which the Series are invested, are acquired for speculative trading purposes, and all or a substantial amount of the Series’ assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Series’ main line of business. Market movements result in frequent changes in the fair market value of each Trading Company’s open positions and, consequently, in each Series of the Trust’s earnings and cash flow. The Trading Companies’ and Galaxy Plus entities’ and consequently the Series’ market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the open positions and the liquidity of the markets in which trades are made. Each Trading Company and Galaxy Plus entity rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the past performance for any Series is not necessarily indicative of the future results of such Series. Additional risk of trading loss from investment in an unaffiliated Trading Company may result from the Managing Owner’s inability to directly control or stop trading in the event of exercise of certain withdrawal provisions in the investment agreement. The Trading Companies’Companies and Galaxy Plus entities, and consequently the Series’ primary market risk exposures as well as the strategies used and to be used by the Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Trust’s and the Managing Owner’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Trading Companies and Galaxy Plus entities and consequently the Trust. There can be no assurance that the Trading Companies’ and Galaxy Plus entities’ current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in a Series. Quantitative Market Risk Trading Risk The Series’ approximate risk exposure in the various market sectors traded by its trading advisorsTrading Advisors is quantified below in terms of value at risk. Due to the Series’ mark-to-market accounting, any loss in the fair value of the Series’ (through the Trading Companies)Companies and Galaxy Plus entities) open positions is directly reflected in the Series’ earnings, realized or unrealized.unrealized gain/loss. Exchange maintenance margin requirements have been used by the Trust as the measure of its value at risk. Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95% to 99% of any one-day interval. The maintenance margin levels are established by brokers, dealers and exchanges using historical price studies as well as an assessment of current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation. Maintenance margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component that is not relevant to value at risk. In the case of market sensitive instruments that are not exchange-traded, including currencies and some energy products and metals, the margin requirements for the equivalent futures positions have been used as value at risk. In those cases in which a futures-equivalent margin is not available, dealers’ margins have been used. In the case of contracts denominated in foreign currencies, the value at risk figures include foreign currency margin amounts converted into U.S. dollars with an incremental adjustment to reflect the exchange rate risk inherent to the Series, which is valued in U.S. dollars, in expressing value at risk in a functional currency other than U.S. dollars. In quantifying each Series’ value at risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate value at risk. The diversification effects resulting from the fact that the Series’ positions held through the Trading Companies and Galaxy Plus entities are rarely, if ever, 100% positively correlated have not been reflected. 79 Table of Contents Value at Risk by Market Sectors The following tables present the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of December 31, 20142016 and 2013.2015. All open position trading risk exposures of the Series have been included in calculating the figures set forth below. Equinox Frontier Diversified Fund:     December 31, 2016     December 31, 2015   MARKET SECTOR    December 31, 2014   December 31, 2013     VALUE   % OF TOTAL   VALUE   % OF TOTAL     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                      $ 1,276,055         2.13 %    $ 2,684,511         4.23 %    $ 54,560       0.10 %   $ 1,482,594       2.66 % Currencies      1,670,041         2.78 %      2,625,909         4.14 %      6,695,287       11.86 %     1,825,578       3.28 % Stock Indices      3,152,926         5.25 %      4,211,080         6.64 %      136,448       0.24 %     2,256,114       4.05 % Metals      124,812         0.21 %      178,413         0.28 %      76,463       0.14 %     290,196       0.52 % Agriculturals/Softs      854,409         1.42 %      1,217,457         1.92 %      56,026       0.10 %     1,230,266       2.21 % Energy      1,677,590         2.80 %      1,062,838         1.67 %      34,416       0.06 %     1,558,897       2.80 %                            Total:    $   8,755,833         14.59 %    $   11,980,208         18.88 %��   $ 7,053,200       12.50 %   $ 8,643,645       15.52 %                            Equinox Frontier Long/Short Commodity Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 86,055         0.52 %    $ 2,575,510         9.10 %    $ (3,667 )     -0.04 %   $ 308,877       2.36 % Currencies      206,375         1.24 %      1,705,311         6.02 %      4,103,478       44.30 %     593,315       4.53 % Stock Indices      185,321         1.12 %      822,430         2.90 %      (4,847 )     -0.05 %     176,530       1.35 % Metals      32,767         0.20 %      193,564         0.68 %      (1,394 )     -0.02 %     27,511       0.21 % Agriculturals/Softs      474,912         2.86 %      1,643,667         5.80 %      (82 )     0.00 %     343,977       2.63 % Energy      2,278,884         13.71 %      1,717,759         6.06 %      (2,483 )     -0.03 %     1,795,669       13.71 %                            Total:    $   3,264,314         30.56 %    $   8,658,241         30.56 %    $ 4,091,005       44.16 %   $ 3,245,879       24.79 %                            Equinox Frontier Masters Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 596,543         2.32 %    $ 573,362         1.70 %    $ 147,424       0.86 %   $ 745,322       3.26 % Currencies      1,004,876         3.91 %      963,844         2.85 %      846,815       4.93 %     1,116,000       4.89 % Stock Indices      659,851         2.57 %      1,111,165         3.30 %      162,087       0.94 %     1,155,610       5.06 % Metals      48,364         0.19 %      81,177         0.24 %      132,588       0.77 %     120,696       0.53 % Agriculturals/Softs      394,545         1.53 %      386,098         1.14 %      80,299       0.47 %     581,297       2.55 % Energy      776,846         3.02 %      132,211         0.39 %      102,721       0.60 %     828,577       3.63 %                            Total:    $   3,481,025         9.62 %    $   3,247,857         9.62 %    $ 1,471,934       8.57 %   $ 4,547,502       19.92 %                            Equinox Frontier Balanced Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 3,301,495         3.04 %    $ 3,727,565         3.06 %    $ 111,080       0.13 %   $ 2,770,118       3.07 % Currencies      4,131,348         3.81 %      5,007,811         4.11 %      16,050,306       19.50 %     2,793,664       3.10 % Stock Indices      4,350,810         4.01 %      5,699,614         4.68 %      251,376       0.31 %     3,101,604       3.44 % Metals      460,411         0.42 %      219,954         0.18 %      203,879       0.25 %     452,392       0.50 % Agriculturals/Softs      2,507,574         2.31 %      1,327,718         1.09 %      310,953       0.38 %     2,343,248       2.60 % Energy      2,862,415         2.64 %      843,206         0.69 %      59,842       0.07 %     2,470,484       2.74 %                            Total:    $   17,614,053         16.24 %    $   16,825,868         13.81 %    $ 16,987,436       20.64 %   $ 13,931,510       15.45 %                            Equinox Frontier Select Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 338,847         2.22 %    $ 123,314         0.70 %    $ 142,902       0.89 %   $ 501,177       2.52 % Currencies      684,037         4.48 %      323,054         1.83 %      3,767,631       23.44 %     667,887       3.35 % Stock Indices      124,866         0.82 %      484,794         2.76 %      108,220       0.67 %     949,390       4.77 % Metals      12,156         0.08 %      29,599         0.17 %      106,501       0.66 %     60,331       0.30 % Agriculturals/Softs      140,093         0.92 %      142,065         0.81 %      56,513       0.35 %     326,993       1.64 % Energy      18,880         0.12 %      60,734         0.34 %      101,803       0.63 %     115,282       0.58 %                            Total:    $   1,318,879         8.64 %    $   1,163,560         6.61 %    $ 4,283,570       26.64 %   $ 2,621,060       13.16 %                            Equinox Frontier Winton Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 1,081,081         2.70 %    $ 877,871         2.40 %    $ 181,898       0.45 %   $ 783,573       1.90 % Currencies      1,845,125         4.61 %      1,560,714         4.26 %      2,203,203       5.42 %     1,718,649       4.16 % Stock Indices      847,093         2.12 %      1,135,804         3.10 %      496,922       1.22 %     706,493       1.71 % Metals      112,363         0.28 %      76,415         0.21 %      291,318       0.72 %     273,910       0.66 % Agriculturals/Softs      478,222         1.19 %      405,696         1.11 %      222,576       0.55 %     691,213       1.67 % Energy      141,408         0.35 %      81,046         0.22 %      113,092       0.28 %     347,931       0.84 %                            Total:    $   4,505,292         11.25 %    $   4,137,546         11.30 %    $ 3,509,009       8.64 %   $ 4,521,769       10.94 %                            Equinox Frontier Heritage Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 228,140         1.38 %    $ 196,699         1.19 %    $ 35,111       0.34 %   $ 181,696       1.17 % Currencies      381,353         2.30 %      349,699         2.11 %      3,730,499       36.37 %     343,190       2.22 % Stock Indices      194,764         1.18 %      254,492         1.53 %      91,176       0.89 %     133,965       0.87 % Metals      23,407         0.14 %      17,122         0.10 %      52,124       0.51 %     52,162       0.34 % Agriculturals/Softs      101,074         0.61 %      90,901         0.55 %      38,923       0.38 %     132,697       0.86 % Energy      28,157         0.17 %      18,159         0.11 %      22,016       0.21 %     63,333       0.41 %                            Total:    $   956,895         5.78 %    $   927,072         5.59 %    $ 3,969,849       38.70 %   $ 907,043       5.87 %                            80 Table of Contents As of December 31, 2014,2016, a portion of the assets of the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Select Fund and Equinox Frontier Heritage Fund are invested in Swapswap contracts (Please refer to Note 4 in the Series Financial Statements). Margin information is not available for these contracts therefore no value at risk calculations were included in the table for these investments. Value at Risk: Foreign Markets The following table presents the portion of trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of December 31, 20142016 and 2013,2015, on foreign markets. All open position trading risk exposures of the Series have been included in calculating the figures set forth below. Equinox Frontier Diversified Fund     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 739,393         1.23 %    $ 2,160,496         3.40 %    $ 35,331       0.06 %   $ 648,857       1.08 % Currencies      1,089,599         1.82 %      1,555,845         2.45 %      6,213,135       11.00 %     448,492       0.75 % Stock Indices      422,834         0.70 %      3,587,840         5.66 %      107,207       0.19 %     626,690       1.04 % Metals      37,368         0.06 %      37,662         0.06 %      —       0.00 %     63,844       0.11 % Agriculturals/Softs      226,567         0.38 %      39,825         0.06 %      6,155       0.01 %     105,154       0.18 % Energy      116,696         0.19 %      480,338         0.76 %                             Total:    $   2,632,457         4.38 %    $   7,862,006         12.39 %    $ 6,361,828       11.26 %   $ 1,893,037       3.16 %                            Equinox Frontier Long/Short Commodity Fund     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 69,948         0.42 %    $ 1,425,477         5.03 %    $ (3,398 )     -0.04 %   $ 92,077       0.55 % Currencies      100,715         0.61 %      —           0.00 %      4,105,061       44.32 %     25,503       0.15 % Stock Indices      114,524         0.69 %      579,601         2.05 %      (4,548 )     -0.05 %     65,299       0.39 % Metals      9,061         0.05 %      11,203         0.04 %      —       0.00 %     2,581       0.02 % Agriculturals/Softs      —           0.00 %      —           0.00 %      —       0.00 %     4,969       0.03 % Energy      100,715         0.61 %      468,564         1.65 %                             Total:    $   394,963         2.38 %    $   2,484,845         8.77 %    $ 4,097,115       44.23 %   $ 190,429       1.14 %                            Equinox Frontier Masters Fund     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 727,211         2.83 %    $ 421,214         1.25 %    $ 107,034       0.62 %   $ 350,746       1.36 % Currencies      801,726         3.12 %      312,522         0.93 %      116,702       0.68 %     411,728       1.60 % Stock Indices      356,544         1.39 %      919,681         2.72 %      109,865       0.64 %     241,648       0.94 % Metals      22,638         0.09 %      22,935         0.07 %      35,070       0.20 %     26,150       0.10 % Agriculturals/Softs      165,918         0.65 %      19,958         0.06 %      12,297       0.07 %     48,090       0.19 % Energy      53,971         0.21 %      42,061         0.12 %      5,981       0.03 %     —       0.00 %                            Total:    $   2,128,008         8.29 %    $   1,738,371         5.15 %    $ 386,949       2.24 %   $ 1,078,362       4.19 %                            Equinox Frontier Balanced Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 2,041,346         1.88 %    $ 3,003,664         2.47 %    $ 84,522       0.10 %   $ 1,285,354       1.18 % Currencies      3,142,298         2.90 %      3,343,522         2.74 %      14,167,369       17.21 %     653,928       0.60 % Stock Indices      970,061         0.89 %      4,791,062         3.93 %      181,960       0.22 %     1,049,217       0.97 % Metals      89,382         0.08 %      53,355         0.04 %      93,238       0.11 %     103,957       0.10 % Agriculturals/Softs      626,322         0.58 %      56,485         0.05 %      62,286       0.08 %     220,476       0.20 % Energy      311,075         0.29 %      354,495         0.29 %      10,780       0.01 %     9,593       0.01 %                            Total:    $   7,180,484         6.62 %    $   11,602,583         9.52 %    $ 14,600,155       17.73 %   $ 3,322,525       3.06 %                            Equinox Frontier Select Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 281,662         1.84 %    $ 70,732         0.40 %    $ 108,091       0.67 %   $ 277,612       1.82 % Currencies      660,559         4.33 %      232,321         1.32 %      3,234,059       20.12 %     441,529       2.89 % Stock Indices      95,208         0.62 %      460,281         2.61 %      66,205       0.41 %     160,956       1.05 % Metals      2,917         0.02 %      8,009         0.05 %      40,789       0.25 %     16,211       0.11 % Agriculturals/Softs      42,581         0.28 %      9,392         0.05 %      10,232       0.06 %     41,291       0.27 % Energy      17,012         0.11 %      17,903         0.10 %      6,957       0.04 %     —       0.00 %                            Total:    $   1,099,939         7.20 %    $   798,638         4.53 %    $ 3,466,333       21.55 %   $ 937,599       6.14 %                            Equinox Frontier Winton Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 727,211         1.82 %    $ 760,933         2.08 %    $ 107,843       0.27 %   $ 241,773       0.60 % Currencies      801,726         2.00 %      —           0.00 %      296,219       0.73 %     19,055       0.05 % Stock Indices      356,544         0.89 %      811,929         2.21 %      383,250       0.94 %     234,669       0.59 % Metals      22,638         0.06 %      17,367         0.05 %      —       0.00 %     44,840       0.11 % Agriculturals/Softs      156,918         0.39 %      17,254         0.05 %      24,539       0.06 %     15,623       0.04 % Energy      53,971         0.13 %      8,105         0.02 %                             Total:    $   2,119,008         5.29 %    $   1,615,588         4.41 %    $ 811,851       2.00 %   $ 555,960       1.39 %                            Equinox Frontier Heritage Fund:     December 31, 2016     December 31, 2015     VALUE   % OF TOTAL   VALUE   % OF TOTAL      December 31, 2014   December 31, 2013     AT RISK     CAPITALIZATION     AT RISK     CAPITALIZATION   MARKET SECTOR    VALUE AT RISK      % OF TOTAL CAPITALIZATION   VALUE AT RISK      % OF TOTAL CAPITALIZATION                                   Interest Rates    $ 158,368         0.96 %    $ 170,497         1.03 %    $ 21,939       0.21 %   $ 57,621       0.35 % Currencies      175,144         1.06 %      —           0.00 %      3,396,210       33.11 %     7,690       0.05 % Stock Indices      85,264         0.51 %      181,923         1.10 %      71,061       0.69 %     47,088       0.28 % Metals      4,307         0.03 %      3,891         0.02 %      —       0.00 %     8,028       0.05 % Agriculturals/Softs      31,566         0.19 %      3,866         0.02 %      4,283       0.04 %     2,797       0.02 % Energy      10,806         0.07 %      1,816         0.01 %                             Total:    $   465,455         2.82 %    $   361,993         2.18 %    $ 3,493,493       34.05 %   $ 123,224       0.75 %                            81 Table of Contents As of December 31, 2014,2016, a portion of the assets of the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Select Fund and Equinox Frontier Heritage Fund are invested in Swapswap contracts (Please refer to Note 4 in the Series Financial Statements). Margin information is not available for these contracts therefore no value at risk calculations were included in the table for these investments. Material Limitations on Value at Risk as an Assessment of Market Risk The face value of the market sector instruments held on behalf of the Series is typically many times the applicable maintenance margin requirement, which generally ranges between approximately 1% and 10% of contract face value, as well as many times the capitalization of the Series. The magnitude of each Series’ open positions creates a risk of ruin not typically found in most other investment vehicles. Because of the size of their positions, certain market conditions, although unusual, but historically recurring from time to time, could cause a Series to incur severe losses over a short period of time. The value at risk table above, as well as the past performance of the Series, gives no indication of this risk of severe losses. Non-Trading Risk The Series have non-trading market risk on their foreign cash balances not needed for margin. However, these balances, as well as the market risk they represent, are immaterial. The Series also have non-trading market risk as a result of investing a portion of their available assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress of the U.S. or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds, certificates of deposit (under nine months) and time deposits. The market risk represented by these investments is also immaterial. Qualitative Market Risk The following are the primary trading risk exposures of the Series of the Trust as of December 31, 2014,2016, by market sector. Interest Rates Interest rate risk is one of the principal market exposures of each Series. Interest rate movements directly affect the price of interest rate futures positions held and indirectly the value of a Trading Company’s stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact profitability. The primary interest rate exposure is to interest rate fluctuations in the U.S. and the other G-7 countries. However, the Trading Companies and Galaxy Plus entities also may take futures positions on the government debt of smaller nations. The Managing Owner anticipates that G-7 interest rates will remain the primary market exposure of each Trading Company and Galaxy Plus entities and accordingly of each Series for the foreseeable future. The changes in interest rates which are expected to have the most effect on the Series are changes in long-term, as opposed to short-term rates. Most of the speculative positions to be held by the Trading Companies and Galaxy Plus entities will be in medium- to long-term instruments. Consequently, even a material change in short-term rates is expected to have little effect on the Series if the medium- to long-term rates remain steady. Aggregate interest income from all sources, including assets held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1a1AP, Class 2a and Class 2a3a only), 20% of the total interest allocated to each Series iswas paid to the Managing Owner.Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. In addition, if interest rates fall below 0.75%, the Managing Owner is paid the difference between the Trust’s annualized interest income that is allocated to each of such Series and 0.75%. Interest income above what is paid to the Managing Owner is retained by the Series. The amounts reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero. Currencies Exchange rate risk is a significant market exposure of each Series of the Trust in general. For each Series of the Trust in general, currency exposure is to exchange rate fluctuations, primarily fluctuations that disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trading Advisors on behalf of a Series trade in a large number of currencies, including cross-rates, which are positions between two currencies other than the U.S. dollar. The Managing Owner does not anticipate that the risk profile of the Series’ currency sector will change significantly in the future. 82 Table of Contents Stock Indices For each Series, its primary equity exposure is equity price risk in the G-7 countries as well as other smaller jurisdictions. Each Series of the Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices. Metals For each Series, its metals market exposure is fluctuations in the price of both precious metals, including gold and silver, as well as base metals including aluminum, copper, nickel and zinc. Some metals, such as gold, are used as surrogate stores of value, in place of hard currency, and thus have currency or interest rate risk associated with them relative to their price in a specific currency. Other metals, such as silver, platinum, copper and steel, have substantial industrial applications, and may be subject to forces affecting industrial production and demand. Agriculturals/Softs Each Series may also invest in raw commodities and may thus have exposure to agricultural price movements, which are often directly affected by severe or unexpected weather conditions or by political events in countries that comprise significant sources of commodity supply. Energy For each Series its primary energy market exposure is in oil, gas and other energy product price movements, often resulting from political developments and ongoing conflicts in the Middle East. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market. Other Trading Risks As a result of leverage, small changes in the price of a Trading Company’s positions may result in substantial losses for a Series. Futures, forwards and options are typically traded on margin. This means that a small amount of capital can be used to invest in contracts of much greater total value. The resulting leverage means that a relatively small change in the market price of a contract can produce a substantial loss. Like other leveraged investments, any purchase or sale of a contract may result in losses in excess of the amount invested in that contract. The Trading Companies and Galaxy Plus entities may lose more than their initial margin deposits on a trade. The Trading Companies’ and Galaxy Plus entities’ trading is subject to execution risks. Market conditions may make it impossible for the Trading Advisors to execute a buy or sell order at the desired price, or to close out an open position. Daily price fluctuation limits are established by the exchanges and approved by the CFTC. When the market price of a contract reaches its daily price fluctuation limit, no trades can be executed at prices outside the limit. The holder of a contract may therefore be locked into an adverse price movement for several days or more and lose considerably more than the initial margin put up to establish the position. Thinly traded or illiquid markets also can make it difficult or impossible to execute trades. The Trading Advisor’s positions are subject to speculative limits. The CFTC and domestic exchanges have established speculative position limits on the maximum futures position which any person, or group of persons acting in concert, may hold or control in particular futures contracts or options on futures contracts traded on U.S. commodity exchanges. Under current regulations, other accounts of the Trading Advisors are combined with the positions held by them on behalf of the applicable Trading Company and Galaxy Plus entity for position limit purposes. This trading could preclude additional trading in these commodities by the Trading Advisors for the accounts of the Series. Systematic strategies do not consider fundamental types of data and do not have the benefit of discretionary decision making. The assets of the Series are allocated to Trading Advisors that rely on technical, systematic strategies that do not take into account factors external to the market itself (although certain of these strategies may have minor discretionary elements incorporated into their systematic strategy). The widespread use of technical trading systems frequently results in numerous trading advisorsTrading Advisors attempting to execute similar trades at or about the same time, altering trading patterns and affecting market liquidity. Furthermore, the profit potential of trend-following systems may be diminished by the changing character of the markets, which may make historical price data (on which technical programs are based) only marginally relevant to future market patterns. Systematic strategies are developed on the basis of a statistical analysis of market prices. Consequently, any factor external to the market itself that dominates prices that a discretionary decision maker may take into account may cause major losses for a systematic strategy. For example, a pending political or economic event may be very likely to cause a major price movement, but a systematic strategy may continue to maintain positions indicated by its trading method that might incur major losses if the event proved to be adverse. However, because certain of the Trading Advisors’ strategies involve some discretionary aspects in addition to their technical factors, certain of the Trading Advisors may occasionally use discretion in investing the assets of a Trading Company. For example, the Trading Advisors often use discretion in selecting contracts and markets to be followed. In exercising such discretion, such Trading Advisor may take positions opposite to those recommended by the Trading Advisor’s trading system or signals. Discretionary decision making may also result in a Trading Advisor failing to capitalize on certain price trends or making unprofitable trades in a situation where another trader relying solely on a systematic approach might not have done so. Furthermore, such use of discretion may not enable the relevant Series of the Trust to avoid losses, and in fact, such use of discretion may cause such Series to forego profits which it may have otherwise earned had such discretion not been used. 83 Table of Contents Qualitative Disclosures Regarding Means of Managing Risk Exposure The means by which the Managing Owner attempts to manage the risk of the Trust’s open positions is essentially the same in all market categories traded. The Managing Owner applies risk management policies to trading which generally are designed to limit the total exposure of assets under management. In addition, the Managing Owner follows diversification guidelines which are often formulated in terms of the balanced volatility between markets and correlated groups. Cyber Risks and Security The Trust’s business requires it to use and store investor, employee and business partner personally identifiable information (“PII”). This may include, among other information, names, addresses, phone numbers, email addresses, contact preferences, tax identification numbers and payment account information. The Trust requires user names and passwords in order to access its information technology systems. The Trust also uses encryption and authentication technologies designed to secure the transmission and storage of data and prevent access to Trust data or accounts. These security measures are subject to third-party security breaches, employee error, malfeasance, faulty password management, or other irregularities. To help protect investors and the Trust, the Trust monitors accounts and systems for unusual activity and may freeze accounts under suspicious circumstances. The Trust devotes significant resources to network security, data encryption and other security measures to protect its systems and data, but these security measures cannot provide absolute security. To the extent the Trust was to experience a breach of its systems and was unable to protect sensitive data, such a breach could materially damage business partner and investor relationships. Moreover, if a computer security breach affects the Trust’s systems or results in the unauthorized release of PII, the Trust’s reputation and brand could be materially damaged and the Trust could be exposed to a risk of loss or litigation and possible liability. While the Trust maintains insurance coverage that, subject to policy terms and conditions and subject to a significant self-insured retention, is designed to address certain aspects of cyber risks, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise in the continually evolving area of cyber risk. Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Financial statements meeting the requirements of Regulation S-X appear beginning on page F-1 of this report. The supplementary financial information specified by Item 302 of Regulation S-K is included in this report under the heading “Selected Financial Data” above.   Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None.   Item 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures Under the supervision and with the participation of the management of the Managing Owner, including its Chief Executive Officer and Principal Financial Officer, the Trust evaluated the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), for the Trust and each Series as of December 31, 20142016 (the “Evaluation Date”). Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Based upon our evaluation, the Chief Executive Officer and Principal Financial Officer of the Managing Owner concluded that, as of the Evaluation Date, the disclosure controls and procedures for the Trust and each Series were effective to provide reasonable assurance that they are timely alerted to the material information relating to the Trust and each Series required to be included in the Trust’s periodic SEC filings. 84 Table of Contents Report on Management’s Assessment of Internal Control over Financial Reporting The management of the Managing Owner is responsible for establishing and maintaining adequate internal control over financial reporting by the Trust. The Managing Owner’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. The internal control over financial reporting for the Trust and each Series includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States, and that receipts and expenditures are being made only in accordance with authorizations of the management of the Managing Owner; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements of the Trust or any Series. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. All internal control systems, no matter how well designed, have inherent limitations, including the possibility of human error and the circumvention of overriding controls. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of the internal control over financial reporting for the Trust and each Series as of December 31, 2014,2016, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its 2013 report entitledInternal Control-Integrated Framework. Based on that assessment, management concluded that, as of December 31, 2014,2016, the internal control over financial reporting for the Trust and each Series is effective based on the criteria established in the 2013 Internal Control-Integrated Framework. This annual report does not include an attestation report of the Trust’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Trust’s independent registered public accounting firm pursuant to the rules of the SEC that permit the Trust to provide only management’s report in this annual report. Changes in Internal Control Over Financial Reporting. There were no changes in the Trust’s internal control over financial reporting for the quarteryear ended December 31, 20142016 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.reporting as a result of the transition to accessing investment via Galaxy Plus and financial reporting transition to Gemini Hedge Fund Administration. Scope of Exhibit 31 Certifications The certifications of the Chief Executive Officer and the Principal Financial Officer of the Managing Owner and the New Managing Owner as of December 31, 2016 and as of March 31, 2017 (the date of this filing) are included as Exhibits 31.1 and 31.2, respectively, to this Form 10-K apply not only to the Trust as a whole but also to each Series individually.   Item 9B. OTHER INFORMATION. None. 85 Table of Contents Part III   Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. The Trust has no directors or executive officers and also does not have any employees. The Trust is managed solely by Equinox Fund Management, LLC, a Delaware limited liability company formed in June 2003, in the capacity as managing owner. The Managing Owner became registered with the CFTC as CPO as of August 6, 2003, and has been a member in the National Futures Association (the “NFA”), in such capacity since that date. On March 6, 2017, a transaction was consummated that gave operational control of the Trust to Frontier Fund Management, LLC and from that date Frontier Fund Management, LLC became the New Managing Owner. Principals of the Managing Owner The current officers and directors of the Managing Owner are as follows: Robert J. Enck,is the President and Chief Executive Officer of the managing owner,(“CEO”), and serves as chairman of the management committee of the managing owner,Management Committee of the Managing Owner and the Executive Committee of Equinox Frontier Funds. Mr. Enck has been listed as a principal of the managing ownerManaging Owner since July 2007.2007 and as an associated person and swap associated person of the Managing Owner since July 2014. Mr. Enck joined the managing ownerManaging Owner on March 1, 2007, with more than 20 years of extensive management experience with large, highly regulated health care organizations such as Bristol-Myers Squibb and Quintiles as well as with more entrepreneurial venture capital funded organizations. Most recently, from March 2003 to March 2007, Mr. Enck was the Senior Managing Director of The Hermes Group LLC, an advisory firm that specialized in management advisory services, as well as merger and acquisition-related services. At the Hermes Group, Mr. Enck was a member of the ownership team that acquired Ascendia Brands (formerly Lander Company), a $200 million health and beauty care company. As part of this team, Mr. Enck focused on acquisitions, marketing, outsourcing initiatives and the reverse merger of Lander into a public company. Prior to joining Hermes, from March 2001 to March 2003, Mr. Enck served as a General Manager and Vice President within Quintiles Transnational, a multinationalmulti-national pharmaceutical services firm with nearly two billion dollars in annual revenues. Mr. Enck joined Quintiles as a result of Quintiles’ acquisition of Beansprout Networks, an internet company designed to foster effective communication between parents and the pediatricians and child-care providers who care for their children where Mr. Enck served as CEO. As CEO of Beansprout from March 2001 to March 2003, Mr. Enck conceived of and executed a dramatic refocus of the company and engineered the successful transaction with Quintiles. Prior to joining Beansprout, from September 1998 to March 2001, Mr. Enck was President of Rx Remedy Information Services, a company focused on providing pharmaceutical firms with longitudinal patient reportedpatient-reported health care information. Before that, Mr. Enck was with Summit Medical Systems, a healthcare software and support services corporation, from January 1994 to September 1998, where he held a number of senior-level positions, including President and General Manager of its subsidiary, Medical Information Systems (MIS), as well as Vice President of Sales and Marketing of parent company, Summit. Mr. Enck joined Summit when it was a private firm and was a member of the management team that grew the business and conducted a successful IPO. Additionally, Mr. Enck served as President of MIS, where he executed its sale to United Healthcare. Earlier, he spent nine years, from March 1985 to January 1994, with Bristol-Myers Squibb, a global pharmaceutical company, and held management positions in the areas of managed care, government programs and sales management. Mr. Enck holds a B.S. degree in Natural Sciences from St. John’s University, Collegeville, MN and an MBA in Management from the University of St. Thomas, St. Paul, MN. Mr. Enck currently holds SEC/FINRA Series 7, 24 and 2463 registrations. Richard E. BornhoftStacy Gillespie, is a founderthe Chief Compliance Officer (“CCO”) of the Managing Owner itsand has served in this role since August 2016. Ms. Gillespie is currently employed by Cipperman Compliance Services, LLC (“CCS”), a Wayne, Pennsylvania-based third party provider of compliance services with which the Managing Owner has entered into a relationship. Ms. Gillespie has been associated with CCS since September 2015 and has served as Chief InvestmentCompliance Officer for a number of registered investment advisers in the scope of her responsibilities with CCS. Prior to her affiliation with CCS, from December 2012 to August 2015, Ms. Gillespie was employed by the Private Client Group at Boenning & Scattergood (“Boenning”), an independent securities, asset management and investment banking firm, serving as the chief compliance officer. In addition to her role at Boenning, Ms. Gillespie served as the CCO of 1914 Advisors, Boenning’s retail asset management division from August 2007 until August 2015. Prior to Boenning, Ms. Gillespie served as an associate vice president of compliance at Lockwood Advisors, a registered investment advisor from August 2005 to July 2007. Ms. Gillespie holds a bachelor’s degree in political science from Adelphi University and an MBA from Pennsylvania State University. She holds Series 7, 63, 65, 24, 53 and 79 licenses. Principals of the New Managing Owner The current officers and directors of the Managing Owner are as follows: Patrick J. Kaneis the Chairman of the New Managing Owner since January 2012. Previously, Mr. Kane was the head ofalternative investments at Oppenheimer Asset Management until June 2011, overseeing approximately $3 billion in hedge funds and private equity investments. Mr. Kane joined Oppenheimer in 2001 as a senior member of its management committee,the fund of hedge funds team. Mr. Kane has worked in the alternative investments industry since 1989. Prior to joining Oppenheimer in 2001, Mr. Kane worked for Dunbar Capital Management, a boutique fund of funds manager. Mr. Kane previously worked for Brandywine Asset Management, an alternative investment firm in Thornton, PA. At Brandywine, he was the Director of Trading, responsible for all trading on the managed futures and serves asstatistical arbitrage market-neutral equity hedge funds. Before that, he worked for Tricon Investments, an energy focused hedge fund, based in Somerset, NJ. Mr. Kane is also a member of the Executive Committee andinvestment subcommittee that serves the University of Scranton endowment. Mr. Kane holds a Bachelor of Science in Accounting from the University of Scranton. 86 Table of Contents Patrick F. Hart III, is the Chief InvestmentExecutive Officer of Equinox Frontier Funds.the New Managing Owner since January 2012. Mr. Bornhoft is also President and Chief Investment Officer of The Bornhoft Group Corporation, an investment management firm providing alternative investments (i.e., investments other than long-only investments in publicly-traded stocks, bonds and cash-equivalent securities) to institutions and high net worth investors. Mr. BornhoftHart has extensive experience in advising both private and institutional clientelebeen involved in the alternative investment industry. Asindustry for over thirty years, having specialized in the design, implementation and management of structured hedge fund and managed futures products for private and institutional clients worldwide. Mr. Hart is also the Chief Executive Officer and President of Three Palms, LLC (est. June 2003). Further, he is founder, Chief Executive Officer and CIOManaging Partner of The BornhoftHart Financial Group, Mr. BornhoftLLC, a registered commodity pool operator, where he has been responsible for the planningregistered as an associated person and execution of The Bornhoft Group’s business strategy. This responsibility has included such taskslisted as the designa principal since August 1998. Lastly, Mr. Hart founded Pyxis GFS in October 2008. Pyxis provides comprehensive administration, accounting and implementation of the asset allocation, valuation and risk management systems, and the management of client assets intoreporting services to alternative investment productsmanagers and services. His company has designed and operated multiple-CTA managed futures portfolios for approximately 20 pension plans, corporations and banking institutions throughout the world.funds. Previous affiliations of Mr. Bornhoft has served on numerous arbitration boards and various committees of certain regulatory and industry organizations and is a frequent speaker at international conferences and symposiums on alternative investments. He has written numerous articles in leading financial publications and is a contributing author to The Handbook of Managed Futures—Performance, Evaluation and Analysis (McGraw-Hill, 1997) and Searching for Alpha—The Quest for Exceptional Investment Performance (Wiley, 2000). He currently holds SEC/FINRA Series 63 registration, in addition to a CFTC/NFA Series 3 registration. During the last five years, Mr. Bornhoft has beenHart include Northfield Trading, LP where he was listed as a principal and registered as an associated person of the Managing Owner (since August 2003), and has beenTrading Advisor from March 2007 to December 2014. From June 2009 through October 2013 Mr. Hart was listed as a principal, and from July 2009 through October 2013 he was registered as an associated person, with the trading advisory firm Strategic Capital Management, LLC. At the same firm’s affiliated commodity pool operator, Strategic Fund Management, he was listed as a principal from July 2009 through May 2013 and registered as an associated person of The Bornhoft Group (since September 1985 and November 1985, respectively).from August 2009 through May 2013. Mr. Bornhoft has beenHart was also listed as a swapsprincipal of the commodity Trading Advisor, Seven Trust Global Advisors, LLC, from January 2007 to March 2011 and registered as an associated person from April 2007 through March 2011. At the same firm’s affiliated commodity pool operator, CTP Fund Management, LLC, he was listed as a principal from January 2008 to June 2011 and registered as an associated person from April 2008 through June 2011. Mr. Hart served nine years on the Introducing Broker Advisory Committee of the National Futures Association, or NFA. Additionally, he has served periodically on the NFA Arbitration and Nominating Committees since 1988. Mr. Hart has been a frequent guest speaker at international conferences and symposiums on the topic of alternative investment strategies. Moreover, Mr. Hart has contributed to numerous articles in leading investment publications and is a contributing author to the “Handbook of Managed Futures—Performance, Evaluation and Analysis” (McGraw-Hill 1997). Mr. Hart received a B.S. in Economics from Colorado State University in 1983. He holds FINRA Series 7, 63, and the CFTC/NFA Series 3 registrations. Mr. Hart also is a registered representative of ALPS Distributors, Inc. Michael B. Egan II,is the Secretary of the New Managing Owner since January 2012. Mr. Egan brings more than 25 years of alternative investment experience with a focus on commodity Trading Advisor research and multi-advisor portfolio construction. As a member of Frontier Fund Management LLC’s portfolio management team, Mr. Egan is involved in day-to-day portfolio and risk management for all of Frontier Fund Management LLC’s funds’ offerings as well as the development and structuring of new products. In addition, Mr. Egan has also served as Research Director of Three Palms, LLC since its founding in June 2003. He also serves as President of Hart Financial Group, LLC, a registered Commodity Pool Operator, where he has been registered as a principal since April 2015 and associated person since May 2006. Mr. Egan was also registered as an associated person of the Managing Owner since March 27, 2013. Mr. Bornhoft was a principal of SectorQuant Capital Management,Commodity Trading Advisor Seven Trust Global Advisors, LLC an investment adviser registered under the Investment Advisers Act, from July 2002 until2008 through March 2011. From January 1991 through April 2009, where heMr. Egan was the Director of Research for Hart Asset Management Group, Inc. (formerly Hart-Bornhoft Group, Inc.), a registered Commodity Pool Operator and The Bornhoft Group were responsible for providing infrastructureCommodity Trading Advisor and business advice. Vance Jeffrey Sanders, 48 is the Chief Financial Officer of the Managing Owner. He has assumed the duties of Chief Accounting Officer of the Managing Owner in his role as of June 1, 2013. From July 2007 to present, Mr. Sanders has also served as the Chief Technology Officer of the Managing Owner, directing external reporting and technology functions. From July 2007 to December 2012, he served as the Managing Owner’s Corporate Controller, establishing corporate internal control structures over both finance and technology. Mr. Sanders received his BS in Accounting in 1993 from Missouri Southern State University and earned and has been a licensed Certified Public Accountant in the State of Colorado since October 2008. Juanita D. Hanley, 39 is the Chief Compliance Officer of the managing owner. Ms. Hanley joined the managing owner in January 2014 and has beenwas listed as a principal from December 1998 through April 2009. Mr. Egan received a Bachelor of Science Degree in Finance from Colorado State University in 1990 and he is licensed with the NFA and CFTC and holds a Series 3 certification. Garrett W. Phillips,is the Chief Operations Officer and Treasurer of the New Managing Owner since October 2016. He has also worked as the Chief Executive Officer for the managing ownerinvestment fund servicing business, Pyxis Global Financial Services, since January 2014. Ms. Hanley is responsibleits founding in 2010. At Pyxis he manages a team that provides administrative and accounting services for all complianceclients that are investment advisors, mutual funds and regulatory oversighthedge funds. Prior to Frontier Fund Management LLC and PyxisGFS, Mr. Phillips was an Operations Manager for the investment management group of Legent Bank & Trust (formerly known as Legent Clearing Corp.), a correspondent broker/dealer providing clearing and settlement services to small and medium-size independent broker/dealers. Mr. Phillips studied accounting and economics at the managing owner. Her duties include implementingUniversity of Colorado, holds Series 7 and revising24 securities licenses and has worked in the necessary systems, policies,accounting field since 1996. His most recent experience is in alternative investments, investment fund operations and proceduresfund administration. Effective December 2015, Equinox has engaged Cipperman Compliance Services, LLC to provide outsourced compliance services for compliance with all applicable securities laws and regulations. Due to the affiliation between the managing owner and Equinox Institutional Asset Management, LP, an investment firm,Equinox Group Distributors, LLC, Equinox Fund Management, LLC, and Solon Capital LLC, an investment firm, Ms. Hanley assists Equinox Institutional Asset Management, LP and Solon Capital, LLC with all required filings due to the NFA and has been listed as a principalFinancial Services. 87 Table of Equinox Institutional Asset Management, LP and Solon Capital LLC since January 17, 2014. Prior to joining the managing owner in January 2014, Ms. Hanley was the Compliance Manager for Summit Financial Resources Inc., a registered investment advisor and broker dealer, and Summit Equities Inc., member FINRA/SIPC, from July 2006 to December 2013. Ms. Hanley was listed as a principal of Summit Financial Resources Inc. and Summit Equities Inc. starting in February 2009. Ms. Hanley holds the Series 7 and 24. Ms. Hanley obtained a Bachelor of Science in Finance from Hampton University in May 1997 and an Executive Master of Business Administration from Rutgers University – Newark in May 2011.Contents Executive Committee of the Managing Owner The Executive Committee is responsible for the general oversight of the Managing Owner’s business and Equinox Frontier Funds and functions like the board of directors of a corporation. The members of the Executive Committee are Richard E. Bornhoft, David DeMuthP. Demuth and Robert J. Enck. Robert J. Enck—Mr. Enck’s biography appears above under the caption“Item 10. Directors, Executive Officers and Corporate Governance—Principals of the Managing Owner.” Richard E. Bornhoft—Mr. Bornhoft’s biography appears above under the caption“Item 10. Directors, Executive Officers and Corporate Governance—Principals of the Managing Owner.” David P. DeMuth, 6970is a member of the Executive Committee of the Managing Owner. In May 2006, he co-founded CFO Consulting Partners LLC, an entity which provides interim CFO services to public and private companies. Prior to co-founding CFO Consulting Partners LLC, he was an independent consultant providing accounting and risk management services from March 2002 to April 2006, Interim Co-Chief Financial Officer and Treasurer at Kodak Polychrome Graphics (a $2 billion global manufacturer of graphic arts materials) from September 1999 to March 2002, CFO of Troy Corporation (a $150 million global specialty chemical manufacturer) from June 1996 to September 1999, Division Vice President of Continental Grain Company (a multi-billion provider of commodities and financial services) from August 1990 to June 1996, Treasurer of National Starch and Chemical Company (a $3 billion global specialty chemical manufacturer) from March 1986 to August 1990, and Director of Tax Services at PepsiCo Inc. (a multi-billion global consumer products (beverage and food) company) from May 1980 to March 1986. His industry experience includes technology, real estate development, financial services, specialty chemicals, global manufacturing/distribution, graphic arts and consumer products. His global focus is Risk Management, Internal Controls, Structured Capital Market Transactions and Regulatory Compliance. He has developed complex global strategies to manage financial reporting, financial and operations risks and compliance with regulatory authorities (SEC, tax, etc.). He was an accountant with KPMG, an accounting firm, from September 1974 to May 1980. Mr. DeMuth holds a BS in Accounting from Loyola University, and an MBA in Finance from LaSalle University. He is a Certified Public Accountant (CPA). The sole member of the Managing Owner with a larger than 10% ownership interest is Plimpton Capital, LLC which has been listed as a principal of the Managing Owner since August 2003. The Bornhoft Group Corporation was listed as a principal of the Managing Owner from August 2003 until June 2012. There is not currently any material administrative, civil, or criminal action-whether pending, on appeal or concluded-against the Trust, its principals or the Managing Owner. Executive Committee of the New Managing Owner Patrick Kane—Mr. Kane’s biography appears above under the caption“Item 10. Directors, Executive Officers and Corporate Governance—Principals of the Managing Owner.” Patrick Hart—Mr. Hart’s biography appears above under the caption“Item 10. Directors, Executive Officers and Corporate Governance—Principals of the Managing Owner.” Garrett Phillips—Mr. Phillips’s biography appears above under the caption“Item 10. Directors, Executive Officers and Corporate Governance—Principals of the Managing Owner.” Michael Egan—Mr. Egan’s biography appears above under the caption“Item 10. Directors, Executive Officers and Corporate Governance—Principals of the Managing Owner.” Section 16(a) Beneficial Ownership Reporting Compliance Section 16 of the Exchange Act requires an issuer’s directors and certain executive officers and certain other beneficial owners of the issuer’s equity securities to periodically file notices of changes in their beneficial ownership with the SEC. The Trust does not have any directors or officers. However, the officers of the Managing Owner, as well as the Managing Owner itself, file such notices regarding their beneficial ownership in the Trust, if any. Audit Committee Financial Expert The Trust does not have a board of directors but instead is operated and managed by the Managing Owner. The Executive Committee of the Managing Owner has created an audit committee of the Trust consisting of all of the Executive Committee’s members. The Executive Committee of the Managing Owner, in its capacity as the audit committee for the Trust, has determined that Robert J. Enck, the Chief Executive Officer of the Managing Owner, qualifies as an “audit committee financial expert” in accordance with the applicable rules and regulations of the SEC. Mr. Enck is not independent of management. 88 Table of Contents Code of Ethics The Trust has not adopted a code of ethics because it does not have any officers or employees. The Managing Owner has adopted a code of ethics for employees and principals of the Managing Owner. In general, the Managing Owner, its principals, and all other persons associated with the Managing Owner shall observe high standards of commercial honor and just and equitable principles of trade in the conduct of their commodity futures business. All employees including anyone not on the regular payroll but filling in on a temporary basis shall be held to the highest standards of honesty and integrity. This conduct will be valid for all duties involved with the daily management and responsibilities as Managing Owner of the Trust. Employees will conduct their daily duties in a responsible manner to ensure that all customers are treated fairly and equally. The reputation of the Managing Owner is crucial to its business, and understanding that the Managing Owner will make every effort to ensure the reputation of the Managing Owner is not tarnished in any way. Employees are urged to seek the advice of their supervisor for any questions applicable to this code relative to their individual circumstances.   Item 11. EXECUTIVE COMPENSATION. The Trust has no directors or officers. Its affairs are managed solely by the Managing Owner, which receives compensation for its services from the Trust, as follows: Management Fees Each Series of Units pays to the Managing Owner a monthly management fee equal to a certain percentage of the assets in Trading Companies attributable to such Series’ (including nominal assets of such Series,assets), calculated on a daily basis. The total amount of assets ofIn addition, the Managing Owner receives a series allocatedmonthly management equal to trading advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisors and any reference programs, is referred to herein as the “nominal assets”certain percentage of the series. Theassets in the Galaxy Plus entities attributable to such Series’ (including notional assets), calculated on a monthly basis. For both assets in Trading Companies and in Galaxy Plus entities, the annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0%Fund; 0.75% for the Equinox Frontier Balanced Fund Class 1a and Class 2a,Diversified Fund; 2.0% for the Equinox Frontier WintonMasters Fund Equinox Frontier Long/Short Commodity Fund Class 1a and Class 2a and Equinox Frontier Masters Fund, 0.75% for Equinox Frontier Diversified Fund,Winton Fund; 2.5% for the Equinox Frontier Heritage Fund and Equinox Frontier Select Fund,Fund; and 3.5% for the Equinox Frontier Long/Short Commodity Fund Class 1 and Class 2.Fund. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the series by the Managing Owner. As of the date of this Form 10-K, the trading advisor for a series that has invested in a swap has not received any management fees directly from the series for such swap, and instead the relevant trading advisor receives compensation via the fees embedded in the swap.each Series. The management fee as a percentage of the applicable series’ net asset value will be greater than the percentage indicated above to the extent that the nominal assets of the series exceeds its net asset value. The managing owner expects that the nominal assets of each series will generally be maintained at a level in excess of the net asset value of such series and such excess may be substantial to the extent the managing owner deems necessary to achieve the desired level of volatility. Incentive Fees Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. Because the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period these Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Equinox Frontier Diversified Fund and Equinox Frontier Balanced Fund and 20% for the Equinox Frontier Masters Fund, Equinox Frontier Winton Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund and Equinox Frontier Long/Short Commodity Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. Interest Income Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) of average net assets is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only)2), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1a1AP, Class 2a and Class 2a3a only), 20% of the total interest allocated to each Series iswas paid to the Managing Owner.Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. 89 Table of Contents Other Fees The Equinox Frontier Long/Short Commodity Fund (Classes From January 1, 2 and 3),2016 through October 23, 2016, the Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund (collectively, the “Closed Series”) paid to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% per annum of such Series’ NAV, calculated daily; thereafter each of the Closed Series pays to the Managing Owner a monthly trading fee, or FCM Fee of up to 1/12th2.25% per annum of 0.75%nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of such Series’ NAV, calculated daily. Thethe applicable Series. From January 1, 2016 through April 28, 2016, the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a and 2a) and Equinox Frontier Masters Fund (collectively, the “Open Series”) paid to the Managing Owner a FCM Fee of up to 2.25% per annum and a custodial/due diligence fee of 0.12% per annum of such Series’ NAV, calculated daily; thereafter each of such Open Series pays to the Managing Owner a monthly trading fee, or FCM Fee of up to 1/12th2.25% per annum of 2.25%nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 1/12th of 0.12% per annum of such Series’ NAV, calculated daily. Also, a monthly service fee equalfees of up to 3.0% and 2.0% of the NAV, calculated daily, isare paid to the Managing Owner.Owner for the Closed Series and the Open Series, respectively. The Managing Owner pays the service feefees to Selling Agents to assist in the making of offers and sales of Units and provide customary ongoing services including advising Limited Owners. To the extent that an affiliate of the Managing Owner provides such services, it may receive service fees in proportion to the valuation of its clients’ accounts.   Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. The Trust has no officers or directors. Its affairs are managed solely by the Managing Owner. Set forth in the table below is information regarding the beneficial ownership of Units of the principals of the Managing Owner as of December 31, 2014:2016: Equinox Fund Management, LLC*:         Percentage Ownership Series/Class of Units    Units Owned      Percentage Ownership of Each Class       Units Owned     of Each Class         Equinox Frontier Diversified Fund– Class 2      14,576         7.15 %    3,462   1.20% Equinox Frontier Diversified Fund– Class 3   275   0.26% Equinox Frontier Long/Short Commodity Fund – Class 2      3,083         34.21 %    2,316   37.12% Equinox Frontier Long/Short Commodity Fund – Class 2a      2,222         14.53 %    2,222   24.38% Equinox Frontier Long/Short Commodity Fund – Class 3a      109         1.86 %    109   1.00% Equinox Frontier Masters Fund – Class 2      5,627         8.15 %    2,615   5.95% Equinox Frontier Masters Fund – Class 3      275         0.66 %    275   0.54% Equinox Frontier Balanced Fund – Class 2      7,956         6.05 %    2,720   2.37% Equinox Frontier Balanced Fund – Class 2a      1,237         31.54 %    1,237   40.50% Equinox Frontier Select Fund – Class 2      70         0.58 %    70   0.67% Equinox Frontier Winton Fund – Class 2      207         0.36 %    207   0.38% Equinox Frontier Heritage Fund – Class 2      428         2.36 %    428   2.68%    * The Managing Owner is required to maintain at least a 1% interest in the aggregate capital of the Trust as well as in certain series.series, profits and losses of the Trust. The Managing Owner’s interest of $5,672,261$2,276,211 in the aggregate capital of the Trust of $270,206,309$219,211,435 at December 31, 20142016 is 2.10%1.04%. There are no individual Limited Partners that own more than 5% of any class of the Trust.   Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates. However, there have been no direct financial transactions between the Trust and the directors or officers of the Managing Owner. See “Item 11. Executive Compensation” and “Item 12. Security Ownership of Certain Beneficial Owners and Management.” 90 Table of Contents Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. The following table sets forth the fees billed to Equinox Fund Management, LLC, the Managing Owner of the Trust, for professional services provided by McGladreyRSM US LLP, the Trust’s independent registered public accounting firm, for the years ended December 31, 20142016 and 2013.2015. In accordance with the prospectus of the Trust, the Managing Owner has agreed to pay all costs of the Trust, and the Trust therefore bears no direct obligation to its independent registered public accounting firm. FEE CATEGORY    2014      2013   Audit Fees(1)    $ 280,500       $ 295,500    Audit-Related Fees(2)    $ 0       $ 0    Tax Fees(3)    $ 0       $ 0    All Other Fees(4)    $ 0       $ 0    TOTAL FEES    $ 280,500       $ 295,500      FEE CATEGORY   2016     2015   Audit Fees(1)   $ 299,500     $ 292,500   Audit-Related Fees(2)   $ 0     $ 0   Tax Fees(3)   $ 0     $ 0   All Other Fees(4)   $ 0     $ 0   TOTAL FEES   $ 299,500     $ 292,500   (1) Audit Fees consist of fees for professional services rendered for the audit of the Trust’s financial statements and review of financial statements included in the Trust’s quarterly reports, as well as services normally provided by the independent accountant in connection with statutory and regulatory filings or engagements. (2) Audit-Related Fees consist of fees for assurance and related services by McGladreyRSM US LLP that are reasonably related to the performance of the audit or review of the Trust’s financial statements and are not reported under “Audit Fees,” above. (3) Tax Fees consist of fees for professional services rendered for tax compliance, tax advice and tax planning. (4) All Other Fees consist of any fees not otherwise reported in this table The Managing Owner approved all the services provided by McGladreyRSM US LLP to the Trust described above. The Managing Owner has determined that the payments made to McGladreyRSM US LLP for these services during 20142016 and 20132015 are compatible with maintaining that firm’s independence. The Managing Owner pre-approves all audit and allowed non-audit services of the Trust’s independent registered public accounting firm, including all engagement fees and terms. 91 Table of Contents Part IV   Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.   (a)(1) and (2) The response to these portions of Item 15 is submitted as a separate section of this report commencing on page F-1. (a)(3) Exhibits (numbered in accordance with Item 601 of Regulation S-K). 1.1 Form of Selling Agent Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents**** 1.2 Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents** 1.3 Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents*** 1.4 Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents*** 1.5 Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents**** 1.6 Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents**** 4.1 Restated Declaration of Trust and Second Amended and Restated Trust and Trust Agreement of the Registrant +++ 4.11 First Amendment to Second Amended and Restated Trust and Trust Agreement of the Registrant++++  4.2   4.2 Form of Subscription Agreement (annexed to the Prospectus as Exhibit B)**** 4.3 Form of Exchange Request (annexed to the Prospectus as Exhibit C)**** 4.4 Form of Request for Redemption (annexed to the Prospectus as Exhibit D)**** 4.5 Form of Request for Additional Subscription (annexed to the Prospectus as Exhibit E)**** 4.6 Form of Application for Transfer of Ownership / Re-registration Form (annexed to the Prospectus as Exhibit F)**** 4.7 Form of Privacy Notice (annexed to the Prospectus as Exhibit G)**** 10.1   Form of Amended and Restated Escrow Agreement among the Registrant, Equinox Fund Management, LLC, Bornhoft Group Securities Corporation and the U.S. Bank National Association, Denver Colorado*** 10.2 Form of Brokerage Agreement between each Trading Company and UBS Securities, LLC* 10.21 Form of Brokerage Agreement between each Trading Company and Banc of America Futures Incorporated* 10.22 Form of Brokerage Agreement between the Managing Owner, acting as agent on behalf of certain Trading Companies, and Deutsche Bank AG London** 10.23 Form of Brokerage Agreement between each Trading Company and Man Financial Inc. *** 10.24 Form of Amendment Agreement between the Managing Owner, acting as agent on behalf of certain Trading Companies, and Deutsche Bank AG London*** 10.25 Form of Brokerage Agreement between each Trading Company and Fimat USA, LLC**** 10.3 Form of Advisory Agreement among the Registrant, the Trading Company, Equinox Fund Management, LLC, and each Trading Advisor**** 10.32 Form of License Agreement among Jefferies Financial Products, LLC, Reuters America LLC, the Registrant and Equinox Fund Management, LLC*** 10.33 Form of License Agreement among Jefferies Financial Products, the Registrant and Equinox Fund Management, LLC*** 10.34 Form of Guaranty made by Jefferies Group, Inc. in favor of Frontier Trading Company VIII, LLC*** 10.35 Form of International Swaps and Derivatives Association Master Agreement, including all Schedules thereto and the Credit Support Annex thereto entered into for the Currency Series of the Registrant*** 10.37 Form of International Swaps and Derivatives Association Master Agreement, including all Schedules thereto and the Credit Support Annex thereto entered into for the Equinox Frontier Balanced Fund of the Registrant+ 92 Table of Contents 10.4 Form of Cash Management Agreement between Equinox Fund Management, LLC and Merrill Lynch** 10.41 Form of Cash Management Agreement between Equinox Fund Management, LLC and STW Fixed Income Management Ltd.***  10.5   10.5 Form of single-member limited liability company operating agreement governing each Trading Company***  21.1   10.6 Form of Platform Agreement among Galaxy Plus Fund LLC, Gemini Alternative Funds, LLC and the Trust# 10.7 Form of Fund Services Agreement between the Trust and Gemini Fund Services, LLC## 10.8 Form of Administrative Services Agreement between Gemini Hedge Fund Services, LLC and the Managing Owner### 21.1  Subsidiaries of Registrant. (filed(filed herewith)  23.1   23.1  Consent of Independent Registered Public Accounting Firm  (filed herewith)  31.1   31.1  Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934. (filed(filed herewith)  31.2   Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934. (filed herewith) 32.1    32.1 Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished(furnished herewith)  32.2   32.2  Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished(furnished herewith)  32.3   32.3  Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished(furnished herewith)  32.4   32.4  Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished(furnished herewith)  32.5   32.5  Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished(furnished herewith)  32.6   32.6  Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished(furnished herewith)  32.7   32.7 Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished(furnished herewith)  32.8   32.8 Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished(furnished herewith)  99.1   99.1 Prospectus of Equinox Frontier Funds ++ 101.INS^ XBRL Instance Document 101.SCH^ XBRL Taxonomy Extension Schema 101.CAL^ XBRL Taxonomy Extension Calculation Linkbase 101.DEF^ XBRL Taxonomy Extension Definition Linkbase 101.LAB^ XBRL Taxonomy Extension Label Linkbase 101.PRE^ XBRL Taxonomy Extension Presentation Linkbase 93 Table of Contents * Previously filed as like-numbered exhibit to the initial filing or the first, second, third or fourth pre-effective amendment or the first or second post-effective amendment to Registration Statement No. 333-108397 and incorporated by reference herein. ** Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first or second post-effective amendment to Registration Statement No. 333-119596 and incorporated by reference herein. *** Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first post-effective amendment to Registration Statement No. 333-129701 and incorporated by reference herein. **** Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first post-effective amendment to Registration Statement No. 333-140240 and incorporated by reference herein. + Previously filed as like-numbered exhibit on Form 10-Q for the period ended June 30, 2008. ++ Previously filed on May 7, 20142, 2016 pursuant to Rule 424(b)(3) of the Securities Act (File No. 333-185695)333-210313). +++ Previously filed as Exhibit 3.2 on Form 8-K, filed on December 11, 2013. ++++ Previously filed as Exhibit 4.1 on Form 8-K, filed on March 10, 2017. # Previously filed as Exhibit 10.1 on Form 8-K, filed on October 19, 2016. ## Previously filed as Exhibit 10.2 on Form 8-K, filed on October 19, 2016. ### Previously filed as Exhibit 10.3 on Form 8-K, filed on October 19, 2016. ^ Submitted electronically herewith. ^ Submitted electronically herewith.94 Table of Contents INDEX TO THE SERIES FINANCIAL STATEMENTS   Report of Independent Registered Public Accounting Firm F-3   F-2   Statements of Financial Condition as of December 31, 20142016 and 20132015 F-4   F-3   Condensed Schedules of Investments as of December 31, 20142016 F-7   F-6   Condensed Schedules of Investments as of December 31, 20132015 F-10   F-12   Statements of Operations for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-13   F-17   Statements of Changes in Owners’ Capital for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-16   F-20   Statements of Cash Flows for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-20   F-29   Notes to Financial Statements F-33 F-23 INDEX TO THE TRUST FINANCIAL STATEMENTS (1) INDEX TO THE TRUST FINANCIAL STATEMENTS (1) Report of Independent Registered Public Accounting Firm F-55   F-65   Consolidated Statements of Financial Condition as of December 31, 20142016 and 20132015 F-56   F-66   Consolidated Condensed Schedules of Investments as of December 31, 20142016 F-57   F-67   Consolidated Condensed Schedules of Investments as of December 31, 20132015 F-58   F-69   Consolidated Statements of Operations for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-59   F-71   Consolidated Statements of Changes in Owners’ Capital for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-60   F-72   Consolidated Statements of Cash Flows for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-61   F-73   Notes to Consolidated Financial Statements F-62 INDEX TO TRADING COMPANY FINANCIAL STATEMENTS (2)   F-74   INDEX TO TRADING COMPANY FINANCIAL STATEMENTS (2) Report of Independent Registered Public Accounting Firm F-80   F-91   Statements of Financial Condition as of December 31, 20142016 and 20132015 F-81   F-92   Condensed Schedules of Investments as of December 31, 20142016 F-82   F-95   Condensed Schedules of Investments as of December 31, 20132015 F-83   F-103   Statements of Operations for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-85   F-110   Statements of Changes in Members’ Equity for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-86   F-112   Statements of Cash Flows for the years ended December 31, 2014, 20132016, 2015 and 20122014 F-87   F-114   Notes to Financial Statements F-88 F-1 Table of Contents INDEX TO GALAXY PLUS FUND 2016 FINANCIAL STATEMENTS Financial Report for Galaxy Plus Fund LLC F-105     F-120Financial Report for Galaxy Plus Fund – Aspect Master Fund (532) LLC F-127   Financial Report for Galaxy Plus Fund – Chesapeake Master Fund (518) LLC F-145 Financial Report for Galaxy Plus Fund – Doherty Master Fund (528) LLC F-163 Financial Report for Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC F-181 Financial Report for Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC F-200 Financial Report for Galaxy Plus Fund – LRR Master Fund (522) LLC F-218 Financial Report for Galaxy Plus Fund – QIM Master Fund (526) LLC F-237 Financial Report for Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC F-255 Financial Report for Galaxy Plus Fund – Quest Master Fund (517) LLC F-270 Financial Report for Galaxy Plus Fund – Quest FIT Fund (535) LLC F-288   (1) These financial statements represent the consolidated financial statements of the Series of the Trust. (2) The Trust holds a majority of the equity interests in the various Trading Companies, which are the trading vehicles established for the various Series of Units of the Trust. In the financial statements of the Trust, Trading Companies in which a Series has a majority equity interest are consolidated by such Series, and investments in Trading Companies in which a Series does not have a controlling or majority interest are accounted for under the equity method of accounting, which approximates fair value and are carried in the statement of financial condition of such Series at fair value. In addition, financial statements of each of the unconsolidated Trading Companies are included in accordance with Rule 3-09 of Regulation S-X under the Securities Act of 1933, as amended. Although not required pursuant to Rule 3-09 of Regulation S-X under the Securities Act of 1933, financial statements of each consolidated Trading Company of the Trust are also included in the interest of providing a more complete presentation. (3) Financial statements of each of the Galaxy Plus entities are included in accordance with Rule 3-09 of Regulation S-X under the Securities Act of 1933, as amended. Although not required pursuant to Rule 3-09 of Regulation S-X under the Securities Act of 1933, financial statements of the Galaxy Plus entities are also included in the interest of providing a more complete presentation. F-2 Table of Contents Report of Independent Registered Public Accounting Firm To the Executive Committee and Unitholders Equinox Frontier Funds We have audited the accompanying statements of financial condition, including the condensed schedules of investments, of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund of Equinox Frontier Funds (collectively, the Series) as of December 31, 20142016 and 2013,2015, and the related statements of operations, changes in owners’ capital, and cash flows for each of the three years in the period ended December 31, 2014.2016. These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements 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 auditaudits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Series are 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 Series’ 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, 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 financial statements referred to above present fairly, in all material respects, the financial position of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund of Equinox Frontier Funds as of December 31, 20142016 and 2013,2015, and the results of their operations and their cash flows for each of the three years in the period then ended, December 31, 2014, in conformity with U.S. generally accepted accounting principles. As discussed in Note 11 to the financial statements, on March 6, 2017 a unit purchase agreement between Frontier Fund Management LLC (New Managing Owner) and Equinox Fund Management (Equinox) was consummated whereby Equinox’s general units were transferred to the New Managing Owner. Upon consummation, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. /s/ McGladreyRSM US LLP Denver, Colorado March 31, 20152017 F-3 The SeriesTable of Equinox Frontier FundsContents Statements of Financial Condition December 31, 2014 and 2013 The Series of Equinox Frontier Funds Statements of Financial Condition December 31, 2016 and December 31, 2015     Equinox Frontier   Equinox Frontier   Equinox Frontier     Equinox Frontier   Equinox Frontier   Equinox Frontier     Diversified Fund   Masters Fund   Long/Short Commodity Fund     Diversified Fund     Masters Fund     Long/Short Commodity Fund     12/31/2014   12/31/2013   12/31/2014   12/31/2013   12/31/2014   12/31/2013     12/31/2016   12/31/2015   12/31/2016   12/31/2015   12/31/2016   12/31/2015                                                   ASSETS                                                                                                             Cash and cash equivalents   $ 4,210,638      $ 1,827,897      $ 2,199,066      $ 1,125,954      $ 1,110,779      $ 810,418      $ 674,227     $ 3,283,973     $ 546,509     $ 1,421,994     $ —     $ 570,169   U.S. Treasury securities, at fair value     31,051,659        38,055,417        16,217,173        23,441,497        8,191,519        16,872,290        6,525,280       27,604,916       4,313,843       11,953,206       —       4,792,817   Open trade equity, at fair value     3,215,206        —          —          —          —          —      Options purchased, at fair value     288,413        —          —          —          —          98,740    Receivable from futures commission merchants     22,731,129        —          —          —          —          7,836,808    Swap contracts, at fair value     6,570,408        3,437,632        —          —          3,633,060        2,456,546        8,637,847       8,685,849       —       —       4,220,468       4,332,428   Investments in private investment companies, at fair value     38,845,974       —       5,653,708       —       6,715,142       —   Investments in unconsolidated trading companies, at fair value     6,594,379        20,837,272        7,901,978        9,166,710        3,814,854        655,769        4,201,628       16,094,207       6,678,106       9,409,930       —       3,414,663   Prepaid service fees—Class 1     9,534        4,946        6,003        11,165        505        3,707    Prepaid service fees - Class 1     —       16,160       —       7,355       —       736   Interest receivable     477,250        521,275        249,250        321,097        125,900        231,114        121,792       479,142       80,516       207,473       —       83,190   Receivable from related parties     —          1,035        3,050        2,060        2,612        2,954        231,671       —       153,157       1,670       87,670       1,606   Other assets     249,997        —          —          —          —          —          —       —       —       —       —       —                                                                                       Total Assets   $ 75,398,613      $ 64,685,474      $ 26,576,520      $ 34,068,483      $ 16,879,229      $ 28,968,346      $ 59,238,419     $ 56,164,247     $ 17,425,839     $ 23,001,628     $ 11,023,280     $ 13,195,609                                                                                       LIABILITIES & CAPITAL                                                                                                 LIABILITIES & CAPITAL             LIABILITIES                                                             Open trade deficit, at fair value   $ —        $ —        $ —        $ —        $ —        $ 191,069    Options written, at fair value     253,018        —          —          —          —          172,650    Pending owner additions     1,527        2,292        2,056        1,352        —          —        $ —     $ 1,524     $ —     $ 1,290     $ —     $ —   Owner redemptions payable     57,953        348,441        —          71,188        19,578        107,888        61,482       9,030       131,841       9,558       5,738       796   Incentive fees payable to Managing Owner     2,387,825        575,550        722,043        —          158,660        —          —       204,914       —       42,251       —       28,408   Management fees payable to Managing Owner     86,486        101,504        64,497        107,027        45,361        104,883        23,496       81,940       50,174       54,674       —       48,210   Interest payable to Managing Owner     16,168        16,220        6,898        9,587        3,713        7,965        —       11,661       —       4,957       —       1,368   Service fees payable to Managing Owner     34,905        46,263        17,260        35,858        10,562        14,965        15,193       17,020       9,037       12,098       3,542       6,841   Trading fees payable to Managing Owner     132,984        136,166        55,912        72,687        24,436        34,788        147,183       121,065       57,890       48,501       23,478       17,129   Payables to related parties     2,371        —          —          —          —          —          —       2,126       —       —       1,603,124       —   Advance on unrealized Swap Appreciation     2,500,000       —       —       —       115,000       —   Other liabilities     —          —          —          —          —          —          19,674       1       7,590       —       6,871       6                                                                                       Total Liabilities     2,973,237        1,226,436        868,666        297,699        262,310        634,208        2,767,028       449,281       256,532       173,329       1,757,753       102,758                                                                                       CAPITAL                                                             Managing Owner Units—Class 1     —          23,953        —          —          —          —      Managing Owner Units—Class 2     2,516,879        1,904,660        723,207        559,668        426,377        386,171    Managing Owner Units—Class 2a     —          —          —          —          247,434        222,971    Managing Owner Units—Class 3     31,632        —          32,741        25,274        —          —      Managing Owner Units—Class 3a     —          —          —          —          12,228        10,991    Limited Owner Units—Class 1     19,195,036        28,720,094        11,850,911        23,115,495        —          —      Limited Owner Units—Class 1a     —          —          —          —          5,776,906        8,752,826    Limited Owner Units—Class 2     32,707,413        32,810,331        8,145,536        9,846,494        820,104        2,985,627    Limited Owner Units—Class 2a     —          —          —          —          1,455,117        2,880,434    Limited Owner Units—Class 3     5,556,649        —          4,955,459        223,853        7,233,099        9,619,596    Limited Owner Units—Class 3a     —          —          —          —          645,654        246,480    Managing Owner - Class 2     460,196       2,616,258       336,691       712,391       299,889       407,255   Managing Owner - Class 2a     —       —       —       —       234,742       235,971   Managing Owner - Class 3     33,899       32,964       32,970       32,332       —       —   Managing Owner - Class 3a     —       —       —       —       11,715       11,690   Limited Owner - Class 1     5,189,420       11,814,234       5,361,626       8,323,800       —       —   Limited Owner - Class 1a     —       —       —       —       1,913,595       4,053,754   Limited Owner - Class 2     37,771,385       32,016,842       5,320,871       7,180,967       508,474       586,345   Limited Owner - Class 2a     —       —       —       —       728,453       1,051,694   Limited Owner - Class 3     13,016,491       9,234,668       6,117,149       6,578,809       4,405,863       5,906,669   Limited Owner - Class 3a     —       —       —       —       1,162,796       839,473                                                                                       Total Owners’ Capital     60,007,609        63,459,038        25,707,854        33,770,784        16,616,919        25,105,096        56,471,391       55,714,966       17,169,307       22,828,299       9,265,527       13,092,851                                                                                       Non-Controlling Interests     12,417,767        —          —          —          —          3,229,042        —       —       —       —       —       —                                                                                       Total Capital     72,425,376        63,459,038        25,707,854        33,770,784        16,616,919        28,334,138        56,471,391       55,714,966       17,169,307       22,828,299       9,265,527       13,092,851                                                                                       Total Liabilities and Capital   $ 75,398,613      $ 64,685,474      $ 26,576,520      $ 34,068,483      $ 16,879,229      $ 28,968,346      $ 59,238,419     $ 56,164,247     $ 17,425,839     $ 23,001,628     $ 11,023,280     $ 13,195,609                                                                                       Units Outstanding                                                             Class 1     169,725        330,005        101,632        251,718        N/A        N/A        44,569       102,269       47,531       73,747        N/A        N/A   Class 1a     N/A        N/A        N/A        N/A        57,130        94,391         N/A        N/A        N/A        N/A       20,628       42,778   Class 2     282,534        367,927        69,003        104,624        9,013        26,918        287,586       267,240       43,933       62,347       6,240       7,522   Class 2a     N/A        N/A        N/A        N/A        15,291        30,930         N/A        N/A        N/A        N/A       9,115       12,127   Class 3     48,583 (1)      N/A (1)      41,897        2,711        52,285        76,774        105,869       77,316       51,297       56,230       33,685       44,702   Class 3a     N/A        N/A        N/A        N/A        5,886        2,563         N/A        N/A        N/A        N/A       10,925       7,965                                                   Net Asset Value per Unit                                                             Class 1   $ 113.09      $ 87.10      $ 116.61      $ 91.83        N/A        N/A      $ 116.43     $ 115.52     $ 112.80     $ 112.87        N/A        N/A   Class 1a     N/A        N/A        N/A        N/A      $ 101.12      $ 92.73         N/A        N/A        N/A        N/A     $ 92.78     $ 94.76   Class 2   $ 124.67      $ 94.35      $ 128.53      $ 99.46      $ 138.30      $ 125.26      $ 132.94     $ 129.60     $ 128.78     $ 126.60     $ 129.56     $ 132.10   Class 2a     N/A        N/A        N/A        N/A      $ 111.35      $ 100.34         N/A        N/A        N/A        N/A     $ 105.67     $ 106.19   Class 3   $ 115.03 (1)      N/A (1)    $ 119.06      $ 91.91      $ 138.34      $ 125.30      $ 123.27     $ 119.87     $ 119.89     $ 117.57     $ 130.80     $ 132.14   Class 3a     N/A        N/A        N/A        N/A      $ 111.77      $ 100.47 (2)       N/A        N/A        N/A        N/A     $ 107.50     $ 106.86     (1) Class 3 operations began February 25, 2014. (2) Class 3a operations began June 17, 2013. The accompanying notes are an integral part of these financial statements. F-4 The SeriesTable of Equinox Frontier FundsContents Statements of Financial Condition December 31, 2014 and 2013 The Series of Equinox Frontier Funds Statements of Financial Condition December 31, 2016 and December 31, 2015      Equinox Frontier Balanced Fund      Equinox Frontier Select Fund     Equinox Frontier Balanced Fund     Equinox Frontier Select Fund            12/31/2014               12/31/2013                  12/31/2014               12/31/2013           12/31/2016   12/31/2015   12/31/2016   12/31/2015   ASSETS                                                             Cash and cash equivalents    $ 5,644,510      $ 3,292,570       $ 878,280      $ 494,931      $ 1,083,579     $ 4,895,183     $ 432,021     $ 220,371   U.S. Treasury securities, at fair value      41,625,860        68,548,395         6,476,939        10,304,085        9,770,117       41,148,676       2,912,611       1,852,429   Receivable from futures commission merchants      22,689,948        23,466,052         —          —          6,647,098       7,517,903       8,208,218       13,281,151   Open trade equity, at fair value      3,297,549        3,935,252         —          —          237,661       11,530       686,022       462,339   Options purchased, at fair value      —          165,915         —          —      Swap contracts, at fair value      18,246,954        10,122,003         —          —          18,939,450       19,157,520       —       —   Investments in private investment companies, at fair value     45,305,273       —       —       —   Investments in unconsolidated trading companies, at fair value      18,343,927        13,713,315         8,102,141        6,864,544        5,965,331       17,623,968       3,910,866       4,147,840   Interest receivable      639,769        939,354         99,547        141,143        182,355       714,434       54,363       32,153   Prepaid service fees      —          234         —          —      Receivable from related parties     346,875       —       103,407       —   Other assets      250,013        53         —          —          —       12       —       3                                                             Total Assets    $ 110,738,530      $ 124,183,143       $ 15,556,907      $ 17,804,703      $ 88,477,739     $ 91,069,226     $ 16,307,508     $ 19,996,286                                                             LIABILITIES & CAPITAL                                                                           LIABILITIES                                           Open trade deficit, at fair value    $ —        $ —         $ —        $ —      Options written, at fair value      —          183,856         —          —      Pending owner additions      18,002        14,677         1,485        994      $ —     $ 15,538     $ —     $ 1,335   Owner redemptions payable      22,793        931,553         15,432        68,598        780,970       440,090       134,579       16,670   Incentive fees payable to Managing Owner      1,793,318        691,917         185,791        —          —       106,563       —       —   Management fees payable to Managing Owner      101,208        113,085         27,835        49,798        25,217       80,574       21,219       22,884   Interest payable to Managing Owner      84,976        146,282         13,263        22,398        21,606       77,642       3,518       3,549   Service fees payable to Managing Owner      167,151        190,286         32,520        39,045        129,956       145,576       25,966       29,092   Trading fees payable to Managing Owner      66,037        73,125         10,119        11,545        203,324       57,450       18,129       8,515   Risk analysis fees payable     1,155       —       2,303       —   Payables to related parties      14,934        12,135         984        477        —       24,069       —       1,495   Advance on unrealized Swap Appreciation     4,926,555       —       —       —   Other liabilities      —          —           —��         —          89,585       —       11,939       156                                                             Total Liabilities      2,268,419        2,356,916         287,429        192,855        6,178,368       947,502       217,653       83,696                                                             CAPITAL                                           Managing Owner Units—Class 2      1,425,355        1,374,533         9,052        7,336    Managing Owner Units—Class 2a      189,344        147,003         —          —      Limited Owner Units—Class 1      72,098,275        80,801,534         13,663,563        15,852,947    Limited Owner Units—Class 1AP      748,275        —           47,785        —      Limited Owner Units—Class 2      22,125,342        25,236,584         1,549,078        1,751,565    Limited Owner Units—Class 2a      410,943        344,576         —          —      Limited Owner Units—Class 3a      2,528,303        2,322,629         —          —      Managing Owner - Class 2     530,387       1,429,544       9,397       8,814   Managing Owner - Class 2a     209,112       191,645       —       —   Limited Owner - Class 1     56,955,371       62,563,337       10,540,702       11,710,517   Limited Owner - Class 1AP     677,181       714,747       29,897       47,365   Limited Owner - Class 2     21,871,170       21,278,864       1,402,043       1,329,359   Limited Owner - Class 2a     307,144       356,425       —       —   Limited Owner - Class 3a     1,749,006       2,435,421       —       —                                                             Total Owners’ Capital      99,525,837        110,226,859         15,269,478        17,611,848        82,299,371     �� 88,969,983       11,982,039       13,096,055                                                             Non-Controlling Interests      8,944,274        11,599,368         —          —          —       1,151,741       4,107,816       6,816,535                                                             Total Capital      108,470,111        121,826,227         15,269,478        17,611,848        82,299,371       90,121,724       16,089,855       19,912,590                                                             Total Liabilities and Capital    $ 110,738,530      $ 124,183,143       $ 15,556,907      $ 17,804,703      $ 88,477,739     $ 91,069,226     $ 16,307,508     $ 19,996,286                                                             Units Outstanding                                           Class 1      548,117        760,206         142,913        198,518        422,529       488,680       112,059       129,612   Class 1AP (1)      5,618        N/A         494        N/A    Class 1AP     4,671       5,351       296       503   Class 2      131,447        189,411         12,128        16,890        114,886       126,375       10,514       10,696   Class 2a      3,923        4,138         N/A        N/A        3,054       3,539        N/A        N/A   Class 3a      16,577        19,615         N/A        N/A        10,380       15,776        N/A        N/A                                   Net Asset Value per Unit                                           Class 1    $ 131.54      $ 106.29       $ 95.61      $ 79.86      $ 134.80     $ 128.03     $ 94.06     $ 90.35   Class 1AP (1)    $ 133.20        N/A       $ 96.82        N/A    Class 1AP   $ 144.97     $ 133.59     $ 101.16     $ 94.28   Class 2    $ 179.16      $ 140.49       $ 128.48      $ 104.14      $ 194.99     $ 179.69     $ 134.25     $ 125.11   Class 2a    $ 153.02      $ 118.80         N/A        N/A      $ 169.05     $ 154.88        N/A        N/A   Class 3a    $ 152.52      $ 118.41         N/A        N/A      $ 168.49     $ 154.37        N/A        N/A     (1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally The accompanying notes are an integral part of these financial statements. F-5 The SeriesTable of Equinox Frontier FundsContents Statements of Financial Condition December 31, 2014 and 2013 The Series of Equinox Frontier Funds Statements of Financial Condition December 31, 2016 and December 31, 2015      Equinox Frontier Winton Fund      Equinox Frontier Heritage Fund     Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund            12/31/2014                  12/31/2013                  12/31/2014                  12/31/2013           12/31/2016   12/31/2015   12/31/2016   12/31/2015   ASSETS                                                                             Cash and cash equivalents    $ 4,012,974       $ 1,325,731       $ 921,598       $ 424,001      $ 1,628,208     $ 2,928,616     $ 382,499     $ 655,319   U.S. Treasury securities, at fair value      29,593,974         27,600,705         6,796,392         8,827,380        15,533,863       24,617,817       3,701,890       5,508,577   Receivable from futures commission merchants     17,996,697       12,744,570       —       —   Open trade equity, at fair value     1,222,524       599,579       —       —   Investments in unconsolidated trading companies, at fair value      7,479,658         7,779,323         1,543,386         1,889,266        4,072,450       297,554       2,744,640       1,405,586   Swap contracts, at fair value      —           —           7,540,465         5,435,184        —       —       8,391,414       7,960,268   Interest receivable      454,845         378,069         104,457         120,916        289,933       427,511       69,095       95,612   Receivable from related parties     551,508       —       131,430       —   Other assets      —           —           —           —          —       2       —       2                                                               Total Assets    $ 41,541,451       $ 37,083,828       $ 16,906,298       $ 16,696,747      $ 41,295,183     $ 41,615,649     $ 15,420,968     $ 15,625,364                                                               LIABILITIES & CAPITAL                                                                             LIABILITIES                                             Pending owner additions    $ 15,503       $ 11,914       $ 3,381       $ 2,877      $ —     $ 13,524     $ —     $ 3,251   Owner redemptions payable      21,902         76,900         21,408         —          23,162       51,671       —       84,355   Incentive fees payable to Managing Owner      1,178,364         128,097         239,327         15,411    Management fees payable to Managing Owner      114,823         100,260         27,944         28,615        256,824       93,171       56,501       21,490   Interest payable to Managing Owner      63,722         59,865         14,543         19,767        30,730       49,624       7,420       11,066   Service fees payable to Managing Owner      52,753         53,054         20,964         25,485        39,370       44,422       16,457       18,807   Trading fees payable to Managing Owner      26,690         23,844         8,676         9,212        55,142       22,405       17,953       7,457   Risk analysis fees payable     12,215       —       —       —   Payables to related parties      16,461         5,057         3,178         1,275        —       31,638       —       4,416   Advance on unrealized Swap Appreciation     —       —       1,900,000       —   Other liabilities      —           —           —           —          2,880       —       18,085       —                                                               Total Liabilities      1,490,218         458,991         339,421         102,642        420,323       306,455       2,016,416       150,842                                                               CAPITAL                                             Managing Owner Units—Class 2      46,764         36,002         75,621         57,484    Limited Owner Units—Class 1      26,870,878         26,164,147         9,761,819         11,328,406    Limited Owner Units—Class 1AP      38,042         —           58,378         —      Limited Owner Units—Class 2      13,095,549         10,424,688         3,131,561         2,792,578    Managing Owner - Class 2     43,553       44,962       73,660       74,329   Limited Owner - Class 1     20,284,935       23,022,800       7,507,072       8,628,726   Limited Owner - Class 1AP     35,478       36,576       5,826       58,523   Limited Owner - Class 2     11,402,560       11,837,205       2,670,715       2,779,024                                                               Total Owners’ Capital      40,051,233         36,624,837         13,027,379         14,178,468        31,766,526       34,941,543       10,257,273       11,540,602                                                               Non-Controlling Interests      —           —           3,539,498         2,415,637        9,108,334       6,367,651       3,147,279       3,933,920                                                               Total Capital      40,051,233         36,624,837         16,566,877         16,594,105        40,874,860       41,309,194       13,404,552       15,474,522                                                               Total Liabilities and Capital    $ 41,541,451       $ 37,083,828       $ 16,906,298       $ 16,696,747      $ 41,295,183     $ 41,615,649     $ 15,420,968     $ 15,625,364                                                               Units Outstanding                                             Class 1      152,717         187,438         74,927         111,005        131,283       140,239       62,779       69,436   Class 1AP (1)      214         N/A         443         N/A    Class 1AP     214       214       45       452   Class 2      58,093         60,061         18,164         21,235        54,251       54,629       15,946       16,441                                   Net Asset Value per Unit                                             Class 1    $ 175.95       $ 139.59       $ 130.28       $ 102.05      $ 154.51     $ 164.17     $ 119.58     $ 124.27   Class 1AP (1)    $ 178.18         N/A       $ 131.93         N/A    Class 1AP   $ 166.17     $ 171.31     $ 128.60     $ 129.67   Class 2    $ 226.23       $ 174.17       $ 176.56       $ 134.21      $ 210.98     $ 217.51     $ 172.10     $ 173.54     (1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally The accompanying notes are an integral part of these financial statements. F-6 The SeriesTable of Equinox Frontier FundsContents Condensed Schedule of Investments December 31, 2014 The Series of Equinox Frontier Funds Condensed Schedule of Investments December 31, 2016       Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Description   Fair Value     % of Total  Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *             Various base metals futures contracts (Europe)   $ (312,320 )     -0.43 %    $ —          0.00 %   $ —          0.00 %  Various base metals futures contracts (U.S.)     (48,075 )     -0.07 %      —          0.00 %     —          0.00 %  Various currency futures contracts (U.S.)     560,666       0.77 %     —          0.00 %     —          0.00 %  Various energy futures contracts (Europe)     —          0.00 %     —          0.00 %     —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %     —          0.00 %     —          0.00 %  Various energy futures contracts (U.S.)     10,206       0.01 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (Canada)     79,701       0.11 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (Europe)     676,493       0.93 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (Far East)     208,691       0.29 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (Oceanic)     299,804       0.41 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (U.S.)     289,361       0.40 %     —          0.00 %     —          0.00 %  Various precious metal futures contracts (Far East)     —          0.00 %     —          0.00 %     —          0.00 %  Various precious metal futures contracts (U.S.)     (60,655 )     -0.08 %      —          0.00 %     —          0.00 %  Various soft futures contracts (Canada)     —          0.00 %     —          0.00 %     —          0.00 %  Various soft futures contracts (Europe)     2,809       0.00 %     —          0.00 %     —          0.00 %  Various soft futures contracts (Oceanic)     —          0.00 %     —          0.00 %     —          0.00 %  Various soft futures contracts (U.S.)     (89,038 )     -0.12 %      —          0.00 %     —          0.00 %  Various stock index futures contracts (Canada)     33,439       0.08 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (Europe)     (44,720 )     -0.06 %      —          0.00 %     —          0.00 %  Various stock index futures contracts (Far East)     14,786       0.02 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (Oceanic)     35,072       0.08 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (U.S.)     370,308       0.51 %     —          0.00 %     —          0.00 %                                                  Total Long Futures Contracts   $ 2,026,528       2.80 %   $ —          0.00 %   $ —          0.00 %                                                      Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Description   Fair Value     % of Total  Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   SHORT FUTURES CONTRACTS *             Various base metals futures contracts (Europe)   $ 251,789       0.35 %   $ —          0.00 %   $ —          0.00 %  Various base metals futures contracts (U.S.)     50,963       0.07 %     —          0.00 %     —          0.00 %  Various currency futures contracts (Far East)     —          0.00 %     —          0.00 %     —          0.00 %  Various currency futures contracts (U.S.)     360,124       0.50 %     —          0.00 %     —          0.00 %  Various energy futures contracts (Europe)     —          0.00 %     —          0.00 %     —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %     —          0.00 %     —          0.00 %  Various energy futures contracts (U.S.)     356,351       0.49 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (Canada)     12,112       0.02 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (Europe)     (14,958 )     -0.02 %      —          0.00 %     —          0.00 %  Various interest rates futures contracts (Far East)     —          0.00 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (Oceanic)     —          0.00 %     —          0.00 %     —          0.00 %  Various interest rates futures contracts (U.S.)     (128 )     0.00 %     —          0.00 %     —          0.00 %  Various precious metal futures contracts (Far East)     —          0.00 %     —          0.00 %     —          0.00 %  Various precious metal futures contracts (U.S.)     7,685       0.01 %     —          0.00 %     —          0.00 %  Various soft futures contracts (Canada)     —          0.00 %     —          0.00 %     —          0.00 %  Various soft futures contracts (Europe)     92,535       0.13 %     —          0.00 %     —          0.00 %  Various soft futures contracts (Far East)     —          0.00 %     —          0.00 %     —          0.00 %  Various soft futures contracts (U.S.)     78,930       0.11 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (Africa)     —          0.00 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (Europe)     (24,501 )     -0.03 %      —          0.00 %     —          0.00 %  Various stock index futures contracts (Far East)     (28,299 )     -0.04 %      —          0.00 %     —          0.00 %  Various stock index futures contracts (Mexico)     —          0.00 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (Oceanic)     —          0.00 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (U.S.)     2,837       0.00 %     —          0.00 %     —          0.00 %                                                  Total Short Futures Contracts   $ 1,145,440       1.58 %   $ —          0.00 %   $ —          0.00 %                                                  CURRENCY FORWARDS *              Various currency forwards contracts (NA)   $ 43,238       0.06 %   $ —          0.00 %   $ —          0.00 %                                                  Total Currency Forwards   $ 43,238       0.06 %   $ —          0.00 %   $ —          0.00 %                                                  Total Open Trade Equity (Deficit)   $ 3,215,206       4.44 %   $ —          0.00 %   $ —          0.00 %                                                  OPTIONS PURCHASED *              Various energy futures contracts (U.S.)   $ —          0.00 %   $ —          0.00 %   $ —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (U.S.)     288,413       0.40 %     —          0.00 %     —          0.00 %                                                  Total Options Purchased   $ 288,413       0.40 %   $ —          0.00 %   $ —          0.00 %                                                      Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Description   Fair Value     % of Total  Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   OPTIONS WRITTEN *              Various energy futures contracts (U.S.)   $ —          0.00 %   $ —          0.00 %   $ —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %     —          0.00 %     —          0.00 %  Various stock index futures contracts (U.S.)     (253,018 )     -0.35 %      —          0.00 %     —          0.00 %                                                  Total Options Written   $ (253,018 )     -0.35 %    $ —          0.00 %   $ —          0.00 %                                                  SWAPS (1)              Frontier XXXIV Balanced select swap (U.S.)   $ —          0.00 %   $ —          0.00 %   $ —          0.00 %  Frontier Brevan Howard swap (U.S.)     —          0.00 %     —          0.00 %     —          0.00 %  Frontier XXXV Diversified select swap (U.S.)     6,570,408       9.07 %     —          0.00 %     —          0.00 %  Frontier XXXVII L/S select swap (U.S.)     —          0.00 %     —          0.00 %     3,633,060       21.86 %                                                  Total Swaps   $ 6,570,408       9.07 %   $ —          0.00 %   $ 3,633,060       21.86 %                                                              U.S. TREASURY SECURITIES (2)              FACE VALUE     Fair Value          Fair Value          Fair Value      $ 15,000,000 US Treasury Note 2.250% due 11/15/2024 (Cost $14,966,695)   $ 21,289,585       29.40 %   $ 11,118,790       43.25 %   $ 5,616,255       33.80 %  $ 75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)     6,411,385       8.85 %     3,348,438       13.02 %     1,691,342       10.18 %  $ 20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)     3,350,689       4.63 %     1,749,945       6.81 %     883,922       5.32 %                                                    $ 31,051,659       42.87 %   $ 16,217,173       63.08 %   $ 8,191,519       49.30 %                                                              Additional Disclosure on U.S. Treasury Securities     Face Value          Face Value          Face Value      US Treasury Note 2.250% due 11/15/2024 (2)   $ 16,640,343       $ 8,690,657       $ 4,389,772     US Treasury Note 6.000% due 02/15/2026 (2)     4,437,425         2,317,508         1,170,606     US Treasury Note 6.875% due 08/15/2025 (2)     3,328,068         1,738,131         877,954                                     $ 24,405,836       $ 12,746,296       $ 6,438,332                                   Additional Disclosure on U.S. Treasury Securities     Cost          Cost          Cost      US Treasury Note 2.250% due 11/15/2024 (2)   $ 22,093,766       $ 11,538,785       $ 5,828,400     US Treasury Note 6.000% due 02/15/2026 (2)     6,283,975         3,281,896         1,657,731     US Treasury Note 6.875% due 08/15/2025 (2)     3,320,679         1,734,272         876,005                                     $ 31,698,420       $ 16,554,953       $ 8,362,136                                             Equinox Frontier     Equinox Frontier     Equinox Frontier             Diversified Fund     Masters Fund     Long/Short Commodity Fund             Fair     % of Total Capital     Fair     % of Total Capital     Fair     % of Total Capital   Description   Value     (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)   SWAPS (1)                                   Frontier XXXV Diversified select swap (U.S.)   $ 8,637,847       15.30 %   $ —       —     $ —       —           Frontier XXXVII L/S select swap (U.S.)     —       —       —       —       4,220,468       45.55 %         Total Swaps   $ 8,637,847       15.30 %   $ —       —     $ 4,220,468       45.55 %                                                           PRIVATE INVESTMENT COMPANIES (3)                                           Galaxy Plus Fund - Chesapeake Feeder Fund (518)   $ 6,399,628       11.33 %   $ 3,455,090       20.12 %   $ 1,610,890       17.39 %         Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     3,558,715       6.30 %     2,198,618       12.81 %     1,611,845       17.40 %         Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     2,412,065       4.27 %     —       —       —       —           Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC     4,103,564       7.27 %     —       —       —       —           Galaxy Plus Fund - QIM Feeder Fund (526) LLC     7,819,114       13.85 %     —       —       —       —           Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     8,600,401       15.23 %     —       —       —       —           Galaxy Plus Fund - Quest Feeder Fund (517) LLC     2,996,494       5.31 %     —       —       —       —           Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     1,856,786       3.29 %     —       —       —       —           Galaxy Plus Fund - LRR Feeder Fund (522) LLC     1,099,207       1.95 %     —       —       3,492,407       37.69 %         Total Private Investment Companies   $ 38,845,974       68.77 %   $ 5,653,708       32.93 %   $ 6,715,142       72.46 %                                                           INVESTMENT IN UNCONSOLIDATED COMPANIES (3)                                           Equinox Frontier Trading Company XXXVIII, LLC   $ 1,710,707       3.03 %   $ 1,130,943       6.59 %   $ —       —           Equinox Frontier Trading Company XV, LLC     —       —       4,107,816       23.93 %     —       —           Equinox Frontier Trading Company II, LLC     2,490,921       4.41 %     1,439,347       8.38 %     —       —           Total Investment in Unconsolidated Trading Companies   $ 4,201,628       7.44 %   $ 6,678,106       38.90 %   $ —       0.00 %                                                                       Fair Value             Fair Value             Fair Value           U.S. TREASURY SECURITIES (2)                                   FACE VALUE                                           $ 15,900,000     US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)   $ 3,138,309       5.56 %   $ 2,074,726       12.08 %   $ —       —   $ 16,400,000     US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)     3,386,971       6.00 %     2,239,117       13.04 %     —       —               $ 6,525,280       11.56 %   $ 4,313,843       25.13 %   $ —       —                                                                         Face Value             Face Value                           Additional Disclosure on U.S. Treasury Securities                                           US Treasury Note 6.000% due 02/15/2026 (2)   $ 2,489,283             $ 1,645,658                                   US Treasury Note 6.875% due 08/15/2025 (2)     2,567,563               1,697,408                                       $ 5,056,846             $ 3,343,066                                                                                                 Cost             Cost                           Additional Disclosure on U.S. Treasury Securities                                           US Treasury Note 6.000% due 02/15/2026 (2)   $ 3,502,510             $ 2,315,499                                   US Treasury Note 6.875% due 08/15/2025 (2)     3,596,193               2,377,432                                       $ 7,098,703             $ 4,692,931                             (1) See Note 4 to the Financial Statements. (2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. (3) See Note 5 to the Financial Statements. The accompanying notes are an integral part of these financial statements. F-7 Table of Contents The Series of Equinox Frontier Funds Condensed Schedule of Investments December 31, 2016           Equinox Frontier     Equinox Frontier             Balanced Fund     Select Fund             Fair     % of Total Capital     Fair     % of Total Capital   Description   Value     (Net Asset Value)     Value     (Net Asset Value)   LONG FUTURES CONTRACTS*                                   Various base metals futures contracts (U.S.)   $ 11,675       0.01 %   $ 56,169       0.35 %         Various currency futures contracts (Europe)     —       —       73,909       0.46 %         Various currency futures contracts (Far East)     —       —       1,360       0.01 %         Various currency futures contracts (Oceanic)     —       —       (41,946 )     -0.26 %         Various currency futures contracts (U.S.)     39,959       0.05 %     10,283       0.06 %         Various energy futures contracts (U.S.)     (10,780 )     -0.01 %     163,930       1.02 %         Various energy futures contracts (Europe)     —       —       4,150       0.03 %         Various energy futures contracts (Far East)     —       —       8,788       0.05 %         Various interest rates futures contracts (Canada)     —       —       (503 )     0.00 %         Various interest rates futures contracts (Europe)     —       —       166,812       1.04 %         Various interest rates futures contracts (Oceanic)     —       —       444       0.00 %         Various interest rates futures contracts (U.S.)     —       —       18,191       0.11 %         Various precious metal futures contracts (Far East)     —       —       1,950       0.01 %         Various soft futures contract (Europe)     —       —       1,956       0.01 %         Various soft futures contract (Far East)     —       —       111       0.00 %         Various soft futures contract (U.S.)     —       —       (39,001 )     -0.24 %         Various soft futures contracts (Far East)     —       —       2,808       0.02 %         Various soft futures contract (U.S.)     (54,314 )     -0.07 %     —       —           Various stock index futures contracts (Canada)     —       —       1,894       0.01 %         Various stock index futures contracts (Europe)     3,375       0.00 %     56,849       0.35 %         Various stock index futures contracts (Far East)     25,750       0.03 %     31,540       0.20 %         Various stock index futures contracts (Oceanic)     —       —       4,760       0.03 %         Various stock index futures contracts (U.S.)     (29,115 )     -0.04 %     (53,378 )     -0.33 %         Total Long Futures Contracts   $ (13,450 )     -0.03 %   $ 471,076       2.93 % SHORT FUTURES CONTRACTS*                                   Various base metals futures contracts (U.S.)   $ 81,563       0.10 %   $ (29,896 )     -0.19 %         Various currency futures contracts (Canada)     —       —       195       0.00 %         Various currency futures contracts (Europe)     —       —       85,470       0.53 %         Various currency futures contracts (Far East)     —       —       19,041       0.12 %         Various currency futures contracts (Oceanic)     —       —       4,623       0.03 %         Various currency futures contracts (U.S.)     —       —       (8,460 )     -0.05 %         Various interest rates futures contracts (Canada)     6,253       0.01 %     155       0.00 %         Various interest rates futures contracts (Europe)     —       —       (8,823 )     -0.05 %         Various interest rates futures contracts (Far East)     686       0.00 %     (6,019 )     -0.04 %         Various interest rates futures contracts (Oceanic)     26,568       0.03 %     (1,211 )     -0.01 %         Various interest rates futures contracts (U.S.)     —       —       45,201       0.28 %         Various precious metal futures contracts (U.S.)     4,790       0.01 %     29,150       0.18 %         Various soft futures contract (U.S.)     110,548       0.13 %     —       0.00 %         Various soft futures contracts (Europe)     53,851       0.07 %     14,154       0.09 %         Various soft futures contracts (U.S.)     15,398       0.02 %     46,657       0.29 %         Various stock index futures contracts (Africa)     2,440       0.00 %     —       0.00 %         Various stock index futures contracts (Europe)     —       —       (2,802 )     -0.02 %         Various stock index futures contracts (Far East)     —       —       (2,456 )     -0.02 %         Various stock index futures contracts (U.S.)     —       —       23,255       0.14 %         Total Short Futures Contracts   $ 302,097       0.37 %   $ 208,234       1.29 % CURRENCY FORWARDS*                                   Various currency forwards contracts (NA)   $ (50,986 )     -0.06 %   $ 6,712       0.04 %         Total Currency Forwards   $ (50,986 )     -0.06 %   $ 6,712       0.04 %         Total Open Trade Equity (Deficit)   $ 237,661       0.28 %   $ 686,022       4.26 % SWAP (1)                                         Frontier XXXIV Balanced select swap (U.S.)   $ 18,939,450       23.01 %   $ —       —           Total Swap   $ 18,939,450       23.01 %   $ —       —                                             PRIVATE INVESTMENT COMPANIES (3)                                   Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC   $ 4,190,798       5.09 %   $ —       —           Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     2,786,543       3.39 %     —       —           Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     4,114,892       5.00 %     —       —           Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC     7,071,313       8.59 %     —       —           Galaxy Plus Fund - QIM Feeder Fund (526) LLC     12,623,819       15.34 %     —       —           Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     10,626,274       12.91 %     —       —           Galaxy Plus Fund - LRR Feeder Fund (522) LLC     2,989,088       3.63 %     —       —           Galaxy Plus Fund - Quest Feeder Fund (517) LLC     902,546       1.10 %     —       —           Total Private Investment Companies   $ 45,305,273       55.05 %   $ —       —                                             INVESTMENT IN UNCONSOLIDATED COMPANIES (3)                                   Equinox Frontier Trading Company II, LLC   $ 3,403,939       4.14 %   $ —       —           Equinox Frontier Trading Company XXXVIII, LLC     2,561,392       3.11 %     763,587       4.75 %         Equinox Frontier Trading Company XXXIX, LLC     —       —       3,147,279       19.56 %         Total Investment in Unconsolidated Trading Companies   $ 5,965,331       7.25 %   $ 3,910,866       24.31 %                                                       Fair Value             Fair Value           U.S. TREASURY SECURITIES (2)                           FACE VALUE                           $ 15,900,000     US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)   $ 4,698,901       5.71 %   $ 1,400,809       8.71 % $ 16,400,000     US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)     5,071,216       6.16 %     1,511,802       9.40 %                                                       $ 9,770,117       11.87 %   $ 2,912,611       18.10 %                                                       Face Value             Face Value           Additional Disclosure on U.S. Treasury Securities                                   US Treasury Note 6.000% due 02/15/2026 (2)   $ 3,727,134             $ 1,111,111                   US Treasury Note 6.875% due 08/15/2025 (2)     3,844,339               1,146,052                       $ 7,571,473             $ 2,257,163                                                                 Cost             Cost           Additional Disclosure on U.S. Treasury Securities                                   US Treasury Note 6.000% due 02/15/2026 (2)   $ 5,244,210             $ 1,563,373                   US Treasury Note 6.875% due 08/15/2025 (2)     5,384,478               1,605,189                       $ 10,628,688             $ 3,168,562           * Except for those items disclosed, no individual futures, or forwards position constituted greater than 1 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Note 4 to the Financial Statements. (2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. (3) See Note 5 to the Financial Statements. The accompanying notes are an integral part of these financial statements. F-8 Table of Contents The Series of Equinox Frontier Funds Condensed Schedule of Investments December 31, 2016           Equinox Frontier     Equinox Frontier             Winton Fund     Heritage Fund             Fair     % of Total Capital     Fair     % of Total Capital         Description   Value     (Net Asset Value)     Value     (Net Asset Value)   LONG FUTURES CONTRACTS*                                   Various base metals futures contracts (U.S.)   $ (88,088 )     -0.22 %   $ —       —           Various energy futures contracts (U.S.)     65,612       0.16 %     —       —           Various interest rates futures contracts (Europe)     88,638       0.22 %     —       —           Various interest rates futures contracts (Oceanic)     (341 )     0.00 %     —       —           Various interest rates futures contracts (U.S.)     7,094       0.02 %     —       —           Various precious metal futures contracts (U.S.)     (3,860 )     -0.01 %     —       —           Various soft futures contract (U.S.)     (84,938 )     -0.21 %     —       —           Various soft futures contracts (Canada)     (2,131 )     -0.01 %     —       —           Various stock index futures contracts (Canada)     (969 )     0.00 %     —       —           Various stock index futures contracts (Europe)     242,128       0.59 %     —       —           Various stock index futures contracts (Far East)     305,316       0.75 %     —       —           Various stock index futures contracts (Oceanic)     57,116       0.14 %     —       —           Various stock index futures contracts (U.S.)     (201,831 )     -0.49 %     —       —           Total Long Futures Contracts   $ 383,746       0.94 %   $ —       —   SHORT FUTURES CONTRACTS*                                     Various base metals futures contracts (U.S.)   $ (252,279 )     -0.62 %   $ —       —           Various currency futures contracts (Canada)     11,540       0.03 %     —       —           Various currency futures contracts (Europe)     272,806       0.67 %     —       —           Various currency futures contracts (Far East)     168,888       0.41 %     —       —           Various currency futures contracts (Oceanic)     2,980       0.01 %     —       —           Various currency futures contracts (U.S.)     9,590       0.02 %     —       —           Various energy futures contracts (U.S.)     (82,280 )     -0.20 %     —       —           Various interest rates futures contracts (Canada)     (1,012 )     0.00 %     —       —           Various interest rates futures contracts (Europe)     (8,794 )     -0.02 %     —       —           Various interest rates futures contracts (Far East)     (11,060 )     -0.03 %     —       —           Various interest rates futures contracts (Oceanic)     (2,831 )     -0.01 %     —       —           Various interest rates futures contracts (U.S.)     127,078       0.31 %     —       —           Various precious metal futures contracts (U.S.)     174,345       0.43 %     —       —           Various soft futures contract (Europe)     44,780       0.11 %     —       —           Various soft futures contract (U.S.)     291,378       0.71 %     —       —           Various stock index futures contracts (Africa)     2,019       0.00 %     —       —           Various stock index futures contracts (U.S.)     (7,228 )     -0.02 %     —       —           Total Short Futures Contracts   $ 739,920       1.80 %   $ —       —   CURRENCY FORWARDS*                                   Various currency forwards contracts (NA)   $ 98,858       0.24 %   $ —       —           Total Currency Forwards   $ 98,858       0.24 %   $ —       —           Total Open Trade Equity (Deficit)   $ 1,222,524       2.98 %   $ —       —   SWAP (1)                                         Frontier Brevan Howard swap (U.S.)   $ —       —     $ 8,391,414       62.60 %         Total Swap   $ —       —     $ 8,391,414       62.60 %                                           INVESTMENT IN UNCONSOLIDATED COMPANIES (3)                                   Equinox Frontier Trading Company II, LLC   $ —       —     $ 1,774,130       13.24 %         Equinox Frontier Trading Company XXXVIII, LLC     4,072,450       9.96 %     970,510       7.24 %         Total Investment in Unconsolidated Trading Companies   $ 4,072,450       9.96 %   $ 2,744,640       20.48 %                                                       Fair Value             Fair Value           U.S. TREASURY SECURITIES (2)                           FACE VALUE                                 $ 15,900,000     US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)   $ 7,470,952       18.28 %   $ 1,780,410       13.28 % $ 16,400,000     US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)     8,062,911       19.73 %     1,921,480       14.33 %             $ 15,533,863       38.00 %   $ 3,701,890       27.61 %                                                       Face Value             Face Value           Additional Disclosure on U.S. Treasury Securities                                   US Treasury Note 6.000% due 02/15/2026 (2)   $ 5,925,905             $ 1,412,208                   US Treasury Note 6.875% due 08/15/2025 (2)     6,112,254               1,456,617                       $ 12,038,159             $ 2,868,825                                                                 Cost             Cost           Additional Disclosure on U.S. Treasury Securities                                   US Treasury Note 6.000% due 02/15/2026 (2)   $ 8,337,960             $ 1,987,027                   US Treasury Note 6.875% due 08/15/2025 (2)     8,560,976               2,040,174                       $ 16,898,936             $ 4,027,201           * Except for those items disclosed, no individual futures, or forwards contract position constituted greater than 1 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Note 4 to the Financial Statements. (2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. (3) See Note 5 to the Financial Statements. The accompanying notes are an integral part of these financial statements. F-9 Table of Contents The Series of Equinox Frontier Funds Condensed Schedule of Investments December 31, 2015           Equinox Frontier     Equinox Frontier     Equinox Frontier             Diversified Fund     Masters Fund     Long/Short Commodity Fund             Fair     % of Total Capital     Fair     % of Total Capital     Fair     % of Total Capital   Description   Value     (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)   SWAPS (1)                                                   Frontier XXXIV Balanced select swap (U.S.)   $ —       —     $ —       —     $ —       —           Frontier Brevan Howard swap (U.S.)     —       —       —       —       —       —           Frontier XXXV Diversified select swap (U.S.)     8,685,849       15.59 %     —       —       —       —           Frontier XXXVII L/S select swap (U.S.)     —       —       —       —       4,332,428       33.09 %         Total Swaps   $ 8,685,849       15.59 %   $ —       0.00 %   $ 4,332,428       33.09 %                                                           INVESTMENT IN UNCONSOLIDATED COMPANIES (3)                                           Equinox Frontier Trading Company I, LLC   $ 10,703,800       19.21 %   $ 1,061,509       4.65 %   $ 525,389       5.67 %         Equinox Frontier Trading Company II, LLC     1,755,041       3.15 %     1,080,538       4.73 %     —       —           Equinox Frontier Trading Company VII, LLC     1,883,299       3.38 %     940,686       4.12 %     2,544,994       27.47 %         Equinox Frontier Trading Company XV, LLC     —       —       5,975,464       26.18 %     —       —           Equinox Frontier Trading Company XXIII, LLC     1,151,741       2.07 %     —       —       —       —           Equinox Frontier Trading Company XXXVIII, LLC     600,326       1.08 %     351,733       1.54 %     344,280       3.72 %             $ 16,094,207       28.89 %   $ 9,409,930       41.22 %   $ 3,414,663       36.84 %                                                                       Fair Value             Fair Value             Fair Value           U.S. TREASURY SECURITIES (2)                                 FACE VALUE                                                 $ 67,000,000     US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)   $ 21,022,579       37.73 %   $ 9,102,988       39.88 %   $ 3,649,979       27.88 % $ 20,000,000     US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)     6,582,337       11.81 %     2,850,218       12.49 %     1,142,838       8.73 %             $ 27,604,916       49.54 %   $ 11,953,206       52.37 %   $ 4,792,817       36.61 %                                                                       Face Value             Face Value             Face Value           Additional Disclosure on U.S. Treasury Securities                                   US Treasury Note 6.000% due 02/15/2026 (2)   $ 15,743,566             $ 6,817,122             $ 2,733,427                   US Treasury Note 6.875% due 08/15/2025 (2)     4,699,572               2,034,962               815,948                         —               —               —                       $ 20,443,138             $ 8,852,084             $ 3,549,375                                                                                 Cost             Cost               Cost           Additional Disclosure on U.S. Treasury Securities                                           US Treasury Note 6.000% due 02/15/2026 (2)   $ 20,999,686             $ 9,093,075             $ 3,646,004                   US Treasury Note 6.875% due 08/15/2025 (2)     6,582,337               2,850,218               1,142,838                         —               —               —                       $ 27,582,023             $ 11,943,293             $ 4,788,842           (1) See Note 4 to the Financial Statements. (2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. The accompanying notes are an integral part of these financial statements. The Series of Equinox Frontier Funds Condensed Schedule of Investments December 31, 2014     Equinox Frontier Balanced Fund     Equinox Frontier Select Fund   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *         Various base metals futures contracts (Europe)   $ (3,493,625 )      -3.22 %    $ —          0.00 %  Various base metals futures contracts (U.S.)     (13,775 )      -0.01 %      —          0.00 %  Various currency futures contracts (U.S.)     (254,409 )      -0.23 %      —          0.00 %  Various energy futures contracts (Europe)     (12,920 )      -0.01 %      —          0.00 %  Various energy futures contracts (Far East)     (2,738 )      0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     (1,406,837 )      -1.30 %      —          0.00 %  Various interest rates futures contracts (Canada)     84,291        0.08 %      —          0.00 %  Various interest rates futures contracts (Europe)     1,312,057        1.21 %      —          0.00 %  Various interest rates futures contracts (Far East)     217,701        0.20 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     164,422        0.15 %      —          0.00 %  Various interest rates futures contracts (U.S.)     298,985        0.28 %      —          0.00 %  Various precious metal futures contracts (Far East)     6,195        0.01 %      —          0.00 %  Various precious metal futures contracts (U.S.)     (57,380 )      -0.05 %      —          0.00 %  Various soft futures contracts (Canada)     (1,360 )      0.00 %      —          0.00 %  Various soft futures contracts (Europe)     8,013        0.01 %      —          0.00 %  Various soft futures contracts (Oceanic)     (864 )      0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     (208,634 )      -0.19 %      —          0.00 %  Various stock index futures contracts (Canada)     17,918        0.02 %      —          0.00 %  Various stock index futures contracts (Europe)     231,293        0.21 %      —          0.00 %  Various stock index futures contracts (Far East)     (6,494 )      -0.01 %      —          0.00 %  Various stock index futures contracts (Oceanic)     (1,389 )      0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     337,695        0.31 %      —          0.00 %                                  Total Long Futures Contracts   $ (2,781,855 )      -2.54 %    $ —          0.00 %                                  SHORT FUTURES CONTRACTS *         Various base metals futures contracts (Europe)   $ 3,165,035        2.92 %    $ —          0.00 %  Various base metals futures contracts (U.S.)     19,963        0.02 %      —          0.00 %  Various currency futures contracts (Far East)     (3,383 )      0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     462,616        0.43 %      —          0.00 %  Various energy futures contracts (Europe)     49,517        0.05 %      —          0.00 %  Various energy futures contracts (Far East)     5,389        0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     2,602,685        2.40 %      —          0.00 %  Various interest rates futures contracts (Canada)     11        0.00 %      —          0.00 %  Various interest rates futures contracts (Europe)     (261,457 )      -0.24 %      —          0.00 %  Various interest rates futures contracts (Far East)     —          0.00 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     (1,673 )      0.00 %      —          0.00 %  Various interest rates futures contracts (U.S.)     (20,699 )      -0.02 %      —          0.00 %  Various precious metal futures contracts (Far East)     (1,052 )      0.00 %      —          0.00 %  Various precious metal futures contracts (U.S.)     112,155        0.10 %      —          0.00 %  Various soft futures contracts (Canada)     —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     19,813        0.02 %      —          0.00 %  Various soft futures contracts (Far East)     (4,709 )      0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     438,427        0.40 %      —          0.00 %  Various stock index futures contracts (Africa)     (4,181 )      0.00 %      —          0.00 %  Various stock index futures contracts (Europe)     (13,338 )      -0.01 %      —          0.00 %  Various stock index futures contracts (Far East)     129        0.00 %      —          0.00 %  Various stock index futures contracts (Mexico)     (4,380 )      0.00 %      —          0.00 %  Various stock index futures contracts (Oceanic)     (9,866 )      -0.01 %      —          0.00 %  Various stock index futures contracts (U.S.)     (51,856 )      -0.05 %      —          0.00 %                                  Total Short Futures Contracts   $ 6,499,146        6.01 %    $ —          0.00 %                                  CURRENCY FORWARDS *         Various currency forwards contracts (NA)   $ (419,742 )      -0.39 %    $ —          0.00 %                                  Total Currency Forwards   $ (419,742 )      -0.39 %    $ —          0.00 %                                  Total Open Trade Equity (Deficit)   $ 3,297,549        3.08 %    $ —          0.00 %                                  SWAPS (1)         Frontier XXXIV Balanced select swap (U.S.)   $ 18,246,954        16.82 %    $ —          0.00 %                                  Total Swaps   $ 18,246,954        16.82 %    $ —          0.00 %                                      Equinox Frontier Balanced Fund     Equinox Frontier Select Fund   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   U.S. TREASURY SECURITIES (2)         FACE VALUE   Fair Value           Fair Value         $ 15,000,000 US Treasury Note 2.250% due 11/15/2024 (Cost $14,966,695)   $ 28,539,451        26.31 %    $ 4,440,707        29.08 %  $ 75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)     8,594,691        7.92 %      1,337,325        8.76 %  $ 20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)     4,491,718        4.14 %      698,907        4.58 %                                    $ 41,625,860        38.37 %    $ 6,476,939        42.42 %                                  Additional Disclosure on U.S. Treasury Securities   Face Value           Face Value         US Treasury Note 2.250% due 11/15/2024 (2)   $ 22,306,974        $ 3,470,942      US Treasury Note 6.000% due 02/15/2026 (2)     5,948,526          925,584      US Treasury Note 6.875% due 08/15/2025 (2)     4,461,395          694,188                            $ 32,716,896        $ 5,090,714                          Additional Disclosure on U.S. Treasury Securities   Cost           Cost         US Treasury Note 2.250% due 11/15/2024 (2)   $ 29,617,482        $ 4,608,448      US Treasury Note 6.000% due 02/15/2026 (2)     8,423,893          1,310,749      US Treasury Note 6.875% due 08/15/2025 (2)     4,451,489          692,647                            $ 42,492,864        $ 6,611,844                          (1) See Note 4 to the Financial Statements. (2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. The accompanying notes are an integral part of these financial statements. F-10 The SeriesTable of Equinox Frontier FundsContents Condensed Schedule of Investments December 31, 2014 The Series of Equinox Frontier Funds Condensed Schedule of Investments December 31, 2015       Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   SWAPS (2)         Brevan Howard Total Return Swap   $ —          0.00 %    $ 7,540,465        45.52 %                                    Total Swaps   $ —          0.00 %    $ 7,540,465        45.52 %                                    U.S. TREASURY SECURITIES (1)         FACE VALUE   Fair Value           Fair Value         $ 15,000,000 US Treasury Note 2.250% due 11/15/2024 (Cost $14,966,695)   $ 20,290,171        50.66 %    $ 4,659,730        28.13 %  $ 75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)     6,110,410        15.26 %      1,403,284        8.47 %  $ 20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)     3,193,393        7.97 %      733,378        4.43 %                                        $ 29,593,974        73.89 %    $ 6,796,392        41.03 %                                    Additional Disclosure on U.S. Treasury Securities   Face Value           Face Value           US Treasury Note 2.250% due 11/15/2024 (1)   $ 15,859,181        $ 3,642,133        US Treasury Note 6.000% due 02/15/2026 (1)     4,229,115          971,236        US Treasury Note 6.875% due 08/15/2025 (1)     3,171,836          728,427                                $ 23,260,132        $ 5,341,796                            Additional Disclosure on U.S. Treasury Securities   Cost           Cost           US Treasury Note 2.250% due 11/15/2024 (1)   $ 21,056,599        $ 4,835,745        US Treasury Note 6.000% due 02/15/2026 (1)     5,988,981          1,375,397        US Treasury Note 6.875% due 08/15/2025 (1)     3,164,794          726,809                                $ 30,210,374        $ 6,937,951                                      Equinox Frontier     Equinox Frontier             Balanced Fund     Select Fund             Fair     % of Total Capital     Fair     % of Total Capital   Description   Value     (Net Asset Value)     Value     (Net Asset Value)   LONG FUTURES CONTRACTS*                                   Various base metals futures contracts (Europe)   $ 46,701       0.05 %   $ (50,387 )     -0.25 %         Various base metals futures contracts (U.S.)     650       —       —       —           Various currency futures contracts (Singapore)     —       —       6,824       0.03 %         Various currency futures contracts (U.S.)     (30,157 )     -0.03 %     (11,664 )     -0.06 %         Various energy futures contracts (Europe)     —       —       13,493       0.07 %         Various energy futures contracts (Far East)     605       —       —       —           Various energy futures contracts (U.S.)     (237,837 )     -0.27 %     —       —           Various interest rates futures contracts (Canada)     58,668       0.07 %     8,285       0.04 %         Various interest rates futures contracts (Europe)     (132,159 )     -0.15 %     (380,769 )     -1.91 %         Various interest rates futures contracts (Far East)     93,495       0.11 %     22,925       0.11 %         Various interest rates futures contracts (Oceanic)     14,834       0.02 %     (1,711 )     -0.01 %         Various interest rates futures contracts (U.S.)     (163,570 )     -0.18 %     (35,830 )     -0.18 %         Various precious metal futures contracts  (U.S.)     (6,180 )     -0.01 %     —       —           Various soft futures contracts (Canada)     —       —       68       —           Various soft futures contracts (Europe)     394       —       238       —           Various soft futures contracts (Oceanic)     —       —       5,505       0.03 %         Various soft futures contracts (U.S.)     (87,878 )     -0.10 %     17,813       0.09 %         Various stock index futures contracts (Canada)     (2,002 )     —       —       —           Various stock index futures contracts (Europe)     38,507       0.04 %     14,580       0.07 %         Various stock index futures contracts (Far East)     (14,865 )     -0.02 %     (33,510 )     -0.17 %         Various stock index futures contracts (Oceanic)     13,845       0.02 %     (1,931 )     -0.01 %         Various stock index futures contracts (U.S.)     25,421       0.03 %     (4,360 )     -0.02 %         Total Long Futures Contracts   $ (381,528 )     -0.42 %   $ (430,431 )     -2.16 % SHORT FUTURES CONTRACTS*                                         Various base metals futures contracts (Europe)   $ (5,389 )     -0.01 %   $ 109,629       0.55 %         Various base metals futures contracts (U.S.)     (11,475 )     -0.01 %     (4,250 )     -0.02 %         Various currency futures contracts (U.S.)     188,615       0.21 %     32,835       0.17 %         Various energy futures contracts (Europe)     —       —       29,608       0.15 %         Various energy futures contracts (Far East)     1,020       —       410       —           Various energy futures contracts (U.S.)     97,810       0.11 %     586,716       2.95 %         Various interest rates futures contracts (Canada)     —       —       (63 )     —           Various interest rates futures contracts (Europe)     2,481       —       3,113       0.02 %         Various interest rates futures contracts (Oceanic)     (3,367 )     —       (12,330 )     -0.06 %         Various interest rates futures contracts (U.S.)     28,086       0.03 %     50,113       0.25 %         Various precious metal futures contracts  (Far East)     466       —       4,026       0.02 %         Various precious metal futures contracts  (U.S.)     3,105       —       93,125       0.47 %         Various precious metal futures contracts (Far East)     —       —       (2,639 )     -0.01 %         Various soft futures contract (Europe)     (1,700 )     —       2,000       0.01 %         Various soft futures contracts (Canada)     (1,305 )     —       —       —           Various soft futures contracts (Europe)     1,832       —       6,824       0.03 %         Various soft futures contracts (Far East)     2,791       —       —       —           Various soft futures contracts (Singapore)     —       —       930       —           Various soft futures contracts (U.S.)     48,192       0.05 %     34,651       0.17 %         Various stock index futures contracts (Africa)     (751 )     —       (1,849 )     -0.01 %         Various stock index futures contracts (Europe)     (5,629 )     -0.01 %     8,952       0.05 %         Various stock index futures contracts (Far East)     3,179       —       5,289       0.03 %         Various stock index futures contracts (Mexico)     717       —       74       —           Various stock index futures contracts (U.S.)     17,499       0.02 %     (17,786 )     -0.09 %         Various stock index futures contracts (Warsaw)     —       —       (3,926 )     -0.02 %         Total Short Futures Contracts   $ 366,177       0.41 %   $ 925,452       4.65 % CURRENCY FORWARDS*                                         Various currency forwards contracts (NA)   $ 26,881       0.03 %   $ (32,682 )     -0.16 %         Total Currency Forwards   $ 26,881       0.03 %   $ (32,682 )     -0.16 %         Total Open Trade Equity (Deficit)   $ 11,530       0.02 %   $ 462,339       2.32 % SWAPS (1)                                               Frontier XXXIV Balanced select swap (U.S.)   $ 19,157,520       21.26 %   $ —       0.00 %         Total Swaps   $ 19,157,520       21.26 %   $ —       0.00 %                                           INVESTMENT IN UNCONSOLIDATED COMPANIES (3)                                   Equinox Frontier Trading Company I, LLC   $ 10,856,046       12.05 %   $ —       —           Equinox Frontier Trading Company II, LLC     2,283,605       2.53 %     —       —           Equinox Frontier Trading Company VII, LLC     2,633,484       2.92 %     —       —           Equinox Frontier Trading Company XV, LLC     841,070       0.93 %     —       —           Equinox Frontier Trading Company XXXVIII, LLC     1,009,763       1.12 %     213,920       1.33 %         Equinox Frontier Trading Company XXXIX, LLC     —       —       3,933,920       24.45 %             $ 17,623,968       19.56 %   $ 4,147,840       25.78 %                                                       Fair Value             Fair Value           U.S. TREASURY SECURITIES (2)                           FACE VALUE                                 $ 67,000,000     US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)   $ 31,336,857       34.77 %   $ 1,410,721       7.08 % $ 20,000,000     US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)     9,811,819       10.89 %     441,708       2.22 %             $ 41,148,676       45.66 %   $ 1,852,429       9.30 %                                                       Face Value             Face Value           Additional Disclosure on U.S. Treasury Securities                                   US Treasury Note 6.000% due 02/15/2026 (2)   $ 23,467,807             $ 1,056,473                   US Treasury Note 6.875% due 08/15/2025 (2)     7,005,315               315,365                       $ 30,473,122             $ 1,371,838                                                                 Cost             Cost           Additional Disclosure on U.S. Treasury Securities                                   US Treasury Note 6.000% due 02/15/2026 (2)   $ 31,302,731             $ 1,409,185                   US Treasury Note 6.875% due 08/15/2025 (2)     9,811,820               441,708                       $ 41,114,551             $ 1,850,893             (1) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. The accompanying notes are an integral part of these financial statements. The Series of Equinox Frontier Funds Condensed Schedules of Investments December 31, 2013     Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *             Various currency futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ (19,944 )      -0.07 %  Various energy futures contracts (U.S.)     —          0.00 %      —          0.00 %      219,147        0.77 %  Natural Gas Settling 3/1/2014 (Number of Contracts: 228)     —          0.00 %      —          0.00 %      (353,048 )      -1.25 %  NYH RBOB Unleaded Gas Settling 3/1/2014 (Number of Contracts: 228)     —          0.00 %      —          0.00 %      (783,703 )      -2.77 %  Crude Oil Settling 12/1/2014 (Number of Contracts: 298)     —          0.00 %      —          0.00 %      301,246        1.06 %  Natural Gas Settling 11/1/2014 (Number of Contracts: 621)     —          0.00 %      —          0.00 %      629,139        2.22 %  Various interest rates futures contracts (U.S.)     —          0.00 %      —          0.00 %      (202,474 )      -0.71 %  90 Day Euro Time Deposit Settling 12/1/2017 (Number of Contracts: 539)     —          0.00 %      —          0.00 %      (372,810 )      -1.32 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      (227,156 )      -0.80 %  Corn Settling 3/1/2014 (Number of Contracts: 383)     —          0.00 %      —          0.00 %      (691,458 )      -2.44 %  Wheat Settling 3/1/2014 (Number of Contracts: 269)     —          0.00 %      —          0.00 %      (296,457 )      -1.05 %  Soybean Oil Settling 3/1/2014 (Number of Contracts: 243)     —          0.00 %      —          0.00 %      (305,094 )      -1.08 %  Sugar #11 Settling 3/1/2014 (Number of Contracts: 861)     —          0.00 %      —          0.00 %      (820,016 )      -2.89 %  Cocoa Settling 5/1/2014 (Number of Contracts: 608)     —          0.00 %      —          0.00 %      (420,759 )      -1.48 %  Corn Settling 7/1/2014 (Number of Contracts: 300)     —          0.00 %      —          0.00 %      (496,709 )      -1.75 %  Sugar #11 Settling 10/1/2014 (Number of Contracts: 273)     —          0.00 %      —          0.00 %      (252,778 )      -0.89 %  Various stock index futures contracts (Europe)     —          0.00 %      —          0.00 %      16,272        0.06 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      77,870        0.27 %  Various base metals futures contracts (U.S.)     —          0.00 %      —          0.00 %      123,274        0.44 %  Various base metals futures contracts (Europe)     —          0.00 %      —          0.00 %      (70,059 )      -0.25 %  Various precious metal futures contracts (U.S.)     —          0.00 %      —          0.00 %      (10,009 )      -0.04 %                                                  Total Long Futures Contracts   $ —          0.00 %    $ —          0.00 %    $ (3,955,526 )      -13.97 %                                                  SHORT FUTURES CONTRACTS *             Various currency futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ 77,986        0.28 %  Various energy futures contracts (U.S.)     —          0.00 %      —          0.00 %      (96,753 )      -0.34 %  NYH RBOB Unleaded Gas Settling 2/1/2014 (Number of Contracts: 509)     —          0.00 %      —          0.00 %      820,130        2.89 %  Natural Gas Settling 10/1/2014 (Number of Contracts: 636)     —          0.00 %      —          0.00 %      (751,854 )      -2.65 %  Various interest rates futures contracts (Europe)     —          0.00 %      —          0.00 %      51,261        0.18 %  Various interest rates futures contracts (Far East)     —          0.00 %      —          0.00 %      45,124        0.16 %  Various interest rates futures contracts (U.S.)     —          0.00 %      —          0.00 %      86,363        0.30 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      419,725        1.48 %  Live Cattle Settling 2/1/2014 (Number of Contracts: 740)     —          0.00 %      —          0.00 %      (312,529 )      -1.10 %  Cocoa Settling 3/1/2014 (Number of Contracts: 616)     —          0.00 %      —          0.00 %      484,656        1.71 %  Corn Settling 5/1/2014 (Number of Contracts: 383)     —          0.00 %      —          0.00 %      1,111,467        3.92 %  Soybean Oil Settling 5/1/2014 (Number of Contracts: 243)     —          0.00 %      —          0.00 %      303,319        1.07 %  Sugar #11 Settling 5/1/2014 (Number of Contracts: 861)     —          0.00 %      —          0.00 %      752,965        2.66 %  Wheat Settling 7/1/2014 (Number of Contracts: 439)     —          0.00 %      —          0.00 %      412,861        1.46 %  Corn Settling 9/1/2014 (Number of Contracts: 217)     —          0.00 %      —          0.00 %      311,918        1.10 %  Various base metals futures contracts (Europe)     —          0.00 %      —          0.00 %      34,183        0.12 %  Various precious metal futures contracts (U.S.)     —          0.00 %      —          0.00 %      13,635        0.05 %                                                  Total Short Futures Contracts   $ —          0.00 %    $ —          0.00 %    $ 3,764,457        13.29 %                                                  Total Open Trade Equity (Deficit)   $ —          0.00 %    $ —          0.00 %    $ (191,069 )      -0.68 %                                                  OPTIONS PURCHASED *             Various energy futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ 75,490        0.27 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      23,250        0.08 %                                                  Total Options Purchased   $ —          0.00 %    $ —          0.00 %    $ 98,740        0.35 %                                                      Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   OPTIONS WRITTEN *             Various energy futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ (152,500 )      -0.54 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      (20,150 )      -0.07 %                                                  Total Options Written   $ —          0.00 %    $ —          0.00 %    $ (172,650 )      -0.61 %                                                  Swaps (1)             Frontier XXXV Diversified select swap (U.S.)   $ 3,437,632        5.42 %    $ —          0.00 %    $ —          0.00 %  Frontier XXXVII L/S select swap (U.S.)     —          0.00 %      —          0.00 %      2,456,545        8.67 %                                                  Total Swaps   $ 3,437,632        5.42 %    $ —          0.00 %    $ 2,456,545        8.67 %                                                  U.S. TREASURY SECURITIES (2)                 Fair Value           Fair Value           Fair Value         U.S. Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)   $ 2,132,506        3.36 %    $ 1,313,588        3.89 %    $ 945,470        3.34 %  U.S. Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)     2,206,296        3.48 %      1,359,041        4.02 %      978,186        3.45 %  U.S. Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)     4,707,262        7.42 %      2,899,594        8.59 %      2,087,017        7.37 %  U.S. Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)     2,470,925        3.89 %      1,522,048        4.51 %      1,095,512        3.87 %  U.S. Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)     2,434,606        3.84 %      1,499,676        4.44 %      1,079,409        3.81 %  U.S. Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)     18,766,111        29.57 %      11,559,610        34.22 %      8,320,163        29.36 %  U.S. Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)     5,337,711        8.41 %      3,287,940        9.74 %      2,366,533        8.35 %                                                    $ 38,055,417        59.97 %    $ 23,441,497        69.41 %      16,872,290        59.55 %                                                  Additional Disclosure on U.S. Treasury Securities   Face Value           Face Value           Face Value         U.S. Treasury Note 1.125% due 12/31/2019   $ 2,259,609        $ 1,391,881        $ 1,001,823      U.S. Treasury Note 2.000% due 09/30/2020     2,259,609          1,391,881          1,001,823      U.S. Treasury Note 2.500% due 08/15/2023     4,912,193          3,025,828          2,177,875      U.S. Treasury Note 2.125% due 08/15/2021     2,554,340          1,573,431          1,132,495      U.S. Treasury Note 2.000% due 11/15/2021     2,554,340          1,573,431          1,132,495      U.S. Treasury Note 6.000% due 02/15/2026     14,736,578          9,077,484          6,533,625      U.S. Treasury Note 6.875% due 08/15/2025     3,929,754          2,420,662          1,742,300                                      $ 33,206,423        $ 20,454,598        $ 14,722,436                                        Cost           Cost           Cost         U.S. Treasury Note 1.125% due 12/31/2019   $ 2,196,364        $ 1,352,923        $ 973,782      U.S. Treasury Note 2.000% due 09/30/2020     2,281,516          1,405,376          1,011,536      U.S. Treasury Note 2.500% due 08/15/2023     4,919,035          3,030,043          2,180,909      U.S. Treasury Note 2.125% due 08/15/2021     2,567,442          1,581,501          1,138,304      U.S. Treasury Note 2.000% due 11/15/2021     2,543,616          1,566,825          1,127,740      U.S. Treasury Note 6.000% due 02/15/2026     19,566,094          12,052,384          8,674,845      U.S. Treasury Note 6.875% due 08/15/2025     5,565,047          3,427,975          2,467,325                                      $ 39,639,114        $ 24,417,027        $ 17,574,441                                    * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 1 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Note 4 to the Financial Statements. (2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. The accompanying notes are an integral part of these financial statements. F-11 The SeriesTable of Equinox Frontier FundsContents Condensed Schedules of Investments December 31, 2013 The Series of Equinox Frontier Funds Condensed Schedule of Investments December 31, 2015        Equinox Frontier Balanced Fund     Equinox Frontier Select Fund   Description    Fair Value     % of Total Capital (Net Asset Value)     Fair Value      % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *           Various currency futures contracts (U.S.)    $ 334,372        0.27 %    $ —           0.00 %  Various energy futures contracts (U.S.)      (30,732 )      -0.03 %      —           0.00 %  Various interest rates futures contracts (Canada)      (53,579 )      -0.04 %      —           0.00 %  Various interest rates futures contracts (Europe)      (610,796 )      -0.50 %      —           0.00 %  Various interest rates futures contracts (Far East)      (220,508 )      -0.18 %      —           0.00 %  Various interest rates futures contracts (Oceanic)      59,057        0.05 %      —           0.00 %  Various interest rates futures contracts (U.S.)      (587,594 )      -0.48 %      —           0.00 %  Various soft futures contracts (Europe)      (4,921 )      0.00 %      —           0.00 %  Various soft futures contracts (U.S.)      (78,886 )      -0.06 %      —           0.00 %  Various stock index futures contracts (Africa)      2,058        0.00 %      —           0.00 %  Various stock index futures contracts (Canada)      228,344        0.19 %      —           0.00 %  Various stock index futures contracts (Europe)      1,201,346        0.99 %      —           0.00 %  Various stock index futures contracts (Far East)      612,504        0.50 %      —           0.00 %  Various stock index futures contracts (Oceanic)      215,856        0.18 %      —           0.00 %  Various stock index futures contracts (U.S.)      1,264,903        1.04 %      —           0.00 %  Various base metals futures contracts (U.S.)      61,613        0.05 %      —           0.00 %  Various base metals futures contracts (Europe)      274,544        0.23 %      —           0.00 %  Various precious metal futures contracts (U.S.)      (1,599 )      0.00 %      —           0.00 %                                    Total Long Futures Contracts    $ 2,665,982        2.21 %    $ —           0.00 %                                    SHORT FUTURES CONTRACTS *           Various currency futures contracts (U.S.)    $ 678,490        0.56 %    $ —           0.00 %  Various energy futures contracts (U.S.)      (28,690 )      -0.02 %      —           0.00 %  Various interest rates futures contracts (Canada)      22,659        0.02 %      —           0.00 %  Various interest rates futures contracts (Europe)      180,840        0.15 %      —           0.00 %  Various interest rates futures contracts (Far East)      13,953        0.01 %      —           0.00 %  Various interest rates futures contracts (Oceanic)      (9,507 )      -0.01 %      —           0.00 %  Various interest rates futures contracts (U.S.)      202,638        0.17 %      —           0.00 %  Various soft futures contracts (Europe)      2,312        0.00 %      —           0.00 %  Various soft futures contracts (U.S.)      291,787        0.24 %      —           0.00 %  Various stock index futures contracts (Far East)      (4,464 )      0.00 %      —           0.00 %  Various stock index futures contracts (U.S.)      7,197        0.01 %      —           0.00 %  Various base metals futures contracts (Europe)      (627,969 )      -0.52 %      —           0.00 %  Various precious metal futures contracts (U.S.)      80,668        0.07 %      —           0.00 %                                    Total Short Futures Contracts    $ 809,914        0.68 %    $ —           0.00 %                                    CURRENCY FORWARDS *           Various currency forwards contracts    $ 459,356        0.38 %    $ —           0.00 %                                    Total Currency Forwards    $ 459,356        0.38 %    $ —           0.00 %                                    Total Open Trade Equity (Deficit)    $ 3,935,252        3.27 %    $ —           0.00 %                                    OPTIONS PURCHASED *           Various stock index futures contracts (U.S.)    $ 165,915        0.14 %    $ —           0.00 %                                    Total Options Purchased    $ 165,915        0.14 %    $ —           0.00 %                                    OPTIONS WRITTEN *           Various stock index futures contracts (U.S.)    $ (183,856 )      -0.15 %    $ —           0.00 %                                    Total Options Written    $ (183,856 )      -0.15 %    $ —           0.00 %                                    Swaps (1)           Frontier XXXIV Balanced select swap (U.S.)    $ 10,122,003        8.31 %    $ —           0.00 %                                    Total Swaps    $ 10,122,003        8.31 %    $ —           0.00 %                                         Equinox Frontier Balanced Fund     Equinox Frontier Select Fund   Description    Fair Value      % of Total Capital (Net Asset Value)     Fair Value      % of Total Capital (Net Asset Value)   U.S. TREASURY SECURITIES (2)                 Fair Value            Fair Value          U.S. Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)    $ 3,841,258         3.15 %    $ 577,408         3.28 %  U.S. Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)      3,974,175         3.26 %      597,388         3.39 %  U.S. Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)      8,479,137         9.96 %      1,274,563         7.24 %  U.S. Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)      4,450,849         3.65 %      669,041         3.80 %  U.S. Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)      4,385,427         3.60 %      659,207         3.74 %  U.S. Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)      33,802,791         27.75 %      5,081,211         28.85 %  U.S. Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)      9,614,758         7.89 %      1,445,267         8.21 %                                        $ 68,548,395         59.26 %    $ 10,304,085         58.51 %                                     Additional Disclosure on U.S. Treasury Securities    Face Value            Face Value          U.S. Treasury Note 1.125% due 12/31/2019    $ 4,070,207         $ 611,824       U.S. Treasury Note 2.000% due 09/30/2020      4,070,207           611,824       U.S. Treasury Note 2.500% due 08/15/2023      8,848,276           1,330,051       U.S. Treasury Note 2.125% due 08/15/2021      4,601,103           691,627       U.S. Treasury Note 2.000% due 11/15/2021      4,601,103           691,627       U.S. Treasury Note 6.000% due 02/15/2026      26,544,827           3,990,153       U.S. Treasury Note 6.875% due 08/15/2025      7,078,621           1,064,041                                 $ 59,814,344         $ 8,991,147                                   Cost            Cost          U.S. Treasury Note 1.125% due 12/31/2019    $ 3,956,284         $ 594,699       U.S. Treasury Note 2.000% due 09/30/2020      4,109,669           617,755       U.S. Treasury Note 2.500% due 08/15/2023      8,860,601           1,331,904       U.S. Treasury Note 2.125% due 08/15/2021      4,624,703           695,174       U.S. Treasury Note 2.000% due 11/15/2021      4,581,786           688,723       U.S. Treasury Note 6.000% due 02/15/2026      35,244,178           5,297,818       U.S. Treasury Note 6.875% due 08/15/2025      10,024,255           1,506,821                                 $ 71,401,476         $ 10,732,894                                        Equinox Frontier     Equinox Frontier             Winton Fund     Heritage Fund             Fair     % of Total Capital     Fair     % of Total Capital         Description   Value     (Net Asset Value)     Value     (Net Asset Value)   LONG FUTURES CONTRACTS*                                         Various base metals futures contracts (Europe)   $ (1,294 )     —     $ —       —           Various base metals futures contracts (U.S.)     —       —       —       —           Various currency futures contracts (Singapore)     —       —       —       —           Various currency futures contracts (U.S.)     (26,609 )     -0.06 %     —       —           Various energy futures contracts (Europe)     —       —       —       —           Various energy futures contracts (Far East)     —       —       —       —           Various energy futures contracts (U.S.)     —       —       —       —           Various interest rates futures contracts (Canada)     10,868       0.03 %     —       —           Various interest rates futures contracts (Europe)     (126,797 )     -0.31 %     —       —           Various interest rates futures contracts (Far East)     68,874       0.17 %     —       —           Various interest rates futures contracts (Oceanic)     (3,134 )     -0.01 %     —       —           Various interest rates futures contracts (U.S.)     (317,169 )     -0.77 %     —       —           Various precious metal futures contracts  (U.S.)     —       —       —       —           Various soft futures contracts (Canada)     —       —       —       —           Various soft futures contracts (Europe)     —       —       —       —           Various soft futures contracts (Oceanic)     —       —       —       —           Various soft futures contracts (U.S.)     4,274       0.01 %     —       —           Various stock index futures contracts (Canada)     —       —       —       —           Various stock index futures contracts (Europe)     36,783       0.09 %     —       —           Various stock index futures contracts (Far East)     (83,141 )     -0.20 %     —       —           Various stock index futures contracts (Oceanic)     —       —       —       —           Various stock index futures contracts (U.S.)     148,532       0.36 %     —       —           Total Long Futures Contracts   $ (288,813 )     -0.70 %   $ —       —   SHORT FUTURES CONTRACTS*                                         Various base metals futures contracts (Europe)   $ 134,930       0.33 %   $ —       —           Various base metals futures contracts (U.S.)     (11,450 )     -0.03 %     —       —           Various currency futures contracts (U.S.)     466,490       1.13 %     —       —           Various energy futures contracts (Europe)     —       —       —       —           Various energy futures contracts (Far East)     —       —       —       —           Various energy futures contracts (U.S.)     142,483       0.35 %     —       —           Various interest rates futures contracts (Canada)     —       —       —       —           Various interest rates futures contracts (Europe)     —       —       —       —           Various interest rates futures contracts (Far East)     —       —       —       —           Various interest rates futures contracts (Oceanic)     (3,043 )     -0.01 %     —       —           Various interest rates futures contracts (U.S.)     (266 )     —       —       —           Various precious metal futures contracts  (Far East)     —       —       —       —           Various precious metal futures contracts  (U.S.)     244,230       0.59 %     —       —           Various precious metal futures contracts (Far East)     —       —       —       —           Various soft futures contract (Europe)     (1,140 )     —       —       —           Various soft futures contracts (Canada)     (16 )     —       —       —           Various soft futures contracts (Europe)     3,608       0.01 %     —       —           Various soft futures contracts (Far East)     —       —       —       —           Various soft futures contracts (Singapore)     —       —       —       —           Various soft futures contracts (U.S.)     137,220       0.33 %     —       —           Various stock index futures contracts (Africa)     (7,124 )     -0.02 %     —       —           Various stock index futures contracts (Canada)     (2,344 )     -0.01 %     —       —           Various stock index futures contracts (Europe)     (1,191 )     —       —       —           Various stock index futures contracts (Far East)     22,625       0.05 %     —       —           Various stock index futures contracts (Mexico)     —       —       —       —           Various stock index futures contracts (Oceanic)     —       —       —       —           Various stock index futures contracts (U.S.)     (68,081 )     -0.16 %     —       —           Various stock index futures contracts (Warsaw)     —       —       —       —                                                     Total Short Futures Contracts   $ 1,056,931       2.56 %   $ —       —   CURRENCY FORWARDS*                                         Various currency forwards contracts (NA)   $ (168,539 )     -0.41 %   $ —       —           Total Currency Forwards   $ (168,539 )     -0.41 %   $ —       —           Total Open Trade Equity (Deficit)   $ 599,579       1.45 %   $ —       —   OPTIONS PURCHASED*                                       Various energy futures contracts (U.S.)   $ —       —     $ —       —           Various soft futures contracts (U.S.)     —       —       —       —           Various stock index futures contracts (U.S.)     —       —       —       —           Total Options Purchased   $ —       — ��   $ —       —   OPTIONS WRITTEN*                                         Various energy futures contracts (U.S.)   $ —       —     $ —       —           Various soft futures contracts (U.S.)     —       —       —       —           Various stock index futures contracts (U.S.)     —       —       —       —           Total Options Written   $ —       —     $ —       —   SWAPS (1)                                         Frontier Brevan Howard swap (U.S.)   $ —       —     $ 7,960,268       51.44 %         Total Swaps   $ —       —     $ 7,960,268       51.44 % INVESTMENT IN UNCONSOLIDATED COMPANIES (1)                                         Equinox Frontier Trading Company II, LLC   $ —       —     $ 1,248,467       8.07 %         Equinox Frontier Trading Company XXXVIII, LLC     297,554       0.72 %     157,119       1.02 %         Total Investment in Unconsolidated Trading Companies   $ 297,554       0.72 %   $ 1,405,586       9.09 %                                                       Fair Value             Fair Value           U.S. TREASURY SECURITIES (2)                                 FACE VALUE                                 $ 67,000,000     US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)   $ 18,747,748       45.38 %   $ 4,195,068       27.11 % $ 20,000,000     US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)     5,870,069       14.21 %     1,313,509       8.49 %             $ 24,617,817       59.59 %   $ 5,508,577       35.60 %                                                       Face Value             Face Value           Additional Disclosure on U.S. Treasury Securities                                         US Treasury Note 6.000% due 02/15/2026 (2)   $ 14,039,970             $ 3,141,637                   US Treasury Note 6.875% due 08/15/2025 (2)     4,191,036               937,802                       $ 18,231,006             $ 4,079,439                                                                 Cost             Cost           Additional Disclosure on U.S. Treasury Securities                                         US Treasury Note 6.000% due 02/15/2026 (2)   $ 18,727,332             $ 4,190,501                   US Treasury Note 6.875% due 08/15/2025 (2)     5,870,069               1,313,509                       $ 24,597,401             $ 5,504,010             * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 1 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Note 4 to the Financial Statements. (2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. The accompanying notes are an integral part of these financial statements. The Series of Equinox Frontier Funds Condensed Schedules of Investments December 31, 2013      Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund   Description    Fair Value      % of Total Capital (Net Asset Value)     Fair Value      % of Total Capital (Net Asset Value)   Swaps (1)            Frontier Brevan Howard swap (U.S.)    $ —           0.00 %    $ 5,435,184         32.75 %                                     Total Swaps    $ —           0.00 %    $ 5,435,184         32.75 %                                     U.S. TREASURY SECURITIES (2)                 Fair Value            Fair Value          U.S. Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)    $ 1,546,657         4.22 %    $ 494,659         2.98 %  U.S. Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)      1,600,175         4.37 %      511,775         3.08 %  U.S. Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)      3,414,067         9.32 %      1,091,902         6.58 %  U.S. Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)      1,792,104         4.89 %      573,159         3.45 %  U.S. Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)      1,765,763         4.82 %      564,734         3.40 %  U.S. Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)      13,610,622         37.17 %      4,353,009         26.24 %  U.S. Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)      3,871,317         10.57 %      1,238,142         7.47 %                                        $ 27,600,705         75.36 %    $ 8,827,380         53.20 %                                     Additional Disclosure on U.S. Treasury Securities    Face Value            Face Value          U.S. Treasury Note 1.125% due 12/31/2019    $ 1,638,841         $ 524,142       U.S. Treasury Note 2.000% due 09/30/2020      1,638,841           524,142       U.S. Treasury Note 2.500% due 08/15/2023      3,562,699           1,139,438       U.S. Treasury Note 2.125% due 08/15/2021      1,852,603           592,508       U.S. Treasury Note 2.000% due 11/15/2021      1,852,603           592,508       U.S. Treasury Note 6.000% due 02/15/2026      10,688,096           3,418,314       U.S. Treasury Note 6.875% due 08/15/2025      2,850,159           911,550                                 $ 24,083,842         $ 7,702,602                                   Cost            Cost          U.S. Treasury Note 1.125% due 12/31/2019    $ 1,592,971         $ 509,471       U.S. Treasury Note 2.000% due 09/30/2020      1,654,731           529,223       U.S. Treasury Note 2.500% due 08/15/2023      3,567,661           1,141,025       U.S. Treasury Note 2.125% due 08/15/2021      1,862,105           595,547       U.S. Treasury Note 2.000% due 11/15/2021      1,844,825           590,020       U.S. Treasury Note 6.000% due 02/15/2026      14,190,831           4,538,575       U.S. Treasury Note 6.875% due 08/15/2025      4,036,199           1,290,875                                 $ 28,749,323         $ 9,194,736                              (1) See Note 4 to the Financial Statements. (2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2. The accompanying notes are an integral part of these financial statements. F-12 The SeriesTable of Equinox Frontier FundsContents Statements of Operations For the years Ended December 31, 2014, 2013 and 2012 The Series of Equinox Frontier Funds Statements of Operations For the Years Ended December 31, 2016, 2015 and 2014     Equinox Frontier Diversified Fund   Equinox Frontier Masters Fund   Equinox Frontier Long/Short Commodity Fund                   Equinox Frontier Diversified Fund   Equinox Frontier Masters Fund   Equinox Frontier Long/ Short Commodity Fund     12/31/2016   12/31/2015   12/31/2014   12/31/2016   12/31/2015   12/31/2014   12/31/2016   12/31/2015   12/31/2014     12/31/2014   12/31/2013   12/31/2012   12/31/2014   12/31/2013   12/31/2012   12/31/2014   12/31/2013   12/31/2012                                                                           Investment income:                                                                                           Interest—net   $ 579,067      $ 1,544,382      $ 2,199,327      $ 298,175      $ 757,793      $ 1,038,493      $ 216,027      $ 945,988      $ 1,385,312    Interest - net   $ 323,854     $ 603,350     $ 579,067     $ 133,801     $ 260,900     $ 298,175     $ 21,855     $ 141,120     $ 216,027                                                                                                                                 Total Income     579,067        1,544,382        2,199,327        298,175        757,793        1,038,493        216,027        945,988        1,385,312        323,854       603,350       579,067       133,801       260,900       298,175       21,855       141,120       216,027                                                                                                                                 Expenses:                                                                                           Incentive Fees     4,461,365        760,048        3,269,159        1,123,545        —          488,081        253,177        —          1,059,104        1,144,159       2,068,435       4,461,365       245,244       618,626       1,123,545       46,931       322,090       253,177   Management Fees     1,042,209        1,417,230        1,896,102        903,032        1,271,594        1,429,284        821,891        2,055,684        3,459,419        503,844       983,948       1,042,209       452,071       696,963       903,032       201,423       532,836       821,891   Service Fees—Class 1     499,021        1,000,514        1,476,222        309,234        639,244        786,529        132,136        307,350        462,999    Service Fees - Class 1     247,399       412,335       499,021       151,627       226,790       309,234       66,889       109,284       132,136   Trading Fees     1,287,161        2,113,117        2,955,458        603,389        1,045,459        1,312,873        280,737        658,060        1,029,157        1,435,003       1,394,350       1,287,161       537,884       579,677       603,389       191,525       243,193       280,737                                                                                                                                 Total Expenses     7,289,756        5,290,909        9,596,941        2,939,200        2,956,297        4,016,767        1,487,941        3,021,094        6,010,679        3,330,405       4,859,068       7,289,756       1,386,826       2,122,056       2,939,200       506,768       1,207,403       1,487,941                                                                                                                                 Investment (loss)—net     (6,710,689 )      (3,746,527 )      (7,397,614 )      (2,641,025 )      (2,198,504 )      (2,978,274 )      (1,271,914 )      (2,075,106 )      (4,625,367 )  Investment (loss) - net     (3,006,551 )     (4,255,718 )     (6,710,689 )     (1,253,025 )     (1,861,156 )     (2,641,025 )     (484,913 )     (1,066,283 )     (1,271,914 )                                                                                                                               Realized and unrealized gain/(loss) on investments:                                                                                           Net realized gain/(loss) on futures, forwards and options     15,855,703        734,081        —          —          —          1,805,910        (2,580,860 )      (3,943,031 )      (25,872,829 )      —       8,599,684       15,855,703       —       —       —       (90,214 )     —       (2,580,860 ) Net unrealized gain/(loss) on private investment companies     80,689       —       —       78,993       —       —       (216,197 )     —       —   Net realized gain/(loss) on private investment companies     277,315       —       —       73,108       —       —       13,263       —       —   Net change in open trade equity/(deficit)     1,421,570        (566,777 )      —          —          —          (776,298 )      961,346        (332,329 )      20,181,816        —       450,401       1,421,570       —       —       —       693,263       —       961,346   Net realized gain/(loss) on swap contracts     —          —          —          —          —          (55,669 )      —          —          (58,693 )  Net unrealized gain/(loss) on swap contracts     3,132,776        37,632        (106,862 )      —          —          (2,775 )      1,176,514        (423,454 )      (20,529 )      (48,002 )     2,115,441       3,132,776       —       —       —       (111,960 )     (300,633 )     1,176,514   Net realized gain/(loss) on U.S. Treasury securities     (84,779 )      221,284        (23,719 )      (51,271 )      107,483        222,749        (36,613 )      138,776        289,571        1,794,297       270,582       (84,779 )     483,811       111,668       (51,271 )     103,299       46,795       (36,613 ) Net unrealized gain/(loss) on U.S. Treasury securities     2,895,653        (1,417,353 )      461,598        1,525,265        (785,652 )      (343,628 )      1,119,787        (731,749 )      (446,969 )      (990,689 )     (516,327 )     2,895,653       (227,159 )     (198,693 )     1,525,265       193,551       (204,014 )     1,119,787   Trading commissions     (543,142 )      (5,417 )      (719,255 )      —          —          (171,933 )      (415,315 )      (1,332,595 )      (1,813,623 )      (62 )     (443,692 )     (543,102 )     —       —       —       (1,085 )     —       (415,315 ) Change in fair value of investments in unconsolidated trading companies     5,136,823        (4,524,387 )      2,466,586        6,619,189        (1,374,353 )      2,867,366        1,357,919        (676,035 )      (3,343,198 )      3,056,293       841,908       5,136,823       1,336,408       1,485,938       6,619,189       (100,301 )     66,041       1,357,919                                                                                                                                 Net gain/(loss) on investments     27,814,604        (5,520,937 )      2,078,348        8,093,183        (2,052,522 )      3,545,722        1,582,778        (7,300,417 )      (11,084,454 )      4,169,841       11,317,997       27,814,644       1,745,161       1,398,913       8,093,183       483,619       (391,811 )     1,582,778                                                                                                                                 NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS     21,103,955        (9,267,464 )      (5,319,266 )      5,452,158        (4,251,026 )      567,448        310,864        (9,375,523 )      (15,709,821 )      1,163,290       7,062,279       21,103,955       492,136       (462,243 )     5,452,158       (1,294 )     (1,458,094 )     310,864                                                               ��                                                                 Less: Operations attributable to non-controlling interests     6,816,250        —          —          —          —          (51,430 )      (766,822 )      (3,331,127 )      (9,167,707 )      —       4,476,587       6,816,250       —       —       —       131,876       —       (766,822 )                                                                                                                               NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS   $ 14,287,705      $ (9,267,464 )    $ (5,319,266 )    $ 5,452,158      $ (4,251,026 )    $ 618,878      $ 1,077,686      $ (6,044,396 )    $ (6,542,114 )    $ 1,163,290     $ 2,585,692     $ 14,287,705     $ 492,136     $ (462,243 )   $ 5,452,158     $ (133,170 )   $ (1,458,094 )   $ 1,077,686                                                                                                                                 NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT                                                                                           Class 1   $ 25.99      $ (7.30 )    $ (5.00 )    $ 24.78      $ (9.28 )    $ 0.86        N/A        N/A      $ (0.72 )    $ 0.91     $ 2.43     $ 25.99     $ (0.07 )   $ (3.74 )   $ 24.78        N/A        N/A        N/A   Class 1a     N/A        N/A        N/A        N/A        N/A        N/A      $ 8.39      $ (15.85 )    $ (13.13 )       N/A        N/A        N/A        N/A        N/A        N/A     $ (1.98 )   $ (6.36 )   $ 8.39   Class 2   $ 30.32      $ (6.13 )    $ (3.48 )    $ 29.07      $ (8.15 )    $ 2.78      $ 13.04      $ (20.39 )    $ (16.32 )    $ 3.34     $ 4.93     $ 30.32     $ 2.18     $ (1.93 )   $ 29.07     $ (2.54 )   $ (6.20 )   $ 13.04   Class 2a     N/A        N/A        N/A        N/A        N/A        N/A      $ 11.01      $ (15.11 )    $ (11.78 )       N/A        N/A        N/A        N/A        N/A        N/A     $ (0.52 )   $ (5.16 )   $ 11.01   Class 3   $ 30.82 (2)      N/A (2)      N/A      $ 27.15 (3)      N/A (3)      N/A      $ 13.04      $ (20.39 )    $ (16.27 )    $ 3.40     $ 4.84     $ 30.82     $ 2.32     $ (1.49 )   $ 27.15     $ (1.34 )   $ (6.20 )   $ 13.04   Class 3a     N/A        N/A        N/A        N/A        N/A        N/A      $ 11.30 (1)    $ (9.13 )(1)      N/A (1)       N/A        N/A        N/A        N/A        N/A        N/A     $ 0.64     $ (4.91 )   $ 11.30     (1) Class 3a operations began June 17, 2013. (2) Class 3 operations began December 16, 2013. (3) Class 3 operations began February 25, 2014. The accompanying notes are an integral part of these financial statements. F-13 The SeriesTable of the Equinox Frontier FundsContents Statements of Operations For the years Ended December 31, 2014, 2013 and 2012     Equinox Frontier Balanced Fund     Equinox Frontier Select Fund       12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012   Investment income:             Interest—net   $ 27,454      $ 280,359      $ 276,272      $ —        $ 261,102      $ 263,049                                                    Total Income/(loss)     27,454        280,359        276,272        —          261,102        263,049                                                    Expenses:             Incentive Fees     3,620,437        1,348,994        7,081,173        363,142        —          65,989    Management Fees     1,092,555        1,556,049        2,533,302        496,959        626,553        1,272,443    Service Fees—Class 1     2,027,439        3,292,195        4,987,704        394,486        575,265        865,891    Trading Fees     694,288        1,153,606        1,784,001        109,839        163,311        244,837                                                    Total Expenses     7,434,719        7,350,844        16,386,180        1,364,426        1,365,129        2,449,160                                                    Investment (loss)—net     (7,407,265 )      (7,070,485 )      (16,109,908 )      (1,364,426 )      (1,104,027 )      (2,186,111 )                                                  Realized and unrealized gain/(loss) on investments:             Net realized gain/(loss) on futures, forwards and options     14,306,201        5,897,135        22,272,341        —          —          —      Net change in open trade equity/(deficit)     (375,319 )      2,917,532        103,164        —          —          —      Net realized gain/(loss) on swap contracts     —          (3,554,723 )      (175,294 )      —          —          (34,232 )  Net unrealized gain/(loss) on swap contracts     8,120,996        2,486,559        (1,334,281 )      —          —          (2,448 )  Net realized gain/(loss) on U.S. Treasury securities     (152,688 )      362,137        757,245        (25,780 )      78,233        160,314    Net unrealized gain/(loss) on U.S. Treasury securities     4,748,522        (2,496,948 )      (1,186,676 )      679,186        (419,974 )      (239,713 )  Trading commissions     (1,140,405 )      (1,768,376 )      (5,037,378 )      —          —          —      Change in fair value of investments in unconsolidated trading companies     6,355,205        (10,333,444 )      (8,016,764 )      3,146,402        1,862,939        (1,934,275 )  Net realized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC     —          —          —          —          —          (2,172,987 )  Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC     —          —          —          —          —          2,084,880                                                    Net gain/(loss) on investments     31,862,512        (6,490,128 )      7,382,357        3,799,808        1,521,198        (2,138,461 )                                                  NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS     24,455,247        (13,560,613 )      (8,727,551 )      2,435,382        417,171        (4,324,572 )                                                  Less: Operations attributable to non-controlling interests     5,090,748        2,591,885        —          —          —          —                                                      NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS   $ 19,364,501      $ (16,152,498 )    $ (8,727,551 )    $ 2,435,382      $ 417,171      $ (4,324,572 )                                                  NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT             Class 1   $ 25.25      $ (10.03 )    $ (8.18 )    $ 15.75      $ 1.20      $ (12.36 )  Class 1a     N/A        N/A      $ (4.13 )      N/A        N/A        N/A    Class 1AP (1)   $ 30.58        N/A        N/A      $ 21.29        N/A        N/A    Class 2   $ 38.67      $ (8.71 )    $ (5.82 )    $ 24.34      $ 4.59      $ (12.29 )  Class 2a   $ 34.22      $ (5.56 )    $ (3.99 )      N/A        N/A        N/A    Class 3a   $ 34.11      $ (5.55 )    $ (4.40 )      N/A        N/A        N/A    (1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally (2) Class 1a operations ceased July 17, 2012 and all remaing Class 1a Units were exchanged for Class 3a Units. The accompanying notes are an integral part of these financial statements. The Series of the Equinox Frontier Funds Statements of Operations For the Years Ended December 31, 2014, 20132016, 2015 and 20122014     Equinox Frontier Balanced Fund   Equinox Frontier Select Fund     Equinox Frontier Winton Fund   Equinox Frontier Heritage Fund                               12/31/2014   12/31/2013   12/31/2012   12/31/2014   12/31/2013   12/31/2012     12/31/2016   12/31/2015   12/31/2014   12/31/2016   12/31/2015   12/31/2014   Investment income/(loss):             Interest—net   $ 55      $ 283,863      $ 531,125      $ 1      $ 109,122      $ 134,302                                                                                        Total Income/(Loss)     55        283,863        531,125        1        109,122        134,302    Investment income:                                                 Interest - net   $ 96,270     $ 29,151     $ 27,454     $ 1,025     $ —     $ —                                                   Total Income     96,270       29,151       27,454       1,025       —       —                                                                                       Expenses:                                                             Incentive Fees     1,800,488        128,097        —          370,450        15,411        —          1,395,151       1,707,167       3,620,437       41,072       158,971       363,142   Management Fees     1,172,990        1,062,550        1,046,035        327,702        366,837        1,006,221        494,734       1,029,988       1,092,555       271,176       304,539       496,959   Service Fees—Class 1     724,365        857,710        1,046,931        270,399        423,800        624,024    Risk analysis Fees     4,844       —       —       14,228       —       —   Service Fees - Class 1     1,833,220       2,113,776       2,027,439       351,053       395,169       394,486   Trading Fees     263,069        292,162        342,792        88,113        132,205        192,557        909,129       740,451       694,288       115,267       110,262       109,839   Other Fees     —       —       —       —       —       —                                                                                       Total Expenses     3,960,912        2,340,519        2,435,758        1,056,664        938,253        1,822,802        4,637,078       5,591,382       7,434,719       792,796       968,941       1,364,426                                                                                       Investment (loss)—net     (3,960,857 )      (2,056,656 )      (1,904,633 )      (1,056,663 )      (829,131 )      (1,688,500 )  Investment (loss) - net     (4,540,808 )     (5,562,231 )     (7,407,265 )     (791,771 )     (968,941 )     (1,364,426 )                                                                                     Realized and unrealized gain/(loss) on investments:                                                             Net realized gain/(loss) on futures, forwards and options     —          —          —          —          —          —          3,778,432       (164,986 )     14,306,201       2,106,971       1,385,609       —   Net unrealized gain/(loss) on private investment companies     2,077,438       —       —       —       —       —   Net realized gain/(loss) on private investment companies     412,944       —       —       —       —       —   Net change in open trade equity/(deficit)     —          —          —          —          —          —          (340,656 )     (1,623,264 )     (375,319 )     187,115       (1,200,359 )     —   Net realized gain/(loss) on swap contracts     —          —          (57,781 )      —          —          (30,602 )  Net unrealized gain/(loss) on swap contracts     —          —          (7,291 )      2,105,281        591,793        943        (218,070 )     910,566       8,120,996       —       —       —   Net realized gain/(loss) on U.S. Treasury securities     (59,132 )      115,236        239,553        (19,370 )      50,795        105,686        2,885,429       411,406       (152,688 )     70,928       22,783       (25,780 ) Net unrealized gain/(loss) on U.S. Treasury securities     2,248,070        (915,676 )      (369,593 )      615,266        (333,572 )      (163,574 )      (1,874,454 )     (1,350,252 )     4,748,522       (199,159 )     35,623       679,186   Trading commissions     —          —          —          —          —          —          (169,263 )     (461,386 )     (1,140,403 )     (135,497 )     (131,806 )     —   Change in fair value of investments in unconsolidated trading companies     10,414,573        5,590,566        (1,161,451 )      2,137,441        2,207,133        (594,397 )      3,934,786       6,607,271       6,355,205       368,596       161,067       3,146,402                                                                                       Net gain/(loss) on investments     12,603,511        4,790,126        (1,356,563 )      4,838,618        2,516,149        (681,944 )      10,486,586       4,329,355       31,862,514       2,398,954       272,917       3,799,808                                                                                       NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS     8,642,654        2,733,470        (3,261,196 )      3,781,955        1,687,018        (2,370,444 )      5,945,778       (1,232,876 )     24,455,249       1,607,183       (696,024 )     2,435,382                                                                                       Less: Operations attributable to non-controlling interests     —          —          —          969,107        264,017        —          648,112       259,719       5,090,748       989,394       34,600       —                                                                                       NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS   $ 8,642,654      $ 2,733,470      $ (3,261,196 )    $ 2,812,848      $ 1,423,001      $ (2,370,444 )    $ 5,297,666     $ (1,492,595 )   $ 19,364,501     $ 617,789     $ (730,624 )   $ 2,435,382                                                                                       NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT                                                             Class 1   $ 36.36      $ 8.86      $ (10.40 )    $ 28.23      $ 7.50      $ (10.18 )    $ 6.77     $ (3.51 )   $ 25.25     $ 3.71     $ (5.26 )   $ 15.75   Class 1AP (1)   $ 39.25        N/A        N/A      $ 33.13        N/A        N/A    Class 1AP   $ 11.38     $ 0.39     $ 30.58     $ 6.88     $ (2.54 )   $ 21.29   Class 2   $ 52.06      $ 15.87      $ (7.52 )    $ 42.35      $ 13.54      $ (9.03 )    $ 15.30     $ 0.53     $ 38.67     $ 9.14     $ (3.37 )   $ 24.34   Class 2a   $ 14.17     $ 1.86     $ 34.22       N/A       N/A       N/A   Class 3a   $ 14.12     $ 1.85     $ 34.11       N/A       N/A       N/A     (1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally The accompanying notes are an integral part of these financial statements. F-14 Table of Contents The Series of the Equinox Frontier Funds Statements of Operations For the Years Ended December 31, 2016, 2015 and 2014     Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund                                             12/31/2016     12/31/2015     12/31/2014     12/31/2016     12/31/2015     12/31/2014                                                     Investment income:                                                 Interest - net   $ 7,717     $ 28     $ 55     $ 1,430     $ 1     $ 1                                                     Total Income     7,717       28       55       1,430       1       1                                                     Expenses:                                                 Incentive Fees     99,067       715,409       1,800,488       9,072       132,676       370,450   Management Fees     1,069,141       1,199,380       1,172,990       242,764       280,570       327,702   Risk analysis Fees     70,193       —       —       —       —       —   Service Fees - Class 1     681,308       764,354       724,365       254,775       287,946       270,399   Trading Fees     320,680       288,023       263,069       104,146       96,359       88,113                                                     Total Expenses     2,240,389       2,967,166       3,960,912       610,757       797,551       1,056,664                                                     Investment (loss) - net     (2,232,672 )     (2,967,138 )     (3,960,857 )     (609,327 )     (797,550 )     (1,056,663 )                                                   Realized and unrealized gain/(loss) on investments:                                                 Net realized gain/(loss) on futures, forwards and options     592,863       3,365,969       —       —       —       —   Net change in open trade equity/(deficit)     466,267       (2,127,402 )     —       —       —       —   Net unrealized gain/(loss) on swap contracts     —       —       —       431,146       419,803       2,105,281   Net realized gain/(loss) on U.S. Treasury securities     1,975,992       230,502       (59,132 )     395,730       52,675       (19,370 ) Net unrealized gain/(loss) on U.S. Treasury securities     (1,697,773 )     (600,814 )     2,248,070       (386,234 )     (137,580 )     615,266   Trading commissions     (85,587 )     (45,180 )     —       (7,026 )     —       —   Change in fair value of investments in unconsolidated trading companies     (180,413 )     557,550       10,414,573       91,166       220,267       2,137,441                                                     Net gain/(loss) on investments     1,071,349       1,380,625       12,603,511       524,782       555,165       4,838,618                                                     NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS     (1,161,323 )     (1,586,513 )     8,642,654       (84,545 )     (242,385 )     3,781,955                                                     Less: Operations attributable to non-controlling interests     464,175       574,125       —       217,092       208,163       969,107                                                     NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS   $ (1,625,498 )   $ (2,160,638 )   $ 8,642,654     $ (301,637 )   $ (450,548 )   $ 2,812,848                                                     NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT                                                 Class 1   $ (9.66 )   $ (11.78 )   $ 36.36     $ (4.69 )   $ (6.01 )   $ 28.23   Class 1AP   $ (5.14 )   $ (6.87 )   $ 39.25     $ (1.07 )   $ (2.26 )   $ 33.13   Class 2   $ (6.53 )   $ (8.72 )   $ 52.06     $ (1.44 )   $ (3.02 )   $ 42.35   The accompanying notes are an integral part of these financial statements. F-15 Table of Contents The Series of Equinox Frontier Funds Statements of Changes in Owners’ Capital For the Years Ended December 31, 2014, 20132016, 2015 and 20122014       Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund       Class 1     Class 1     Class 2     Class 2     Class 3 (2)     Class 3 (2)                 Class 1     Class 1     Class 2     Class 2     Class 3     Class 3                   Managing Owner     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Non- Controlling Interests     Total     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Non- Controlling Interests     Total   Owners’ Capital, December 31, 2011   $ 27,334      $ 72,397,572      $ 1,486,740      $ 60,061,958      $ —        $ —        $ —        $ 133,973,604      $ 27,569      $ 34,062,567      $ 589,893      $ 18,144,968      $ —        $ —        $ 58,412      $ 52,883,409                                                                                                                                    Sale of Units     —          5,284,631        —          8,821,416        —          —          —          14,106,047        —          7,569,805        —          2,139,804        —          —          —          9,709,609    Redemption of Units     —          (15,292,787 )      —          (12,286,026 )      —          —          —          (27,578,813 )      —          (7,177,491 )      —          (4,489,835 )      —          —          —          (11,667,326 )  Change in control of ownership—Trading Companies     —          —          —          —          —          —          —          —          —          —          —          —          —          —          (2,278,332 )      (2,278,332 )  Contributions     —          —          —          —          —          —          —          —          —          —          —          —          —          —          6,455,785        6,455,785    Distributions     —          —          —          —          —          —          —          —          —          —          —          —          —          —          (4,184,435 )      (4,184,435 )  Operations attributable to non-controlling interests     —          —          —          —          —          —          —          —          —          —          —          —          —          —          (51,430 )      (51,430 )  Net increase/(decrease) in Owners’ Capital resulting from operations     (1,375 )      (3,415,439 )      (49,767 )      (1,852,685 )      —          —          —          (5,319,266 )      235        120,814        15,615        482,214        —          —          —          618,878                                                                                                                                    Owners’ Capital, December 31, 2012     25,959        58,973,977        1,436,973        54,744,663        —          —          —          115,181,572        27,804        34,575,695        605,508        16,277,151        —          —          —          51,486,158    Sale of Units     —          1,513,497        —          5,658,402        —          —          —          7,171,899        —          2,886,992        —          599,084        24,204        214,371        —          3,724,651    Redemption of Units     —          (26,569,016 )      —          (23,057,953 )      —          —          —          (49,626,969 )      (24,204 )      (11,232,717 )      —          (5,932,078 )      —          —          —          (17,188,999 )  Net increase/(decrease) in Owners’ Capital resulting from operations     (2,006 )      (5,198,364 )      (87,637 )      (3,979,457 )      —          —          —          (9,267,464 )      (3,600 )      (3,114,475 )      (45,840 )      (1,097,663 )      1,070        9,482        —          (4,251,026 )                                                                                                                                      Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund       Class 1     Class 1     Class 2     Class 2     Class 3 (2)     Class 3 (2)                 Class 1     Class 1     Class 2     Class 2     Class 3     Class 3                   Managing Owner     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Non- Controlling Interests     Total     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Non- Controlling Interests     Total   Owners’ Capital, December 31, 2013     23,953        28,720,094        1,349,336        33,365,655        —          —          —          63,459,038        —          23,115,495        559,668        9,846,494        25,274        223,853        —          33,770,784    Sale of Units     —          954,684        —          695,759        23,159        5,610,324        —          7,283,926        —          574,921        —          35,000        —          5,049,885        —          5,659,806    Redemption of Units     (23,159 )      (14,916,417 )      —          (8,646,009 )      —          (1,437,479 )      —          (25,023,060 )      —          (14,142,871 )      —          (3,624,212 )      —          (1,407,811 )      —          (19,174,894 )  Change in control of ownership—Trading Companies     —          —          —          —          —          —          5,601,517        5,601,517        —          —          —          —          —          —          —          —      Operations attributable to non-controlling interests     —          —          —          —          —          —          6,816,250        6,816,250        —          —          —          —          —          —          —          —      Net increase in capital resulting from operations attributable to controlling interest                                     (794 )      4,436,675        1,167,543        7,292,008        8,473        1,383,804        —          14,287,705        —          2,303,366        163,539        1,888,254        7,467        1,089,532        —          5,452,158                                                                                                                                    Owners’ Capital, December 31, 2014   $ —        $ 19,195,036      $ 2,516,879      $ 32,707,413      $ 31,632      $ 5,556,649      $ 12,417,767      $ 72,425,376      $ —        $ 11,850,911      $ 723,207      $ 8,145,536      $ 32,741      $ 4,955,459      $ —        $ 25,707,854                                                                                                                                    Owners’ Capital—Units, December 31, 2011     275        728,370        14,301        577,736        —          —              275        339,777        5,627        173,083        —          —          Sale of Units     —          54,154        —          86,394        —          —              —          72,823        —          19,330        —          —          Redemption of Units     —          (157,784 )      —          (119,304 )      —          —              —          (70,626 )      —          (41,151 )      —          —                                                                                                                  Owners’ Capital—Units, December 31, 2012     275        624,740        14,301        544,826        —          —              275        341,974        5,627        151,262        —          —                                                                                                                  Sale of Units     (275 )      17,085        275        61,537        —          —              —          29,925        —          5,701        275        2,436        Redemption of Units     —          (311,820 )      —          (253,012 )      —          —              (275 )      (120,181 )      —          (57,966 )      —          —                                                                                                                  Owners’ Capital—Units, December 31, 2013     —          330,005        14,576        353,351        —          —              —          251,718        5,627        98,997        275        2,436                                                                                                                Sale of Units     —          10,369        —          6,902        —          63,274            —          5,990        —          364        —          53,790        Redemption of Units     —          (170,649 )      —          (92,295 )      —          (14,691 )          —          (156,076 )      —          (35,985 )      —          (14,604 )                                                                                                              Owners’ Capital—Units, December 31, 2014     —          169,725        14,576        267,958        —          48,583            —          101,632        5,627        63,376        275        41,622                                                                                                                        (1)          (1)          (1)              (1)          (1)          (1)          Equinox Frontier Diversified Fund   Equinox Frontier Masters Fund     Class 1   Class 1     Class 2   Class 2     Class 3 (2)   Class 3 (2)             Class 1   Class 1     Class 2   Class 2     Class 3   Class 3               Managing Owner   Limited Owners     Managing Owner   Limited Owners     Managing Owner   Limited Owners     Non- Controlling Interests   Total   Managing Owner   Limited Owners     Managing Owner   Limited Owners     Managing Owner   Limited Owners     Non- Controlling Interests   Total Net asset value per unit at December 31, 2011     $ 99.40        $ 103.96        $ —              $ 100.25        $ 104.83        $ —          Change in net asset value per unit for the year ended December 31, 2012       (5.00 )        (3.48 )        —                0.86          2.78          —                                                                              Net asset value per unit at December 31, 2012       94.40          100.48          —                101.11          107.61          88.01        Change in net asset value per unit for the year ended December 31, 2013       (7.30 )        (6.13 )        —                (9.28 )        (8.15 )        3.90                                                                            Net asset value per unit at December 31, 2013       87.10          94.35          84.21            $ 91.83        $ 99.46        $ 91.91        Change in net asset value per unit for the year ended December 31, 2014       25.99          30.32          30.82              24.78          29.07          27.15                                                                            Net asset value per unit at December 31, 2014     $ 113.09        $ 124.67        $ 115.03            $ 116.61        $ 128.53        $ 119.06                                                                                Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund       Class 1     Class 1     Class 2     Class 2     Class 3     Class 3                 Class 1     Class 2     Class 2     Class 3     Class 3                   Managing Owner     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Non- Controlling Interests     Total     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Non- Controlling Interests     Total   Owners’ Capital, December 31, 2013   $ 23,953     $ 28,720,094     $ 1,904,782     $ 32,810,209     $ —     $ —     $ —     $ 63,459,038     $ 23,115,495     $ 559,668     $ 9,846,494     $ 223,853     $ 25,274     $ —     $ 33,770,784                                                                                                                             Sale of Units     —       954,684       —       695,759       23,159       5,610,324       —       7,283,926       574,921       —       35,000       —       5,049,885       —       5,659,806   Redemption of Units     (23,159 )     (14,916,417 )     —       (8,646,009 )     —       (1,437,479 )     —       (25,023,064 )     (14,142,871 )     —       (3,624,212 )     —       (1,407,811 )     —       (19,174,894 ) Change in control of ownership - Trading Companies     —       —       —       —       —       —       5,601,517       5,601,517       —       —       —       —       —       —       —   Operations attributable to non-controlling interests     —       —       —       —       —       —       6,816,250       6,816,250       —       —       —       —       —       —       —   Net increase/(decrease) in Owners’ Capital resulting from operations     (794 )     4,436,675       612,097       7,847,454       8,473       1,383,804       —       14,287,709       2,303,366       163,539       1,888,254       (191,112 )     1,288,111       —       5,452,158                                                                                                                             Owners’ Capital, December 31, 2014     —       19,195,036       2,516,879       32,707,413       31,632       5,556,649       12,417,767       72,425,376       11,850,911       723,207       8,145,536       32,741       4,955,459       —       25,707,854                                                                                                                             Sale of Units     —       1,849,550       —       4,193,326       —       6,490,334       —       12,533,210       2,092,649       —       174,300       —       3,820,000       —       6,086,949   Redemption of Units     —       (10,085,317 )     —       (6,595,532 )     —       (2,875,045 )     —       (19,555,894 )     (5,299,823 )     —       (1,041,711 )     —       (2,162,727 )     —       (8,504,261 ) Change in control of ownership - Trading Companies     —       —       —       —       —       —       (16,894,354 )     (16,894,354 )     —       —       —       —       —       —       —   Operations attributable to non-controlling interests     —       —       —       —       —       —       4,476,587       4,476,587       —       —       —       —       —       —       —   Payment made by the Managing Owner     —       47,134       —       82,416       —       14,799       —       144,349       —       —       —       —       —       —       —   Net increase/(decrease) in Owners’ Capital resulting from operations     —       807,831       99,379       1,629,219       1,332       47,931       —       2,585,692       (319,937 )     (10,816 )     (97,158 )     (409 )     (33,923 )     —       (462,243 )                                                                                                                           Owners’ Capital, December 31, 2015     —       11,814,234       2,616,258       32,016,842       32,964       9,234,668       —       55,714,966     $ 8,323,800     $ 712,391     $ 7,180,967     $ 32,332     $ 6,578,809     $ —     $ 22,828,299                                                                                                                             Sale of Units     —       560,094       —       8,879,067       —       797,382       —       10,236,543       125,188       —       157,500       —       —       —       282,688   Redemption of Units     —       (1,914,393 )     (2,223,584 )     (3,814,721 )     —       (2,690,710 )     —       (10,643,408 )     (1,368,307 )     (387,936 )     (2,204,970 )     —       (2,472,603 )     —       (6,433,816 ) Transfer of Units In(Out)     —       (5,531,885 )     —       —       —       5,531,885       —       —       (1,835,158 )     —       —       —       1,835,158       —       —   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     —       261,370       67,522       690,197       935       143,266       —       1,163,290       116,103       12,236       187,374       638       175,785       —       492,136                                                                                                                             Owners’ Capital, December 31, 2016   $ —     $ 5,189,420     $ 460,196     $ 37,771,385     $ 33,899     $ 13,016,491     $ —     $ 56,471,391     $ 5,361,626     $ 336,691     $ 5,320,871     $ 32,970     $ 6,117,149     $ —     $ 17,169,307                                                                                                                             Owners’ Capital - Units, December 31, 2013     —       329,730       20,188       347,739       —       —                       251,718       5,627       98,997       275       2,436                                                                                                                                             Sale of Units     —       10,369       —       6,902       275       62,999                       5,990       —       364       —       53,790                   Redemption of Units     —       (170,374 )     —       (92,295 )     —       (14,691 )                     (156,076 )     —       (35,985 )     —       (14,604 )                                                                                                                                           Owners’ Capital - Units, December 31, 2014     —       169,725       20,188       262,346       275       48,308                       101,632       5,627       63,376       275       41,622                                                                                                                                             Sale of Units     —       15,495       —       31,914       —       51,978                       17,886       —       1,377       —       32,012                   Redemption of Units     —       (82,951 )     —       (47,208 )     —       (23,245 )                     (45,771 )     —       (8,033 )     —       (17,679 )                                                                                                                                           Owners’ Capital - Units, December 31, 2015     —       102,269       20,188       247,052       275       77,041                       73,747       5,627       56,720       275       55,955                                                                                                                                             Sale of Units (including transfers)     —       4,688       —       55,161       —       50,540                       1,044       —       1,216       —       14,898                   Redemption of Units (including transfers)     —       (62,388 )     (16,726 )     (18,089 )     —       (21,987 )                     (27,261 )     (3,012 )     (16,618 )     —       (19,831 )                                                                                                                                           Owners’ Capital - Units, December 31, 2016     —       44,569       3,462       284,124       275       105,594                       47,530       2,615       41,318       275       51,022                                                                                                                                                                           (1)               (1)                                       (1)               (1)                   Net asset value per unit at December 31, 2013           $ 87.10             $ 94.35             $ 84.21                       91.83               99.46               91.91                                                                                                                                             Change in net asset value per unit for the year ended December 31, 2014             25.99               30.32               30.82                       24.78               29.07               27.15                                                                                                                                             Net asset value per unit at December 31, 2014             113.09               124.67               115.03                       116.61               128.53               119.06                                                                                                                                             Change in net asset value per unit for the year ended December 31, 2015             2.43               4.93               4.84                       (3.74 )             (1.93 )             (1.49 )                                                                                                                                           Net asset value per unit at December 31, 2015             115.52               129.60               119.87                     $ 112.87             $ 126.60             $ 117.57                                                                                                                                             Change in net asset value per unit for the Twelve months ended December 31, 2016             0.91               3.34               3.40                       (0.07 )             2.18               2.32                                                                                                                                             Net asset value per unit at December 31, 2016           $ 116.43             $ 132.94             $ 123.27                     $ 112.80             $ 128.78             $ 119.89                     (1) Values are for both the Managing Owner and Limited Owners. (2) Class 3 trading began on February 24, 2014. The accompanying notes are an integral part of these financial statements. F-16 The SeriesTable of Equinox Frontier FundsContents Statements of Changes in Owners’ Capital For the Years Ended December 31, 2014, 2013 and 2012 The Series of Equinox Frontier Funds Statements of Changes in Owners’ Capital For the Years Ended December 31, 2016, 2015 and 2014             Equinox Frontier Long/Short Commodity Fund       Class 1     Class 2     Class 3     Class 1a     Class 1a     Class 2a     Class 3a                   Limited Owners     Managing Owner     Limited Owners     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Non- Controlling Interests     Total   Owners’ Capital, December 31, 2011   $ 4,159,047      $ 499,336      $ 8,689,426      $ 27,810,058      $ 14,271      $ 18,877,124      $ 282,740      $ 10,628,724      $ —        $ —        $ 10,223,579      $ 81,184,305    Sale of Units     9,530        —          —          3,925,505        —          4,928,552        —          3,738,903        —          —          —          12,602,490    Redemption of Units     (4,103,566 )      —          (1,435,641 )      (9,676,302 )      —          (2,574,932 )      —          (2,705,180 )      —          —          —          (20,495,621 )  Change in control of ownership - Trading Companies       —          —          —          —          —          —          —          —          —          7,337,360        7,337,360    Contributions     —          —          —          —          —          —          —          —          —          —          55,863,801        55,863,801    Distributions     —          —          —          —          —          —          —          —          —          —          (59,430,350 )      (59,430,350 )  Operations attributable to non-controlling interests     —          —          —          —          —          —          —          —          —          —          (9,167,707 )      (9,167,707 )  Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     (65,011 )      (50,325 )      (804,011 )      (2,298,214 )      (1,539 )      (2,259,938 )      (26,180 )      (1,036,896 )      —          —          —          (6,542,114 )                                                                                                  Owners’ Capital, December 31, 2012     —          449,011        6,449,774        19,761,047        12,732        18,970,806        256,560        10,625,551        —          —          4,826,683        61,352,164    Sale of Units     —          —          —          —          —          732,853        —          251,400        11,990        298,712        —          1,294,955    Redemption of Units     —          —          (2,799,533 )      (8,155,026 )      (11,990 )      (8,669,037 )      —          (6,987,180 )      —          (48,178 )      —          (26,670,944 )  Change in control of ownership - Trading Companies       —          —          —          —          —          —          —          —          —          168,081        168,081    Contributions     —          —          —          —          —          —          —          —          —          —          6,938,123        6,938,123    Distributions     —          —          —          —          —          —          —          —          —          —          (5,372,718 )      (5,372,718 )  Operations attributable to non-controlling interests     —          —          —          —          —          —          —          —          —          —          (3,331,127 )      (3,331,127 )  Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     —          (62,840 )      (664,614 )      (1,986,425 )      (742 )      (2,281,796 )      (33,589 )      (1,009,337 )      (999 )      (4,054 )      —          (6,044,396 )                                                                                                  Owners’ Capital, December 31, 2013     —          386,171        2,985,627        9,619,596        —          8,752,826        222,971        2,880,434        10,991        246,480        3,229,042        28,334,138    Sale of Units     —          —          —          —          —          107,716        —          —          —          514,745        —          622,461    Redemption of Units     —          —          (2,130,879 )      (2,978,679 )      —          (3,407,382 )      —          (1,485,154 )      —          (186,230 )      —          (10,188,324 )  Change in control of ownership—Trading Companies     —          —          —          —          —          —          —          —          —          —          (2,462,220 )      (2,462,220 )  Operations attributable to non-controlling interests     —          —          —          —          —          —          —          —          —          —          (766,822 )      (766,822 )  Net increase/(decrease) in Owners’                         Capital resulting from operations attributable to controlling interests     —          40,206        (34,644 )      592,182        —          323,746        24,463        59,837        1,237        70,659        —          1,077,686                                                                                                    Owners’ Capital, December 31, 2014   $ —        $ 426,377      $ 820,104      $ 7,233,099      $ —        $ 5,776,906      $ 247,434      $ 1,455,117      $ 12,228      $ 645,654      $ —        $ 16,616,919                                                                                                    Owners’ Capital—Units, December 31, 2011     30,551        3,083        53,648        171,708        117        155,099        2,222        83,538        —          —                                                                                              Sale of Units     71        —          —          24,441        —          41,131        —          29,630        —          —          Redemption of Units     (30,622 )      —          (9,364 )      (60,507 )      —          (21,517 )      —          (21,133 )      —          —                                                                                              Owners’ Capital—Units, December 31, 2012     —          3,083        44,284        135,642        117        174,713        2,222        92,035        —          —                                                                                              Sale of Units     —          —          —          —          —          6,946        —          2,208        109        2,936        Redemption of Units     —          —          (20,449 )      (58,868 )      (117 )      (87,268 )      —          (65,535 )      —          (482 )                                                                                          Owners’ Capital—Units, December 31, 2013     —          3,083        23,835        76,774        —          94,391        2,222        28,708        109        2,454                                                                                            Sale of Units     —          —          —          —          —          1,292        —          —          —          5,229        Redemption of Units     —          —          (17,905 )      (24,489 )      —          (38,553 )      —          (15,639 )      —          (1,906 )                                                                                          Owners’ Capital—Units, December 31, 2014     —          3,083        5,930        52,285        —          57,130        2,222        13,069        109        5,777                                                                                                            (1)          (1)          (1)                Equinox Frontier Long/Short Commodity Fund     Class 1     Class 2     Class 3     Class 1a   Class 1a     Class 2a     Class 3a               Limited Owners     Managing Owner   Limited Owners     Limited Owners     Managing Owner   Limited Owners     Managing Owner   Limited Owners     Managing Owner   Limited Owners     Non- Controlling Interests   Total Net asset value per unit at December 31, 2011     136.13          161.97        161.96          121.71          127.23          —          Change in net asset value per unit for the year ended December 31, 2012     (0.72 )        (16.32 )      (16.27 )        (13.13 )        (11.78 )        —                                                                      Net asset value per unit at December 31, 2012   $ 135.41 (2)        145.65        145.69          108.58          115.45          109.60                                      Change in net asset value per unit for the year ended December 31, 2013         (20.39 )      (20.39 )        (15.85 )        (15.11 )        (9.13 )                                                            Net asset value per unit at December 31, 2013       $ 125.26      $ 125.30        $ 92.73        $ 100.34        $ 100.47        Change in net asset value per unit for the year ended December 31, 2014         13.04        13.04          8.39          11.01          11.30                                                              Net asset value per unit at December 31, 2014       $ 138.30      $ 138.34        $ 101.12        $ 111.35        $ 111.77                                                                  Equinox Frontier Long/Short Commodity Fund               Class 2     Class 3     Class 1a     Class 2a     Class 3a                                                               Managing                                               Non-Controlling             Owner     Limited Owners     Limited Owners     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Interests     Total                                                                 Owners’ Capital, December 31, 2013   $ 386,171     $ 2,985,627     $ 9,619,596     $ 8,752,826     $ 222,971     $ 2,880,434     $ 10,991     $ 246,480     $ 3,229,042     $ 28,334,138                                                                                     Sale of Units     —       —       —       107,716       —       —       —       514,745       —       622,461   Redemption of Units     —       (2,130,879 )     (2,978,679 )     (3,407,382 )     —       (1,485,154 )     —       (186,230 )     —       (10,188,324 ) Change in control of ownership - Trading Companies     —       —       —       —       —       —       —       —       (2,462,220 )     (2,462,220 ) Contributions     —       —       —       —       —       —       —       —       —       —   Distributions     —       —       —       —       —       —       —       —       —       —   Operations attributable to non-controlling interests     —       —       —       —       —       —       —       —       (766,822 )     (766,822 ) Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     40,206       (34,644 )     592,182       323,746       24,463       59,837       1,237       70,659       —       1,077,686                                                                                     Owners’ Capital, December 31, 2014     426,377       820,104       7,233,099       5,776,906       247,434       1,455,117       12,228       645,654       —       16,616,919                                                                                     Sale of Units     —       —       —       67,800       —       29,300       —       415,099       —       512,199   Redemption of Units     —       (226,318 )     (1,101,195 )     (1,587,283 )     —       (402,748 )     —       (167,791 )     —       (3,485,335 ) Change in control of ownership - Trading Companies     —       —       —       —       —       —       —       —       —       —   Contributions     —       —       —       —       —       —       —       —       —       —   Distributions     —       —       —       —       —       —       —       —       —       —   Payment made by the Managing Owner             69,364       397,940       312,393               90,860               36,605               907,162   Operations attributable to non-controlling interests     —       —       —       —       —       —       —       —       —       —   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     (19,122 )     (76,805 )     (623,175 )     (516,062 )     (11,463 )     (120,835 )     (538 )     (90,094 )     —       (1,458,094 )                                                                                   Owners’ Capital, December 31, 2015     407,255       586,345       5,906,669       4,053,754       235,971       1,051,694       11,690       839,473       —       13,092,851                                                                                     Sale of Units     —       —       —       —       —       —       —       314,062       —       314,062   Redemption of Units     (100,160 )     (67,136 )     (1,457,594 )     (1,858,010 )     —       (314,992 )     —       (210,324 )     —       (4,008,216 ) Transfer of Units In(Out)     —       —       —       (220,002 )     —       —       —       220,002       —       —   Change in control of ownership - Trading Companies     —       —       —       —       —       —       —       —       (131,876 )     (131,876 ) Operations attributable to non-controlling interests     —       —       —       —       —       —       —       —       131,876       131,876   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     (7,206 )     (10,735 )     (43,212 )     (62,147 )     (1,229 )     (8,249 )     25       (417 )     —       (133,170 )                                                                                   Owners’ Capital, December 31, 2016   $ 299,889     $ 508,474     $ 4,405,863     $ 1,913,595     $ 234,742     $ 728,453     $ 11,715     $ 1,162,796     $ —     $ 9,265,527                                                                                     Owners’ Capital - Units, December 31, 2013     3,083       23,835       76,774       94,391       2,222       28,708       109       2,454                                                                                                     Sale of Units     —       —       —       1,292       —       —       —       5,229                   Redemption of Units     —       (17,905 )     (24,489 )     (38,553 )     —       (15,639 )     —       (1,906 )                                                                                                   Owners’ Capital - Units, December 31, 2014     3,083       5,930       52,285       57,130       2,222       13,069       109       5,777                                                                                                     Sale of Units     —       —       —       648       —       276       —       3,511                   Redemption of Units     —       (1,491 )     (7,583 )     (15,000 )     —       (3,440 )     —       (1,432 )                                                                                                   Owners’ Capital - Units, December 31, 2015     3,083       4,439       44,702       42,778       2,222       9,905       109       7,856                                                                                                     Sale of Units (including transfers)     —       —       —       —       —       —       —       4,929                   Redemption of Units (including transfers)     (767 )     (515 )     (11,017 )     (22,150 )     —       (3,012 )     —       (1,969 )                                                                                                   Owners’ Capital - Units, December 31, 2016     2,316       3,924       33,685       20,628       2,222       6,893       109       10,816                                                                                                                 (1)                             (1)             (1)                   Net asset value per unit at December 31, 2013           $ 125.26     $ 125.30     $ 92.73             $ 100.34             $ 100.47                                                                                                     Change in net asset value per unit for the year ended December 31, 2014             13.04       13.04       8.39               11.01               11.30                                                                                                     Net asset value per unit at December 31, 2014             138.30       138.34       101.12               111.35               111.77                                                                                                     Change in net asset value per unit for the year ended December 31, 2015             (6.20 )     (6.20 )     (6.36 )             (5.16 )             (4.91 )                                                                                                   Net asset value per unit at December 31, 2015             132.10       132.14       94.76               106.19               106.86                                                                                                     Change in net asset value per unit for the Twelve months ended December 31, 2016             (2.54 )     (1.34 )     (1.98 )             (0.52 )             0.64                                                                                                     Net asset value per unit at December 31, 2016           $ 129.56     $ 130.80     $ 92.78             $ 105.67             $ 107.50                     (1) Values are for both the Managing Owner and Limited Owners. (2) Class 1 operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3 Units. The accompanying notes are an integral part of these financial statements. F-17 The SeriesTable of Equinox Frontier FundsContents Statements of Changes in Owners’ Capital For the Years Ended December 31, 2014, 2013 and 2012 The Series of Equinox Frontier Funds Statements of Changes in Owners’ Capital For the Years Ended December 31, 2016, 2015 and 2014       Equinox Frontier Balanced Fund       Class 1     Class 1a (3)     Class 1AP (2)     Class 2     Class 2a     Class 3a                   Limited Owners     Limited Owners     Limited Owners     Managing Owner     Limited Owners     Managing Owner     Limited Owners     Limited Owners     Non- Controlling Interests     Total   Owners’ Capital, December 31, 2011   $ 183,785,318      $ 2,536,559      $ —        $ 3,351,608      $ 60,020,959      $ 158,814      $ 2,626,016      $ 2,952,802      $ 40,633,336      $ 296,065,412    Sale of Units     476,872        482        —          —          16,101        —          —          2,264,602        —          2,758,057    Redemption of Units     (29,506,573 )      (2,524,092 )      —          —          (9,823,477 )      —          (1,734,065 )      (1,294,313 )      —          (44,882,520 )  Change in control of ownership—Trading Companies     —          —          —          —          —          —          —          —          (3,881,178 )      (3,881,178 )  Contributions     —          —          —          —          —          —          —          —          151,972,482        151,972,482    Distributions     —          —          —          —          —          —          —          —          (148,335,019 )      (148,335,019 )  Operations attributable to non-controlling interests     —          —          —          —          —          —          —          —          4,427,312        4,427,312    Net increase/(decrease) in Owners’                     Capital resulting from operations attributable to controlling interests     (10,848,745 )      (12,949 )      —          (125,824 )      (1,979,799 )      (4,930 )      (36,315 )      (146,301 )      —          (13,154,863 )                                                                                  Owners’ Capital, December 31, 2012     143,906,872        —          —          3,225,784        48,233,784        153,884        855,636        3,776,790        44,816,933        244,969,683    Sale of Units     268,363        —          —          —          14,888        —          —          —          —          283,251    Redemption of Units     (51,009,054 )      —          —          (1,547,933 )      (19,738,454 )      —          (458,658 )      (1,302,545 )      —          (74,056,644 )  Change in control of ownership—Trading Companies     —          —          —          —          —          —          —          —          (58,711,893 )      (58,711,893 )  Contributions     —          —          —          —          —          —          —          —          78,053,072        78,053,072    Distributions     —          —          —          —          —          —          —          —          (55,150,629 )      (55,150,629 )  Operations attributable to non-controlling interests     —          —          —          —          —          —          —          —          2,591,885        2,591,885    Net increase/(decrease) in Owners’                     Capital resulting from operations attributable to controlling interests     (12,364,647 )      —          —          (303,318 )      (3,273,634 )      (6,881 )      (52,402 )      (151,616 )      —          (16,152,498 )                                                                                  Owners’ Capital, December 31, 2013     80,801,534        —          —          1,374,533        25,236,584        147,003        344,576        2,322,629        11,599,368        121,826,227    Sale of Units     154,471        —          1,011,652        —          14,424        —          —          —          —          1,180,547    Redemption of Units     (22,310,597 )      —          (453,561 )      (250,000 )      (7,840,417 )      —          (30,794 )      (360,701 )      —          (31,246,070 )  Change in control of ownership—Trading Companies     —          —          —          —          —          —          —          —          (7,745,842 )      (7,745,842 )  Contributions     —          —          —          —          —          —          —          —          —          —      Distributions     —          —          —          —          —          —          —          —          —          —      Operations attributable to non-controlling interests     —          —          —          —          —          —          —          —          5,090,748        5,090,748    Net increase/(decrease) in Owners’                     Capital resulting from operations attributable to controlling interests     13,452,867        —          190,184        300,822        4,714,751        42,341        97,161        566,375        —          19,364,501                                                                                    Owners’ Capital, December 31, 2014   $ 72,098,275      $ —        $ 748,275      $ 1,425,355      $ 22,125,342      $ 189,344      $ 410,943      $ 2,528,303      $ 8,944,274      $ 108,470,111                                                                                      Equinox Frontier Balanced Fund     Equinox Frontier Balanced Fund   Class 1   Class 1AP   Class 2     Class 2a     Class 3a               Class 1   Class 1a (3)   Class 1AP (2)   Class 2   Class 2a   Class 3a                                         Limited Owners   Limited Owners   Limited Owners   Managing Owner   Limited Owners   Managing Owner   Limited Owners   Limited Owners   Non- Controlling Interests   Total             Managing           Managing   Limited           Non-Controlling         Owners’ Capital—Units, December 31, 2011     1,476,131        23,388        —          21,620        387,173        1,237        20,460        23,005          Limited Owners   Limited Owners   Owner   Limited Owners   Owner   Owners   Limited Owners   Interests   Total                                         Owners’ Capital, December 31, 2013   $ 80,801,534     $ —     $ 1,374,533     $ 25,236,584     $ 147,003     $ 344,576     $ 2,322,629     $ 11,599,368     $ 121,826,227                                                                           Sale of Units     154,471       1,011,652       —       14,424       —       —       —       —       1,180,547   Redemption of Units     (22,310,597 )     (453,561 )     (250,000 )     (7,840,417 )     —       (30,794 )     (360,701 )     —       (31,246,070 ) Change in control of ownership - Trading Companies     —       —       —       —       —       —       —       (7,745,842 )     (7,745,842 ) Contributions     —       —       —       —       —       —       —       —       —   Distributions     —       —       —       —       —       —       —       —       —   Operations attributable to non-controlling interests     —       —       —       —       —       —       —       5,090,748       5,090,748   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     13,452,867       190,184       300,822       4,714,751       42,341       97,161       566,375       —       19,364,501                                                                           Owners’ Capital, December 31, 2014     72,098,275       748,275       1,425,355       22,125,342       189,344       410,943       2,528,303       8,944,274       108,470,111                                                                           Sale of Units     215,189       1,457       —       19,235       —       —       —       —       235,881   Redemption of Units     (8,249,954 )     (39,001 )     —       (982,356 )     —       (60,850 )     (127,078 )     —       (9,459,239 ) Change in control of ownership - Trading Companies     —       —       —       —       —       —       —       (8,052,252 )     (8,052,252 ) Contributions     —       —       —       —       —       —       —       —       —   Distributions     —       —       —       —       —       —       —       —       —   Payments made by the Managing Owner     115,486       1,222       —       38,375       —       885       4,131       —       160,099   Operations attributable to non-controlling interests     —       —       —       —       —       —       —       259,719       259,719   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     (1,615,659 )     2,794       4,189       78,268       2,301       5,447       30,065       —       (1,492,595 )                                                                         Owners’ Capital, December 31, 2015     62,563,337       714,747       1,429,544       21,278,864       191,645       356,425       2,435,421       1,151,741       90,121,724                                                                           Sale of Units     214,073       —       4,923       14,548       —       —       —       —       233,544   Redemption of Units     (8,950,159 )     (95,000 )     (1,020,943 )     (1,160,034 )     —       (78,366 )     (897,320 )     —       (12,201,822 ) Transfer of Units In(Out)     —       —       —       —       —       —       —       —       —   Change in control of ownership - Trading Companies     —       —       —       —       —       —       —       (1,799,853 )     (1,799,853 ) Operations attributable to non-controlling interests     —       —       —       —       —       —       —       648,112       648,112   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     3,128,120       57,434       116,863       1,737,792       17,467       29,085       210,905       —       5,297,666                                                                           Owners’ Capital, December 31, 2016   $ 56,955,371     $ 677,181     $ 530,387     $ 21,871,170     $ 209,112     $ 307,144     $ 1,749,006     $ —     $ 82,299,371                                                                           Owners’ Capital - Units, December 31, 2013     760,206       —       9,784       179,627       1,237       2,901       19,615                                                                                                                                               Sale of Units     3,904        4        —          —          104        —          —          17,592            1,437       9,858       —       102       —       —       —                   Redemption of Units     (242,862 )      (23,392 )      —          —          (64,003 )      —          (13,580 )      (10,128 )          (213,526 )     (4,240 )     (1,828 )     (56,238 )     —       (215 )     (3,038 )                                                                                                                                             Owners’ Capital—Units, December 31, 2012     1,237,173        —          —          21,620        323,274        1,237        6,880        30,469        Owners’ Capital - Units, December 31, 2014     548,117       5,618       7,956       123,491       1,237       2,686       16,577                                                                                                                                               Sale of Units     2,461        —          —          —          106        —          —          —              1,584       10       —       101       —       —       —                   Redemption of Units     (479,428 )      —          —          (11,836 )      (143,753 )      —          (3,979 )      (10,854 )          (61,021 )     (277 )     —       (5,173 )     —       (384 )     (801 )                                                                                                                                             Owners’ Capital—Units, December 31, 2013     760,206        —          —          9,784        179,627        1,237        2,901        19,615        Owners’ Capital - Units, December 31, 2015     488,680       5,351       7,956       118,419       1,237       2,302       15,776                                                                                                                                               Sale of Units     1,437        —          9,858        —          102        —          —          —          Redemption of Units     (213,526 )      —          (4,240 )      (1,828 )      (56,238 )      —          (215 )      (3,038 )      Sale of Units (including transfers)     1,630       —       —       105       —       —       —                   Redemption of Units (including transfers)     (67,780 )     (680 )     (5,236 )     (6,358 )     —       (485 )     (5,396 )                                                                                                                                             Owners’ Capital—Units, December 31, 2014     548,117        —          5,618        7,956        123,491        1,237        2,686        16,577                                                            Net asset value per unit at December 31, 2011     124.50        108.45            155.02          128.35        128.36        Change in net asset value per unit for the year ended December 31, 2012     (8.18 )      (4.13 )          (5.82 )        (3.99 )      (4.40 )                                              Net asset value per unit at December 31, 2012     116.32      $ 104.32            149.20          124.36        123.96                                                Change in net asset value per unit for the year ended December 31, 2013     (10.03 )            (8.71 )        (5.56 )      (5.55 )      Owners’ Capital - Units, December 31, 2016     422,530       4,671       2,720       112,166       1,237       1,817       10,380                                                                                                                                           (1 )        (1 )                                  (1)             (1)                           Net asset value per unit at December 31, 2013   $ 106.29        $ 102.62        $ 140.49        $ 118.80      $ 118.41          $ 106.29     $ 102.62             $ 140.49             $ 118.80     $ 118.41                                                                                           Change in net asset value per unit for the year ended December 31, 2014     25.25          30.58          38.67          34.22        34.11            25.25       30.58               38.67               34.22       34.11                                                                                                                                   Net asset value per unit at December 31, 2014   $ 131.54        $ 133.20        $ 179.16        $ 153.02      $ 152.52            131.54       133.20               179.16               153.02       152.52                                                                                                                                   Change in net asset value per unit for the year ended December 31, 2015     (3.51 )     0.39               0.53               1.86       1.85                                                                                           Net asset value per unit at December 31, 2015     128.03       133.59               179.69               154.88       154.37                                                                                           Change in net asset value per unit for the Twelve months ended December 31, 2016     6.77       11.38               15.30               14.17       14.12                                                                                           Net asset value per unit at December 31, 2016   $ 134.80     $ 144.97             $ 194.99             $ 169.05     $ 168.49                     (1) Values are for both the Managing Owner and Limited Owners. (2) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally (3) The Equinox Frontier Balanced Fund Class 1a ceased trading operations on July 17, 2012. The accompanying notes are an integral part of these financial statements. F-18 The SeriesTable of Equinox Frontier FundsContents Statements of Changes in Owners’ Capital For the Years Ended December 31, 2014, 2013 and 2012 The Series of Equinox Frontier Funds Statements of Changes in Owners’ Capital For the Years Ended December 31, 2016, 2015 and 2014       Equinox Frontier Select Fund     Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund       Class 1     Class 1AP (2)     Class 2           Class 1     Class 1AP (2)     Class 2           Class 1     Class 1AP (2)     Class 2                   Limited Owners     Limited Owners     Managing Owner     Limited Owners     Total     Limited Owners     Limited Owners     Managing Owner     Limited Owners     Total     Limited Owners     Limited Owners     Managing Owner     Limited Owners     Non- Controlling Interests     Total   Owners’ Capital, December 31, 2011   $ 35,180,631      $ —        $ 7,878      $ 4,425,463      $ 39,613,972      $ 38,345,799      $ —        $ 34,276      $ 11,668,049      $ 50,048,124      $ 24,783,519      $ —        $ 55,553      $ 5,934,615      $ —        $ 30,773,687    Sale of Units     31,560        —          —          —          31,560        204,803        —          —          —          204,803        59,915        —          —          —          —          59,915    Redemption of Units     (9,042,397 )      —          —          (933,922 )      (9,976,319 )      (5,169,260 )      —          —          (862,917 )      (6,032,177 )      (6,118,966 )      —          —          (1,590,653 )      —          (7,709,619 )  Net increase/(decrease) in Owners’                                 Capital resulting from operations attributable to controlling interests     (3,903,036 )      —          (865 )      (420,671 )      (4,324,572 )      (2,736,134 )      —          (1,555 )      (523,527 )      (3,261,216 )      (2,043,970 )      —          (3,870 )      (322,604 )      —          (2,370,444 )                                                                                                                                  Owners’ Capital, December 31, 2012     22,266,758        —          7,013        3,070,870        25,344,641        30,645,208        —          32,721        10,281,605        40,959,534        16,680,498        —          51,683        4,021,358        —          20,753,539    Sale of Units     14,901        —          —          —          14,901        171,785        —          —          —          171,785        40,552        —          —          —          —          40,552    Redemption of Units     (6,736,727 )      —          —          (1,428,138 )      (8,164,865 )      (6,407,920 )      —          —          (832,032 )      (7,239,952 )      (6,463,086 )      —          —          (1,575,538 )      —          (8,038,624 )  Change in control of ownership—Trading Companies     —          —          —          —          —          —          —          —          —          —          —          —          —          —          2,151,620        2,151,620    Contributions     —          —          —          —          —          —          —          —          —          —          —          —          —          —          —          —      Distributions     —          —          —          —          —          —          —          —          —          —          —          —          —          —          —          —      Operations attributable to non-controlling interests     —          —          —          —          —          —          —          —          —          —          —          —          —          —          264,017        264,017    Net increase/(decrease) in Owners’                                 Capital resulting from operations attributable to controlling interests     308,015        —          323        108,833        417,171        1,755,074        —          3,281        975,115        2,733,470        1,070,442        —          5,801        346,758        —          1,423,001                                                                                                                                    Owners’ Capital, December 31, 2013     15,852,947        —          7,336        1,751,565        17,611,848        26,164,147        —          36,002        10,424,688        36,624,837        11,328,406        —          57,484        2,792,578        2,415,637        16,594,105    Sale of Units     10,580        194,475        —          —          205,055        169,066        288,379        —          —          457,445        26,517        244,674        —          —          —          271,191    Redemption of Units     (4,337,542 )      (156,681 )      —          (488,584 )      (4,982,807 )      (5,054,720 )      (266,356 )      —          (352,627 )      (5,673,703 )      (3,615,044 )      (202,374 )      —          (417,710 )      —          (4,235,128 )  Change in control of ownership—Trading Companies     —          —          —          —          —          —          —          —          —          —          —          —          —          —          154,754        154,754    Contributions     —          —          —          —          —          —          —          —          —          —          —          —          —          —          —          —      Distributions     —          —          —          —          —          —          —          —          —          —          —          —          —          —          —          —      Operations attributable to non-controlling interests     —          —          —          —          —          —      ��   —          —          —          —          —          —          —          —          969,107        969,107    Net increase/(decrease) in Owners’                                 Capital resulting from operations attributable to controlling interests     2,137,578        9,991        1,716        286,097        2,435,382        5,592,385        16,019        10,762        3,023,488        8,642,654        2,021,940        16,078        18,137        756,693        —          2,812,848                                                                                                                                    Owners’ Capital, December 31, 2014   $ 13,663,563      $ 47,785      $ 9,052      $ 1,549,078      $ 15,269,478      $ 26,870,878      $ 38,042      $ 46,764      $ 13,095,549      $ 40,051,233      $ 9,761,819      $ 58,378      $ 75,621      $ 3,131,561      $ 3,539,498      $ 16,566,877                                                                                                                                      Equinox Frontier Select Fund   Equinox Frontier Winton Fund   Equinox Frontier Heritage Fund     Equinox Frontier Select Fund   Equinox Frontier Winton Fund   Equinox Frontier Heritage Fund   Class 1   Class 1AP   Class 2               Class 1   Class 1AP   Class 2               Class 1   Class 1AP   Class 2               Class 1   Class 1AP (2)   Class 2   Class 1   Class 1AP (2)   Class 2   Class 1   Class 1AP (2)   Class 2                                               Non-                                   Limited Owners   Limited Owners   Managing Owner   Limited Owners   Total   Limited Owners   Limited Owners   Managing Owner   Limited Owners   Total   Limited Owners   Limited Owners   Managing Owner   Limited Owners   Non- Controlling Interests   Total   Limited   Limited   Managing   Limited   Non-Controlling           Limited   Limited   Managing   Limited   Controlling           Limited   Limited   Managing   Limited   Non-Controlling         Owners’ Capital—Units, December 31, 2011     386,533        —          70        39,571          271,704        —          207        70,368          236,649        —          428        45,755          Owners   Owners   Owner   Owners   Interests   Total   Owners   Owners   Owner   Owners   Interests   Total   Owners   Owners   Owner   Owners   Interests   Total   Owners’ Capital, December 31, 2013   $ 15,852,947     $ —     $ 7,336     $ 1,751,565     $ —     $ 17,611,848     $ 26,164,147     $ —     $ 36,002     $ 10,424,688     $ —     $ 36,624,837     $ 11,328,406     $ —     $ 57,484     $ 2,792,578     $ 2,415,637     $ 16,594,105                                                                                                                                                   Sale of Units     10,580       194,475       —       —       —       205,055       169,066       288,379       —       —       —       457,445       26,517       244,674       —       —       —       271,191   Redemption of Units     (4,337,542 )     (156,681 )     —       (488,584 )     —       (4,982,807 )     (5,054,720 )     (266,356 )     —       (352,627 )     —       (5,673,703 )     (3,615,044 )     (202,374 )     —       (417,710 )     —       (4,235,128 ) Change in control of ownership - Trading Companies     —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       154,754       154,754   Contributions     —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —   Distributions     —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —   Operations attributable to non-controlling interests     —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       969,107       969,107   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     2,137,578       9,991       1,716       286,097       —       2,435,382       5,592,385       16,019       10,762       3,023,488       —       8,642,654       2,021,940       16,078       18,137       756,693       —       2,812,848                                                                                                                                                   Owners’ Capital, December 31, 2014     13,663,563       47,785       9,052       1,549,078       —       15,269,478       26,870,878       38,042       46,764       13,095,549       —       40,051,233       9,761,819       58,378       75,621       3,131,561       3,539,498       16,566,877                                                                                                                                                   Sale of Units     18,418       930       —       —       —       19,348       175,616       —       —       —       —       175,616       41,712       1,288       —       —       —       43,000   Redemption of Units     (1,275,096 )     —       —       (187,051 )     —       (1,462,147 )     (2,337,287 )     —       —       (787,381 )     —       (3,124,668 )     (766,234 )     —       —       (312,995 )     —       (1,079,229 ) Change in control of ownership - Trading Companies     —       —       —       —       6,781,935       6,781,935       —       —       —       —       5,793,526       5,793,526       —       —       —       —       186,259       186,259   Contributions     —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —   Distributions     —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —       —   Operations attributable to non-controlling interests     —       —       —       —       34,600       34,600       —       —       —       —       574,125       574,125       —       —       —       —       208,163       208,163   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     (696,368 )     (1,350 )     (238 )     (32,668 )     —       (730,624 )     (1,686,407 )     (1,466 )     (1,802 )     (470,963 )     —       (2,160,638 )     (408,571 )     (1,143 )     (1,292 )     (39,542 )     —       (450,548 )                                                                                                                                                 Owners’ Capital, December 31, 2015     11,710,517       47,365       8,814       1,329,359       6,816,535       19,912,590       23,022,800       36,576       44,962       11,837,205       6,367,651       41,309,194     $ 8,628,726     $ 58,523     $ 74,329     $ 2,779,024     $ 3,933,920     $ 15,474,522                                                                                                                                                   Sale of Units     16,022       —       —       —       —       16,022       159,082       —       —       —       —       159,082       35,716       —       —       —       —       35,716   Redemption of Units     (1,700,518 )     (21,949 )     —       (25,360 )     —       (1,747,827 )     (1,620,516 )     —       —       (88,086 )     —       (1,708,602 )     (871,326 )     (56,051 )     —       (90,031 )     —       (1,017,408 ) Change in control of ownership - Trading Companies     —       —       —       —       (3,698,113 )     (3,698,113 )     —       —       —       —       2,276,508       2,276,508       —       —       —       —       (1,003,733 )     (1,003,733 ) Operations attributable to non-controlling interests     —       —       —       —       989,394       989,394       —       —       —       —       464,175       464,175       —       —       —       —       217,092       217,092   Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests     514,681       4,481       583       98,044       —       617,789       (1,276,431 )     (1,098 )     (1,409 )     (346,559 )     —       (1,625,497 )     (286,044 )     3,354       (669 )     (18,278 )     —       (301,637 )                                                                                                                                                 Owners’ Capital, December 31, 2016   $ 10,540,702     $ 29,897     $ 9,397     $ 1,402,043     $ 4,107,816     $ 16,089,855     $ 20,284,935     $ 35,478       43,553     $ 11,402,560     $ 9,108,334     $ 40,874,860     $ 7,507,072     $ 5,826     $ 73,660     $ 2,670,715     $ 3,147,279     $ 13,404,552                                                                                                                                                   Owners’ Capital - Units, December 31, 2013     198,518       —       70       16,820                       187,438       —       207       59,854                       111,005       —       428       20,807                                                                                                                                                                   Sale of Units     361        —          —          —            1,520        —          —          —            595        —          —          —              133       2,575       —       —                       1,155       2,076       —       —                       253       2,477       —       —                   Redemption of Units     (103,821 )      —          —          (8,723 )        (38,810 )      —          —          (5,416 )        (60,825 )      —          —          (12,430 )          (55,738 )     (2,081 )     —       (4,762 )                     (35,876 )     (1,862 )     —       (1,968 )                     (36,331 )     (2,034 )     —       (3,071 )                                                                                                                                                                                                                                                 Owners’ Capital—Units, December 31, 2012     283,073        —          70        30,848          234,414        —          207        64,952          176,419        —          428        33,325        Owners’ Capital - Units, December 31, 2014     142,913       494       70       12,058                       152,717       214       207       57,886                       74,927       443       428       17,736                                                                                                                                                                   Sale of Units     187        —          —          —            1,279        —          —          —            411        —          —          —              193       9       —       —                       1,010       —       —       —                       315       9       —       —                   Redemption of Units     (84,742 )      —          —          (14,028 )        (48,255 )      —          —          (5,098 )        (65,825 )      —          —          (12,518 )          (13,494 )     —       —       (1,432 )                     (13,488 )     —       —       (3,464 )                     (5,806 )     —       —       (1,723 )                                                                                                                                                                                                                                                 Owners’ Capital—Units, December 31, 2013     198,518        —          70        16,820          187,438        —          207        59,854          111,005        —          428        20,807        Sale of Units     133        2,575        —          —            1,155        2,076        —          —            253        2,477        —          —          Redemption of Units     (55,738 )      (2,081 )      —          (4,762 )        (35,876 )      (1,862 )      —          (1,968 )        (36,331 )      (2,034 )      —          (3,071 )      Owners’ Capital - Units, December 31, 2015     129,612       503       70       10,626                       140,239       214       207       54,422                       69,436       452       428       16,013                                                                                                                                                                                                                                                   Owners’ Capital—Units, December 31, 2014     142,913        494        70        12,058          152,717        214        207        57,886          74,927        443        428        17,736        Sale of Units (including transfers)     168       —       —       —                       963       —       —       —                       281       —       —       —                   Redemption of Units (including transfers)     (17,721 )     (207 )     —       (182 )                     (9,919 )     —       —       (378 )                     (6,938 )     (407 )     —       (495 )                                                                                                                                                                                                                                                 Net asset value per unit at December 31, 2011   $ 91.02      $ —          $ 111.84        $ 141.13      $ —          $ 165.82        $ 104.73      $ —          $ 129.70        Change in net asset value per unit for the year ended December 31, 2012     (12.36 )      —            (12.29 )        (10.40 )      —            (7.52 )        (10.18 )      —            (9.03 )      Owners’ Capital - Units, December 31, 2016     112,059       296       70       10,444                       131,283       214       207       54,044                       62,779       45       428       15,518                                                                                                                                                                                                                                       Net asset value per unit at December 31, 2012     78.66        —            99.55          130.73        —            158.30          94.55        —            120.67        Change in net asset value per unit for the year ended December 31, 2013     1.20        —            4.59          8.86        —            15.87          7.50        —            13.54                                                                                                      (1)                                           (1)                                           (1)                 Net asset value per unit at December 31, 2013     79.86        75.53          104.14          139.59        138.93          174.17          102.05        98.80          134.21          $ 79.86     $ 75.53             $ 104.14                     $ 139.59     $ 138.93             $ 174.17                       102.05     $ 98.80               134.21                                                                                                                                                                   Change in net asset value per unit for the year ended December 31, 2014     15.75        21.29          24.34          36.36        39.25          52.06          28.23        33.13          42.35            15.75       21.29               24.34                       36.36       39.25               52.06                       28.23       33.13               42.35                                                                                                                                                                                                                                       Net asset value per unit at December 31, 2014   $ 95.61      $ 96.82        $ 128.48        $ 175.95      $ 178.18        $ 226.23        $ 130.28      $ 131.93        $ 176.56            95.61       96.82               128.48                       175.95       178.18               226.23                       130.28       131.93               176.56                                                                                                                                                                                                                                       Change in net asset value per unit for the year ended December 31, 2015     (5.26 )     (2.54 )             (3.37 )                     (11.78 )     (6.87 )             (8.72 )                     (6.01 )     (2.26 )             (3.02 )                                                                                                                                                                 Net asset value per unit at December 31, 2015     90.35       94.28               125.11                       164.17       171.31               217.51                     $ 124.27     $ 129.67             $ 173.54                                                                                                                                                                   Change in net asset value per unit for the Twelve months ended December 31, 2016     3.71       6.88               9.14                       (9.66 )     (5.14 )             (6.53 )                     (4.69 )     (1.07 )             1.44                                                                                                                                                                   Net asset value per unit at December 31, 2016   $ 94.06     $ 101.16             $ 134.25                     $ 154.51     $ 166.17             $ 210.98                     $ 119.58     $ 128.60             $ 172.10                     (1) Values are for both the Managing Owner and Limited Owners. (2) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally The accompanying notes are an integral part of these financial statements. F-19 Table of Contents The Series of Equinox Frontier Funds Statements of Cash Flows For the Years Ended December 31, 2014, 20132016, 2015 and 20122014     Equinox Frontier Diversified Fund   Equinox Frontier Masters Fund   Equinox Frontier Long/Short Commodity Fund   Equinox Frontier Diversified Fund   Equinox Frontier Masters Fund   Equinox Frontier Long/Short Commodity Fund     12/31/2016   12/31/2015   12/31/2014   12/31/2016   12/31/2015   12/31/2014   12/31/2016   12/31/2015   12/31/2014   12/31/2014   12/31/2013   12/31/2012   12/31/2014   12/31/2013   12/31/2012   12/31/2014   12/31/2013   12/31/2012                                                                           Cash Flows from Operating Activities:                                                                                           Net increase/(decrease) in capital resulting from operations   $ 21,103,995      $ (9,267,464 )    $ (5,319,266 )    $ 5,452,158      $ (4,251,026 )    $ 567,448      $ 310,864      $ (9,375,523 )    $ (15,709,821 )    $ 1,163,290     $ 7,062,279     $ 21,103,995     $ 492,136     $ (462,243 )   $ 5,452,158     $ (1,294 )   $ (1,458,094 )   $ 310,864   Adjustments to reconcile net increase/(decrease) in capital                   resulting from operations to net cash provided by (used in)                   operating activities:                   Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:                                                                         Change in:                                                                                           Net change in open trade equity/(deficit), at fair value     (3,215,206 )      —          —          —          —          792,372        (191,069 )      (3,529,786 )      (22,213,823 )      —       3,215,206       (3,215,206 )     —       —       —       (693,263 )     —       (191,069 ) Net change in options purchased, at fair value     (288,413 )      —          —          —          —          —          98,740        2,802,590        (2,901,320 )      —       288,413       (288,413 )     —       —       —       —       —       98,740   Net change in options written, at fair value     253,018        —          —          —          —          —          (172,650 )      (756,040 )      928,690        —       (253,018 )     253,018       —       —       —       —       —       (172,650 ) Net change in ownership allocation of U.S. Treasury securities     (2,537,145 )      1,994,333        437,135        1,670,108        (2,345,194 )      (1,323,698 )      4,101,132        5,740,545        (906,246 )      1,325,836       (886,791 )     (2,537,145 )     1,494,674       2,661,543       1,670,108       717,209       2,673,304       4,101,132   Net change in ownership allocation of custom time deposits     —          2,640,745        1,255,558        —          7,088,729        (9,354,968 )      —          1,073,843        (1,750,221 )  Net change in ownership allocation of credit default swaps     —          —          423            (1,219 )          (4,324 )  Net realized (gain) on swap contracts     —          —          106,862        —          —          55,669        —          —          58,693    Net unrealized (gain)/loss on swap contracts     (3,132,777 )      (37,632 )      23,719        —          —          2,775        (1,176,515 )      423,454        20,529        48,002       (2,115,441 )     (3,132,777 )     —       —       —       111,960       300,633       (1,176,515 ) Net unrealized (gain)/loss on U.S. Treasury securities     (2,895,653 )      1,417,353        719,255        (1,525,265 )      785,652        343,628        (1,119,787 )      731,749        446,969        990,689       516,327       (2,895,653 )     227,159       198,693       (1,525,265 )     (193,551 )     204,014       (1,119,787 ) Net realized (gain)/loss on U.S. Treasury securities     84,779        (221,284 )      (461,598 )      51,271        (107,483 )      (222,749 )      36,613        (138,776 )      (289,571 )      (1,794,297 )     (270,582 )     84,779       (483,811 )     (111,668 )     51,271       (103,299 )     (46,795 )     36,613   Net unrealized gain/(loss) on private investment companies     (80,689 )     —       —       (78,993 )     —       —       216,197       —       —   Net realized gain/(loss) on private investment companies     (277,315 )     —       —       (73,108 )     —       —       (13,263 )     —       —   (Purchases) sales of:                                                                                           Purchases of swap contracts     —          (3,400,000 )      —          —          —          —          —          (2,880,000 )      —          —       —       —       —       —       —       —       (1,000,000 )     —   Sales of U.S. Treasury securities     15,921,359        3,683,233        12,009,512        8,685,478        1,789,033        6,222,456        6,563,688        2,309,889        7,826,548        27,076,226       8,875,032       15,921,359       8,781,991       3,807,003       8,685,478       5,321,261       1,963,944       6,563,688   Purchases of U.S. Treasury securities     (3,569,582 )      (41,076,052 )      —          (1,657,268 )      (21,350,596 )        (900,875 )      (23,127,167 )    Sales of custom time deposits     —          64,234,395        7,187,810        —          31,200,148        3,966,650        —          40,253,896        3,484,028    Purchase of U.S. Treasury securities     (6,518,818 )     (4,787,243 )     (3,569,582 )     (2,380,650 )     (2,291,604 )     (1,657,268 )     (948,803 )     (1,395,765 )     (900,875 ) Purchase of Private Investment Companies     (40,310,981 )     —       —       (5,984,940 )     —       —       (7,427,743 )     —       —   Sale of Private Investment Companies     1,823,011       —       —       483,333       —       —       509,667       —       —   Increase and/or decrease in:                                                                                           Receivable from futures commission merchants     (22,731,129 )      —          —          —          —          5,107,749        7,836,808        6,934,165        33,051,048        —       22,731,129       (22,731,129 )     —       —       —       —       —       7,836,808   Change in control of ownership—trading companies     5,601,517        —          —          —          —          (2,278,332 )      (2,462,220 )      168,081        7,337,360    Contributions to trading companies     —          —          —          —          —          6,455,785        —          6,938,123        55,863,801    Distributions from trading companies     —          —          —          —          —          (4,184,435 )      —          (5,372,718 )      (59,430,350 )  Change in control of ownership - trading companies     —       (16,894,354 )     5,601,517       —       —       —       —       —       (2,462,220 ) Change in control of ownership - private investment companies     —       —       —       —       —       —       —       —       —   Investments in unconsolidated trading companies, at fair value     14,242,893        21,989,154        (4,586,255 )      1,264,732        605,087        (5,053,883 )      (3,159,085 )      3,019,469        406,750        11,850,295       (9,499,828 )     14,242,893       2,731,824       (1,507,952 )     1,264,732       3,976,050       400,191       (3,159,085 ) Prepaid service fees—Class 1     (4,588 )      35,289        122,742        5,162        46,111        (6,326 )      3,202        38,297        54,499    Prepaid service fees - Class 1     16,160       (6,626 )     (4,588 )     7,355       (1,352 )     5,162       736       (231 )     3,202   Interest receivable     357,350       (1,892 )     44,025       126,957       41,777       71,847       83,190       42,710       105,214   Receivable from related parties     (189,387 )     —       1,035       (151,487 )     —       (990 )     (86,061 )     —       346   Other assets     —       249,997       (249,997 )     —       1,380       —       —       1,006       —   Payable to related parties     —       (2,182,911 )     —       —       —       —       —       —       —   Incentive fees payable to Managing Owner     (204,914 )     (4,546 )     1,812,275       (42,251 )     (679,792 )     722,043       (28,408 )     (130,252 )     158,660   Management fees payable to Managing Owner     (58,444 )     (4,507 )     (15,018 )     (4,500 )     (9,823 )     (42,530 )     (48,210 )     2,849       (59,522 ) Interest payable to Managing Owner     (11,661 )     (11,919 )     (52 )     (4,957 )     (1,941 )     (2,689 )     (1,368 )     (2,345 )     (4,252 ) Trading fees payable to Managing Owner     26,118       (17,885 )     (3,182 )     9,389       (7,411 )     (16,775 )     6,349       (7,307 )     (10,352 ) Service fees payable to Managing Owner     (1,827 )     (245 )     (11,358 )     (3,061 )     (5,162 )     (18,598 )     (3,299 )     (3,721 )     (4,403 ) Payables to related parties     (2,126 )     1       2,332       —       —       —       1,615,683       —       —   Interest payable     —       —       —       —       —       —       —       5       —   Other liabilities     19,673       —       —       7,590       —       (1 )     41       —       —                                                                           Net cash provided by (used in) operating activities     (4,753,809 )     6,000,596       20,413,128       5,154,650       1,631,448       14,658,683       3,009,781       1,544,146       9,954,537                                                                           Cash Flows from Financing Activities:                                                                         Proceeds from sale of units     10,236,543       12,533,210       7,283,926       282,688       6,086,949       5,659,806       314,062       512,199       622,461   Payment for redemption of units     (10,643,408 )     (19,555,894 )     (25,023,060 )     (6,433,816 )     (8,504,261 )     (19,174,893 )     (4,008,216 )     (3,485,335 )     (10,188,324 ) Payment made by the Managing Owner     —       144,349       —       —       —       —       —       907,162       —   Pending owner additions     (1,524 )     (3 )     (765 )     (1,290 )     (766 )     704       —       —       (2 ) Advance on unrealized Swap Appreciation     2,500,000       —       —       —       —       —       115,000       —       —   Owner redemptions payable     52,452       (48,923 )     (290,488 )     122,283       9,558       (71,188 )     (796 )     (18,782 )     (88,311 )                                                                         Net cash used in financing activities     2,144,063       (6,927,261 )     (18,030,387 )     (6,030,135 )     (2,408,520 )     (13,585,571 )     (3,579,950 )     (2,084,756 )     (9,654,176 )                                                                         Net increase (decrease) in cash and cash equivalents     (2,609,746 )     (926,665 )     2,382,741       (875,485 )     (777,072 )     1,073,112       (570,169 )     (540,610 )     300,361                                                                           Cash and cash equivalents, beginning of period     3,283,973       4,210,638       1,827,897       1,421,994       2,199,066       1,125,954       570,169       1,110,779       810,418   Cash and cash equivalents, end of period   $ 674,227     $ 3,283,973     $ 4,210,638     $ 546,509     $ 1,421,994     $ 2,199,066     $ —     $ 570,169     $ 1,110,779       Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund       12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012   Interest receivable     44,025        (467,269 )      174,871        71,847        (290,080 )      68,961        105,214        (197,635 )      97,376    Receivable from other series     1,035        —          —          —          —          —          —          —          —      Receivable from related parties     —          113,446        (98,119 )      (990 )      36,675        (38,735 )      346        (2,406 )      3,522    Other assets     (249,997 )      —          10,129        —          —          6,162        —          —          9,592    Incentive fees payable to Managing Owner     1,812,275        385,647        (332,130 )      722,043        —          —          158,660        —          (127,052 )  Management fees payable to Managing Owner     (15,018 )      (48,684 )      (30,044 )      (42,530 )      (11,247 )      733        (59,522 )      (172,496 )      (7,298 )  Interest payable to Managing Owner     (52 )      (25,174 )      (12,521 )      (2,689 )      (10,441 )      (3,380 )      (4,252 )      (18,354 )      (4,295 )  Trading fees payable to Managing Owner     (3,182 )      (92,003 )      (40,852 )      (16,775 )      (32,165 )      (426 )      (10,352 )      (44,612 )      (4,246 )  Service fees payable to Managing Owner     (11,358 )      (42,914 )      12,300        (18,598 )      (11,565 )      5,512        (4,403 )      (9,109 )      1,154    Payables to related parties     2,332        (19,435 )      19,435        —          (9,635 )      9,579        —          (34,036 )      34,037    Other liabilities     —          —          (2,173 )      (1 )      —          (856 )      —          —          —                                                                              Net cash provided by (used in) operating activities     20,413,128        41,795,684        11,196,793        14,658,683        13,132,003        1,136,472        9,954,537        24,775,443        6,276,029                                                                            Cash Flows from Financing Activities:                   Proceeds from sale of units     7,283,926        7,171,899        14,106,047        5,659,806        3,724,651        9,709,609        622,461        1,294,955        12,602,490    Payment for redemption of units     (25,023,060 )      (49,626,969 )      (27,578,813 )      (19,174,894 )      (17,188,999 )      (11,667,326 )      (10,188,324 )      (26,670,944 )      (20,495,621 )  Pending owner additions     (765 )      (21,608 )      (219,188 )      705        (14,097 )      (7,267 )      (2 )      (62,537 )      21,571    Owner redemptions payable     (290,488 )      (172,998 )      200,301        (71,188 )      (70,265 )      136,457        (88,311 )      (236,650 )      259,833                                                                            Net cash provided by (used in) financing activities     (18,030,387 )      (42,649,676 )      (13,491,653 )      (13,585,571 )      (13,548,710 )      (1,828,527 )      (9,654,176 )      (25,675,176 )      (7,611,727 )                                                                          Net increase (decrease) in cash and cash equivalents     2,382,741        (853,992 )      (2,294,860 )      1,073,112        (416,707 )      (692,055 )      300,361        (899,733 )      (1,335,698 )  Cash and cash equivalents, beginning of period     1,827,897        2,681,889        4,976,749        1,125,954        1,542,661        2,234,716        810,418        1,710,151        3,045,849                                                                            Cash and cash equivalents, end of period   $ 4,210,638      $ 1,827,897      $ 2,681,889      $ 2,199,066      $ 1,125,954      $ 1,542,661      $ 1,110,779      $ 810,418      $ 1,710,151                                                                            The accompanying notes are an integral part of these financial statements. F-20 Table of Contents The Series of Equinox Frontier Funds Statements of Cash Flows For the Years Ended December 31, 2014, 20132016, 2015 and 20122014     Equinox Frontier Balanced Fund   Equinox Frontier Select Fund     Equinox Frontier Balanced Fund   Equinox Frontier Select Fund     12/31/2016   12/31/2015   12/31/2014   12/31/2016   12/31/2015   12/31/2014     12/31/2014   12/31/2013   12/31/2012   12/31/2014   12/31/2013   12/31/2012                                                   Cash Flows from Operating Activities:                                                             Net increase/(decrease) in capital resulting from operations   $ 24,455,247      $ (13,560,613 )    $ (8,727,551 )    $ 2,435,382      $ 417,171      $ (4,324,572 )    $ 5,945,778     $ (1,232,876 )   $ 24,455,249     $ 1,607,183     $ (696,024 )   $ 2,435,382   Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:                                                             Change in:                                                             Net change in open trade equity, at fair value     637,703        (5,046,933 )      2,287,443        —          —          —          340,656       3,286,019       637,703       (187,115 )     (462,339 )     —   Net change in options purchased, at fair value     165,915        273,255        11,488,945        —          —          —          —       —       165,915       —       —       —   Net change in options written, at fair value     (183,856 )      18,493        (3,161,090 )      —          —          —          —       —       (183,856 )     —       —       —   Net change in ownership allocation of U.S. Treasury securities     7,558,953        (1,354,013 )      3,447,652        862,964        2,451,156        (458,236 )      14,565,822       (8,151,611 )     7,558,953       (401,816 )     4,797,257       862,967   Net change in ownership allocation of total return swaps     —          —          20,259        —          (6,070,806 )      —      Net change in ownership allocation of custom time deposits     —          (2,142,989 )      15,147,587        —          —          (163,629 )  Net change in ownership allocation of credit default swaps     —          —          —          —          —          (2,283 )  Net unrealized (gain)/loss on swap contracts     (8,124,951 )      (2,486,559 )      1,334,945        —          —          2,448        218,070       (910,566 )     (8,124,951 )     —       —       —   Net realized (gain)/loss on swap contracts     —          3,554,723        175,294        —          —          34,232    Net unrealized (gain)/loss on U.S. Treasury securities     (4,748,522 )      2,496,948        1,186,676        (679,186 )      419,974        239,713        1,874,454       1,350,252       (4,748,522 )     199,159       (35,623 )     (679,186 ) Net realized (gain)/loss on U.S. Treasury securities     152,688        (362,137 )      (757,245 )      25,780        (78,233 )      (160,314 )      (2,885,429 )     (411,406 )     152,688       (70,928 )     (22,783 )     25,780   Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC     —          —          —          —          —          2,172,987    Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC     —          —          —          —          —          (2,084,880 )  Net unrealized gain/(loss) on private investment companies     (2,077,438 )     —       —       —       —       —   Net realized gain/(loss) on private investment companies     (412,944 )     —       —       —       —       —   (Purchases) sales of:                                                             Purchases of swap contracts     —          (9,600,000 )      —          —          —          —      Sales of swap contracts     —          20,699,311        —          —          —          —      Sales of custom time deposits     —          105,121,180        14,559,264        —          22,708,344        3,302,228    Sales of U.S. Treasury securities     27,164,277       14,050,672       28,506,883       (465,831 )     797,588       4,254,841   Purchases of U.S. Treasury securities     (4,547,467 )      (69,405,262 )      —          (637,256 )      (13,437,579 )        (9,340,565 )     (6,360,723 )     (4,547,467 )     (320,766 )     (911,929 )     (637,256 ) Sales of U.S. Treasury securities     28,506,883        6,027,702        19,339,500        4,254,841        1,302,165        3,764,667    Sale of Berkeley Quantitative Colorado Fund LLC     —          —          —          —          —          6,182,737    Purchase of Private Investment Companies     (45,466,085 )     —       —       —       —       —   Sale of Private Investment Companies     2,651,184       —       —       —       —       —   Increase and/or decrease in:                                                             Receivable from futures commission merchants     776,104        68,577,541        (17,307,299 )      —          —          —          870,805       15,172,045       776,104       5,072,933       (13,281,151 )     —   Change in control of ownership—trading companies     (7,745,842 )      (58,711,893 )      (3,881,178 )      —          —          —      Change in control of ownership - trading companies     —       (8,052,252 )     (7,745,842 )     (3,711,863 )     6,781,935       —   Change in control of ownership - private investment companies     (1,799,853 )     —       —       —       —       —   Investments in unconsolidated trading companies, at fair value     (4,630,612 )      6,479,813        (1,937,319 )      (1,237,597 )      508,965        860,538        11,091,850       719,959       (4,630,612 )     200,521       3,954,301       (1,237,597 ) Contributions to trading companies     —          78,053,072        151,972,482        —          —          —      Distributions from trading companies     —          (55,150,629 )      (148,335,019 )      —          —          —      Prepaid service fees—Class 1     234        (234 )      —          —          —          —      Prepaid service fees - Class 1     —       —       234       —       67,394       —   Interest receivable     299,585        (855,932 )      319,779        41,596        (127,665 )      46,617        532,079       (74,665 )     299,585       (22,210 )     —       41,596   Receivable from other series     —          —          —          —          —          —      Receivable from related parties     —          17,313        (17,313 )      —          —          —          (346,874 )     —       —       (103,408 )     —       —   Other assets     (249,960 )      34,248        13,972        —          —          7,914        12       250,001       (249,962 )     3       (3 )     —   Incentive fees payable to Managing Owner     1,101,401        164,611        (667,725 )      185,791        —          —          (106,563 )     (1,686,755 )     1,101,401       —       (185,791 )     185,791   Management fees payable to Managing Owner     (11,877 )      (80,070 )      (48,370 )      (21,963 )      (53,291 )      1,689        (55,357 )     (20,634 )     (11,877 )     11,972       (4,951 )     (21,963 ) Interest payable to Managing Owner     (61,306 )      (184,059 )      (67,523 )      (9,135 )      (20,366 )      (25,257 )      (56,036 )     (7,334 )     (61,306 )     (31 )     (9,714 )     (9,135 ) Trading fees payable to Managing Owner     (7,088 )      (59,750 )      (43,523 )      (1,426 )      (4,512 )      (9,155 )      145,874       (8,587 )     (7,088 )     9,614       (1,604 )     (1,426 ) Service fees payable to Managing Owner     (23,135 )      (142,656 )      (102,438 )      (6,525 )      (15,657 )      (32,314 )      (15,620 )     (21,575 )     (23,135 )     (3,126 )     (3,428 )     (6,525 ) Risk analysis fees payable     1,155       —       —       2,303       —       —   Payables to related parties     2,801        10,645        (918 )      511        (47,058 )      47,267        (24,069 )     9,135       2,801       (1,495 )     511       511   Other liabilities     —          —          (8,437 )      —          —          (1,373 )      89,594       —       —       11,782       156       —                                                                                   —   Net cash provided by (used in) operating activities     33,322,898        72,385,126        36,230,850        5,213,780        7,952,608        9,401,024    Net cash provided by operating activities     2,904,777       7,899,099       33,322,898       1,826,881       783,802       5,213,780                                                                                       Cash Flows from Financing Activities:                                                             Proceeds from sale of units     1,180,547        283,251        2,758,058        205,055        14,901        31,560        233,544       235,881       1,180,547       16,022       19,348       205,055   Payment for redemption of units     (31,246,070 )      (74,056,644 )      (44,882,520 )      (4,982,807 )      (8,164,865 )      (9,976,319 )      (12,201,822 )     (9,459,239 )     (31,246,070 )     (1,747,827 )     (1,462,147 )     (4,982,811 ) Payment made by the Managing Owner     —       160,099               —       —           Pending owner additions     3,325        (20,154 )      (10,377 )      487        (528 )      (1,874 )      (15,538 )     (2,464 )     3,325       (1,335 )     (150 )     491   Advance on unrealized Swap Appreciation     4,926,555       —       —       —       —       —   Owner redemptions payable     (908,760 )      589,136        257,706        (53,166 )      28,505        (142,459 )      340,880       417,297       (908,760 )     117,909       1,238       (53,166 )                                                                                     Net cash provided by (used in) financing activities     (30,970,958 )      (73,204,411 )      (41,877,133 )      (4,830,431 )      (8,121,987 )      (10,089,092 )  Net cash used in financing activities     (6,716,381 )     (8,648,426 )     (30,970,958 )     (1,615,231 )     (1,441,711 )     (4,830,431 )                                                                                     Net increase (decrease) in cash and cash equivalents     2,351,940        (819,285 )      (5,646,283 )      383,349        (169,379 )      (688,068 )      (3,811,604 )     (749,327 )     2,351,940       211,650       (657,909 )     383,349                                                   Cash and cash equivalents, beginning of period     3,292,570        4,111,855        9,758,138        494,931        664,310        1,352,378        4,895,183       5,644,510       3,292,570       220,371       878,280       494,931                                       Cash and cash equivalents, end of period   $ 5,644,510      $ 3,292,570      $ 4,111,855      $ 878,280      $ 494,931      $ 664,310      $ 1,083,579     $ 4,895,183     $ 5,644,510     $ 432,021     $ 220,371     $ 878,280                                       The accompanying notes are an integral part of these financial statements. F-21 Table of Contents The Series of Equinox Frontier Funds Statements of Cash Flows For the Years Ended December 31, 2014, 20132016, 2015 and 20122014     Equinox Frontier Winton Fund   Equinox Frontier Heritage Fund     Equinox Frontier Winton Fund   Equinox Frontier Heritage Fund     12/31/2016   12/31/2015   12/31/2014   12/31/2016   12/31/2015   12/31/2014     12/31/2014   12/31/2013   12/31/2012   12/31/2014   12/31/2013   12/31/2012                                                   Cash Flows from Operating Activities:                                                             Net increase/(decrease) in capital resulting from operations   $ 8,642,654      $ 2,733,470      $ (3,261,216 )    $ 3,781,955      $ 1,687,018      $ (2,370,444 )    $ (1,161,323 )   $ (1,586,513 )   $ 8,642,654     $ (84,545 )   $ (242,385 )   $ 3,781,955   Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:                                                             Change in:                                                             Net change in open trade equity, at fair value     —          —          —          —          —          —          (466,267 )     (599,579 )     —       —       —       —   Net change in ownership allocation of U.S. Treasury securities     (9,377,294 )      (4,943,695 )      1,510,822        (329,908 )      595,184        327,333        1,773,178       1,003,454       (9,377,294 )     6,880       389,760       (329,908 ) Net change in custom time deposits     —          (2,158,448 )      851,817        —          263,127        (17,599 )  Net change in ownership allocation of credit default swaps     —          —          (3,184 )      —          —          722    Net change in ownership allocation of total return swaps     —          —          —          —          (4,843,391 )      —      Net unrealized (gain)/loss on swap contracts     —          —          7,291        (2,105,281 )      (591,793 )      (943 )      —       —       —       (431,146 )     (419,803 )     (2,105,281 ) Net realized (gain)/loss on swap contracts     —          —          57,781        —          —          30,602    Net unrealized (gain) loss on U.S. Treasury securities, at fair value     (2,248,070 )      915,676        369,593        (615,266 )      333,572        163,574        1,697,773       600,814       (2,248,070 )     386,234       137,580       (615,266 ) Net realized (gain) loss on U.S. Treasury securities, at fair value     59,132        (115,236 )      (239,533 )      19,370        (50,795 )      (105,686 )      (1,975,992 )     (230,502 )     59,132       (395,730 )     (52,675 )     19,370   (Purchases) sale of:                                                             Sales of custom time deposits     —          33,450,843        3,437,418        0        13,164,888        4,056,931    Purchases of U.S. Treasury Securities, at fair value     (3,006,874 )      (23,566,992 )      —          (665,088 )      (9,774,740 )      —      Sales of U.S. Treasury Securities, at fair value     12,579,837        1,918,089        4,372,506        3,621,880        845,472        2,678,561    Sales of U.S. Treasury Securities     12,826,803       8,047,027       12,579,837       2,939,044       1,818,125       3,621,880   Purchases of U.S. Treasury Securities     (5,237,808 )     (4,444,636 )     (3,006,874 )     (1,129,741 )     (1,004,975 )     (665,088 ) Increase and/or decrease in:                                                             Receivable from futures commission merchants     (5,252,127 )     (12,744,570 )     —       —       —       —   Change in control of ownership of trading companies     —          —          —          154,754        2,151,620        —          2,119,833       5,793,526       —       (1,004,235 )     186,259       154,754   Contributions to trading companies     —          —          —          —          —          —      Distributions from trading companies     —          —          —          —          —          —      Investments in unconsolidated trading companies, at fair value     299,665        (913,358 )      (2,134,049 )      345,880        4,285,589        2,298,569        (3,774,896 )     7,182,104       299,665       (1,362,538 )     137,800       345,880   Interest receivable     (76,776 )      (352,719 )      82,775        16,459        (110,038 )      42,201        137,578       27,334       (76,776 )     26,517       8,845       16,459   Receivable from other series     —          —          —          —          —          —      Receivable from related parties     —          —          6,890        —          —          6,520        (551,508 )     —       —       (107,442 )     —       —   Other assets     —          —          —          —          —          —          2       (2 )     —       2       (2 )     —   Incentive fees payable to Managing Owner     1,050,267        128,097        —          223,916        15,411        —          —       (1,178,364 )     1,078,104       —       (239,327 )     223,916   Management fees payable to Managing Owner     14,563        14,122        (4,421 )      (671 )      (35,027 )      (36,669 )      163,653       (21,652 )     (13,274 )     35,011       (6,454 )     (671 ) Interest payable to Managing Owner     3,857        (9,504 )      (15,125 )      (5,224 )      (15,244 )      (17,257 )      (18,894 )     (14,098 )     3,857       (3,646 )     (3,477 )     (5,224 ) Trading fees payable to Managing Owner     2,846        (2,197 )      (5,261 )      (536 )      (3,936 )      (6,279 )      32,737       (4,285 )     2,846       10,496       (1,219 )     (536 ) Service fees payable to Managing Owner     (301 )      (9,502 )      (15,488 )      (4,521 )      (12,631 )      (19,025 )      (5,052 )     (8,331 )     (301 )     (2,350 )     (2,157 )     (4,521 ) Risk analysis fees payable     12,215       —       —       —       —           Payables to related parties     11,402        4,494        244        1,903        958        (39 )      (31,638 )     15,177       11,402       (4,416 )     1,238       1,903   Other liabilities     —          —          (1,381 )      —          —          (2,244 )      2,878       —       —       18,083       —       —                                                                                       Net cash provided by (used in) operating activities     7,954,908        7,093,140        5,017,479        4,439,622        7,905,244        7,028,828    Net cash provided by operating activities     291,145       1,836,904       7,954,908       (1,103,522 )     707,133       4,439,622                                                                                       Cash Flows from Financing Activities:                                                             Proceeds from sale of units     457,445        171,785        204,803        271,191        40,552        59,915        159,082       175,616       457,445       35,716       43,000       271,191   Payment for redemption of units     (5,673,703 )      (7,239,952 )      (6,032,177 )      (4,235,128 )      (8,038,624 )      (7,709,619 )      (1,708,602 )     (3,124,668 )     (5,673,701 )     (1,017,408 )     (1,079,229 )     (4,235,128 ) Pending owner additions     3,591        (3,130 )      (3,767 )      504        (1,099 )      (1,787 )      (13,524 )     (1,979 )     3,589       (3,251 )     (130 )     504   Advance on unrealized Swap Appreciation     —       —       —       1,900,000       —       —   Owner redemptions payable     (54,998 )      54,433        11,845        21,408        (18,231 )      2,780        (28,509 )     29,769       (54,998 )     (84,355 )     62,947       21,408                                                                                       Net cash provided by (used in) financing activities     (5,267,665 )      (7,016,864 )      (5,819,296 )      (3,942,025 )      (8,017,402 )      (7,648,711 )  Net cash used in financing activities     (1,591,553 )     (2,921,262 )     (5,267,665 )     830,702       (973,412 )     (3,942,025 )                                                                                     Net increase (decrease) in cash and cash equivalents     2,687,243        76,276        (801,817 )      497,597        (112,158 )      (619,883 )      (1,300,408 )     (1,084,358 )     2,687,243       (272,820 )     (266,279 )     497,597   Cash and cash equivalents, beginning of period     1,325,731        1,249,455        2,051,272        424,001        536,159        1,156,042        2,928,616       4,012,974       1,325,731       655,319       921,598       424,001                                       Cash and cash equivalents, end of period   $ 4,012,974      $ 1,325,731      $ 1,249,455      $ 921,598      $ 424,001      $ 536,159      $ 1,628,208     $ 2,928,616     $ 4,012,974     $ 382,499     $ 655,319     $ 921,598                                       The accompanying notes are an integral part of these financial statements. F-22 Table of Contents The Series of Equinox Frontier Funds Notes to Financial Statements 1. 1. Organization and Purpose Equinox Frontier Funds, which is referred to in this report as the “Trust”, was formed on August 8, 2003, as a Delaware statutory trust. Please refer to the consolidated financial statements of the Trust included within this periodic report. The Trust is a multi-advisor commodity pool, as described in Commodity Futures Trading Commission (the “CFTC”) Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series, of units of beneficial interest (the “Units”) pursuant to the requirements of the Delaware Statutory Trust Act, as amended (the “Trust Act”). The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). It is managed by its managing owner,Managing Owner, Equinox Fund Management, LLC (the “Managing Owner”). Purchasers of Units are limited owners of the Trust (“Limited Owners”) with respect to beneficial interests of the Series’ Units purchased. The Trust Act provides that, except as otherwise provided in the second amended and restated declaration of trust and trust agreement dated December 9, 2013, as further amended, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders, as may be amended from time to time (the “Trust(“Trust Agreement”), unitholders in a Delaware statutory trustof the Trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to the Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of the combined Series of the Trust. The Trust, in relation to the Series, has been organized to pool assets of investor funds for the purpose of trading in the United States (“U.S.”) and international markets for currencies, interest rates, stock indices, agricultural and energy products, precious and base metals and other commodities. The Trust, in relation to the Series, may also engage in futures contracts, forwards, option contracts and other interest in derivative instruments, including swap contracts (“Swaps”).contracts. As of December 9, 2013, the Balanced Series of the Trust became known as the Equinox Frontier Balanced Fund, the Frontier Diversified Series became known as the Equinox Frontier Diversified Fund, the Frontier Heritage Series became known as Equinox Frontier Heritage Fund, the Frontier Long/Short Commodity Series became known as the Equinox Frontier Long/Short Commodity Fund, the Frontier Masters Series became known as the Equinox Frontier Masters Fund, the Frontier Select Series became known as the Equinox Frontier Select Fund, and the Winton Series became known as the Equinox Frontier Winton Fund. The Trust has seven (7) separate and distinct Series of Units issued and outstanding: Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund, (each a “Series” and collectively, the “Series”). The Trust, with respect to the Series, may issue additional Series of Units. The Trust, with respect to each Series:   engages in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts), and may, from time to time, engage in cash and spot transactions; allocates funds to a limited liability trading company or companies (“Trading Company”). Except as otherwise described in these notes, each Trading Company has one-year renewable contracts with its own independent commodity trading advisor(s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company’s assets and make the trading decisions for the assets of each Series vested in such Trading Company. Each Trading Company will segregate its assets from any other Trading Company; ● engages in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts), and may, from time to time, engage in cash and spot transactions;   maintains separate, distinct records for each Series, and accounts for the assets of each Series separately from the other Series; ● allocates funds to a limited liability trading company or companies (“Trading Company” or “Trading Companies”) and Galaxy Plus entities (“Galaxy Plus”). Except as otherwise described in these notes, each Trading Company and Galaxy Plus entity has one-year renewable contracts with its own independent commodity trading advisor(s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company’s and Galaxy Plus assets and make the trading decisions for the assets of each Series vested in such Trading Company and Galaxy Plus entity. Each Trading Company and Galaxy Plus entity will segregate its assets from any other Trading Company and Galaxy Plus entity;   calculates the Net Asset Value (“NAV”) of its Units for each Series separately from the other Series; ● maintains separate, distinct records for each Series, and accounts for the assets of each Series separately from the other Series;   has an investment objective of increasing the value of each Series’ Units over the long term (capital appreciation), while managing risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments; ● calculates the Net Asset Value (“NAV”) of its Units for each Series separately from the other Series;   ● has an investment objective of increasing the value of each Series’ Units over the long term (capital appreciation), while managing risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments; maintains each SeriesF-23 Table of Units with between two to six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents; andContents ● maintains each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. Class 1AP was created as a sub-class of Class 1 and it has been presented separately because the fees applicable to it are different from those applicable to Class 1. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and   ● all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York. all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York. The assets of any particular Series include only those funds and other assets that are paid to, held by or distributed to the Trust, with respect to the Series, on account of and for the benefit of that Series. Under the “Inter-Series Limitation on Liability” expressly provided for under Section 3804(a) of the Trust Act, separate and distinct records of the cash and equivalents, although pooled for maximizing returns, are maintained in the books and records of each Series. As of December 31, 2014,2016, the Trust, with respect to the Equinox Frontier Diversified Fund Equinox Frontier Masters Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier HeritageMasters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Select Fund Equinox Frontier Winton Fund and Equinox Frontier Heritage separates Units into a maximum of three separate Classes- Class 1, Class 2 and Class 1AP. The Trust, with respect to the Equinox Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Equinox Frontier Long/Short Commodity Fund separates Units into a maximum of sixfive separate Classes—Class 1,1A, Class 2A, Class 2, Class 3, Class 1a, Class 2a3A and Class 3a. It3. Between April 15, 2016 and December 31, 2016, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, and Frontier Trading Company XXIII LLC held by Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund and Equinox Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is expectedan unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between 10% and 30% of each Series’ assets normally will be investedinvestments in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies intoand a pooled cash management assets which have included purchases ofaccount that invests primarily in U.S. Treasury Securities Each Series’ ownershipsecurities. For those Series that do not invest in theseGalaxy Plus, their assets are split between investments is based on its percentage ownershipin Trading Companies and investments in the pooled cash management assets on the reporting date.account. F-24 Table of Contents As of December 31, 2014,2016, Equinox Frontier Winton Fund has invested a portion of its assets in a single Trading Company, and a single Trading Advisor manages 100% of the assets invested in such Trading Company. Each of the remaining Series has invested a portion of its assets in several different Trading Companies or Galaxy Plus entities and one or more Trading Advisors may manage the assets invested in such Trading Companies.Companies or Galaxy Plus entities. The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, currency trading companies, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence or bad faith. 2. 2. Significant Accounting Policies The following are the significant accounting policies of the Series of the Trust. Basis of Presentation—The Series of the Trust follow U.S. Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, condensed schedules of investments, results of operations, changes in capital and cash flows. The Trust is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946. Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee, all of which is allocated to the Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority equity interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. This represents a change in accounting policy from prior year in which controlling and majority interest was calculated on each Series pro-rata notional ownership of the Trading Company. The two measurements approximate each other and, as such, do not have a material impact on the presentation on the statements of financial condition or results of operations. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for underusing net asset value as the equity method,practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company.Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated trading companiesTrading Companies or investments in Private Investment Companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated tradingTrading Companies or net unrealized gain/(loss) on private investment companies. Galaxy Plus entities are co-mingled investment vehicles. In addition to the Series, there are other non-affiliated investors in Galaxy Plus. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Series ownership percentage in Galaxy Plus. It is expected that ownership percentage will fluctuate (sometimes significantly) on a week by week basis which could also result in frequent changes in the consolidating Series. Such fluctuations make consolidating the financial statements of the Galaxy Plus entities both impractical and misleading. Non-consolidation of these Galaxy Plus entities presents a more useful financial statement for the readers. As such, management has decided that presenting Galaxy Plus entities on a non-consolidated basis as investments in other investments companies (a “fund of funds” approach) is appropriate and preferable to the users of these financial statements. Refer to Note 5 for additional disclosures related to these private investment companies. As of December 31, 2014,2016, the consolidated balance sheetstatement of financial condition of Equinox Frontier Balanced Fund included the assets and liabilities of its majority owned Trading Companies. These Trading Companies includeinterest in Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, Frontier Trading Company XXIII, LLC, Frontier Trading Company XXIX,I, LLC and Frontier Trading Company XXXIV, LLC. F-25 Table of Contents For the year ended December 31, 2014,2016, the consolidated income statement of operations of Equinox Frontier Balanced Fund included the earnings of its majority ownedinterest in Frontier Trading Companies. TheseCompany I, LLC and Frontier Trading Company XXXIV, LLC as well as the results from operations for those Trading Companies up to the date that those Trading Companies ceased operations. Those Trading Companies that ceased operations during the year include Frontier Trading Company XIV, LLC (except for the earnings from January 14, 2014 to February 27, 2014),on April 21, 2016, Frontier Trading Company XV,XXIII, LLC (except from January 1, 2014 to October 1, 2014),on July 22, 2016, and Frontier Trading Company XXIX, LLC (except fromon January 1, 2014 to November 23, 2014), Frontier Trading Company XXIII, LLC (except for the earnings from January 1, 2014 to April 28, 2014), and Frontier Trading Company XXXIV, LLC.29, 2016. As of December 31, 2014,2016 and December 31, 2015, the consolidated balance sheetstatement of financial condition of Equinox Frontier Long/Short Commodity Fund included the assets and liabilities of its majority owned Trading Company, Frontier Trading Company XXXVII, LLC. For the year ended December 31, 2014,2015, the consolidated income statement of operations of Equinox Frontier Long/Short Commodity Fund included the earnings of its majority owned Trading Companies. TheseCompany listed above. For the year ended December 31, 2016, the consolidated statement of operations of Equinox Frontier Long/Short Commodity Fund included the earnings of its majority owned Trading Companies includeCompany listed above through the date that the Trading Company ceased operations and Frontier Trading Company VII LLC (except for the earnings fromthrough April 5, 2014 to December 31, 2014), Frontier Trading Company XVIII, LLC (except for the earnings from September 5, 2014 to December 31, 2014) and Frontier Trading Company XXXVII, LLC.28, 2016. As of December 31, 2014,2016 and December 31, 2015, the consolidated balance sheetstatement of financial condition of Equinox Frontier Diversified Fund included the assets and liabilities of its majority owned Frontier Trading Company I, LLC and, Frontier Trading Company XXXV, LLC. For the year ended December 31, 2014,2015, the consolidated income statement of operations of Equinox Frontier Diversified Fund included the earnings of its majority owned Trading Companies. These Trading Companies includeCompany listed above and the earnings of Frontier Trading Company I, LLC (except forfrom January 1, 2015 to August 10, 2015. For the year ended December 31, 2016, the consolidated statement of operations of Equinox Frontier Diversified Fund included the earnings from February 1, 2014 to April 7, 2014) and Frontierof its majority owned Trading Company XXXV, LLC.listed above. As of and for the yearyears ended December 31, 2014,2016 and December 31, 2015, the consolidated balance sheetstatement of financial condition and income statement of operations of Equinox Frontier Heritage Fund included the assets and liabilities, and earnings, respectively, of its majority owned Trading Company, Frontier Trading Company XXXIX, LLC. As of and for the year ended December 31, 2015, the consolidated statement of financial condition and statement of operations of Equinox Frontier Select Fund included the assets and liabilities, and earnings, respectively, of its majority owned Trading Company, Frontier Trading Company XV, LLC except for the earnings from January 1, 2015 to January 2, 2015. For the year ended December 31, 2016, the consolidated statement of operations of Equinox Frontier Select Fund included the earnings of its majority owned Trading Company listed above. As of and for the year ended December 31, 2016 and 2015, the consolidated statement of financial condition and statement of operations of Equinox Frontier Winton Fund included the assets and liabilities, and earnings, respectively, of its majority owned Trading Company, Frontier Trading Company II, LLC. As of and for the year ended December 31, 2016 and 2015, Equinox Frontier Master Fund did not have a majority interest in any Trading Company. Each of the Series has invested in Frontier Trading Company XXXVIII, LLC on the same basis as its ownership in the cash pool. Frontier Trading Company XXXVIII, LLCLLC’s assets, liabilities and earnings are allocated to all of the Series of the Trust based on their proportionate share of the cash pool. Each Series investment in the Frontier Trading Company XXXVIII, LLC is listed under Investments in unconsolidated trading companies, at fair value on the Statements of Financial Condition. Use of Estimates—The preparation of financial statements in conformity with GAAP may require the Managing Owner 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 financial statements and the reported amounts of revenue and expenses during the reporting period. The valuation of swap contracts requires significant estimates as well as the valuation of certain other investments. Please refer to Note 3 for discussion of valuation methodology. Actual results could differ from these estimates, and such differences could be material. Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with original maturities of three months or less. This cash is not restricted. Interest Income—Income—U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasuries and assets held at a futures commission merchantsmerchant (“FCM”), of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1, and Class 2 only), Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1a,1AP, Class 2a and Class 3a only), 20% of the total interest allocated to each Series iswas paid to the Managing Owner.Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the statement of operations. U.S. Treasury Securities are pooled for purposesF-26 Table of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool.Contents U.S. Treasury Securities—Securities—U.S. Treasury Securities are allocated to all Series of the Trust based on each Series’ percentage ownership in the pooled cash management assets as of the reporting date. They are reported at fair value as Level 1 inputs under ASC 820,Fair Value Measurements and Disclosures (“ASC 820”). The Series of the Trust valued U.S. Treasury Securities at fair value and recorded the daily change in value in the statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the statements of financial condition as interest receivable. Receivable From Futures Commission Merchants—The Series of the Trust depositsdeposit assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $2,631,477 for the Equinox Frontier Balanced Fund, $5,344,783 for the Equinox Frontier Select Fund, and $14,604,203 for the Equinox Frontier Winton Fund. Investment Transactions—Transactions—Futures, options on futures, forward and swap contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are settled. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as open trade equity (deficit) for futures and forwards as there exists a right of offset of unrealized gains or losses in accordance with ASC 210,Balance Sheet (“ASC 210”)) and Accounting Standards Update (ASU) 2013-01,Balance Sheet (Topic 210210)). Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts is based on third party quoted dealer values on the interbank market. For U.S. Treasury securities, interest is recognized in the period earned and the instruments are marked-to-market daily based on third party information. Transaction costs are recognized as incurred and reflected separately in the statements of operations. Purchase and Sales of Private Investment Companies—The Series are able to subscribe into and redeem from the Galaxy Plus entities on a weekly basis. The value of the Private Investment Companies is determined by the Sponsor and reported on a daily basis. The change in value is calculated as the difference between the total purchase proceeds and the fair value calculated by the Sponsor and is recorded as net unrealized gain/(loss) on private investment companies on the statements of operations. Foreign currency transactions—Currency Transactions—The Series’ functional currency is the U.S. dollar, however, they transact business in currencies other than the U.S. dollar. The Series do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments. Allocation of Earnings—Each Series of the Trust may maintain between twothree or six classesseven subclasses of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a, Class 3a, and Class 3a).1AP. All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that fees charged to a Class or Series differ as described below. Revenues, expenses (other than expenses attributable to a specific class), and realized and unrealized trading gains and losses of each Series are allocated daily to Class 1, Class 1a, Class 2, Class 2a, Class 3, Class 3a and Class 3a1AP Units based on each Class’ respective owners’ capital balances as applicable to the classes maintained by the Series. Each Series allocates funds to an affiliated Trading Company, or Companies, of the Trust.Trust or Galaxy Plus. Each Trading Company allocates all of its daily trading gains or losses to the Series in proportion to each Series’ ownership trading level interest in the Trading Company, adjusted on a daily basis (except for Trading Advisors and other investments such as Swapsswaps that are directly allocated to a specific series)Series). Likewise, trading gains and losses earned and incurred by the Series through their investments in Galaxy Plus entities are allocated to those Series on a daily basis. The allocation of gains and losses in Galaxy Plus entities are based on each Series pro-rata shares of the trading level of that entity which is updated at the beginning of each month or more frequently if there is a subscription or redemption activity in the entity. The value of all open contracts and cash held at clearing brokers is similarly allocated to the Series in proportion to each Series’ funds allocated to the Trading Company,Companies or Companies.Galaxy Plus entities. F-27 Table of Contents Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Investments in Private Investment Companies are valued utilizing the net asset values as a practical expedient. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps,swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap,swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported at fair value basisbased upon daily reports from the counterparty. The Managing Owner values the investments based on the CTA’s estimated position information on a same-trading day basis. The Managing Owner reviews and approves current day pricing of the CTAcommodity Trading Advisor (“CTA”) positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. This fair value is corroborated by valuations provided by a third party pricing service on a daily basis. The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected, the components of the model, both observable and unobservable; and quality control testing procedures in place. Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust, with respect to the Series. The 20112013 through 20142016 tax years generally remain subject to examination by U.S. federal and most state tax authorities. In the opinion of the Managing Owner, (i) the Trust, with respect to the Series, is treated as a partnership for federal income tax purposes and, assuming that at least 90% of the gross income of the Trust constitutes “qualifying income” within the meaning of Section 7704(d) of the Code, (ii) the Trust is not a publicly traded partnership treated as a corporation, and (ii)(iii) the discussion set forth in the Prospectus under the heading “Federal“U.S. Federal Income Tax Consequences” correctly summarizes the material federal income tax consequences as of the date of the Prospectus to potential U.S. Limited Owners of the purchase, ownership and disposition of Units of the Trust. Fees and Expenses—All management fees, incentive fees, service fees and trading fees of the Trust, with respect to the Series, are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, selling agent service fees and all other operating expenses and continuing offering costs of the Trust, with respect to the Series. Only management fees and incentive fees related to assets allocated through Trading Companies are included as expenses on the Statement of Operations. The Series are all charged management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. Service Fees—The Trust may maintain each Series of Units in between twothree to sixseven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 orand Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAVpurchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents. F-28 Table of Contents These service fees are part of the offering costs of the Trust, with respect to the Series, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are borne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. Pending Owner Additions—Funds received for new subscriptions and for additions to existing owner interests are recorded as capital additions at the NAV per unit of the second business day following receipt. Recently Adopted Accounting Pronouncements—Pronouncements—In September of 2013,May 2015, the FASB issued ASU 2013-08No. 2015-07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” ASU No. 2015-07 removes the requirement to (i) modify Topic 946include investments in the fair value hierarchy for determining whether an entitywhich the fair value is an investment company; (ii) updatemeasured at NAV using the measurement requirements for noncontrolling interests in other investment companies;practical expedient under “Fair Value Measurements and (iii) require additional disclosures for investment companies under U.S. GAAP. This guidanceDisclosures (Topic 820).” ASU No. 2015-07 is effective for annual and interimreporting periods beginning on or after December 15, 2013. An entity should provide2015, including interim periods within that reporting period. ASU No. 2015-07 is required to be applied retrospectively to all periods presented beginning in the year of adoption. Since ASU No. 2015-07 only impacts the Series’ disclosures, required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance diddoes not have a material impact onaffect the Series’ financial positions orcondition, results of operations.operations, or cash flows. Recently Issued Accounting Pronouncements— In February, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 isdoes not expected to have a material effect on the Trust’sSeries financial statements. Early adoption is permitted. In May 2014 the FASB issued a final standard on revenue from contracts with customers. The standard, issued as FASB ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. A full retrospective or modified retrospective approach may be taken to adopt the guidance in the ASU. The Trust is currently evaluating the impact of the provisions of ASU 2014-09 on its consolidated financial position, results of operations and related disclosures. Reclassification—Certain amounts in the 2013 financial statements have been reclassified to conform with the 2014 presentation. None of the reclasses had an impact on the NAV or performance of the Series. Subsequent Events—The Trust, with respect to the Series, follows the provisions of ASC 855,Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the financial statements are issued. 3. Fair Value Measurements 3. Fair Value Measurements In connection with the valuation of investments the Series apply ASC 820,Fair Value Measurement (“ASC 820”).820. ASC 820 provides clarification that when a quoted price in an active market for the identical asset or liability is not available, a reporting entity is required to measure fair value using certain techniques. ASC 820 also clarifies that when estimating the fair value of an asset or liability, a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of an asset or liability. ASC 820 also clarifies that both a quoted price in an active market for the identical asset or liability at the measurement date and the quoted price for the identical asset or liability when traded as an asset in an active market when no adjustments to the quoted price of the asset are required are Level 1 fair value measurements. Level 1 Inputs Unadjusted quoted prices in active markets for identical financial assets that the reporting entity has the ability to access at the measurement date. Level 2 Inputs Inputs other than quoted prices included in Level 1 that are observable for the financial assets or liabilities, either directly or indirectly. These might include quoted prices for similar financial assets in active markets, quoted prices for identical or similar financial assets in markets that are not active, inputs other than quoted prices that are observable for the financial assets or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs Unobservable inputs for determining the fair value of financial assets that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the financial asset. F-29 Table of Contents The Trust, with respect to the Series, uses the following methodologies to value instruments within its financial asset portfolio at fair value: Trading Securities. These instruments include U.S. Treasury securities and open trade equity positions (futures contracts) that are actively traded on public markets with quoted pricing for corroboration. U.S. Treasury securities and futures contracts are reported at fair value using Level 1 inputs. Trading securities instruments further include open trade equity positions (trading options and currency forwards) that are quoted prices for identical or similar assets that are not traded on active markets. Trading options and currency forwards are reported at fair value using Level 2 inputs. Swap ContractsContracts.. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps,swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical Swap,swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value basis upon daily reports from the counterparty. In addition, a third party takes receives the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The Managing Owner valuesfair value measurements of the investments based on the CTA’s estimated position information on a same-trading day basis.swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is usedas well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to determine a daily fair value NAV for the swap contracts. The fair value is corroborated through the use of a third party pricing service (“pricing service”). The valuation requires significant estimates utilizing Level 3 inputs, corroborated by management through the use of a third party pricing service. The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected, the components of the model, both observable and unobservable, and quality control testing procedures in place. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each Swap and its subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by a senior a financial engineer to ensure the design and function of the model is stable and performs as expected. The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The valuation committee reports to both the Managing Owner’s Investment OversightValuation Committee for evaluation and Risk Committee and the Trust’s Executive Committee. The committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The committee monitors daily pricing provided by the swap counterparty and daily valuation provided by the third party pricing service. The valuation committee may request a price challenge if the daily valuation provided by the counterparty valuations differs significantly from the valuation obtained by the pricing service. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provided by the pricing service.resolution. Investment in Unconsolidated Trading Companies. This investment represents the fair value of the allocation of cash, futures, forwards, options and swaps to each respective Series relative to its trading allocations from unconsolidated Trading Companies. A Series may redeem its investment in any of the Trading Companies on a daily basis at the Trading Company’s stated net asset value. Each of the Series, all of which are under the same management as the Trading Companies, has access to the underlying positions of the Trading Companies, and as such, the level determination is reflected on that look-through basis. Any redemption of an investment in a Trading Company classified as Level 3 will reflect that classification of the underlying investment owned by the Trading Company. As such, the Series report investments in unconsolidated Trading Companies at fair value using the corresponding inputs of the underlying securities of the Trading Companies which results in the Series reporting the corresponding level determination from the inputs of the Trading Company. Investments in Private Investment Companies. Investments in private investment companies are valued utilizing the net asset values provided by the underlying Private Investment Companies as a practical expedient. The Fund applies the practical expedient to its investments in Private Investment Companies on an investment-by-investment basis, and consistently with the Fund’s entire position in a particular investment, unless it is probable that the Fund will sell a portion of an investment at an amount different from the net asset value of the investment. Management has adopted Accounting Standards Update (“ASU”) ASU 2015-07,Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)— a consensus of the Emerging Issues Task Force issued, on May 1, 2015. The guidance in this standard was effective for interim and annual periods beginning after December 15, 2015. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy below. F-30 Table of Contents The following table summarizes the instruments that comprise the Trust, with respect to the Series, financial asset portfolio, by Series, measured at fair value on a recurring basis as of December 31, 20142016 and December 31, 20132015 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:value. Investments in private investment companies are valued utilizing the net asset values provided by the underlying private investment companies as a practical expedient. Each Series applies the practical expedient to its investments in private investment companies on an investment-by-investment basis, and consistently with the Series entire position in a particular investment, unless it is probable that the Series will sell a portion of an investment at an amount different from the net asset value of the investment.                 Total   December 31, 2014    Level 1 Inputs      Level 2 Inputs   Level 3 Inputs      Total Fair Value   December 31, 2016   Level 1 Inputs   Level 2 Inputs   Level 3 Inputs   Fair Value                     Equinox Frontier Diversified Fund                                            Investments in Unconsolidated Trading Companies    $ 6,631,887       $ (37,508 )    $ —         $ 6,594,379    Open Trade Equity (Deficit)      3,171,968         43,238        —           3,215,206    Options Purchased      —           288,413        —           288,413    Options Written      —           (253,018 )      —           (253,018 )  Investment in Unconsolidated Trading Companies   $ 4,188,662     $ 12,966     $ —     $ 4,201,628   Swap Contracts      —           —          6,570,408         6,570,408        —       —       8,637,847       8,637,847   U.S. Treasury Securities      31,051,659         —          —           31,051,659        6,525,280       —       —       6,525,280   Equinox Frontier Masters Fund                                            Investments in Unconsolidated Trading Companies      7,942,166         (40,188 )      —           7,901,978    Investment in Unconsolidated Trading Companies     6,667,632       10,474       —       6,678,106   U.S. Treasury Securities      16,217,173         —          —           16,217,173        4,313,843       —       —       4,313,843   Equinox Frontier Long/Short Commodity Fund                                            Investments in Unconsolidated Trading Companies      3,789,466         25,388        —           3,814,854    Swap Contracts     —       —       4,220,468       4,220,468   Equinox Frontier Balanced Fund                                 Investment in Unconsolidated Trading Companies     5,998,541       (33,210 )     —       5,965,331   Open Trade Equity (Deficit)     288,647       (50,986 )     —       237,661   Swap Contracts      —           —          3,633,060         3,633,060        —       —       18,939,450       18,939,450   U.S. Treasury Securities      8,191,519         —          —           8,191,519        9,770,117       —       —       9,770,117   Equinox Frontier Select Fund                                 Investment in Unconsolidated Trading Companies     759,978       3,609       3,147,279       3,910,866   Open Trade Equity (Deficit)     679,310       6,712       —       686,022   U.S. Treasury Securities     2,912,611       —       —       2,912,611   Winton Fund                                 Investment in Unconsolidated Trading Companies     4,020,731       51,719       —       4,072,450   Open Trade Equity (Deficit)     1,123,666       98,858       —       1,222,524   U.S. Treasury Securities     15,533,863       —       —       15,533,863   Equinox Frontier Heritage Fund                                 Investment in Unconsolidated Trading Companies     2,735,614       9,026       —       2,744,640   Swap Contracts     —       —       8,391,414       8,391,414   U.S. Treasury Securities     3,701,890       —       —       3,701,890   F-31 December 31, 2014    Level 1 Inputs     Level 2 Inputs     Level 3 Inputs      Total Fair Value   Equinox Frontier Balanced Fund           Open Trade Equity (Deficit)      3,717,291        (419,742 )      —           3,297,549    Investments in Unconsolidated Trading Companies      18,354,685        (10,758 )      —           18,343,927    Swap Contracts      —          —          18,246,954         18,246,954    U.S. Treasury Securities      41,625,860        —          —           41,625,860    Equinox Frontier Select Fund           Investments in Unconsolidated Trading Companies      4,591,569        (28,926 )      3,539,498         8,102,141    U.S. Treasury Securities      6,476,939        —          —           6,476,939    Equinox Frontier Winton Fund           Investments in Unconsolidated Trading Companies      7,656,170        (176,512 )      —           7,479,658    U.S. Treasury Securities      29,593,974        —          —           29,593,974    Equinox Frontier Heritage Fund           Investments in Unconsolidated Trading Companies      1,576,952        (33,566 )      —           1,543,386    Swap Contracts      —          —          7,540,465         7,540,465    U.S. Treasury Securities      6,796,392        —             6,796,392    December 31, 2013    Level 1 Inputs     Level 2 Inputs     Level 3 Inputs      Total Fair Value   Equinox Frontier Diversified Fund           Investment in Unconsolidated Trading Companies    $ 20,167,937      $ 669,335      $ —         $ 20,837,272    Swap Contracts      —          —          3,437,632         3,437,632    U.S. Treasury Securities      38,055,417        —          —           38,055,417    Equinox Frontier Masters Fund           Investment in Unconsolidated Trading Companies      8,290,975        875,735        —           9,166,710    U.S. Treasury Securities      23,441,497        —          —           23,441,497    Equinox Frontier Long/Short Commodity Fund           Open Trade Equity (Deficit)      (191,069 )      —          —           (191,069 )  Options purchased      —          98,740        —           98,740    Options Written      —          (172,650 )      —           (172,650 )  Investment in Unconsolidated Trading Companies      655,769        —          —           655,769    Swap Contracts      —          —          2,456,546         2,456,546    U.S. Treasury Securities      16,872,290        —          —           16,872,290    Equinox Frontier Balanced Fund           Open Trade Equity (Deficit)      3,475,896        459,356        —           3,935,252    Options purchased      —          165,915        —           165,915    Options Written      —          (183,856 )      —           (183,856 )  Investment in Unconsolidated Trading Companies      12,953,295        760,020        —           13,713,315    Swap Contracts      —          —          10,122,003         10,122,003    U.S. Treasury Securities      68,548,395        —          —           68,548,395    Equinox Frontier Select Fund           Investment in Unconsolidated Trading Companies      3,886,810        562,097        2,415,637         6,864,544    U.S. Treasury Securities      10,304,085        —          —           10,304,085    Table of Contents                       Total   December 31, 2015   Level 1 Inputs     Level 2 Inputs     Level 3 Inputs     Fair Value                             Equinox Frontier Diversified Fund                                 Investment in Unconsolidated Trading Companies   $ 15,844,097     $ 250,110     $ —     $ 16,094,207   Swap Contracts     —       —       8,685,849       8,685,849   U.S. Treasury Securities     27,604,916       —       —       27,604,916   Equinox Frontier Masters Fund                                 Investment in Unconsolidated Trading Companies     9,383,235       26,695       —       9,409,930   U.S. Treasury Securities     11,953,206       —       —       11,953,206   Equinox Frontier Long/Short Commodity Fund                                 Investment in Unconsolidated Trading Companies     3,355,174       59,489       —       3,414,663   Swap Contracts     —       —       4,332,428       4,332,428   U.S. Treasury Securities     4,792,817       —       —       4,792,817   Equinox Frontier Balanced Fund                                 Investment in Unconsolidated Trading Companies     17,357,475       266,493       —       17,623,968   Open Trade Equity (Deficit)     11,530       —       —       11,530   Swap Contracts     —       —       19,157,520       19,157,520   U.S. Treasury Securities     41,148,676       —       —       41,148,676   Equinox Frontier Select Fund                                 Investment in Unconsolidated Trading Companies     213,921       —       3,933,919       4,147,840   Open Trade Equity (Deficit)     462,339       —       —       462,339   U.S. Treasury Securities     1,852,429       —       —       1,852,429   Equinox Frontier Winton Fund                                 Investment in Unconsolidated Trading Companies     297,554       —       —       297,554   Open Trade Equity (Deficit)     599,579       —       —       599,579   U.S. Treasury Securities     24,617,817       —       —       24,617,817   Equinox Frontier Heritage Fund                                 Investment in Unconsolidated Trading Companies     1,403,461       2,125       —       1,405,586   Swap Contracts     —       —       7,960,268       7,960,268   U.S. Treasury Securities     5,508,577       —       —       5,508,577   December 31, 2013    Level 1 Inputs      Level 2 Inputs      Level 3 Inputs      Total Fair Value   Equinox Frontier Winton Fund             Investment in Unconsolidated Trading Companies      7,772,031         7,292         —           7,779,323    U.S. Treasury Securities      27,600,705         —           —           27,600,705    Equinox Frontier Heritage Fund             Investment in Unconsolidated Trading Companies      1,887,631         1,635         —           1,889,266    Swap Contracts      —           —           5,435,184         5,435,184    U.S. Treasury Securities      8,827,380         —           —           8,827,380    The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During the year ended December 31, 20142016 and 2013,2015, all identified Level 3 assets arewere components of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. F-32 Table of Contents 2014:2016: For the Year Ended December 31, 20142016 Swaps:        Equinox Frontier Diversified Fund      Equinox Frontier Long/Short Commodity Fund      Equinox Frontier Balanced Fund   Balance of recurring Level 3 assets as of January 1, 2014    $ 3,437,632       $ 2,456,546       $ 10,122,003    Total gains or losses (realized/unrealized):          Included in earnings-realized      —           —         Included in earnings-unrealized      3,132,776         1,176,514         8,124,951    Purchases of investments      —           —           —      Sales of investments      —           —         Change in ownership allocation of total return swaps      —           —           —      Transfers in and/or out of Level 3      —           —           —                                 Balance of recurring Level 3 assets as of December 31, 2014    $ 6,570,408       $ 3,633,060       $ 18,246,954                                         Equinox Frontier             Equinox Frontier Diversified Fund     Long/Short Commodity Fund     Equinox Frontier Balanced Fund                       Balance of recurring Level 3 assets as of January 1, 2016   $ 8,685,849     $ 4,332,428     $ 19,157,520   Total gains or losses (realized/unrealized):                         Included in earnings-realized     —       —       —   Included in earnings-unrealized     (48,002 )     (111,960 )     (218,070 ) Change in ownership allocation     —       —       —   Transfers in and/or out of Level 3     —       —       —   Balance of recurring Level 3 assets as of December 31, 2016     8,637,847     $ 4,220,468     $ 18,939,450          Equinox Frontier Heritage Fund   Balance of recurring Level 3 assets as of January 1, 2014    $ 5,435,184    Total gains or losses (realized/unrealized):    Included in earnings-realized      —      Included in earnings-unrealized      2,105,281    Purchases of investments      —      Sales of investments      —      Change in ownership allocation of total return swaps      —      Transfers in and/or out of Level 3      —               Balance of recurring Level 3 assets as of December 31, 2014    $ 7,540,465                 Equinox Frontier Heritage       Fund           Balance of recurring Level 3 assets as of January 1, 2016   $ 7,960,268   Total gains or losses (realized/unrealized):         Included in earnings-realized     —   Included in earnings-unrealized     431,146   Change in ownership allocation     —   Transfers in and/or out of Level 3     —   Balance of recurring Level 3 assets as of December 31, 2016   $ 8,391,414   Investments in Unconsolidated Trading Companies:        Equinox Frontier Select Fund   Balance of recurring Level 3 assets as of January 1, 2014    $ 2,415,637    Change in fair value of investments in unconsolidated trading companies      1,123,861    Proceeds from sales of investments of unconsolidated trading companies      —      Purchases of investments of unconsolidated trading companies      —      Change in ownership allocation      —      Transfers in and/or out of Level 3      —               Balance of recurring Level 3 assets as of December 31, 2014    $ 3,539,498                 Equinox Frontier Select       Fund           Balance of recurring Level 3 assets as of January 1, 2016   $ 3,933,919   Change in fair value of investments in unconsolidated trading companies     368,596   Advance on unrealized Swap Appreciation     (1,155,236 ) Transfers in and/or out of Level 3     —             Balance of recurring Level 3 assets as of December 31, 2016   $ 3,147,279   F-33 Table of Contents 2013:2015: For the Year Ended December 31, 20132015 Swaps:         Equinox Frontier            Equinox Frontier Diversified Fund      Equinox Frontier Long/Short Commodity Fund   Equinox Frontier Balanced Fund     Equinox Frontier   Long/Short   Equinox Frontier   Balance of recurring Level 3 assets as of January 1, 2013    $ —         $ —        $ 22,289,478      Diversified Fund     Commodity Fund   Balanced Fund   Balance of recurring Level 3 assets as of January 1, 2015   $ 6,570,408     $ 3,633,060     $ 18,246,954   Total gains or losses (realized/unrealized):                                 Included in earnings-realized      —           —          (3,554,723 )      —       —       —   Included in earnings-unrealized      37,632         (423,454 )      2,486,559        2,115,441       (300,632 )     910,566   Purchases of investments      3,400,000         2,880,000        9,600,000        —       1,000,000       —   Sales of investments      —           —          (20,694,866 )      —       —       —   Change in ownership allocation of total return swaps      —           —          (4,445 )      —       —       —   Transfers in and/or out of Level 3      —           —          —          —       —       —                       Balance of recurring Level 3 assets as of December 31, 2013    $ 3,437,632       $ 2,456,546      $ 10,122,003                        Balance of recurring Level 3 assets as of December 31, 2015   $ 8,685,849     $ 4,332,428     $ 19,157,520       Equinox Frontier      Equinox Frontier Heritage Fund     Heritage Fund   Balance of recurring Level 3 assets as of January 1, 2013    $ —      Balance of recurring Level 3 assets as of January 1, 2015   $ 7,540,465   Total gains or losses (realized/unrealized):            Included in earnings-realized      —          —   Included in earnings-unrealized      591,793        419,803   Purchases of investments      —          —   Sales of investments      —          —   Change in ownership allocation of total return swaps      4,843,391        —   Transfers in and/or out of Level 3      —          —          Balance of recurring Level 3 assets as of December 31, 2013    $ 5,435,184           Balance of recurring Level 3 assets as of December 31, 2015   $ 7,960,268   Investments in Unconsolidated Trading Companies:     Equinox Frontier      Equinox Frontier Balanced Fund   Equinox Frontier Select Fund     Select Fund   Balance of recurring Level 3 assets as of January 1, 2013    $ —        $ —            Balance of recurring Level 3 assets as of January 1, 2015   $ 3,539,498   Change in fair value of investments in unconsolidated trading companies      (427,558 )      (1,461 )      394,421   Proceeds from sales of investments of unconsolidated      (972,442 )    trading companies      —          —      Proceeds from sales of investments of unconsolidated trading companies     —   Purchases of investments of unconsolidated trading companies      1,400,000        1,600,000        —   Change in ownership allocation      —          817,098        —   Transfers in and/or out of Level 3      —          —          —                Balance of recurring Level 3 assets as of December 31, 2013    $ —        $ 2,415,637                 Balance of recurring Level 3 assets as of December 31, 2015   $ 3,933,919          Equinox Frontier Diversified Fund     Equinox Frontier Heritage Fund   Balance of recurring Level 3 assets as of January 1, 2013    $ —        $ —      Change in fair value of investments in unconsolidated trading companies      (133,970 )      (1,827 )  Proceeds from sales of investments of unconsolidated trading companies      —          —      Purchases of investments of unconsolidated trading companies      1,000,000        2,000,000    Change in ownership allocation      (866,030 )      (1,998,173 )  Transfers in and/or out of Level 3      —          —                       Balance of recurring Level 3 assets as of December 31, 2013    $ —        $ —                       The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the year ended December 31, 20142016 and 2013,year ended December 31, 2015, the Trust did not transfer any assets between Levels 1, 2 or 3. The amounts reflected in the change in ownership allocation result from changes in ownership in the underlying Trading Companies at the Series level, which have resulted in changes in consolidation or de-consolidation by the Series. The ownership in the Trading Companies is accounted for under the equity method, which approximates fair value. The Equinox Frontier Heritage Fund and the Equinox Frontier Select Fund jointly own the Frontier Brevan Howard swap. The Equinox Frontier Heritage Fund owns the majority interest in the Frontier Brevan Howard swap. F-34 Table of Contents The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2016:           Equinox Frontier                   Equinox Frontier      Long/Short Commodity       Equinox Frontier       Equinox Frontier       Diversified Fund     Fund     Balanced Fund     Heritage Fund   Swaps   $ (48,002 )   $ (111,960 )   $ (218,070 )   $ 431,146   The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2014.2015:         Equinox Frontier Diversified Fund      Equinox Frontier Long/Short Commodity Fund      Equinox Frontier Balanced Fund      Equinox Frontier Heritage Fund   Swaps    $ 3,132,776       $ 1,176,514       $ 8,120,996       $ 2,105,281              Equinox Frontier                   Equinox Frontier       Long/Short Commodity       Equinox Frontier       Equinox Frontier       Diversified Fund     Fund     Balanced Fund     Heritage Fund   Swaps   $ 2,115,441     $ (300,633 )   $ (910,566 )   $ 419,803   The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2013.2014:         Equinox Frontier Diversified Fund      Equinox Frontier Long/Short Commodity Fund     Equinox Frontier Balanced Fund      Equinox Frontier Heritage Fund   Swaps    $ 37,632       $ (423,454 )    $ 526,168       $ (561,316 )            Equinox Frontier                   Equinox Frontier       Long/Short Commodity       Equinox Frontier       Equinox Frontier       Diversified Fund     Fund     Balanced Fund     Heritage Fund   Swaps   $ 3,132,776     $ 1,176,514     $ 8,120,996     $ 2,105,281   F-35 The total change in unrealized appreciation (depreciation) included in the statementsTable of operations attributable to level 3 investments still held at December 31, 2012.Contents 4. Swap Contracts         Equinox Frontier Balanced Fund   Swaps    $ (1,265,968 )  4. Swaps In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures, option on futures and forward contracts, certain Series of the Trust will strategically invest a portion or all of their assets in total return Swaps,swaps, selected at the direction of the Managing Owner. Total return Swapsswaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical total return Swap,swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount or value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Each Series’ investment in Swapsswaps will likely differ substantially over time due to cash flows, portfolio management decisions and market movements. The Swapsswaps serve to diversify the investment holdings of each Series and to provide access to programs and advisors that would not be otherwise available to the Series, and are not used for hedging purposes. The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 20142016 and 2013,December 31, 2015, approximately 12.5% or $35,990,88710.2% and 7.0% or $21,455,529,9.3%, respectively, of the Trust’s assets were investeddeposited with over-the-counter counterparties in order to initiate and maintain Swapsswaps and is recorded as Swap Contracts, atcollateral within the swap fair value onwithin the Statements of Financial Condition of the Trust. ThisCondition. The cash held with the counterparty is not restricted. The Series may strategically invest assets in one or more Swapsswaps linked to certain underlying investments or indices at the direction of the Managing Owner. The Trading Company in which the assets of these Series will be invested will not own any of the investments or indices referenced by any Swapswap entered into by these Series. In addition, neither the swap counterparty to the Trading Company of these Series nor any advisor referenced by any such Swapswap is a Trading Advisor to these Series. On September 6, 2013, To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps 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 funds are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. As of December 31, 2016, the Equinox Frontier Balanced Fund, liquidated the Frontier Balanced RCW-1 Swap in the amount of $16,353,609. On April 18, 2013, the Equinox Frontier BalancedDiversified Fund, liquidated the Equinox Frontier Select CTA TRSLong/Short Commodity Fund and Equinox Frontier Heritage Fund, had $4,926,555, $2,500,000, $115,000, and $1,900,000, respectively, in cash holdings as shown in the Fund’s Statements of Financial Conditions under advance on unrealized swap appreciation, which relates to the Trading Companies’ total return swaps with Deutsche Bank Swap in the amount of $4,341,257. AG The Series hadhave invested in the following Swapsswaps as of and for the year ended December 31, 2014:2016:         Equinox Frontier Diversified   Equinox Frontier Long/Short        Equinox Frontier Balanced Fund   Equinox Frontier Diversified Fund   Equinox Frontier Long/Short Commodity Fund   Equinox Frontier Heritage Fund     Equinox Frontier Balanced Fund     Fund     Commodity Fund     Equinox Frontier Heritage Fund    Total Return Swap   Total Return Swap   Total Return Swap   Total Return Swap     Total Return Swap   Total Return Swap   Total Return Swap   Total Return Swap Counterparty      DeutscheBank AG        DeutscheBank AG        DeutscheBank AG        DeutscheBank AG      DeutscheBank AG   DeutscheBank AG   DeutscheBank AG   DeutscheBank AG Notional Amount    $ 67,610,098      $ 35,500,000      $ 13,590,513      $ 17,663,283      $22,580,043   $13,851,707   $1,877,692   $11,413,283 Termination Date      8/2/2018        8/2/2018        8/7/2018        3/26/2018      8/2/2018   8/2/2018   8/7/2018   3/26/2018 Cash Collateral    $ 9,600,000      $ 3,400,000      $ 2,880,000      $ 5,993,000      $9,600,000   $3,400,000   $3,880,000   $5,986,000 Swap Value    $ 8,646,954      $ 3,170,408      $ 753,060      $ 1,547,465      $9,339,450   $5,237,847   $340,468   $2,405,414 Investee Returns      Total Returns        Total Returns        Total Returns        Total Returns      Total Returns   Total Returns   Total Returns   Total Returns Realized Gain/(Loss)    $ 0      $ 0      $ 0      $ 0      $0   $0   $0   $0                          Change in Unrealized Gain/(Loss)    $ 8,120,996      $ 3,132,777      $ 1,176,514      $ 2,105,281      ($218,070)   ($48,002)   ($111,960)   $431,146                          Fair Value as of 12/31/2014    $ 18,246,954      $ 6,570,408      $ 3,633,060      $ 7,540,465                             Fair Value as of 12/31/2016   $18,939,450   $8,637,847   $4,220,468   $8,391,414 Advance on swap appreciation   ($4,926,555)   ($2,500,000)   ($115,000)   ($1,900,000) F-36 Table of Contents The Series have invested in the following Swapsswaps as of and for the year ended December 31, 2013:2015:         Equinox Frontier Diversified   Equinox Frontier Long/Short        Equinox Frontier Balanced Fund     Equinox Frontier Balanced Fund   Fund   Commodity Fund   Equinox Frontier Heritage Fund    Total Return Swap      Total Return Swap      Total Return Swap     Total Return Swap     Total Return Swap     Total Return Swap     Total Return Swap Counterparty      Societe Generale         DeutscheBank         DeutscheBank AG      DeutscheBank AG   DeutscheBank AG   DeutscheBank AG   DeutscheBank AG Notional Amount    $ —         $ —         $ 64,000,000      $22,580,043   $13,851,707   $1,877,692   $12,663,283 Termination Date      11/21/2014         6/30/2016         8/2/2018      8/2/2018   8/2/2018   8/7/2018   3/26/2018 Cash Collateral          $ 9,600,000      $9,600,000   $3,400,000   $3,880,000   $5,993,000 Swap Value          $ 522,003      $9,557,519   $5,285,849   $452,428   $1,967,269 Investee Returns      Total Returns         Total Returns         Total Returns      Total Returns   Total Returns   Total Returns   Total Returns Realized Gain/(Loss)    $ (1,645,980)       $ (1,908,743 )     $ —        $0   $0   $0   $0                      Change in Unrealized Gain/(Loss)    $ 212,146       $ 1,749,332       $ 522,003      $910,566   $2,115,441   ($300,633)   $419,803                      Fair Value as of 12/31/2013    $ —         $ —         $ 10,122,003                            Equinox Frontier Diversified Fund      Equinox Frontier Long/Short Commodity Fund      Equinox Frontier Heritage Fund      Total Return Swap      Total Return Swap      Total Return Swap   Counterparty      DeutscheBank AG         DeutscheBank AG         DeutscheBank AG    Notional Amount    $ 25,500,000       $ 34,400,000       $ 18,663,283    Termination Date      8/2/2018         8/7/2018         3/26/2018    Cash Collateral    $ 3,400,000       $ 2,880,000       $ 5,996,500    Swap Value    $ 37,632    ��  $ (423,454 )     $ (561,316 )  Investee Returns      Total Returns         Total Returns         Total Returns    Realized Gain/(Loss)    $ —         $ —         $ —                           Change in Unrealized Gain/(Loss)    $ 37,632       $ (423,454 )     $ 591,793                         Fair Value as of 12/31/2013    $ 3,437,632       $ 2,456,546       $ 5,435,184                         Fair Value as of 12/31/2015   $19,157,519   $8,685,849   $4,332,428   $7,960,269 5. 5. Investments in Unconsolidated Trading Companies and Private Investment Companies Investments in unconsolidated trading companiesTrading Companies and Private Investment Companies represent cash and open trade equity invested in the Trading and Private Investment Companies as well as by each Series and cumulative trading profits or losses allocated to each Series by the Trading Companies and Private Investment Companies. Trading Companies and Private Investment Companies allocate trading profits or losses on the basis of the proportion of each Series’ capital allocated for trading to each respective Trading Company, which bears no relationship to the amount of cash invested by a Series in the Trading Company.Company and Private Investment Companies. The Trading Companies are valued using the equity method of accounting, which approximates fair value. Investments in Private Investment Companies are valued using the NAV provided by the underlying private investment. F-37 Table of Contents The following table summarizes each of the Series’ investments in unconsolidated Trading and Private Investment Companies as of December 31, 20142016 and 2013:2015:     As of December 31, 2016   As of December 31, 2015     Percentage of       Percentage of         Series Total       Series Total         As of December 31, 2014   As of December 31, 2013     Capital Invested       Capital Invested         Percentage of Series Net Assets Invested in Unconsolidated Trading Companies   Fair Value   Percentage of Series Net Assets Invested in Unconsolidated Trading Companies   Fair Value     in Unconsolidated Trading and       in Unconsolidated Trading and       Series           Private Investment Companies   Fair Value   Private Investment Companies   Fair Value                                   Equinox Frontier Diversified Fund —                                         Frontier Trading Companies II, VII, XXIII and XXXVIII     9.11 %    $ 6,594,379        32.84 %    $ 20,837,272    Frontier Trading Companies II and XXXVIII     7.44 %   $ 4,201,628       28.89 %   $ 16,094,207   Galaxy Plus Fund - Chesapeake Feeder Fund (518)     11.33 %     6,399,628       —       —   Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     6.30 %     3,558,715       —       —   Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     4.27 %     2,412,065       —       —   Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC     7.27 %     4,103,564       —       —   Galaxy Plus Fund - QIM Feeder Fund (526) LLC     13.85 %     7,819,114       —       —   Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     15.23 %     8,600,401       —       —   Galaxy Plus Fund - Quest Feeder Fund (517)     5.31 %     2,996,494       —       —   Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     3.29 %     1,856,786       —       —   Galaxy Plus Fund - LRR Feeder Fund (522) LLC     1.95 %     1,099,207       —       —                                   Equinox Frontier Masters Fund —                                         Frontier Trading Companies II, VII, XV and XXXVIII     30.74 %      $7,901,978        27.14 %    $ 9,166,710    Frontier Trading Companies II, XV and XXXVIII     38.79 %   $ 6,678,106       33.94 %   $ 9,409,930   Galaxy Plus Fund - Chesapeake Feeder Fund (518)     20.12 %     3,455,090       —       —   Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     12.81 %     2,198,618       —       —                                   Equinox Frontier Long/Short Commodity Fund —                                         Frontier Trading Company VII and XXXVIII     22.96 %    $ 3,814,854        2.31 %    $ 655,769    Frontier Trading Company XXXVIII     —     $ —       26.08 %   $ 3,414,663   Galaxy Plus Fund - Chesapeake Feeder Fund (518)     17.39 %     1,610,890       —       —   Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     17.40 %     1,611,845       —       —   Galaxy Plus Fund - LRR Feeder Fund (522) LLC     37.70 %     3,492,407       —       —                                   Equinox Frontier Balanced Fund —                                         Frontier Trading Companies II, VII and XXXVIII     16.92 %    $ 18,343,927        11.26 %    $ 13,713,315    Frontier Trading Companies II and XXXVIII     7.25 %   $ 5,965,331       19.81 %   $ 17,623,968   Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     5.09 %     4,190,798       —       —   Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     3.39 %     2,786,543       —       —   Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     5.00 %     4,114,892       —       —   Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC     8.59 %     7,071,313       —       —   Galaxy Plus Fund - QIM Feeder Fund (526) LLC     15.34 %     12,623,819       —       —   Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     12.91 %     10,626,274       —       —   Galaxy Plus Fund - LRR Feeder Fund (522) LLC     3.63 %     2,989,088       —       —   Galaxy Plus Fund - Quest Feeder Fund (517)     1.10 %     902,546       —       —                                   Equinox Frontier Select Fund —                                         Frontier Trading Companies XV, XXXVIII and XXXIX     53.06 %    $ 8,102,141        38.98 %    $ 6,864,544    Frontier Trading Companies XXXVIII and XXXIX     24.33 %   $ 3,910,866       31.67 %   $ 4,147,840                                   Equinox Frontier Winton Fund —                                         Frontier Trading Company II and XXXVIII     18.68 %    $ 7,479,658        21.24 %    $ 7,779,323    Frontier Trading Company XXXVIII     9.96 %   $ 4,072,450       20.82 %   $ 7,274,269                                   Equinox Frontier Heritage Fund —                                         Frontier Trading Companies II and XXXVIII     11.85 %    $ 1,543,386        11.39 %    $ 1,889,266        20.48 %   $ 2,744,640       13.45 %   $ 1,405,586   The Galaxy Plus entities are made up a feeder funds in which the Series invest and master trading entities into which the feeder funds invest. No investment held by the Galaxy Plus master trading entity is greater than 5% of the Series’ total capital. F-38 Table of Contents The following table summarizes each of the Series’ equity in earnings from unconsolidated Trading and Private Investment Companies for the years ended December 31, 2014, 20132016, 2015 and 2012:2014:     Year Ended December 31, 2016   Year Ended December 31, 2015   Year Ended December 31, 2014     Year Ended December 31, 2014   Year Ended December 31, 2013   Year Ended December 31, 2012     Trading Commissions   Realized Gain/(Loss)   Change in Unrealized Gain/(Loss)   Net Income (Loss)   Trading Commissions   Realized Gain/(Loss)   Change in Unrealized Gain/(Loss)   Net Income (Loss)   Trading Commissions   Realized Gain/(Loss)   Change in Unrealized Gain/(Loss)   Net Income (Loss)     Trading Commissions   Realized Gain/(Loss)   Change in Unrealized Gain/(Loss)   Net Income (Loss)   Trading Commissions   Realized Gain/(Loss)   Change in Unrealized Gain/(Loss)   Net Income (Loss)   Trading Commissions   Realized Gain/(Loss)   Change in Unrealized Gain/(Loss)   Net Income (Loss)                                                                                                   Equinox Frontier Diversified Fund                                                                                                                         Frontier Trading Company I LLC   $ (56,592 )    $ 861,109      $ (449,346 )    $ 355,167      $ (383,335 )    $ 1,053,896      $ 1,169,622      $ 1,840,183      $ (666,495 )    $ 379,619      $ 831,056      $ 544,181      $ (260,168 )   $ 1,794,827     $ (157,591 )   $ 1,377,068     $ (174,766 )   $ 636,671     $ (1,288,141 )   $ (826,236 )   $ (56,592 )   $ 861,109     $ (449,346 )   $ 355,167   Frontier Trading Company II LLC     (18,020 )      3,293,893        (112,838 )      3,163,035        (22,917 )      1,744,610        380,208        2,101,901        (33,250 )      (318,474 )      (373,733 )      (725,457 )      (41,971 )     375,453       (167,387 )     166,096       (14,685 )     1,025,202       (406,220 )     604,297       (18,020 )     3,293,893       (112,838 )     3,163,035   Frontier Trading Company V LLC     —          —          —          —          (390,604 )      (10,536,063 )      735,737        (10,190,930 )      (72,476 )      (559,423 )      117,928        (513,972 )  Frontier Trading Company VI LLC     —          —          —          —          —          —          —          —          —          —          —          —      Frontier Trading Company VII, LLC     (411,960 )      202,844        (189,827 )      (398,943 )      (367,422 )      333,216        (574,327 )      (608,533 )      (371,733 )      (8,048,568 )      5,374,058        (3,046,243 )      (80,881 )     (566,171 )     2,065,216       1,418,164       (314,705 )     4,741,557       (2,805,251 )     1,621,601       (411,960 )     202,844       (189,827 )     (398,943 ) Frontier Trading Company IX, LLC     —          —          —          —          —          —          —          —          (12,383 )      (279,001 )      (62,409 )      (353,793 )  Frontier Trading Company XIV, LLC     (176,563 )      453,928        (194,219 )      83,146        (188,229 )      1,501,029        122,929        1,435,729        (586,234 )      (10,276,853 )      (479,403 )      9,211,216        —       —       —       —       —       —       —       —       (176,563 )     453,928       (194,219 )     83,146   Frontier Trading Company XV, LLC     (35,322 )      226,177        (719,332 )      (528,477 )      (95,562 )      (231,534 )      859,135        532,039        (138,440 )      (1,957,766 )      35,941        (2,060,266 )      —       —       —       —       —       —       —       —       (35,322 )     226,177       (719,332 )     (528,477 ) Frontier Trading Company XVIII, LLC     —          —          —          —              —          —          (25,687 )      244,696        (140,804 )      78,204    Frontier Trading Company XXI, LLC     —          —          —          —          —          —          —          —          (962 )      13,920        410        13,368    Frontier Trading Company XXIII, LLC     (56,661 )      2,355,129        250,228        2,548,696        (28,812 )      (123,796 )      (53,712 )      (206,320 )      (35,711 )      (708,380 )      63,438        (680,653 )      (35,775 )     705,939       (7,381 )     662,782       (74,373 )     591,314       (260,757 )     256,184       (56,661 )     2,355,129       250,228       2,548,696   Frontier Trading Company XXXVIII, LLC     (42,802 )      491,468        (534,467 )      (85,801 )      (7,648 )      24,276        688,890        705,518        —          —          —          —          (27,594 )     (774,261 )     219,387       (582,468 )     (32,830 )     (469,048 )     (312,060 )     (813,938 )     (42,802 )     491,468       (534,467 )     (85,801 ) Frontier Trading Company XXXIX, LLC     —          —          —          —            —          (133,974 )      (133,974 )        —          3,222        3,222                                                                            Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     (3,869 )     (34,071 )     (105,274 )     (143,214 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC     (149,772 )     298,066       (250,532 )     (102,238 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     (27,745 )     85,845       9,802       67,902       —       —       —       —       —       —       —       —   Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC     (183,726 )     1,333,450       (536,657 )     613,067       —       —       —       —       —       —       —       —   Galaxy Plus Fund - FORT Global Managed Futures Feeder Fund (510) LLC     (77,260 )     (333,316 )     (134,742 )     (545,318 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - LRR Feeder Fund (522) LLC     —       —       168,157       168,157       —       —       —       —       —       —       —       —   Galaxy Plus Fund - QIM Feeder Fund (526) LLC     (150,214 )     1,801,432       126,477       1,777,695       —       —       —       —       —       —       —       —   Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     (187,460 )     (50,960 )     (3,553 )     (241,973 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - Quest Feeder Fund (517) LLC     (100,928 )     (1,316,487 )     181,341       (1,236,074 )     —       —       —       —       —       —       —       —   Total   $ (797,920 )    $ 7,884,548      $ (1,949,801 )    $ 5,136,823      $ (1,484,529 )    $ (6,234,366 )    $ 3,194,508      $ (4,524,387 )    $ (1,943,373 )    $ (21,510,230 )    $ 5,366,482      $ 2,466,586      $ (1,327,363 )   $ 3,319,746     $ 1,407,263     $ 3,399,647     $ (611,359 )   $ 6,525,696     $ (5,072,429 )   $ 841,908     $ (797,920 )   $ 7,884,548     $ (1,949,801 )   $ 5,136,823                                                                                                                                                                           Equinox Frontier Masters Fund                                                                                                                         Frontier Trading Company I LLC   $ (29,964 )    $ 2,475,252      $ 846,879      $ 3,292,168      $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ (8,585 )   $ (261,142 )   $ (80,621 )   $ (350,348 )   $ (19,418 )   $ 1,409,880     $ (731,212 )   $ 659,250     $ (29,964 )   $ 2,475,252     $ 846,879     $ 3,292,168   Frontier Trading Company II LLC     (12,830 )      2,110,837        (41,715 )      2,056,292        (14,320 )      1,222,601        297,737        1,506,018        (15,979 )      (125,644 )      (202,314 )      (343,937 )      (47,472 )     224,660       (93,987 )     83,200       (9,119 )     572,163       (270,658 )     292,386       (12,830 )     2,110,837       (41,715 )     2,056,292   Frontier Trading Company XIV, LLC     (157,662 )      256,238        (220,014 )      (121,438 )      (271,557 )      (4,409,304 )      566,462        (4,114,399 )      (261,268 )      4,308,077        (386,676 )      3,660,133        —       —       —       —       —       —       —       —       (157,662 )     256,238       (220,014 )     (121,438 ) Frontier Trading Company XV, LLC     (95,155 )      1,821,877        (298,358 )      1,428,364        (150,972 )      86,216        877,749        812,993        (50,834 )      (706,005 )      308,008        (448,830 )      (81,133 )     556,129       515,821       990,817       (58,573 )     672,604       (578,027 )     36,004       (95,155 )     1,821,877       (298,358 )     1,428,364   Frontier Trading Company XXXVIII, LLC     (21,756 )      140,219        (295,159 )      (176,696 )      (4,396 )      8,274        417,157        421,035        —          —          —          —          (14,141 )     (157,740 )     (2,979 )     (174,860 )     (13,922 )     (268,618 )     (95,734 )     (378,274 )     (21,756 )     140,219       (295,159 )     (176,696 ) Frontier Trading Company VII, LLC     (7,353 )      (276,940 )      424,792        140,499                        (48,485 )     (371,921 )     1,208,006       787,600       (173,078 )     5,008,076       (3,958,426 )     876,572       (7,353 )     (276,940 )     424,792       140,499                                                                           Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC     (137,582 )     164,544       (213,762 )     (186,800 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     (174,044 )     803,903       (290,958 )     338,901       —       —       —       —       —       —       —       —   Total   $ (324,720 )    $ 6,527,483      $ 416,425      $ 6,619,189      $ (441,245 )    $ (3,092,213 )    $ 2,159,105      $ (1,374,353 )    $ (328,081 )    $ 3,476,428      $ (280,982 )    $ 2,867,366      $ (511,443 )   $ 958,432     $ 1,041,519     $ 1,488,510     $ (274,110 )   $ 7,394,105     $ (5,634,057 )   $ 1,485,938     $ (324,720 )   $ 6,527,483     $ 416,425     $ 6,619,189                                                                                                                                                                           Equinox Frontier Long/Short Commodity Fund                                                                                                                         Frontier Trading Company I LLC   $ —        $ —        $ —        $ —        $ (35,831 )    $ (778,371 )    $ 98,091      $ (716,111 )    $ (66,753 )    $ (2,961,869 )    $ (118,563 )    $ (3,147,185 )    $ (4,003 )   $ (145,864 )   $ (32,717 )   $ (182,583 )   $ (2,922 )   $ 156,796     $ 2,785     $ 156,659     $ —     $ —     $ —     $ —   Frontier Trading Companies VII, LLC     (299,598 )      1,967,325        (225,547 )      1,442,177        —          —          —          —          —          —          —        $ —        $ (30,875 )   $ 12,784     $ 312,798     $ 294,706       (242,250 )     2,483,192       (2,226,339 )     14,603       (299,598 )     1,967,325       (225,547 )     1,442,177   Frontier Trading Companies XVIII, LLC     (15,497 )      72,295        (141,056 )      (84,258 )      —          —          —          —          (11,271 )      116,615        (48,976 )    $ 56,368        —       —       —       —       —       —       —       —       (15,497 )     72,295       (141,056 )     (84,258 ) Frontier Trading Companies XXIII, LLC     —          —          —          —          (7,153 )      (263,068 )      (24,083 )      (294,304 )      (25,676 )      (271,193 )      44,488        (252,381 )  Frontier Trading Company XXXVIII, LLC     —          —          —          —          (3,655 )      8,224        329,811        334,380        —          —          —          —          481       (202,254 )     (106,559 )     (308,333 )     (7,510 )     (34,498 )     (63,213 )     (105,221 )     —       —       —       —                                                                           Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC     (80,356 )     76,603       (60,807 )     (64,560 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     (144,093 )     371,651       (44,364 )     183,194       —       —       —       —       —       —       —       —   Galaxy Plus Fund - LRR Feeder Fund (522) LLC     —       —       (321,568 )     (321,568 )     —       —       —       —       —       —       —       —   Total   $ (315,095 )    $ 2,039,620      $ (366,603 )    $ 1,357,919      $ (46,639 )    $ (1,033,215 )    $ 403,819      $ (676,035 )    $ (103,699 )    $ (3,116,446 )    $ (123,051 )    $ (3,343,198 )    $ (258,847 )   $ 112,919     $ (253,217 )   $ (399,144 )   $ (252,682 )   $ 2,605,490     $ (2,286,767 )   $ 66,041     $ (315,095 )   $ 2,039,620     $ (366,603 )   $ 1,357,919                                                                                                                                                                           Equinox Frontier Balanced Fund                                                                                                                         Frontier Trading Company I LLC   $ (297,247 )    $ 5,035,125      $ (115,047 )      4,622,830      $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ (291,912 )   $ 2,837,851     $ 335,254       2,881,192     $ (398,418 )   $ 5,226,529     $ 700,620       5,528,731     $ (297,247 )   $ 5,035,125     $ (115,047 )   $ 4,622,830   Frontier Trading Company II LLC     (23,501 )      4,239,577        (319,850 )      3,896,226        (41,208 )      3,181,908        864,178        4,004,878        (67,249 )      (581,781 )      (1,149,111 )      (1,798,141 )      (46,423 )     503,024       (202,956 )     253,645       (19,305 )     1,235,015       (499,116 )     716,594       (23,501 )     4,239,577       (319,850 )     3,896,226   Frontier Trading Company V LLC     —          —          —          —          (13,876 )      1,530,385        (272,459 )      1,244,049        (121,345 )      (794,389 )      275,695        (640,039 )      —       —       —       —       —       —       —       —       —       —       —       —   Frontier Trading Company VII, LLC     (424,248 )      (527,556 )      479,923        (471,881 )      (466,389 )      (1,846,245 )      (70,237 )      (2,382,871 )      (688,216 )      (15,920,067 )      10,834,816        (5,773,467 )      (97,941 )     (464,066 )     2,290,012       1,728,005       —       —       —       —       (424,248 )     (527,556 )     479,923       (471,881 ) Frontier Trading Company XIV, LLC     (75,543 )      (1,180,680 )      610,861        (645,362 )      (485,436 )      (14,489,050 )      774,556        (14,199,930 )      —          —          —          —          —       —       —       —       (351,880 )     5,102,783       (3,041,589 )     1,709,314       (75,543 )     (1,180,680 )     610,861       (645,362 ) Frontier Trading Company XV, LLC     (63,893 )      (160,880 )      (379,890 )      (604,663 )      (136,258 )      (159,393 )      941,482        645,831        12,378        (9 )      30,242        42,611        —       —       —       —       (140 )     (89,150 )     89,443       153       (63,893 )     (160,880 )     (379,890 )     (604,663 ) Frontier Trading Company XVIII, LLC     (69,979 )      240,985        (611,413 )      (440,407 )      (9,693 )      (192,512 )      (91,675 )      (293,880 )      (15,364 )      (99,576 )      (37,208 )      (102,148 )      —       —       —       —       —       —       —       —       (69,979 )     240,985       (611,413 )     (440,407 ) Frontier Trading Company XXIII, LLC     —          —          —          —          (3,526 )      (194,695 )      546        (197,675 )      —          —          —          —      Frontier Trading Company XXXVIII, LLC     —          —          —          —          (13,880 )      56,461        1,231,131        1,273,712        —          —          —          —          (50,346 )     (933,870 )     45,351       (938,865 )     (50,360 )     (940,340 )     (356,821 )     (1,347,521 )     —       —       —       —   Frontier Trading Company XXXIX, LLC     —          —          (1,538 )      (1,538 )      (1,468 )      —          (426,090 )      (427,558 )      (2,804 )      229,730        45,494        254,420        1,439       9,370       —       10,809       —       —       —       —       —       —       (1,538 )     (1,538 )                                                                         Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     (4,516 )     (51,106 )     (157,835 )     (213,457 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     (38,036 )     146,344       14,161       122,469       —       —       —       —       —       —       —       —   Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     (198,195 )     1,635,772       (663,594 )     773,983       —       —       —       —       —       —       —       —   Galaxy Plus Fund - FORT Global Managed Futures Feeder Fund (510) LLC     (107,226 )     (573,181 )     (250,610 )     (931,017 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - LRR Feeder Fund (522) LLC     —       —       475,116       475,116       —       —       —       —       —       —       —       —   Galaxy Plus Fund - QIM Feeder Fund (526) LLC     (190,774 )     2,874,017       206,726       2,889,969       —       —       —       —       —       —       —       —   Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     (194,640 )     (62,341 )     (4,212 )     (261,193 )     —       —       —       —       —       —       —       —   Galaxy Plus Fund - Quest Feeder Fund (517) LLC     (25,081 )     (394,581 )     54,174       (365,488 )     —       —       —       —       —       —       —       —   Total   $ (954,411 )    $ 7,646,571      $ (336,954 )    $ 6,355,205      $ (1,171,734 )    $ (12,113,141 )    $ 2,951,432      $ (10,333,444 )    $ (882,600 )    $ (17,166,092 )    $ 9,999,928      $ (8,016,764 )    $ (1,243,650 )   $ 5,527,232     $ 2,141,586     $ 6,425,168     $ (820,103 )   $ 10,534,837     $ (3,107,463 )   $ 6,607,271     $ (954,411 )   $ 7,646,571     $ (336,954 )   $ 6,355,205                                                                                                                                                                           Equinox Frontier Select Fund                                                                                                 Frontier Trading Company XV, LLC   $ —     $ —     $ —     $ —     $ (551 )   $ (27,784 )   $ 2,173     $ (25,285 )   $ (114,984 )   $ 2,118,779     $ 268,057     $ 2,271,852   Frontier Trading Company XXXVIII, LLC     (6,694 )     107,531       15,974       116,811       (2,400 )     (20,889 )     2,353       (21,812 )     (9,950 )     48,480       (134,625 )     (96,095 ) Frontier Trading Company XXXIX, LLC     (3,394 )     —       255,179       251,785       —       —       208,164       208,164       (1,556 )     —       972,201       970,645   Total   $ (10,088 )   $ 107,531     $ 271,153     $ 368,596     $ (2,951 )   $ (48,673 )   $ 212,691     $ 161,067     $ (126,490 )   $ 2,167,259     $ 1,105,633     $ 3,146,402                                                                                                   Equinox Frontier Winton Fund                                                                                                 Frontier Trading Company II LLC   $ —     $ —     $ —     $ —     $ (30,241 )   $ 1,667,631     $ (315,582 )   $ 1,321,808     $ (56,653 )   $ 10,628,427     $ (345,639 )   $ 10,226,134   Frontier Trading Company XXXVIII, LLC     (47,781 )     (149,255 )     16,046       (180,989 )     (29,071 )     (537,770 )     (197,417 )     (764,258 )     (35,145 )     543,298       (319,714 )     188,439   Total   $ (47,781 )   $ (149,255 )   $ 16,046     $ (180,989 )   $ (59,312 )   $ 1,129,861     $ (512,999 )   $ 557,550     $ (91,798 )   $ 11,171,725     $ (665,353 )   $ 10,414,573                                                                                                   Equinox Frontier Heritage Fund                                                                                                 Frontier Trading Company II LLC   $ (70,018 )   $ 271,702     $ (119,174 )   $ 82,510     $ (9,825 )   $ 656,945     $ (261,763 )   $ 385,357     $ (12,408 )   $ 2,222,268     $ (27,968 )   $ 2,181,892   Frontier Trading Company XXXVIII, LLC     (10,777 )     (5,851 )     (10,397 )     (27,026 )     (6,511 )     (117,306 )     (41,273 )     (165,090 )     (9,194 )     79,780       (115,037 )     (44,451 ) Total   $ (80,795 )   $ 265,851     $ (129,571 )   $ 55,484     $ (16,336 )   $ 539,639     $ (303,036 )   $ 220,267     $ (21,602 )   $ 2,302,048     $ (143,005 )   $ 2,137,441   F-39 Table of Contents The Series investments in private investment companies have certain redemption and liquidity restrictions which are described in the following table:     Year Ended December 31, 2014     Year Ended December 31, 2013     Year Ended December 31, 2012       Trading Commissions     Realized Gain/(Loss)     Change in Unrealized Gain/(Loss)     Net Income (Loss)     Trading Commissions     Realized Gain/(Loss)     Change in Unrealized Gain/(Loss)     Net Income (Loss)     Trading Commissions     Realized Gain/(Loss)     Change in Unrealized Gain/(Loss)     Net Income (Loss)   Equinox Frontier Select Fund                         Frontier Trading Company V LLC   $ —        $ —        $ —        $ —        $ (12,346 )    $ 1,188,592      $ (78,854 )    $ 1,097,392      $ (135,567 )    $ 479,014      $ (1,268,937 )    $ (925,490 )  Frontier Trading Company VI LLC     —          —          —          —          —          —          —          —          —          —          —          —      Frontier Trading Company XV, LLC     (114,984 )      2,118,779        268,057        2,271,852        (99,896 )      135,861        532,850        568,815      $ (70,871 )    $ (950,142 )    $ 77,828      $ (943,185 )  Frontier Trading Company XXI, LLC     —          —          —          —          —          —          —          —          (43,270 )      537,591        (559,922 )      (65,600 )  Frontier Trading Company XXXVIII, LLC     (9,950 )      48,480        (134,625 )      (96,095 )      (2,171 )      2,703        197,661        198,193        —          —          —          —      Frontier Trading Company XXXIX, LLC     (1,556 )      —          972,201        970,645        (903 )      —          (558 )      (1,461 )      —          —          —          —                                                                                                      Total   $ (126,490 )    $ 2,167,259      $ 1,105,633      $ 3,146,402      $ (115,316 )    $ 1,327,156      $ 651,099      $ 1,862,939      $ (249,708 )    $ 66,463      $ (1,751,031 )    $ (1,934,275 )                                                                                                  Equinox Frontier Winton Fund                         Frontier Trading Company II LLC   $ (56,653 )    $ 10,628,427      $ (345,639 )    $ 10,226,134      $ (48,366 )    $ 4,129,621      $ 1,010,136      $ 5,091,391      $ (53,999 )    $ (424,479 )    $ (682,973 )    $ (1,161,451 )  Frontier Trading Company XXXVIII ,LLC     (35,145 )      543,298        (319,714 )      188,439        (5,335 )      21,267        483,243        499,175        —          —          —          —                                                                                                      Total   $ (91,798 )    $ 11,171,725      $ (665,353 )    $ 10,414,573      $ (53,701 )    $ 4,150,888      $ 1,493,379      $ 5,590,566      $ (53,999 )    $ (424,479 )    $ (682,973 )    $ (1,161,451 )                                                                                                  Equinox Frontier Heritage Fund                         Frontier Trading Company II LLC   $ (12,408 )    $ 2,222,268      $ (27,968 )    $ 2,181,892      $ (10,901 )    $ 918,667      $ 269,597      $ 1,177,363      $ (17,665 )    $ (174,117 )    $ (48,215 )    $ (239,998 )  Frontier Trading Company V LLC     —          —          —          —          (13,268 )      1,404,612        (205,240 )      1,186,104        (160,692 )      (1,010,779 )      817,072        (354,399 )  Frontier Trading Company XXXVIII, LLC     (9,194 )      79,780        (115,037 )      (44,451 )      (1,892 )      2,537        172,623        173,268        —          —          —          —      Frontier Trading Company XXXIX, LLC     —          —          —          —          (1,129 )      —          (328,473 )      (329,602 )      —          —          —          —                                                                                                      Total   $ (21,602 )    $ 2,302,048      $ (143,005 )    $ 2,137,441      $ (27,190 )    $ 2,325,816      $ (91,493 )    $ 2,207,133      $ (178,357 )    $ (1,184,896 )    $ 768,857      $ (594,397 )                                                                                                  Redemptions Redemptions Liquidity Notice Period Permitted Restrictions Equinox Frontier Diversified Fund Multi-Strategy Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC 24 hours Weekly None Galaxy Plus Fund - LRR Feeder Fund (522) LLC 24 hours Weekly None Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC 24 hours Weekly None Trend Following Galaxy Plus Fund - Aspect Feeder Fund (532) LLC 24 hours Weekly None Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC 24 hours Weekly None Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC 24 hours Weekly None Galaxy Plus Fund - QIM Feeder Fund (526) LLC 24 hours Weekly None Galaxy Plus Fund - Quest Feeder Fund (517) LLC 24 hours Weekly None Option Trading Galaxy Plus Fund - Doherty Feeder Fund (528) LLC 24 hours Weekly None Equinox Frontier Masters Fund Trend Following Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC 24 hours Weekly None Multi-Strategy Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC 24 hours Weekly None Equinox Frontier Long/Short Commodity Fund Trend Following Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC 24 hours Weekly None Multi-Strategy Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC 24 hours Weekly None Galaxy Plus Fund - LRR Feeder Fund (522) LLC 24 hours Weekly None Equinox Frontier Balanced Fund Multi-Strategy Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC 24 hours Weekly None Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC 24 hours Weekly None Galaxy Plus Fund - LRR Feeder Fund (522) LLC 24 hours Weekly None Trend Following Galaxy Plus Fund - Aspect Feeder Fund (532) LLC 24 hours Weekly None Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC 24 hours Weekly None Galaxy Plus Fund - QIM Feeder Fund (526) LLC 24 hours Weekly None Galaxy Plus Fund - Quest Feeder Fund (517) LLC 24 hours Weekly None Option Trading Galaxy Plus Fund - Doherty Feeder Fund (528) LLC 24 hours Weekly None F-40 Table of Contents 6. 6. Transactions with Affiliates The Managing Owner contributes funds to the Trust, with respect to the Series, in order to have a 1% interest (“Minimum Purchase Commitment”) in the aggregate capital, profits and losses of all Series and in return will receive units designated as general units in the Series in which the Managing Owner invests such funds. The general units may only be purchased by the Managing Owner and may be subject to no advisory fees or advisory fees at reduced rates. Otherwise, the general units hold the same rights as the limited units. The Managing Owner is requiredwill make contributions to the Series of the Trust necessary to maintain at least a 1% interest (“Minimum Purchase Commitment”) in the aggregate capital, profits and losses of allthe combined Series so long as it is acting as the Managing Owner of the Trust. Such contribution was made by the Managing Owner before trading commenced for the Trust and will be maintained throughout the existence of the Trust, and the Managing Owner will make such purchases as are necessary to effect this requirement. Additionally, the Managing Owner agreed with certain regulatory bodies to maintain a 1% interest specifically in the Equinox Frontier Balanced Fund Class 1a1AP and 2a Units, aggregated, and each of the Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund. The 1% interest in these specific Series is included in computing the Minimum Purchase Commitment in aggregate capital. In addition to the General Unitsgeneral units the Managing Owner receives in respect of its Minimum Purchase Commitment, the Managing Owner may purchase Limited Unitslimited units in any Series as a Limited Owner. Principals of the Managing Owner or affiliates are allowed to own beneficial interests in the Trust, with respect to the Series, as well. All Units purchased by the Managing Owner are held for investment purposes only and not for resale. The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates. Expenses Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the nominal assets of such Series allocated to Trading Companies, calculated on a daily basis. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series’ (including nominal assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. The total amount of assets of a seriesSeries allocated to trading advisorsTrading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisorsTrading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisorsTrading Advisors and any reference programs, is referred to herein as the “nominal assets” of the series.Series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 1a1AP, Class 2a and Class 2a,3a, 2.0% for the Equinox Frontier Winton Fund, Equinox Frontier Long/Short Commodity Fund Class 1a, Class 2a, and Class 2a3a and Equinox Frontier Masters Fund, 0.75% for Equinox Frontier Diversified Fund, 2.5% for the Equinox Frontier Heritage Fund and Equinox Frontier Select Fund, and 3.5% for the Equinox Frontier Long/Short Commodity Fund Class 1, Class 2 and Class 2.3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the seriesSeries by the Managing Owner. As of the date of this Form 10-K, the trading advisorTrading Advisor for a seriesSeries that has invested in a swap has not received any management fees directly from the seriesSeries for such swap, and instead the relevant trading advisorTrading Advisor receives compensation via the fees embedded in the swap. The management fee as a percentage of the applicable series’Series’ net asset value will be greater than the percentage indicated above to the extent that the nominal assets of the seriesSeries exceeds its net asset value. The managing ownerManaging Owner expects that the nominal assets of each seriesSeries will generally be maintained at a level in excess of the net asset value of such seriesSeries and such excess may be substantial to the extent the managing ownerManaging Owner deems necessary to achieve the desired level of volatility. Trading Fees—Fees—In connection with each Series’ trading activities, the Equinox Frontier Long/Short Commodity Fund (Classesfrom January 1, 2 and 3),2016 through October 23, 2016, the Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund payspaid to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% per annum of such Series’ NAV, calculated daily. Thedaily; thereafter each of the Series pays to the Managing Owner a FCM Fee of up to 2.25% per annum of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of the applicable Series. From January 1, 2016 through April 28, 2016, the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a and 2a) and Equinox Frontier Masters Fund payspaid to the Managing Owner a trading fee, or FCM Fee of up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily; thereafter each of such Series pays to the Managing Owner a FCM Fee of up to 2.25% of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily. F-41 Table of Contents Incentive Fees—Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations Because the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Equinox Frontier Balanced Fund and the Equinox Frontier Diversified Fund and 20% for the Equinox Frontier Winton Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. Service Fees—In addition, with respect to Class 1 and Class 1a Units of each Series, as applicable, the Series pays monthly or service feesquarterly to the Managing Owner a service fee of up to 3% of NAV annually, which the Managing Owner pays to selling agents of the Trust, with respect to the Series. F-42 Table of Contents The following table summarizes fees earned by the Managing Owner for the years ended December 31, 2014, 20132016, 2015 and 2012.2014.   For the Year Ended December 31, 2016   Incentive Fee   Management Fee   Service Fee   Trading Fee                                   For the Year Ended December 31, 2014    Incentive Fee      Management Fee      Service Fee      Trading Fee   Equinox Frontier Diversified Fund    $ 4,461,365       $ 1,042,209       $ 499,021       $ 1,287,161      $ 1,144,159     $ 503,844     $ 247,399     $ 1,435,003   Equinox Frontier Masters Fund      1,123,545         903,032         309,234         603,389        245,244       452,071       151,627       537,884   Equinox Frontier Long/Short Commodity Fund      253,177         821,891         132,136         280,737        46,931       201,423       66,889       191,525   Equinox Frontier Balanced Fund      3,620,437         1,092,555         2,027,439         694,288        1,395,151       494,734       1,833,220       909,129   Equinox Frontier Select Fund      363,142         496,959         394,486         109,839        41,072       271,176       351,053       115,267   Equinox Frontier Winton Fund      1,800,488         1,172,990         724,365         263,069        99,067       1,069,141       681,308       320,680   Equinox Frontier Heritage Fund      370,450         327,702         270,399         88,113        9,072       242,764       254,775       104,146                                   For the Year Ended December 31, 2013    Incentive Fee      Management Fee      Service Fee      Trading Fee   For the Year Ended December 31, 2015   Incentive Fee   Management Fee   Service Fee   Trading Fee                                   Equinox Frontier Diversified Fund    $ 760,048       $ 1,417,230       $ 1,000,514       $ 2,113,117      $ 2,068,435     $ 983,948     $ 412,335     $ 1,394,350   Equinox Frontier Masters Fund      —           1,271,594         639,244         1,045,459        618,626       696,963       226,790       579,677   Equinox Frontier Long/Short Commodity Fund      —           2,055,684         307,350         658,060        322,090       532,836       109,284       243,193   Equinox Frontier Balanced Fund      1,348,994         1,556,049         3,292,195         1,153,606        1,707,167       1,029,988       2,113,776       740,451   Equinox Frontier Select Fund      —           626,553         575,265         163,310        158,971       304,539       395,169       110,262   Equinox Frontier Winton Fund      128,097         1,062,550         857,710         292,162        715,409       1,199,380       764,354       288,023   Equinox Frontier Heritage Fund      15,411         366,837         423,800         132,205        132,676       280,570       287,946       96,359                                   For the Year Ended December 31, 2012    Incentive Fee      Management Fee      Service Fee      Trading Fee   For the Year Ended December 31, 2014   Incentive Fee   Management Fee   Service Fee   Trading Fee                                   Equinox Frontier Diversified Fund    $ 3,269,159       $ 1,896,102       $ 1,476,222       $ 2,955,458      $ 4,461,365     $ 1,042,209     $ 499,021     $ 1,287,161   Equinox Frontier Masters Fund      488,081         1,429,284         786,529         1,312,873        1,123,545       903,032       309,234       603,389   Equinox Frontier Long/Short Commodity Fund      1,059,104         3,459,419         462,999         1,029,157        253,177       821,891       132,136       280,737   Equinox Frontier Balanced Fund      7,081,173         2,533,302         4,987,704         1,784,001        3,620,437       1,092,555       2,027,439       694,288   Equinox Frontier Select Fund      65,989         1,272,443         865,891         244,837        363,142       496,959       394,486       109,839   Equinox Frontier Winton Fund      —           1,046,035         1,046,931         342,792        1,800,488       1,172,990       724,365       263,069   Equinox Frontier Heritage Fund      —           1,006,221         624,024         192,557        370,450       327,702       270,399       88,113   F-43 Table of Contents The following table summarizes fees payable to the Managing Owner as of December 31, 20142016 and 2013.2015.   As of December 31, 2016                         Incentive Fees   Management Fees   Interest Fees   Service Fees   Trading Fees   As of December 31, 2014    Incentive Fees      Management Fees      Interest Fees      Service Fees      Trading Fees                                           Equinox Frontier Diversified Fund    $ 2,387,825       $ 86,486       $ 16,168       $ 34,905       $ 132,984      $ —     $ 23,496     $ —     $ 15,193     $ 147,183   Equinox Frontier Masters Fund      722,043         64,497         6,898         17,260         55,912        —       50,174       —       9,037       57,890   Equinox Frontier Long/Short Commodity Fund      158,660         45,361         3,713         10,562         24,436        —       —       —       3,542       23,478   Equinox Frontier Balanced Fund      1,793,318         101,208         84,976         167,151         66,037        —       25,217       21,606       129,956       203,324   Equinox Frontier Select Fund      185,791         27,835         13,263         32,520         10,119        —       21,219       3,518       25,966       18,129   Equinox Frontier Winton Fund      1,178,364         114,823         63,722         52,753         26,690        —       256,824       30,730       39,370       55,142   Equinox Frontier Heritage Fund      239,327         27,944         14,543         20,964         8,676        —       56,501       7,420       16,457       17,953   As of December 31, 2013    Incentive Fees      Management Fees      Interest Fees      Service Fees      Trading Fees   Equinox Frontier Diversified Fund    $ 575,550       $ 101,504       $ 16,220       $ 46,263       $ 136,166    Equinox Frontier Masters Fund      —           107,027         9,587         35,858         72,687    Equinox Frontier Long/Short Commodity Fund      —           104,883         7,965         14,965         34,788    Equinox Frontier Balanced Fund      691,917         113,085         146,282         190,286         73,125    Equinox Frontier Select Fund      —           49,798         22,398         39,045         11,545    Equinox Frontier Winton Fund      128,097         100,260         59,865         53,054         23,844    Equinox Frontier Heritage Fund      15,411         28,615         19,767         25,485         9,212    As of December 31, 2015                                   Incentive Fees     Management Fees     Interest Fees     Service Fees     Trading Fees                                             Equinox Frontier Diversified Fund   $ 204,914     $ 81,940     $ 11,661     $ 17,020     $ 121,065   Equinox Frontier Masters Fund     42,251       54,674       4,957       12,098       48,501   Equinox Frontier Long/Short Commodity Fund     28,408       48,210       1,368       6,841       17,129   Equinox Frontier Balanced Fund     106,563       80,574       77,642       145,576       57,450   Equinox Frontier Select Fund     —       22,884       3,549       29,092       8,515   Equinox Frontier Winton Fund     —       93,171       49,624       44,422       22,405   Equinox Frontier Heritage Fund     —       21,490       11,066       18,807       7,457   With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the year ended December 31, 2014, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were ($2,794) for the Equinox Frontier Balanced Fund, ($345) for the Equinox Frontier Long/Short Commodity Fund, ($3,407) for the Equinox Frontier Diversified Fund, ($507) for the Equinox Frontier Select Fund, ($1,902) for the Equinox Frontier Heritage Fund, ($11,403) for the Equinox Frontier Winton Fund and $989 for the Equinox Frontier Masters Fund. For the year ended December 31, 2013, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were ($8,006) for the Equinox Frontier Balanced Fund, $2,379 for the Equinox Frontier Long/Short Commodity Fund, ($7,050) for the Equinox Frontier Diversified Fund, ($158) for the Equinox Frontier Select Fund, ($544) for the Equinox Frontier Heritage Fund, ($2,653) for the Equinox Frontier Winton Fund and ($2,196) for the Equinox Frontier Masters Fund. Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only)2), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund, and Equinox Frontier Balanced Fund (Class 1a1AP, Class 2a and Class 2a3a only), 20% of the total interest allocated to each Series iswas paid to the Managing Owner.Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. F-44 Table of Contents The following table outlines the interestamounts paid by each Series to the Managing Owner and its ratio to average net assets for the years ended December 31, 2014, 20132016, 2015 and 2012:2014:       2014     2013     2012     2014     2013     2012       Gross Amount Paid to the Managing Owner     Gross Amount Paid to the Managing Owner     Gross Amount Paid to the Managing Owner     Ratio to Average Net Assets     Ratio to Average Net Assets     Ratio to Average Net Assets   Equinox Frontier Diversified Fund Class 1   $ 56,582      $ 181,530      $ 295,820        0.30 %      0.41 %      0.45 %  Equinox Frontier Diversified Fund Class 2     81,752        177,826        259,145        0.28 %      0.40 %      0.45 %  Equinox Frontier Diversified Fund Class 3     6,433        n/a        n/a        0.19 %      n/a        n/a    Equinox Frontier Masters Fund Class 1     42,395        131,340        191,911        0.36 %      0.43 %      0.52 %  Equinox Frontier Masters Fund Class 2     25,486        61,324        95,207        0.31 %      0.44 %      0.52 %  Equinox Frontier Masters Fund Class 3     6,663        (5,941 )      n/a        0.23 %      -2.42 %      n/a    Equinox Frontier Long/Short Commodity Fund Class 1     n/a        n/a        4,995        n/a        n/a        0.51 %  Equinox Frontier Long/Short Commodity Fund Class 2     4,779        22,307        45,136        0.36 %      0.47 %      0.31 %  Equinox Frontier Long/Short Commodity Fund Class 3     22,800        105,031        133,169        0.31 %      0.86 %      0.74 %  Equinox Frontier Long/Short Commodity Fund Class 1a     18,852        70,738        104,420        0.32 %      0.49 %      0.65 %  Equinox Frontier Long/Short Commodity Fund Class 2a     6,122        37,950        62,752        0.35 %      0.52 %      0.35 %  Equinox Frontier Long/Short Commodity Fund Class 3a     1,454        n/a        n/a        0.27 %      n/a        n/a    Equinox Frontier Balanced Fund Class 1     846,398        2,035,387        3,014,199        1.34 %      1.86 %      1.83 %  Equinox Frontier Balanced Fund Class 1AP     3,342        n/a        n/a        0.02 %      n/a        n/a    Equinox Frontier Balanced Fund Class 1a     n/a        n/a        2,299        n/a        n/a        0.40 %  Equinox Frontier Balanced Fund Class 2     275,448        750,916        1,051,444        1.34 %      1.87 %      1.83 %  Equinox Frontier Balanced Fund Class 2a     1,252        14,505        5,807        0.25 %      1.86 %      0.40 %  Equinox Frontier Balanced Fund Class 3a     5,429        51,031        15,256        0.26 %      1.84 %      0.40 %  Equinox Frontier Select Fund Class 1     152,289        363,902        583,720        1.22 %      1.90 %      2.01 %  Equinox Frontier Select Fund Class 1AP     223        n/a        n/a        0.00 %      n/a        n/a    Equinox Frontier Select Fund Class 2     17,051        49,789        78,593        1.23 %      1.92 %      2.01 %  Equinox Frontier Winton Fund Class 1     418,922        551,889        697,090        1.82 %      1.93 %      2.01 %      2016     2015     2014     2016     2015     2014       Gross Amount     Gross Amount     Gross Amount                         Paid to the     Paid to the     Paid to the     Ratio to     Ratio to     Ratio to       Managing     Managing     Managing     Average Net     Average Net     Average Net       Owner     Owner     Owner     Assets     Assets     Assets                                                     Equinox Frontier Diversified Fund Class 1   $ 9,494     $ 42,063     $ 56,582       0.12 %     0.26 %     0.30 % Equinox Frontier Diversified Fund Class 2     39,041       88,023       81,752       0.11 %     0.26 %     0.28 % Equinox Frontier Diversified Fund Class 3     12,736       20,751       6,433       0.10 %     0.25 %     0.19 % Equinox Frontier Masters Fund Class 1     9,336       27,443       42,395       0.14 %     0.27 %     0.36 % Equinox Frontier Masters Fund Class 2     9,303       22,999       25,486       0.14 %     0.27 %     0.31 % Equinox Frontier Masters Fund Class 3     8,976       14,793       6,663       0.13 %     0.27 %     0.23 % Equinox Frontier Long/Short Commodity Fund Class 2     197       2,633       4,779       0.02 %     0.22 %     0.36 % Equinox Frontier Long/Short Commodity Fund Class 3     1,391       15,721       22,800       0.03 %     0.22 %     0.31 % Equinox Frontier Long/Short Commodity Fund Class 1a     1,108       11,732       18,852       0.03 %     0.22 %     0.32 % Equinox Frontier Long/Short Commodity Fund Class 2a     282       3,498       6,122       0.02 %     0.22 %     0.35 % Equinox Frontier Long/Short Commodity Fund Class 3a     171       1,695       1,454       0.02 %     0.21 %     0.27 % Equinox Frontier Balanced Fund Class 1     450,536       805,984       846,398       0.74 %     1.15 %     1.34 % Equinox Frontier Balanced Fund Class 1AP     5,135       8,750       3,342       0.74 %     1.14 %     0.02 % Equinox Frontier Balanced Fund Class 2     165,519       278,159       275,448       0.73 %     1.14 %     1.34 % Equinox Frontier Balanced Fund Class 2a     828       1,311       1,252       0.15 %     0.23 %     0.25 % Equinox Frontier Balanced Fund Class 3a     3,650       5,976       5,429       0.15 %     0.23 %     0.26 % Equinox Frontier Select Fund Class 1     38,569       65,986       152,289       0.33 %     0.50 %     1.22 % Equinox Frontier Select Fund Class 1AP     135       244       223       0.32 %     0.50 %     0.00 % Equinox Frontier Select Fund Class 2     4,752       7,429       17,051       0.33 %     0.50 %     1.23 % Equinox Frontier Winton Fund Class 1     315,194       450,697       418,922       1.39 %     1.77 %     1.82 % Equinox Frontier Winton Fund Class 1AP     518       676       544       1.39 %     1.77 %     0.02 % Equinox Frontier Winton Fund Class 2     167,500       209,259       188,681       1.39 %     1.62 %     1.75 % Equinox Frontier Heritage Fund Class 1     76,936       113,684       121,694       0.91 %     1.19 %     1.45 % Equinox Frontier Heritage Fund Class 1AP     340       726       337       1.00 %     1.18 %     0.01 % Equinox Frontier Heritage Fund Class 2     26,337       37,732       36,285       0.91 %     1.18 %     1.36 %                                                   Total   $ 1,347,984     $ 2,237,964     $ 2,341,213                               2014     2013     2012     2014     2013     2012       Gross Amount Paid to the Managing Owner     Gross Amount Paid to the Managing Owner     Gross Amount Paid to the Managing Owner     Ratio to Average Net Assets     Ratio to Average Net Assets     Ratio to Average Net Assets   Equinox Frontier Winton Fund Class 1AP     544        n/a        n/a        0.02 %      n/a        n/a    Equinox Frontier Winton Fund Class 2     188,681        197,408        218,605        1.75 %      1.91 %      1.87 %  Equinox Frontier Heritage Fund Class 1     121,694        270,150        415,282        1.45 %      1.91 %      2.01 %  Equinox Frontier Heritage Fund Class 1AP     337        n/a        n/a        0.01 %      n/a        n/a    Equinox Frontier Heritage Fund Class 2     36,285        66,778        98,559        1.36 %      1.91 %      2.01 %                                Total   $ 2,341,213      $ 5,133,860      $ 7,373,409                                        The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, and $300,000 for the third and final year for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $268,281, $1,113,677 and 766,944, respectively under this agreement for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts have no impact on the Series’ financial statements. Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $1,040,000, $1,415,000$0, $955,000 and, 437,245,$1,040,000, respectively, for the years ended December 31, 2016, 2015 and 2014, 2013 and 2012, respectively. These amounts have no impact on the Series’ financial statements. Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $1,136,465, $1,813,029$776,430, $623,715 and, $2,627,888,$1,136,465, respectively, for the years ended December 31, 2014, 20132016, 2015 and 2012. These amounts have no impact on the Series’ financial statements.2014. Equinox Group Distributors LLC, an affiliate under common control of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations. During the year, Equinox Frontier Long/Short Commodity Fund borrowed from the pooled cash management account to fund a portion of its investments in Galaxy Plus entities. As of December 31, 2016, the Equinox Frontier Long/Short Commodity Fund owes the other Series $1,608,862. Equinox Frontier Long/Short Commodity Fund is being charged an annual interest rate of 0.25% on this borrowing. F-45 Table of Contents During the year ended December 31, 2016, each Series changed its administrator from BNP Paribas to Gemini Hedge Fund Services, LLC. Gemini Hedge Fund Services, LLC is an affiliate of the Sponsor. During the year ended December 31, 2016, each Series changed its transfer agency provider from Phoenix American Financial Services, Inc. to Gemini Fund Services, LLC. Gemini Fund Services, LLC is an affiliate of the Sponsor. 7. 7. Financial Highlights The following information presents the financial highlights of the Series for the years ended December 31, 2014, 20132016, 2015 and 2012.2014. This data has been derived from the information presented in the financial statements.       Equinox Frontier Diversified Fund (5)     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund       Class 1     Class 2     Class 3     Class 1     Class 2     Class 3     Class 2     Class 3     Class 1a     Class 2a     Class 3a   Per unit operating performance (1)                       Net asset value, December 31, 2013   $ 87.10      $ 94.35      $ 84.21      $ 91.83      $ 99.46      $ 91.91      $ 125.26      $ 125.30      $ 92.73      $ 100.34      $ 100.47    Net operating results:                       Interest income     0.94        1.03        1.01        1.08        1.19        1.16        1.47        1.47        1.09        1.18        1.22    Expenses     (13.06 )      (12.11 )      (11.89 )      (11.55 )      (10.53 )      (10.27 )      (9.22 )      (9.26 )      (8.72 )      (7.40 )      (7.64 )  Net gain/(loss) on investments, net of non-controlling interests     38.11        41.40        41.70        35.25        38.41        36.26        20.79        20.83        16.02        17.23        17.72                                                                                            Net income/(loss)     25.99        30.32        30.82        24.78        29.07        27.15        13.04        13.04        8.39        11.01        11.30                                                                                            Net asset value, December 31, 2014   $ 113.09      $ 124.67      $ 115.03      $ 116.61      $ 128.53      $ 119.06      $ 138.30      $ 138.34      $ 101.12      $ 111.35      $ 111.77                                                                                            Ratios to average net assets (3)                       Net investment income/(loss)     -13.72 %      -11.36 %      -11.36 %      -11.32 %      -9.17 %      -9.17 %      -6.27 %      -6.27 %      -8.35 %      -6.27 %      -6.27 %  Expenses before incentive fees (4)     6.62 %      4.26 %      4.26 %      8.08 %      5.92 %      5.92 %      6.06 %      6.06 %      8.15 %      6.06 %      6.02 %  Expenses after incentive fees (4)     14.78 %      12.41 %      12.41 %      12.49 %      10.34 %      10.34 %      7.46 %      7.46 %      9.54 %      7.46 %      7.46 %  Total return before incentive fees (2)     38.00 %      40.29 %      44.75 %      31.40 %      33.64 %      33.96 %      11.80 %      11.80 %      10.44 %      12.37 %      12.68 %  Total return after incentive fees (2)     29.84 %      32.14 %      36.60 %      26.98 %      29.23 %      29.54 %      10.41 %      10.41 %      9.05 %      10.97 %      11.25 %      Equinox Frontier Balanced Fund (6)           Equinox Frontier Select Fund (6)                   Class 1     Class 1AP     Class 2     Class 2a     Class 3a           Class 1     Class 1AP     Class 2               Per unit operating performance (1)                       Net asset value, December 31, 2013   $ 106.29      $ 102.62      $ 140.49      $ 118.80      $ 118.41        $ 79.86      $ 75.53      $ 104.14        Net operating results:                       Interest income     0.03        0.03        0.04        0.04        0.04          0.00        0.00        0.00        Expenses     (9.48 )      (6.71 )      (8.38 )      (7.17 )      (7.13 )        (7.61 )      (5.48 )      (6.93 )      Net gain/(loss) on investments, net of non-controlling interests     34.70        37.26        47.01        41.35        41.20          23.36        26.77        31.27                                                                              Net income/(loss)     25.25        30.58        38.67        34.22        34.11          15.75        21.29        24.34                                                                              Net asset value, December 31, 2014   $ 131.54      $ 133.20      $ 179.16      $ 153.02      $ 152.52        $ 95.61      $ 96.82      $ 128.48                                                                              Ratios to average net assets (3)                       Net investment income/(loss)     -8.79 %      -5.79 %      -5.79 %      -5.79 %      -5.79 %        -9.61 %      -6.61 %      -6.61 %      Expenses before incentive fees (4)     4.92 %      1.92 %      1.92 %      1.92 %      1.92 %        7.14 %      4.14 %      4.14 %      Expenses after incentive fees (4)     8.82 %      5.82 %      5.82 %      5.82 %      5.82 %        9.61 %      6.61 %      6.61 %      Total return before incentive fees (2)     27.65 %      33.69 %      31.42 %      32.70 %      32.70 %        22.20 %      30.66 %      25.85 %      Total return after incentive fees (2)     23.76 %      29.80 %      27.53 %      28.80 %      28.81 %        19.72 %      28.19 %      23.37 %        Equinox Frontier Diversified Fund   Equinox Frontier Masters Fund   Equinox Frontier Long/Short Commodity Fund     Class 1   Class 2   Class 3   Class 1   Class 2   Class 3   Class 1a   Class 2   Class 2a   Class 3   Class 3a   Per unit operating performance (1)                                                                                         Net asset value, December 31, 2015   $ 115.52     $ 129.60     $ 119.87     $ 112.87     $ 126.60     $ 117.57     $ 94.76     $ 132.10     $ 106.19     $ 132.14     $ 106.86   Net operating results:                                                                                         Interest income     0.67       0.75       0.70       0.77       0.87       0.81       0.19       0.26       0.20       0.26       0.21   Expenses     (10.13 )     (7.17 )     (6.64 )     (9.79 )     (8.07 )     (7.50 )     (5.68 )     (5.17 )     (4.17 )     (5.18 )     (4.21 ) Net gain/(loss) on investments, net of non-controlling interests     10.37       9.76       9.34       8.95       9.38       9.01       3.50       2.37       3.46       3.58       4.64   Net income/(loss)     0.91       3.34       3.40       (0.07 )     2.18       2.32       (1.98 )     (2.54 )     (0.52 )     (1.34 )     0.64   Net asset value, December 31, 2016   $ 116.43     $ 132.94     $ 123.27     $ 112.80     $ 128.78     $ 119.89     $ 92.78     $ 129.56     $ 105.67     $ 130.80     $ 107.50                                                                                           Ratios to average net assets                                                                                         Net investment income/(loss)     -10.07 %     -5.79 %     -5.79 %     -9.87 %     -6.84 %     -6.84 %     -7.65 %     -4.84 %     -4.84 %     -4.84 %     -4.83 % Expenses before incentive fees (3)(4)     8.82 %     4.54 %     4.54 %     9.54 %     6.51 %     6.51 %     7.49 %     4.68 %     4.68 %     4.68 %     4.63 % Expenses after incentive fees (3)(4)     10.83 %     6.55 %     6.55 %     10.75 %     7.72 %     7.72 %     7.91 %     5.10 %     5.10 %     5.10 %     5.09 % Total return before incentive fees (2)     2.79 %     4.58 %     4.84 %     1.15 %     2.93 %     3.18 %     -1.67 %     -1.50 %     -0.07 %     -0.60 %     1.05 % Total return after incentive fees (2)     0.79 %     2.58 %     2.84 %     -0.06 %     1.72 %     1.97 %     -2.09 %     -1.92 %     -0.49 %     -1.01 %     0.60 %                                                                                            Equinox Frontier Winton Fund (6)      Equinox Frontier Heritage Fund (6)     Equinox Frontier Balanced Fund         Equinox Frontier Select Fund                  Class 1       Class 1AP       Class 2          Class 1   Class 1AP   Class 2     Class 1   Class 1AP   Class 2   Class 2a   Class 3a         Class 1   Class 1AP   Class 2           Per unit operating performance (1)                                                                                                       Net asset value, December 31, 2013    $ 139.59      $ 138.93      $ 174.17       $ 102.05      $ 98.80      $ 134.21    Net asset value, December 31, 2015   $ 128.03     $ 133.59     $ 179.69     $ 154.88     $ 154.37             $ 90.35     $ 94.28     $ 125.11                   Net operating results:                                                                                                       Interest income      0.00        0.00        0.00         0.00        0.00        0.00        0.15       0.15       0.21       0.18       0.18               0.01       0.00       0.01                   Expenses      (17.82 )      (13.99 )      (17.09 )       (10.02 )      (7.36 )      (9.27 )      (8.21 )     (4.49 )     (6.04 )     (5.22 )     (5.21 )             (6.11 )     (3.30 )     (4.37 )                 Net gain/(loss) on investments, net of non-controlling interests      54.18        53.24        69.15         38.25        40.49        51.62        14.83       15.72       21.13       19.21       19.15               9.81       10.18       13.50                   Net income/(loss)     6.77       11.38       15.30       14.17       14.12               3.71       6.88       9.14                   Net asset value, December 31, 2016   $ 134.80     $ 144.97     $ 194.99     $ 169.05     $ 168.49             $ 94.06     $ 101.16     $ 134.25                                                                                                                                                 Net income/(loss)      36.36        39.25        52.06         28.23        33.13        42.35                                          Net asset value, December 31, 2014    $ 175.95      $ 178.18      $ 226.23       $ 130.28      $ 131.93      $ 176.56                                          Ratios to average net assets (3)               Ratios to average net assets                                                                                         Net investment income/(loss)      -12.22 %      -9.22 %      -9.22 %       -9.68 %      -6.67 %      -6.67 %      -7.65 %     -3.62 %     -3.62 %     -3.62 %     -3.62 %             -8.44 %     -4.26 %     -4.24 %                 Expenses before incentive fees (4)      7.09 %      4.09 %      4.09 %       6.53 %      3.53 %      3.53 %  Expenses after incentive fees (4)      12.22 %      9.22 %      9.22 %       9.68 %      6.67 %      6.67 %  Expenses before incentive fees (3)(4)     6.20 %     2.16 %     2.16 %     2.16 %     2.16 %             8.14 %     3.94 %     3.94 %                 Expenses after incentive fees (3)(4)     7.80 %     3.77 %     3.77 %     3.77 %     3.77 %             8.45 %     4.26 %     4.26 %                 Total return before incentive fees (2)      31.18 %      33.38 %      35.02 %       30.81 %      36.68 %      34.70 %      6.89 %     10.12 %     10.12 %     10.75 %     10.75 %             4.42 %     7.61 %     7.62 %                 Total return after incentive fees (2)      26.05 %      28.25 %      29.89 %       27.66 %      33.53 %      31.56 %      5.29 %     8.52 %     8.51 %     9.15 %     9.15 %             4.11 %     7.30 %     7.31 %                                                                                                           Equinox Frontier Winton Fund   Equinox Frontier Heritage Fund                         Class 1   Class 1AP   Class 2   Class 1   Class 1AP   Class 2                       Per unit operating performance (1)                                                                                         Net asset value, December 31, 2015   $ 164.17     $ 171.31     $ 217.51     $ 124.27     $ 129.67     $ 173.54                                           Net operating results:                                                                                         Interest income     0.04       0.04       0.05       0.02       0.00       0.02                                           Expenses     (12.41 )     (7.86 )     (9.99 )     (7.76 )     (4.25 )     (5.60 )                                         Net gain/(loss) on investments, net of non-controlling interests     2.72       2.68       3.41       3.05       3.18       4.14                                           Net income/(loss)     (9.66 )     (5.14 )     (6.53 )     (4.69 )     (1.07 )     (1.44 )                                         Net asset value, December 31, 2016   $ 154.51     $ 166.17     $ 210.98     $ 119.58     $ 128.60     $ 172.10                                                                                                                                   Ratios to average net assets                                                                                         Net investment income/(loss)     -9.91 %     -5.88 %     -5.88 %     -8.17 %     -4.15 %     -4.14 %                                         Expenses before incentive fees (3)(4)     9.66 %     5.63 %     5.63 %     8.11 %     4.07 %     4.07 %                                         Expenses after incentive fees (3)(4)     9.94 %     5.91 %     5.91 %     8.19 %     4.15 %     4.15 %                                         Total return before incentive fees (2)     -5.60 %     -2.71 %     -2.72 %     -3.69 %     -0.75 %     -0.75 %                                         Total return after incentive fees (2)     -5.88 %     -3.00 %     -3.00 %     -3.77 %     -0.83 %     -0.83 %                                           (1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. (2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized. (3) Annualized with the exception of incentive fees. (4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6. (5) Class 3 began operations on February 24, 2014. (6) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally.     Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund (5)       Class 1     Class 2     Class 1     Class 2     Class 3     Class 2     Class 3     Class 1a     Class 2a     Class 3a   Per unit operating performance (1)                     Net asset value, December 31, 2012   $ 94.40      $ 100.48      $ 101.11      $ 107.61      $ 88.01      $ 145.65      $ 145.69      $ 108.58      $ 115.45      $ 109.60    Net operating results:                     Interest income     1.53        1.64        1.66        1.78        2.25        3.15        2.93        2.48        2.69        2.46    Expenses     (6.23 )      (4.55 )      (7.11 )      (5.45 )      (6.89 )      (9.03 )      (8.41 )      (9.30 )      (7.72 )      (7.06 )  Net gain/(loss) on investments, net of non-controlling interests     (2.60 )      (3.22 )      (3.83 )      (4.48 )      8.54        (14.51 )      (14.91 )      (9.03 )      (10.08 )      (4.53 )                                                                                  Net income/(loss)     (7.30 )      (6.13 )      (9.28 )      (8.15 )      3.90        (20.39 )      (20.39 )      (15.85 )      (15.11 )      (9.13 )                                                                                  Net asset value, December 31, 2013   $ 87.10      $ 94.35      $ 91.83      $ 99.46      $ 91.91      $ 125.26      $ 125.30      $ 92.73      $ 100.34      $ 100.47                                                                                    Ratios to average net assets (3)                     Net investment income/(loss)     -5.34 %      -3.08 %      -5.63 %      -3.52 %      -3.52 %      -4.55 %      -4.55 %      -6.68 %      -4.55 %      -4.55 %  Expenses before incentive fees (4)     6.22 %      3.96 %      7.34 %      5.23 %      5.23 %      6.98 %      6.98 %      9.11 %      6.98 %      6.98 %  Expenses after incentive fees (4)     7.07 %      4.82 %      7.34 %      5.23 %      5.23 %      6.98 %      6.98 %      9.11 %      6.98 %      6.98 %  Total return before incentive fees (2)     -6.88 %      -5.25 %      -9.18 %      -7.57 %      4.43 %      -14.00 %      -14.00 %      -14.60 %      -13.09 %      -8.33 %  Total return after incentive fees (2)     -7.73 %      -6.10 %      -9.18 %      -7.57 %      4.43 %      -14.00 %      -14.00 %      -14.60 %      -13.09 %      -8.33 %      Equinox Frontier Balanced Fund           Equinox Frontier Select Fund                         Class 1     Class 2     Class 2a     Class 3a           Class 1     Class 2                     Per unit operating performance (1)                     Net asset value, December 31, 2012   $ 116.32      $ 149.20      $ 124.36      $ 123.96        $ 78.66      $ 99.55          Net operating results:                     Interest income     0.20        0.26        0.22        0.22          0.96        1.23          Expenses     (6.13 )      (3.73 )      (3.13 )      (3.12 )        (5.29 )      (3.72 )        Net gain/(loss) on investments, net of non-controlling interests     (4.10 )      (5.24 )      (2.65 )      (2.65 )        5.53        7.08                                                                  Net income/(loss)     (10.03 )      (8.71 )      (5.56 )      (5.55 )        1.20        4.59                                                                  Net asset value, December 31, 2013   $ 106.29      $ 140.49      $ 118.80      $ 118.41        $ 79.86      $ 104.14                                                                  Ratios to average net assets (3)                     Net investment income/(loss)     -5.47 %      -2.46 %      -2.46 %      -2.46 %        -5.43 %      -2.43 %        Expenses before incentive fees (4)     4.77 %      1.77 %      1.77 %      1.77 %        6.63 %      3.63 %        Expenses after incentive fees (4)     5.65 %      2.65 %      2.65 %      2.65 %        6.63 %      3.63 %        Total return before incentive fees (2)     -7.74 %      -4.96 %      -3.59 %      -3.60 %        1.53 %      4.61 %        Total return after incentive fees (2)     -8.62 %      -5.84 %      -4.47 %      -4.48 %        1.53 %      4.61 %             Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund (6)        Class 1     Class 2     Class 1     Class 2   Per unit operating performance (1)          Net asset value, December 31, 2012    $ 130.73      $ 158.30      $ 94.55      $ 120.67    Net operating results:          Interest income      0.98        1.20        0.61        0.79    Expenses      (9.15 )      (6.29 )      (5.85 )      (3.73 )  Net gain/(loss) on investments, net of non-controlling interests      17.03        20.96        12.74        16.48                                     Net income/(loss)      8.86        15.87        7.50        13.54                                     Net asset value, December 31, 2013    $ 139.59      $ 174.17      $ 102.05      $ 134.21                                     Ratios to average net assets (3)          Net investment income/(loss)      -6.08 %      -3.08 %      -5.30 %      -2.30 %  Expenses before incentive fees (4)      6.48 %      3.48 %      5.84 %      2.83 %  Expenses after incentive fees (4)      6.81 %      3.81 %      5.92 %      2.92 %  Total return before incentive fees (2)      7.11 %      10.35 %      8.02 %      11.31 %  Total return after incentive fees (2)      6.78 %      10.03 %      7.93 %      11.22 %  (1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. (2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized. (3) Annualized with the exception of incentive fees. (4)(3) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6. (5) Class 3a operations began June 17, 2013(4) Expense ratios do not include mangement and incentive fees at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees are included in the total return. (6) Class 3 operations began December 16, 2013 F-46     Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund (5)       Class 1     Class 2     Class 1     Class 2     Class 1     Class 2     Class 3     Class 1a   �� Class 2a   Per unit operating performance (1)                   Net asset value, December 31, 2011   $ 99.40      $ 103.96      $ 100.25      $ 104.83      $ 136.13      $ 161.97      $ 161.96      $ 121.71      $ 127.23    Net operating results:                   Interest income     1.72        1.81        1.94        2.05        2.73        1.55        4.66        3.10        1.99    Expenses     (8.54 )      (6.70 )      (8.23 )      (6.36 )      (13.78 )      (6.19 )      (18.67 )      (15.65 )      (7.97 )  Net gain/(loss) on investments, net of non-controlling interests     1.82        1.41        7.15        7.09        10.33        (11.68 )      (2.26 )      (0.58 )      (5.80 )                                                                          Net income/(loss)     (5.00 )      (3.48 )      0.86        2.78        (0.72 )      (16.32 )      (16.27 )      (13.13 )      (11.78 )                                                                          Net asset value, December 31, 2012   $ 94.40      $ 100.48      $ 101.11      $ 107.61      $ 135.41      $ 145.65      $ 145.69      $ 108.58      $ 115.45                                                                            Ratios to average net assets (3)                   Net investment income/(loss)     -6.99 %      -4.76 %      -6.10 %      -3.97 %      -8.20 %      -6.09 %      -6.09 %      -8.20 %      -6.09 %  Expenses before incentive fees (6)     6.13 %      3.90 %      7.10 %      4.96 %      8.68 %      6.56 %      6.56 %      8.68 %      6.56 %  Expenses after incentive fees (6)     8.76 %      6.53 %      7.98 %      5.85 %      10.23 %      8.11 %      8.11 %      10.23 %      8.11 %  Total return before incentive fees (2)     -2.40 %      -0.72 %      1.74 %      3.54 %      1.02 %      -8.53 %      -8.50 %      -9.24 %      -7.71 %  Total return after incentive fees (2)     -5.03 %      -3.35 %      0.86 %      2.65 %      -0.53 %      -10.08 %      -10.05 %      -10.79 %      -9.26 %      Equinox Frontier Balanced Fund     Equinox Frontier Select Fund                   Class 1     Class 1a     Class 2     Class 2a     Class 3a     Class 1     Class 2               Per unit operating performance (1)                   Net asset value, December 31, 2011   $ 124.50      $ 108.45      $ 155.02      $ 128.35      $ 128.36      $ 91.02      $ 111.84        Net operating results:                   Interest income     0.15        0.13        0.19        0.15        0.15        0.70        0.86        Expenses     (9.74 )      (8.55 )      (7.67 )      (6.38 )      (6.36 )      (6.78 )      (5.20 )      Net gain/(loss) on investments, net of non-controlling interests     1.41        4.29        1.66        2.24        1.81        (6.28 )      (7.95 )                                                                  Net income/(loss)     (8.18 )      (4.13 )      (5.82 )      (3.99 )      (4.40 )      (12.36 )      (12.29 )                                                                  Net asset value, December 31, 2012   $ 116.32      $ 104.32      $ 149.20      $ 124.36      $ 123.96      $ 78.66      $ 99.55                                                                    Ratios to average net assets (3)                   Net investment income/(loss)     -7.86 %      -7.86 %      -4.86 %      -4.86 %      -4.86 %      -6.98 %      -4.00 %      Expenses before incentive fees (6)     4.89 %      4.89 %      1.89 %      1.89 %      1.89 %      7.57 %      4.60 %      Expenses after incentive fees (6)     7.98 %      7.98 %      4.98 %      4.98 %      4.98 %      7.77 %      4.80 %      Total return before incentive fees (2)     -3.48 %      -0.72 %      -0.66 %      -0.02 %      -0.33 %      -13.38 %      -10.79 %      Total return after incentive fees (2)     -6.57 %      -3.81 %      -3.75 %      -3.11 %      -3.43 %      -13.58 %      -10.99 %      Table of Contents      Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund        Class 1     Class 2     Class 1     Class 2   Per unit operating performance (1)          Net asset value, December 31, 2011    $ 141.13      $ 165.82      $ 104.73      $ 129.70    Net operating results:          Interest income      1.57        1.87        0.53        0.66    Expenses      (8.17 )      (4.90 )      (7.77 )      (5.93 )  Net gain/(loss) on investments, net of non-controlling interests      (3.80 )      (4.49 )      (2.94 )      (3.76 )                                   Net income/(loss)      (10.40 )      (7.52 )      (10.18 )      (9.03 )                                   Net asset value, December 31, 2012    $ 130.73      $ 158.30      $ 94.55      $ 120.67                                     Ratios to average net assets (3)          Net investment income/(loss)      -4.89 %      -1.88 %      -7.17 %      -4.15 %  Expenses before incentive fees (6)      6.06 %      3.04 %      7.69 %      4.68 %  Expenses after incentive fees (6)      6.06 %      3.04 %      7.69 %      4.68 %  Total return before incentive fees (2)      -7.37 %      -4.54 %      -9.72 %      -6.96 %  Total return after incentive fees (2)      -7.37 %      -4.54 %      -9.72 %      -6.96 %      Equinox Frontier Diversified Fund     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund       Class 1     Class 2     Class 3     Class 1     Class 2     Class 3     Class 2     Class 3     Class 1a     Class 2a     Class 3a   Per unit operating performance (1)                                                                                         Net asset value, December 31, 2014   $ 113.09     $ 124.67     $ 115.03     $ 116.61     $ 128.53     $ 119.06     $ 138.30     $ 138.34     $ 101.12     $ 111.35     $ 111.77   Net operating results:                                                                                         Interest income     1.25       1.38       1.27       1.26       1.39       1.29       1.30       1.30       0.94       1.04       1.04   Expenses     (12.26 )     (10.18 )     (9.38 )     (11.75 )     (10.13 )     (9.34 )     (10.10 )     (10.10 )     (9.53 )     (8.12 )     (8.06 ) Net gain/(loss) on investments, net of non-controlling interests     13.46       13.73       12.95       6.75       6.81       6.56       2.60       2.60       2.23       1.92       2.11   Net income/(loss)     2.43       4.93       4.84       (3.74 )     (1.93 )     (1.49 )     (6.20 )     (6.20 )     (6.36 )     (5.16 )     (4.91 ) Net asset value, December 31, 2015   $ 115.52     $ 129.60     $ 119.87     $ 112.87     $ 126.60     $ 117.57     $ 132.10     $ 132.14     $ 94.76     $ 106.19     $ 106.86                                                                                             Ratios to average net assets (3)                                                                                         Net investment income/(loss)     -9.10 %     -6.56 %     -6.56 %     -8.92 %     -6.70 %     -6.70 %     -6.03 %     -6.03 %     -8.11 %     -6.03 %     -6.03 % Expenses before incentive fees (4)     6.60 %     4.06 %     4.06 %     7.45 %     5.23 %     5.23 %     4.89 %     4.89 %     6.97 %     4.89 %     4.78 % Expenses after incentive fees (4)     10.13 %     7.59 %     7.59 %     9.99 %     7.77 %     7.77 %     6.91 %     6.91 %     9.00 %     6.91 %     6.91 % Total return before incentive fees (2)     5.68 %     7.49 %     7.74 %     -0.67 %     1.03 %     1.28 %     -2.46 %     -2.45 %     -4.26 %     -2.61 %     -2.26 % Total return after incentive fees (2)     2.15 %     3.95 %     4.21 %     -3.21 %     -1.50 %     -1.25 %     -4.48 %     -4.48 %     -6.29 %     -4.63 %     -4.39 %                                                                                               Equinox Frontier Balanced Fund             Equinox Frontier Select Fund                       Class 1     Class 1AP     Class 2     Class 2a     Class 3a             Class 1     Class 1AP     Class 2                   Per unit operating performance (1)                                                                                         Net asset value, December 31, 2014   $ 131.54     $ 133.20     $ 179.16     $ 153.02     $ 152.52             $ 95.61     $ 96.82     $ 128.48                   Net operating results:                                                                                         Interest income     0.04       0.04       0.06       0.05       0.05               0.00       0.00       0.00                   Expenses     (8.91 )     (4.94 )     (6.65 )     (5.70 )     (5.68 )             (6.63 )     (3.84 )     (5.11 )                 Net gain/(loss) on investments, net of non-controlling interests     5.36       5.29       7.12       7.51       7.50               1.37       1.30       1.74                   Net income/(loss)     (3.51 )     0.39       0.53       1.86       1.85               (5.26 )     (2.54 )     (3.37 )                 Net asset value, December 31, 2015   $ 128.03     $ 133.59     $ 179.69     $ 154.88     $ 154.37             $ 90.35     $ 94.28     $ 125.11                                                                                                             Ratios to average net assets (3)                                                                                         Net investment income/(loss)     -6.50 %     -3.50 %     -3.50 %     -3.50 %     -3.50 %             -6.91 %     -3.91 %     -3.91 %                 Expenses before incentive fees (4)     4.80 %     1.80 %     1.80 %     1.80 %     1.80 %             5.82 %     2.82 %     2.82 %                 Expenses after incentive fees (4)     6.53 %     3.53 %     3.53 %     3.53 %     3.53 %             6.91 %     3.91 %     3.91 %                 Total return before incentive fees (2)     -0.94 %     2.02 %     2.03 %     2.95 %     2.95 %             -4.42 %     -1.54 %     -1.54 %                 Total return after incentive fees (2)     -2.67 %     0.29 %     0.30 %     1.22 %     1.21 %             -5.50 %     -2.62 %     -2.62 %                                                                                                               Equinox Frontier Winton Fund     Equinox Frontier Heritage Fund                                               Class 1     Class 1AP     Class 2     Class 1     Class 1AP     Class 2                                           Per unit operating performance (1)                                                                                         Net asset value, December 31, 2014   $ 175.95     $ 178.18     $ 226.23     $ 130.28     $ 131.93     $ 176.56                                           Net operating results:                                                                                         Interest income     0.00       0.00       0.00       0.00       0.00       0.00                                           Expenses     (15.25 )     (10.28 )     (13.06 )     (9.27 )     (5.42 )     (7.26 )                                         Net gain/(loss) on investments, net of non-controlling interests     3.47       3.41       4.34       3.26       3.16       4.24                                           Net income/(loss)     (11.78 )     (6.87 )     (8.72 )     (6.01 )     (2.26 )     (3.02 )                                         Net asset value, December 31, 2015   $ 164.17     $ 171.31     $ 217.51     $ 124.27     $ 129.67     $ 173.54                                                                                                                                     Ratios to average net assets (3)                                                                                         Net investment income/(loss)     -8.74 %     -5.74 %     -5.74 %     -6.97 %     -3.97 %     -3.97 %                                         Expenses before incentive fees (4)     6.88 %     3.88 %     3.88 %     5.94 %     2.94 %     2.94 %                                         Expenses after incentive fees (4)     8.74 %     5.74 %     5.74 %     6.97 %     3.97 %     3.97 %                                         Total return before incentive fees (2)     -4.83 %     -1.99 %     -1.99 %     -3.58 %     -0.68 %     -0.68 %                                         Total return after incentive fees (2)     -6.70 %     -3.86 %     -3.85 %     -4.61 %     -1.71 %     -1.71 %                                           (1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. (2) ComputedImpact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized. (3) Annualized with the exception of incentive fees. (4) All remaining Class 1a Units were exchanged for Class 3a Units on July 17, 2012. (5) All remaining Class 1 Units were exchanged for Class 3 Units July 18, 2012. (6)(4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6. F-47 Table of Contents     Equinox Frontier Diversified Fund (5)     Equinox Frontier Masters Fund     Equinox Frontier Long/Short Commodity Fund       Class 1     Class 2     Class 3     Class 1     Class 2     Class 3     Class 2     Class 3     Class 1a     Class 2a     Class 3a   Per unit operating performance (1)                                                                                         Net asset value, December 31, 2013   $ 87.10     $ 94.35     $ 84.21     $ 91.83     $ 99.46     $ 91.91     $ 125.26     $ 125.30     $ 92.73     $ 100.34     $ 100.47   Net operating results:                                                                                         Interest income     0.94       1.03       1.01       1.08       1.19       1.16       1.47       1.47       1.09       1.18       1.22   Expenses     (13.06 )     (12.11 )     (11.89 )     (11.55 )     (10.53 )     (10.27 )     (9.22 )     (9.26 )     (8.72 )     (7.40 )     (7.64 ) Net gain/(loss) on investments, net of non-controlling interests     38.11       41.40       41.70       35.25       38.41       36.26       20.79       20.83       16.02       17.23       17.72   Net income/(loss)     25.99       30.32       30.82       24.78       29.07       27.15       13.04       13.04       8.39       11.01       11.30   Net asset value, December 31, 2014   $ 113.09     $ 124.67     $ 115.03     $ 116.61     $ 128.53     $ 119.06     $ 138.30     $ 138.34     $ 101.12     $ 111.35     $ 111.77                                                                                             Ratios to average net assets (3)                                                                                         Net investment income/(loss)     -13.72 %     -11.36 %     -11.36 %     -11.32 %     -9.17 %     -9.17 %     -6.27 %     -6.27 %     -8.35 %     -6.27 %     -6.27 % Expenses before incentive fees (4)     6.62 %     4.26 %     4.26 %     8.08 %     5.92 %     5.92 %     6.06 %     6.06 %     8.15 %     6.06 %     6.02 % Expenses after incentive fees (4)     14.78 %     12.41 %     12.41 %     12.49 %     10.34 %     10.34 %     7.46 %     7.46 %     9.54 %     7.46 %     7.46 % Total return before incentive fees (2)     38.00 %     40.29 %     44.75 %     31.40 %     33.64 %     33.96 %     11.80 %     11.80 %     10.44 %     12.37 %     12.68 % Total return after incentive fees (2)     29.84 %     32.14 %     36.60 %     26.98 %     29.23 %     29.54 %     10.41 %     10.41 %     9.05 %     10.97 %     11.25 %                                                                                               Equinox Frontier Balanced Fund (6)             Equinox Frontier Select Fund (6)                       Class 1     Class 1AP     Class 2     Class 2a     Class 3a             Class 1     Class 1AP     Class 2                   Per unit operating performance (1)                                                                                         Net asset value, December 31, 2013   $ 106.29     $ 102.62     $ 140.49     $ 118.80     $ 118.41             $ 79.86     $ 75.53     $ 104.14                   Net operating results:                                                                                         Interest income     0.03       0.03       0.04       0.04       0.04               0.00       0.00       0.00                   Expenses     (9.48 )     (6.71 )     (8.38 )     (7.17 )     (7.13 )             (7.61 )     (5.48 )     (6.93 )                 Net gain/(loss) on investments, net of non-controlling interests     34.70       37.26       47.01       41.35       41.20               23.36       26.77       31.27                   Net income/(loss)     25.25       30.58       38.67       34.22       34.11               15.75       21.29       24.34                   Net asset value, December 31, 2014   $ 131.54     $ 133.20     $ 179.16     $ 153.02     $ 152.52             $ 95.61     $ 96.82     $ 128.48                                                                                                             Ratios to average net assets (3)                                                                                         Net investment income/(loss)     -8.79 %     -5.79 %     -5.79 %     -5.79 %     -5.79 %             -9.61 %     -6.61 %     -6.61 %                 Expenses before incentive fees (4)     4.92 %     1.92 %     1.92 %     1.92 %     1.92 %             7.14 %     4.14 %     4.14 %                 Expenses after incentive fees (4)     8.82 %     5.82 %     5.82 %     5.82 %     5.82 %             9.61 %     6.61 %     6.61 %                 Total return before incentive fees (2)     27.65 %     33.69 %     31.42 %     32.70 %     32.70 %             22.20 %     30.66 %     25.85 %                 Total return after incentive fees (2)     23.76 %     29.80 %     27.53 %     28.80 %     28.81 %             19.72 %     28.19 %     23.37 %                                                                                                               Equinox Frontier Winton Fund (6)     Equinox Frontier Heritage Fund (6)                                               Class 1     Class 1AP     Class 2     Class 1     Class 1AP     Class 2                                           Per unit operating performance (1)                                                                                         Net asset value, December 31, 2013   $ 139.59     $ 138.93     $ 174.17     $ 102.05     $ 98.80     $ 134.21                                           Net operating results:                                                                                         Interest income     0.00       0.00       0.00       0.00       0.00       0.00                                           Expenses     (17.82 )     (13.99 )     (17.09 )     (10.02 )     (7.36 )     (9.27 )                                         Net gain/(loss) on investments, net of non-controlling interests     54.18       53.24       69.15       38.25       40.49       51.62                                           Net income/(loss)     36.36       39.25       52.06       28.23       33.13       42.35                                           Net asset value, December 31, 2014   $ 175.95     $ 178.18     $ 226.23     $ 130.28     $ 131.93     $ 176.56                                                                                                                                     Ratios to average net assets (3)                                                                                         Net investment income/(loss)     -12.22 %     -9.22 %     -9.22 %     -9.68 %     -6.67 %     -6.67 %                                         Expenses before incentive fees (4)     7.09 %     4.09 %     4.09 %     6.53 %     3.53 %     3.53 %                                         Expenses after incentive fees (4)     12.22 %     9.22 %     9.22 %     9.68 %     6.67 %     6.67 %                                         Total return before incentive fees (2)     31.18 %     33.38 %     35.02 %     30.81 %     36.68 %     34.70 %                                         Total return after incentive fees (2)     26.05 %     28.25 %     29.89 %     27.66 %     33.53 %     31.56 %                                         (1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. (2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized. (3) Annualized with the exception of incentive fees. (4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6. (5) Class 3 began operations on February 24, 2014. (6) Class 1AP began operations on July 31, 2014. F-48 Table of Contents 8. 8. Derivative Instruments and Hedging Activities The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815,Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of December 31, 20142016 and 20132015 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts. The following tables summarize the monthly averages of futures contracts bought and sold for each respective Series of the Trust: For the Year Ended December 31, 2014 For the Year Ended December 31, 2016   Monthly average contracts:       Bought     Sold                 Equinox Frontier Balanced Fund     3,551       3,667   Equinox Frontier Long/Short Commodity Fund     17       7   Equinox Frontier Select Fund     2,403       2,134   Equinox Frontier Winton Fund     646       768     Monthly average contracts:    Bought      Sold   Equinox Frontier Long/Short Commodity Fund      3,583         3,892    Equinox Frontier Balanced Fund      8,795         8,811    Equinox Frontier Diversified Fund      9,017         8,941    For the Year Ended December 31, 2013 For the Year Ended December 31, 2015   Monthly average contracts:       Bought     Sold                 Equinox Frontier Balanced Fund     5,930       6,000   Equinox Frontier Diversified Fund     7,657       7,698   Equinox Frontier Select Fund     2,213       2,285   Equinox Frontier Winton Fund     629       697     Monthly average contracts:    Bought      Sold   Equinox Frontier Long/Short Commodity Fund (1)      11,733         14,063    Equinox Frontier Balanced Fund (2)      23,157         23,954    Equinox Frontier Diversified Fund (4)      8         29    For the Year Ended December 31, 2014   Monthly average contracts:       Bought     Sold                 Equinox Frontier Long/Short Commodity Fund     3,583       3,892   Equinox Frontier Balanced Fund     8,795       8,811   Equinox Frontier Diversified Fund     9,017       8,941   For the Year Ended December 31, 2012F-49 Table of Contents Monthly average contracts:    Bought      Sold   Equinox Frontier Long/Short Commodity Fund (1)      17,179         18,323    Equinox Frontier Balanced Fund (2)      49,988         52,353    Equinox Frontier Masters Fund (3)      2,814         2,573    The following tables summarize the trading revenues for the years ended December 31, 2014, 20132016, 2015 and 20122014 by sector: Realized Trading Revenue from Futures, Forwards and Options for the Year EndingEnded December 31, 20142016     Equinox Frontier                   Long/Short   Equinox Frontier   Equinox Frontier   Equinox Frontier   Type of contract   Equinox Frontier Long/Short Commodity Fund   Equinox Frontier Balanced Fund   Equinox Frontier Diversified Fund     Commodity Fund   Balanced Fund   Select Fund   Winton Fund                     Metals   $ (60,704 )    $ 395,916      $ (137,422 )    $ (34,888 )   $ 182,563     $ (410,694 )   $ (2,388,858 ) Currencies     (278,672 )      4,230,277        2,058,953        —       (13,492 )     900,699       2,423,468   Energies     (1,920,468 )      514,658        1,116,359        62,750       (486,968 )     (341,104 )     (1,997,815 ) Agriculturals     (252,807 )      712,902        1,285,340        (118,076 )     104,957       (239,338 )     (645,570 ) Interest rates     (223,175 )      10,131,219        7,556,999        —       5,052,510       1,821,479       3,484,057   Stock indices     154,966        (1,678,771 )      3,975,474        —       (1,061,138 )     375,929       (282,419 )                   Realized trading income/(loss) (1)   $ (2,580,860 )    $ 14,306,201      $ 15,855,703      $ (90,214 )   $ 3,778,432     $ 2,106,971     $ 592,863                     Realized Trading Revenue from Futures, Forwards and Options for the Year EndingEnded December 31, 20132015     Equinox Frontier   Equinox Frontier   Equinox Frontier   Equinox Frontier   Type of contract    Equinox Frontier Long/Short Commodity Fund   Equinox Frontier Balanced Fund   Equinox Frontier Diversified Fund     Diversified Fund   Balanced Fund   Select Fund   Winton Fund                     Metals    $ (1,728,342 )    $ 3,256,726      $ (630,122 )    $ (290,825 )   $ (1,177,902 )   $ 318,485     $ 1,193,164   Currencies      739,311        (1,612,012 )      1,300,655        1,383,673       (1,439,511 )     (1,139,499 )     (708,080 ) Energies      (5,101,842 )      (5,748,358 )      (3,465 )      583,688       1,689,728       2,554,163       4,578,349   Agriculturals      4,327        (3,966,671 )      8,936        (393,721 )     (713,403 )     (430,337 )     163,315   Interest rates      26,985        (4,962,326 )      (88,186 )      4,591,068       2,060,482       465,975       2,023,333   Stock indices      2,116,530        18,929,776        146,263        2,725,801       (584,380 )     (383,178 )     (3,884,112 )                    Realized trading income/(loss) (1)    $ (3,943,031 )    $ 5,897,135      $ 734,081      $ 8,599,684     $ (164,986 )   $ 1,385,609     $ 3,365,969                      Realized Trading Revenue from Futures, Forwards and Options for the Year EndingEnded December 31, 20122014     Equinox Frontier               Long/Short   Equinox Frontier   Equinox Frontier   Type of contract    Equinox Frontier Long/Short Commodity Fund   Equinox Frontier Balanced Fund   Equinox Frontier Masters Fund     Commodity Fund   Balanced Fund   Diversified Fund                 Metals    $ (22,904,111 )    $ (6,598,240 )    $ 499,038      $ (60,704 )   $ 395,916     $ (137,422 ) Currencies      (4,555,951 )      6,700,871        381,343        (278,672 )     4,230,277       2,058,953   Energies      (2,034,936 )      (11,764,811 )      (1,637,183 )      (1,920,468 )     514,658       1,116,359   Agriculturals      (3,235,035 )      (5,356,166 )      32,119        (252,807 )     712,902       1,285,340   Interest rates      (13,264,367 )      35,523,247        3,099,733        (223,175 )     10,131,219       7,556,999   Stock indices      20,121,571        3,767,440        (569,140 )      154,966       (1,678,771 )     3,975,474                      Realized trading income/(loss) (1)    $ (25,872,829 )    $ 22,272,341      $ 1,805,910      $ (2,580,860 )   $ 14,306,201     $ 15,855,703                        (1) Amounts recorded in the Statements of Operations under Net realized gain(loss) on futures, forwards and options.options F-50 Table of Contents Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2016     Equinox Frontier                         Long/Short     Equinox Frontier     Equinox Frontier     Equinox Frontier   Type of contract   Commodity Fund     Balanced Fund     Select Fund     Winton Fund                             Metals   $ 40,106     $ 60,680     $ (97,042 )   $ (577,784 ) Currencies     88,181       (568,349 )     231,035       92,870   Energies     310,673       127,622       (457,542 )     (165,261 ) Agriculturals     265,514       (8,243 )     (47,280 )     105,158   Interest rates     6,479       88,321       435,147       699,717   Stock indices     (17,690 )     (40,687 )     122,797       311,568   Change in unrealized trading income/(loss)(1)   $ 693,263     $ (340,656 )   $ 187,115     $ 466,268   Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2015     Equinox Frontier     Equinox Frontier     Equinox Frontier     Equinox Frontier   Type of contract   Diversified Fund     Balanced Fund     Select Fund     Winton Fund                             Metals   $ 826,351     $ 98,396     $ 341,471     $ (258,245 ) Currencies     (193,292 )     326,929       68,644       (1,135,570 ) Energies     147,793       (655,732 )     (87,484 )     (477,721 ) Agriculturals     90,444       (27,073 )     (193,259 )     195,067   Interest rates     (924,670 )     (1,209,945 )     (1,031,494 )     (587,015 ) Stock indices     503,775       (155,839 )     (298,237 )     136,082   Change in unrealized trading income/(loss)(1)   $ 450,401     $ (1,623,264 )   $ (1,200,359 )   $ (2,127,402 ) Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2014   Type of contract    Equinox Frontier Long/Short Commodity Fund      Equinox Frontier Balanced Fund      Equinox Frontier Diversified Fund   Metals    $ (162,388 )     $ (637,522 )     $ (146,990 )  Currencies      (6,439 )       (1,098,156 )       844,069    Energies      1,631,427         711,051         533,875    Agriculturals      (574,982 )       (445,848 )       17,224    Interest rates      322,580         1,984,817         2,428,862    Stock indices      (248,852 )       (889,661 )       (2,255,470 )                             Change in unrealized trading income/(loss) (1)    $ 961,346       $ (375,319 )     $ 1,421,570                               Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2013 Type of contract    Equinox Frontier Long/Short Commodity Fund     Equinox Frontier Balanced Fund     Equinox Frontier Diversified Fund   Metals    $ 579,039      $ 4,030,402      $ 608,392    Currencies      (243,835 )      (1,946,654 )      (1,191,389 )  Energies      1,460,697        (1,775,939 )      2,210    Agriculturals      (459,762 )      16,719        (21,226 )  Interest rates      (1,213,355 )      (1,899,034 )      79,060    Stock indices      (455,113 )      4,492,038        (43,824 )                           Change in unrealized trading income/(loss) (1)    $ (332,329 )    $ 2,917,532      $ (566,777 )                           Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2012   Equinox Frontier               Long/Short   Equinox Frontier   Equinox Frontier   Type of contract    Equinox Frontier Long/Short Commodity Fund   Equinox Frontier Masters Fund   Equinox Frontier Balanced Fund     Commodity Fund   Balanced Fund   Diversified Fund                 Metals    $ 4,110,832      $ (57,565 )    $ 1,238,158      $ (162,388 )   $ (637,522 )   $ (146,990 ) Currencies      17,923,206        (152,568 )      266,655        (6,439 )     (1,098,156 )     844,069   Energies      (3,271,763 )      (411,993 )      (374,369 )      1,631,427       711,051       533,875   Agriculturals      5,706,120        62,454        1,176,360        (574,982 )     (445,848 )     17,224   Interest rates      (4,123,443 )      89,904        (1,837,810 )      322,580       1,984,817       2,428,862   Stock indices      (163,136 )      (306,530 )      (365,830 )      (248,852 )     (889,661 )     (2,255,470 )                    Change in unrealized trading income/(loss) (1)    $ 20,181,816      $ (776,298 )    $ 103,164      $ 961,346     $ (375,319 )   $ 1,421,570                        (1) Amounts recorded in the Statements of Operations under Net realized gain/(loss) of furutres, forwards and options.change in open trade equity/(deficit) Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under GAAP. The Series’ open trade equity/(deficit), options written, and receivables from futures commissioncommissions merchants (each, an “FCM”) are subject to master netting arrangements and collateral arrangements and meet the U.S. GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a net basis on the statements of financial condition. F-51 Table of Contents The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of December 31, 20142016 and 2013.2015.   As of December 31, 2014   Gross Amounts of recognized Derivative Assets     Gross Amounts offset in the Statements of Financial Condition     Net Amounts Presented in the Statements of Financial Condition   Equinox Frontier Balanced Fund       Open Trade Equity/(Deficit)   $ 4,281,391      $ (983,842 )    $ 3,297,549    Swap Contracts     18,246,954        —          18,246,954    Equinox Frontier Diversified Fund       Open Trade Equity/(Deficit)   $ 3,215,206      $ —        $ 3,215,206    Options Purchased     288,413        —          288,413    Options Written     —          (253,018 )      (253,018 )  Swap Contracts   $ 6,570,408      $ —        $ 6,570,408    Equinox Frontier Long/Short Commodity Fund       Swap Contracts   $ 3,633,060      $ —        $ 3,633,060    Equinox Frontier Heritage Fund       Swap Contracts   $ 7,540,465      $ —        $ 7,540,465    OffsettingAs of Derivative Assets and LiabilitiesDecember 31, 2016 As of December 31, 2013   Gross Amounts of recognized Derivative Assets     Gross Amounts offset in the Statements of Financial Condition     Net Amounts Presented in the Statements of Financial Condition   Equinox Frontier Balanced Fund       Open Trade Equity/(Deficit)   $ 3,935,252      $ —        $ 3,935,252    Options Purchased     165,915        —          165,915    Options Written     —          (183,856 )      (183,856 )  Equinox Frontier Long/Short Commodity Fund       Open Trade Equity/(Deficit)   $ 227,827      $ (418,896 )    $ (191,069 )  Options Purchased     98,740        —          98,740    Options Written     —          (172,650 )      (172,650 )  Swap Contract     2,879,910        (423,454 )      2,456,456                    Net Amounts       Gross Amounts of     Gross Amounts offset     Presented in the       recognized     in the Statements of     Statements of       Derivative Assets     Financial Condition     Financial Condition                             Equinox Frontier Balanced Fund                         Open Trade Equity/(Deficit)   $ 515,659     $ (277,998 )   $ 237,661   Swap Contracts     18,939,450       —       18,939,450                             Equinox Frontier Diversified Fund                         Swap Contracts   $ 8,637,847     $ —     $ 8,637,847                             Equinox Frontier Long/Short Commodity Fund                         Swap Contracts   $ 4,220,468     $ —     $ 4,220,468                             Equinox Frontier Heritage Fund                         Swap Contracts   $ 8,391,414     $ —     $ 8,391,414                             Equinox Frontier Select Fund                         Open Trade Equity/(Deficit)   $ 1,136,504     $ (450,482 )   $ 686,022                             Equinox Frontier Winton Fund                         Open Trade Equity/(Deficit)   $ 2,393,850     $ (1,171,326 )   $ 1,222,524   As of December 31, 2015                 Net Amounts       Gross Amounts of     Gross Amounts offset     Presented in the       recognized     in the Statements of     Statements of       Derivative Assets     Financial Condition     Financial Condition                             Equinox Frontier Balanced Fund                         Open Trade Equity/(Deficit)   $ 26,882     $ (15,352 )   $ 11,530   Swap Contracts     19,157,520       —       19,157,520                             Equinox Frontier Diversified Fund                         Swap Contracts   $ 8,685,849     $ —     $ 8,685,849                             Equinox Frontier Long/Short Commodity Fund                         Swap Contracts   $ 4,332,428     $ —     $ 4,332,428                             Equinox Frontier Heritage Fund                         Swap Contracts   $ 7,960,268     $ —     $ 7,960,268                             Equinox Frontier Select Fund                         Open Trade Equity/(Deficit)   $ 495,020     $ (32,681 )   $ 462,339                             Equinox Frontier Winton Fund                         Open Trade Equity/(Deficit)   $ 768,118     $ (168,539 )   $ 599,579   F-52 Table of Contents 9. 9. Trading Activities and Related Risks The purchase and sale of futures and options on futures contracts require margin deposits with FCMs. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act, as amended (the “Commodity Exchange Act”) requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property (for example, U.S. treasury bills) deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the statements of financial condition, may result in future obligation or loss in excess of the amount paid by the Series for a particular investment. Each Trading Company expects to trade in futures, options, forward and swap contracts and will therefore be a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures positions held by a Trading Company in respect of any Series at the same time, and if the Trading Advisor(s) of such Trading Company are unable to offset such futures interests positions, such Trading Company could lose all of its assets and the holders of Units of such Series would realize a 100% loss. The Managing Owner will seek to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time. In addition to market risk, trading futures, forward and swap contracts entails credit risk that a counterparty will not be able to meet its obligations to a Trading Company. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions. Some non-U.S. exchanges, in contrast to U.S. exchanges, are principals’ markets in which performance is the responsibility only of the individual counterparty with whom the Trading Company has entered into the transaction, and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty. In the case of forward contracts traded on the interbank market and swaps, neither is traded on exchanges. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Managing Owner expects the Trading Advisors to trade only with those counterparties which it believes to be creditworthy. All positions of each Trading Company will be valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to any Trading Company. The Managing Owner has established procedures to actively monitor and minimize market and credit risks. The Limited Owners bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received. 10. Indemnifications and Guarantees noted in Management Discussion and Analysis Indemnifications and Guarantees The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence or bad faith. The Trust has had no prior claims or payments pursuant to these agreements. The Trust’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience the Trust expects the risk of loss to be remote. Maximum exposure is unfulfilled obligations of the Series up to the amount of equity at risk with UBS Securities LLC of the referenced Series as allocated from the Trading Company. The Series have not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote. The Trust has guaranteed the obligations of the Trading Companies under the customer agreements with UBS Securities LLC as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities LLC, the assets of the other Series will be available to UBS Securities LLC as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the Trading Company. The Series have not recorded any liability for the indemnifications in the accompanying financial statement, as it expects any possibility of losses to be remote. As of September 2016, the Trust no longer uses UBS Securities LLC as a Clearing Broker. F-53 Table of Contents 11. 11. Subsequent Events On November 26, 2014, the Trust’s portfolio management team approved an allocation change in an Emil Van Essen trading program thatDecember 5, 2016, Equinox Fund Management, LLC (“Equinox”), Frontier Fund Management LLC (the “New Managing Owner”), and Wakefield Advisors, LLC (“Wakefield”) entered into a Unit Purchase Agreement (the “Agreement”). Equinox was not fully implemented as intended. As a result, certain series who invested in Emil Van Essen were not allocated sufficient gains and certain other series who invested in Emil Van Essen suffered greater losses. In January 2015, the Managing Owner determined to make a paymentof the Trust and the Series. Pursuant to the affected investors withinAgreement, Equinox agreed to transfer to the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund and Equinox Frontier Long/Short Commodity Fund,New Managing Owner such amount of Equinox’s General Units (as defined in the aggregate amount of $1,247,752Trust Agreement) as the Managing Owner shall be required to reimburse the effecthold in its capacity as managing owner of the missed gain or higher lossTrust pursuant to the Trust Agreement, and redeem the remainder of Equinox’s General Units (the “Transaction”). The Transaction was consummated on such investorsMarch 6, 2017, and upon consummation of the Transaction, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. Consequently, consummation of the Transaction constituted a change of operational control in respect of the Trust and each Series. In connection with the foregoing, the Trust Agreement was amended to effect certain changes to replace Equinox as the Managing Owner and to reflect the New Managing Owner as the new managing owner. Also, the New Managing Owner has temporarily suspended the sale of Units (as defined in the series,Trust Agreement) while the Managing Owner engages with the Securities and such amountExchange Commission to have declared effective a post-effective amendment to the Series’ registration statements, as well as approval by the NFA. The Series will file Form 8-K to announce the resumption of the sale of Units, which the New Managing Owner expects will occur shortly. The New Managing Owner is seeking to cause the suspension to be recordedlifted as promptly as practicable. Any forward-looking statements herein are based on expectations of the New Managing Owner at this time. Whether or not actual results and developments will conform to the New Managing Owner’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in the StatementsSeries’ prospectuses, general economic, market and business conditions, changes in laws or regulations or other actions made by governmental authorities or regulatory bodies, and other world economic and political developments. The Series and the New Managing Owner undertake no duty to update or revise any forward-looking statements, whether as a result of Operations as net increase from payments by Managing Owner.new information, future events or otherwise. F-54 Table of Contents Report of Independent Registered Public Accounting Firm To the Executive Committee Equinox Frontier Funds We have audited the accompanying consolidated statements of financial condition, including the consolidated condensed schedules of investments, of Equinox Frontier Funds (the Trust) as of December 31, 20142016 and 2013,2015, and the related consolidated statements of operations, changes in owners’ capital, and cash flows for each of the three years in the period ended December 31, 2014.then ended. These consolidated financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements 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 auditaudits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trust 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 Trust’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, 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 referred to above present fairly, in all material respects, the financial position of Equinox Frontier Funds as of December 31, 20142016 and 2013,2015, and the results of their operations and their cash flows for each of the three years in the period then ended, December 31, 2014, in conformity with U.S. generally accepted accounting principles. As discussed in Note 10 to the consolidated financial statements, on March 6, 2017 a unit purchase agreement between Frontier Fund Management LLC (New Managing Owner) and Equinox Fund Management (Equinox) was consummated whereby Equinox’s general units were transferred to the New Managing Owner. Upon consummation, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. /s/ McGladreyRSM US LLP Denver, Colorado March 31, 20152017 F-55 Table of Contents Equinox Frontier Funds Consolidated Statements of Financial Condition December 31, 20142016 and 20132015     12/31/16   12/31/15      12/31/14      12/31/13             ASSETS                                 Cash and cash equivalents    $ 18,977,844       $ 9,302,857      $ 4,747,043     $ 13,975,625   U.S. Treasury securities, at fair value      139,953,516         193,678,360        42,757,604       117,478,438   Receivable from futures commission merchants      65,911,348         61,142,898        32,852,013       72,731,570   Open trade equity, at fair value      14,824,422         15,674,650        2,146,207       —   Options purchased, at fair value      9,075,883         3,033,870        —       526,288   Swap contracts, at fair value      35,990,887         21,455,529        40,189,178       40,136,065   Investments in private investment companies, at fair value     107,717,118       —   Prepaid service fees      16,042         20,052        —       24,251   Interest receivable      2,151,018         2,652,967        798,053       2,039,516   Receivables from related parties      5,661         6,051        87,670       3,120   Other assets      500,010         55        —       17                                 Total Assets    $ 287,406,631       $ 306,967,289      $ 231,294,886     $ 246,914,890                                 LIABILITIES & CAPITAL                                       LIABILITIES                       Open trade deficit, at fair value    $ —         $ —        $ —     $ 4,348,870   Written options, at fair value      8,963,838         1,222,522        —       165,760   Pending owner additions      41,954         34,112        —       36,462   Owner redemptions payable      159,066         1,604,951        1,137,772       612,170   Incentive fees payable to Managing Owner      6,665,328         1,411,260        —       382,136   Management fees payable to Managing Owner      468,154         605,219        433,430       402,943   Interest payable to Managing Owner      203,086         281,562        63,275       162,121   Trading fees payable to Managing Owner      324,854         361,397        523,099       282,522   Service fees payable to Managing Owner      336,115         405,034        239,520       273,856   Risk analysis fees payable     15,673       —   Payables to related parties      37,927         18,949        85,078       63,744   Advance on unrealized Swap Appreciation     9,441,555       —   Other liabilities      —           —          144,049       7                                 Total Liabilities      17,200,322         5,945,006        12,083,451       6,730,591                                 CAPITAL       OWNERS CAPITAL                 Managing Owner Units      5,672,261         4,801,516        2,276,211       5,798,155   Limited Owner Units      264,534,048         296,220,767        216,935,224       234,386,144                                 Total Capital      270,206,309         301,022,283    Total Owners Capital     219,211,435       240,184,299                                 Total Liabilities and Capital    $ 287,406,631       $ 306,967,289                  Total Liabilities and Owners Capital   $ 231,294,886     $ 246,914,890   The accompanying notes are an integral part of these consolidated financial statements. F-56 Table of Contents Equinox Frontier FundsFund Consolidated Condensed Schedule of Investments December 31, 20142016   Description    Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *      Various base metals futures contracts (Europe)    $ (4,211,885 )      -1.56 %  Various base metals futures contracts (U.S.)      (61,850 )      -0.02 %  Various currency futures contracts (U.S.)      300,870        0.11 %  Various energy futures contracts (Europe)      (12,920 )      0.00 %  Various energy futures contracts (Far East)      (2,738 )      0.00 %  Various energy futures contracts (U.S.)      (24,310,145 )      -9.00 %  Various interest rates futures contracts (Canada)      184,352        0.07 %  Various interest rates futures contracts (Europe)      3,676,039        1.36 %  Various interest rates futures contracts (Far East)      585,956        0.22 %  Various interest rates futures contracts (Oceanic)      558,353        0.21 %  Various interest rates futures contracts (U.S.)      278,768        0.10 %  Various precious metal futures contracts (Far East)      6,195        0.00 %  Various precious metal futures contracts (U.S.)      (113,453 )      -0.04 %  Various soft futures contracts (Canada)      (1,360 )      0.00 %  Various soft futures contracts (Europe)      33,841        0.01 %  Various soft futures contracts (Oceanic)      (864 )      0.00 %  Various soft futures contracts (U.S.)      (2,494,615 )      -0.92 %  Various stock index futures contracts (Canada)      63,167        0.02 %  Various stock index futures contracts (Europe)      569,188        0.21 %  Various stock index futures contracts (Far East)      26,010        0.01 %  Various stock index futures contracts (Oceanic)      44,530        0.02 %  Various stock index futures contracts (U.S.)      1,412,847        0.52 %                   Total Long Futures Contracts    $ (23,469,714 )      -8.68 %                   SHORT FUTURES CONTRACTS *      Various base metals futures contracts (Europe)    $ 3,745,111        1.39 %  Various base metals futures contracts (U.S.)      101,600        0.04 %  Various currency futures contracts (Far East)      (3,383 )      0.00 %  Various currency futures contracts (U.S.)      2,737,797        1.01 %  Various energy futures contracts (Europe)      49,517        0.02 %  Various energy futures contracts (Far East)      5,389        0.00 %  Various energy futures contracts (U.S.)      12,381,217        4.58 %  Brent Crude Oil Last Day Settling 2/12/2015 (Number of Contracts: 229)      2,871,660        1.06 %  Crude Oil Settling 12/1/2015 (Number of Contracts: 718)      11,036,122        4.08 %  NYH RBOB Unleaded Gas Settling 12/30/2015 (Number of Contracts: 388)      4,267,957        1.58 %  Various interest rates futures contracts (Canada)      6,583        0.00 %  Various interest rates futures contracts (Europe)      (351,916 )      -0.13 %  Various interest rates futures contracts (Far East)      (28,461 )      -0.01 %  Various interest rates futures contracts (Oceanic)      (6,445 )      0.00 %  Various interest rates futures contracts (U.S.)      (602,696 )      -0.22 %  Various precious metal futures contracts (Far East)      (1,052 )      0.00 %  Various precious metal futures contracts (U.S.)      275,350        0.10 %  Various soft futures contracts (Canada)      (194 )      0.00 %  Various soft futures contracts (Europe)      117,563        0.04 %  Various soft futures contracts (Far East)      (4,709 )      0.00 %  Various soft futures contracts (U.S.)      2,823,283        1.04 %  Various stock index futures contracts (Africa)      (8,891 )      0.00 %  Various stock index futures contracts (Europe)      (37,839 )      -0.01 %  Various stock index futures contracts (Far East)      6,134        0.00 %  Various stock index futures contracts (Mexico)      (4,380 )      0.00 %  Various stock index futures contracts (Oceanic)      (9,866 )      0.00 %  Various stock index futures (U.S.)      (138,941 )      -0.05 %                   Total Short Futures Contracts    $ 39,226,510        14.52 %                             Fair     % of Total Capital   Description   Value     (Net Asset Value)   LONG FUTURES CONTRACTS *                         Various base metals futures contracts (U.S.)   $ (20,244 )     -0.01 %         Various currency futures contracts (Europe)     73,909       0.03 %         Various currency futures contracts (Far East)     1,360       0.00 %         Various currency futures contracts (Oceanic)     (41,946 )     -0.02 %         Various currency futures contracts (U.S.)     50,242       0.02 %         Various energy futures contracts (U.S.)     218,762       0.10 %         Various energy futures contracts (Europe)     4,150       0.00 %         Various energy futures contracts (Far East)     8,788       0.00 %         Various interest rates futures contracts (Canada)     (503 )     0.00 %         Various interest rates futures contracts (Europe)     255,450       0.12 %         Various interest rates futures contracts (Oceanic)     103       0.00 %         Various interest rates futures contracts (U.S.)     25,285       0.01 %         Various precious metal futures contracts (U.S.)     (3,860 )     0.00 %         Various precious metal futures contracts (Far East)     1,950       0.00 %         Various soft futures contract (Europe)     1,956       0.00 %         Various soft futures contract (Canada)     (1,115 )     0.00 %         Various soft futures contract (Far East)     111       0.00 %         Various soft futures contract (U.S.)     (178,253 )     -0.08 %         Various soft futures contracts (Far East)     2,808       0.00 %         Various stock index futures contracts (Canada)     925       0.00 %         Various stock index futures contracts (Europe)     302,352       0.14 %         Various stock index futures contracts (Far East)     362,606       0.17 %         Various stock index futures contracts (Oceanic)     61,876       0.03 %         Various stock index futures contracts (U.S.)     (284,324 )     -0.13 %         Total Long Futures Contracts   $ 842,388       0.38 % SHORT FUTURES CONTRACTS *                         Various base metals futures contracts (U.S.)   $ (200,612 )     -0.09 %         Various currency futures contracts (Canada)     11,735       0.01 %         Various currency futures contracts (Europe)     358,276       0.16 %         Various currency futures contracts (Far East)     187,929       0.09 %         Various currency futures contracts (Oceanic)     7,603       0.00 %         Various currency futures contracts (U.S.)     1,130       0.00 %         Various energy futures contracts (U.S.)     (82,280 )     -0.04 %         Various interest rates futures contracts (Canada)     5,396       0.00 %         Various interest rates futures contracts (Europe)     (17,617 )     -0.01 %         Various interest rates futures contracts (Far East)     (16,393 )     -0.01 %         Various interest rates futures contracts (Oceanic)     22,526       0.01 %         Various interest rates futures contracts (U.S.)     172,279       0.08 %         Various precious metal futures contracts (U.S.)     208,285       0.10 %         Various soft futures contract (U.S.)     401,926       0.18 %         Various soft futures contracts (Europe)     111,769       0.05 %         Various soft futures contracts (U.S.)     62,055       0.03 %         Various stock index futures contracts (Africa)     4,459       0.00 %         Various stock index futures contracts (Canada)     —       0.00 %         Various stock index futures contracts (Europe)     (2,802 )     0.00 %         Various stock index futures contracts (Far East)     (2,456 )     0.00 %         Various stock index futures contracts (Oceanic)     —       0.00 %         Various stock index futures contracts (U.S.)     16,027       0.01 %         Total Short Futures Contracts   $ 1,249,235       0.57 % CURRENCY FORWARDS *                         Various currency forwards contracts (NA)   $ 54,584       0.02 %         Total Currency Forwards   $ 54,584       0.02 %         Total Open Trade Equity (Deficit)   $ 2,146,207       0.97 % SWAPS (1)                         Frontier Brevan Howard swap (U.S.)   $ 8,391,414       3.83 %         Frontier XXXIV Balanced select swap (U.S.)     18,939,450       8.65 %         Frontier XXXV Diversified select swap (U.S.)     8,637,847       3.94 %         Frontier XXXVII L/S select swap (U.S.)     4,220,467       1.93 %         Total Swaps   $ 40,189,178       18.35 % PRIVATE INVESTMENT COMPANIES (2)                         Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC   $ 11,559,976       5.28 %         Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC     11,465,608       5.23 %         Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     6,526,957       2.98 %         Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC     11,174,877       5.10 %         Galaxy Plus Fund - QIM Feeder Fund (526) LLC     20,442,933       9.33 %         Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     19,226,675       8.78 %         Galaxy Plus Fund - Quest Feeder Fund (517) LLC     3,899,040       1.78 %         Galaxy Plus Fund - Quest Fit Feeder Fund (517) LLC     11,197,020       5.11 %         Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     4,643,329       2.12 %         Galaxy Plus Fund - LRR Feeder Fund (522) LLC     7,580,703       3.46 %         Total Private Investment Companies   $ 107,717,118       49.17 %                       Fair Value     Fair Value   U.S. TREASURY SECURITIES                                           FACE VALUE                                       $ 16,400,000     US Treasury Note 6.000% due 02/15/2026 (Cost $22,970,250)   $ 22,193,498       10.13 % $ 15,900,000     US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)     20,564,106       9.39 %         Total U.S. Treasury Securities   $ 42,757,604       19.52 % Description    Fair Value     % of Total Capital (Net Asset Value)   CURRENCY FORWARDS *      Various currency forwards contracts (NA)    $ (932,374 )      -0.35 %                   Total Currency Forwards    $ (932,374 )      -0.35 %                   Total Open Trade Equity (Deficit)    $ 14,824,422        5.49 %                   OPTIONS PURCHASED *      Various energy futures contracts (U.S.)    $ 8,407,670        3.11 %  Various soft futures contracts (U.S.)      379,800        0.14 %  Various stock index futures contracts (U.S.)      288,413        0.11 %                   Total Options Purchased    $ 9,075,883        3.36 %                   OPTIONS WRITTEN *      Various energy futures contracts (U.S.)    $ (8,234,010 )      -3.05 %  Various soft futures contracts (U.S.)      (476,810 )      -0.18 %  Various stock index futures contracts (U.S.)      (253,018 )      -0.09 %                   Total Options Written    $ (8,963,838 )      -3.32 %                   SWAPS (1)      Frontier XXXIV Balanced select swap (U.S.)    $ 7,540,466        2.79 %  Frontier Brevan Howard swap (U.S.)      18,246,952        6.75 %  Frontier XXXV Diversified select swap (U.S.)      6,570,409        2.43 %  Frontier XXXVII L/S select swap (U.S.)      3,633,060        1.34 %                   Total Swaps    $ 35,990,887        13.31 %                   U.S. TREASURY SECURITIES      FACE VALUE    Fair Value     Fair Value   $15,000,000 US Treasury Note 2.250% due 11/15/2024 (Cost $14,966,695)    $ 15,101,953        5.59 %  $75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)      95,954,688        35.51 %  $20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)      28,896,875        10.69 %                   Total U.S. Treasury Securities    $ 139,953,516        51.79 %                     * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 1 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Notes to Consolidated Financial Statements, Note 4. (2) See Notes to Consolidated Financial Statements, Note 5. The accompanying notes are an integral part of these consolidated financial statements. F-57 Table of Contents Equinox Frontier FundsFund Consolidated Condensed Schedule of Investments December 31, 20132015   Description    Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *      Various base metals futures contracts (Europe)    $ 5,652,154        1.88 %  Various base metals futures contracts (U.S.)      185,236        0.06 %  Various currency futures contracts (Far East)      —          0.00 %  Various currency futures contracts (U.S.)      1,221,239        0.41 %  Various energy futures contracts (U.S.)      121,939        0.04 %  Various energy futures contracts (Europe)      (155,110 )      -0.05 %  Various energy futures contracts (Far East)      3,805        0.00 %  Various interest rates futures contracts (Canada)      (52,871 )      -0.02 %  Various interest rates futures contracts (Europe)      (1,090,717 )      -0.36 %  Various interest rates futures contracts (Far East)      (395,361 )      -0.13 %  Various interest rates futures contracts (Oceanic)      61,708        0.02 %  Various interest rates futures contracts (U.S.)      (1,287,953 )      -0.43 %  Various precious metal futures contracts (Far East)      —          0.00 %  Various precious metal futures contracts (U.S.)      (11,609 )      0.00 %  Various soft futures contracts (Canada)      —          0.00 %  Various soft futures contracts (Europe)      (11,836 )      0.00 %  Various soft futures contracts (Far East)      —          0.00 %  Various soft futures contracts (U.S.)      (3,830,479 )      -1.27 %  Various stock index futures contracts (Africa)      38,295        0.01 %  Various stock index futures contracts (Canada)      282,928        0.09 %  Various stock index futures contracts (Europe)      2,767,531        0.92 %  Various stock index futures contracts (Far East)      1,399,122        0.46 %  Various stock index futures contracts (Mexico)      413        0.00 %  Various stock index futures contracts (Oceanic)      279,932        0.09 %  Various stock index futures contracts (U.S.)      3,224,823        1.07 %                   Total Long Futures Contracts    $ 8,403,189        2.79 %                   SHORT FUTURES CONTRACTS *      Various base metals futures contracts (Europe)    $ (4,388,603 )      -1.46 %  Various base metals futures contracts (U.S.)      (12,775 )      0.00 %  Various currency futures contracts (Far East)      (1,135 )      0.00 %  Various currency futures contracts (U.S.)      2,433,370        0.81 %  Various energy futures contracts (Europe)      172,634        0.06 %  Various energy futures contracts (U.S.)      (137,428 )      -0.05 %  Various interest rates futures contracts (Canada)      36,440        0.01 %  Various interest rates futures contracts (Europe)      686,134        0.23 %  Various interest rates futures contracts (Far East)      101,244        0.03 %  Various interest rates futures contracts (Oceanic)      (77,260 )      -0.03 %  Various interest rates futures contracts (U.S.)      1,339,742        0.45 %  Various precious metal futures contracts (U.S.)      906,216        0.30 %  Various soft futures contracts (Canada)      1,489        0.00 %  Various soft futures contracts (Europe)      5,433        0.00 %  Various soft futures contracts (U.S.)      4,912,131        1.63 %  Various stock index futures contracts (Africa)      —          0.00 %  Various stock index futures contracts (Canada)      —          0.00 %  Various stock index futures contracts (Europe)      (1,174 )      0.00 %  Various stock index futures contracts (Far East)      (1,806 )      0.00 %  Various stock index futures contracts (Oceanic)      —          0.00 %  Various stock index futures contracts (U.S.)      48,849        0.02 %                   Total Short Futures Contracts    $ 6,023,501        2.00 %                   CURRENCY FORWARDS *      Various currency forwards contracts    $ 1,247,960        0.41 %                   Total Currency Forwards    $ 1,247,960        0.41 %                   Total Open Trade Equity (Deficit)    $ 15,674,650        5.20 %                             Fair     % of Total Capital   Description   Value     (Net Asset Value)   LONG FUTURES CONTRACTS *                         Various base metals futures contracts (Europe)   $ (96,596 )     -0.04 %         Various base metals futures contracts (U.S.)     (1,250,449 )     -0.52 %         Various currency futures contracts (Singapore)     6,824       0.00 %         Various currency futures contracts (U.S.)     54,431       0.02 %         Various energy futures contracts (Europe)     13,493       0.01 %         Various energy futures contracts (Far East)     605       0.00 %         Various energy futures contracts (U.S.)     (2,605,923 )     -1.08 %         Brent Crude Oil Settling 1/29/2016 (Number of Contracts: 546)     (3,709,735 )     -1.54 %         WTI Crude Oil Settling 5/31/2016 (Number of Contracts: 925)     (7,677,427 )     -3.20 %         Heating Oil Settling 1/29/2016 (Number of Contracts: 314)     (4,145,156 )     -1.73 %         Various interest rates futures contracts (Canada)     111,674       0.05 %         Various interest rates futures contracts (Europe)     (686,234 )     -0.29 %         Various interest rates futures contracts (Far East)     304,974       0.13 %         Various interest rates futures contracts (Oceanic)     (19,910 )     -0.01 %         Various interest rates futures contracts (U.S.)     (568,406 )     -0.24 %         Various precious metal futures contracts (U.S.)     (2,773,754 )     -1.15 %         Various soft futures contracts (Canada)     513       0.00 %         Various soft futures contracts (Europe)     73,103       0.03 %         Various soft futures contracts (Oceanic)     5,505       0.00 %         Various soft futures contracts (U.S.)     349,981       0.15 %         Various stock index futures contracts (Canada)     (43,551 )     -0.02 %         Various stock index futures contracts (Europe)     100,955       0.04 %         Various stock index futures contracts (Far East)     (184,632 )     -0.08 %         Various stock index futures contracts (Oceanic)     (2,642 )     0.00 %         Various stock index futures contracts (U.S.)     135,830       0.06 %         Total Long Futures Contracts   $ (22,606,527 )     -9.41 % SHORT FUTURES CONTRACTS *                         Various base metals futures contracts (Europe)   $ 402,411       0.17 %         Various base metals futures contracts (U.S.)     113,542       0.05 %         Various currency futures contracts (U.S.)     1,304,853       0.54 %         Various energy futures contracts (Europe)     29,608       0.01 %         Various energy futures contracts (Far East)     1,430       0.00 %         Various energy futures contracts (U.S.)     3,963,547       1.65 %         WTI Crude Oil Settling 4/30/2016 (Number of Contracts: 845)     4,039,571       1.68 %         WTI Crude Oil Settling 6/29/2016 (Number of Contracts: 756)     3,923,021       1.63 %         Heating Oil Settling 8/1/2016 (Number of Contracts: 210)     3,342,927       1.39 %         Various interest rates futures contracts (Canada)     912       0.00 %         Various interest rates futures contracts (Europe)     130,658       0.05 %         Various interest rates futures contracts (Far East)     (18,300 )     -0.01 %         Various interest rates futures contracts (Oceanic)     (171,001 )     -0.07 %         Various interest rates futures contracts (U.S.)     148,445       0.06 %         Various precious metal futures contracts (Far East)     4,492       0.00 %         Various precious metal futures contracts (U.S.)     1,320,899       0.55 %         Various precious metal futures contracts (Far East)     (2,639 )     0.00 %         Various soft futures contract (Europe)     (10,130 )     0.00 %         Various soft futures contracts (Canada)     (1,321 )     0.00 %         Various soft futures contracts (Europe)     49,202       0.02 %         Various soft futures contracts (Far East)     (1,348 )     0.00 %         Various soft futures contracts (Singapore)     930       0.00 %         Various soft futures contracts (U.S.)     (364,588 )     -0.15 %         Various stock index futures contracts (Africa)     (10,962 )     0.00 %         Various stock index futures contracts (Canada)     (23,117 )     -0.01 %         Various stock index futures contracts (Europe)     (23,385 )     -0.01 %         Various stock index futures contracts (Far East)     87,447       0.04 %         Various stock index futures contracts (Mexico)     790       0.00 %         Various stock index futures contracts (Oceanic)     (12,679 )     -0.01 %         Various stock index futures contracts (U.S.)     (39,052 )     -0.02 %         Various stock index futures contracts (Warsaw)     (3,926 )     0.00 %         Total Short Futures Contracts   $ 18,182,237       7.57 % CURRENCY FORWARDS *                         Various currency forwards contracts (NA)   $ 75,418       0.03 %         Total Currency Forwards   $ 75,418       0.03 %         Total Open Trade Equity (Deficit)   $ (4,348,872 )     -1.81 % OPTIONS PURCHASED *                         Various energy futures contracts (U.S.)   $ 154,530       0.06 %         Various stock index futures contracts (U.S.)     371,758       0.15 %         Total Options Purchased   $ 526,288       0.21 % OPTIONS WRITTEN *                         Various energy futures contracts (U.S.)   $ (165,760 )     -0.07 %         Total Options Written   $ (165,760 )     -0.07 % SWAPS (1)                         Frontier Brevan Howard swap (U.S.)   $ 7,960,269       3.31 %         Frontier XXXIV Balanced select swap (U.S.)     19,157,519       7.98 %         Frontier XXXV Diversified select swap (U.S.)     8,685,849       3.62 %         Frontier XXXVII L/S select swap (U.S.)     4,332,428       1.80 %         Total Swaps   $ 40,136,065       16.71 %                                       Fair Value     Fair Value   U.S. TREASURY SECURITIES                                           FACE VALUE                                       $ 67,000,000     US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)   $ 89,465,938       37.25 % $ 20,000,000     US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)     28,012,500       11.66 %         Total U.S. Treasury Securities   $ 117,478,438       48.91 % Description    Fair Value     % of Total Capital (Net Asset Value)   OPTIONS PURCHASED *      Various base metals futures contracts (Europe)    $ 1,839,592        0.61 %  Various currency futures contracts (U.S.)      386,410        0.13 %  Various energy futures contracts (U.S.)      75,490        0.03 %  Various interest rates futures contracts (U.S.)      528,751        0.18 %  Various precious metal futures contracts (U.S.)      —          0.00 %  Various soft futures contracts (U.S.)      37,644        0.01 %  Various stock index futures contracts (U.S.)      165,983        0.06 %                   Total Options Purchased    $ 3,033,870        1.02 %                   OPTIONS WRITTEN *      Various base metals futures contracts (Europe)    $ (703,619 )      -0.23 %  Various currency futures contracts (U.S.)      (34,820 )      -0.01 %  Various energy futures contracts (U.S.)      (152,500 )      -0.05 %  Various interest rates futures contracts (U.S.)      (127,500 )      -0.04 %  Various precious metal futures contracts (U.S.)      —          0.00 %  Various soft futures contracts (U.S.)      (20,150 )      -0.01 %  Various stock index futures contracts (U.S.)      (183,933 )      -0.06 %                   Total Options Written    $ (1,222,522 )      -0.40 %                   SWAPS (1)      Frontier XXXIV Balanced select swap (U.S.)    $ 10,126,168        3.36 %  Frontier Brevan Howard swap (U.S.)      5,435,184        1.81 %  Frontier XXXV Diversified select swap (U.S.)      3,437,632        1.14 %  Frontier XXXVII L/S select swap (U.S.)      2,456,545        0.82 %                   Total Swaps    $ 21,455,529        7.13 %                   U.S. TREASURY SECURITIES      FACE VALUE    Fair Value     Fair Value   $11,500,000 US Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)    $ 10,853,125        3.61 %  $11,500,000 US Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)      11,228,672        3.75 %  $25,000,000 US Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)      23,957,031        8.04 %  $13,000,000 US Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)      12,575,469        4.21 %  $13,000,000 US Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)      12,390,625        4.13 %  $75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)      95,507,813        32.29 %  $20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)      27,165,625        9.20 %                   Total U.S. Treasury Securities    $ 193,678,360        65.23 %                   * NoExcept for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 1 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Notes to Consolidated Financial Statements, Note 4. The accompanying notes are an integral part of these consolidated financial statements. F-58 Equinox Frontier Funds Consolidated StatementsTable of OperationsContents For the Years Ended December 31, 2014, 2013 and 2012 Equinox Frontier Funds Consolidated Statements of Operations For the Years Ended December 31, 2016, 2015 and 2014     2016   2015   2014      2014   2013   2012                 Investment income:                                Interest—net    $ 1,121,287      $ 4,195,527      $ 5,824,751    Interest - net   $ 585,952     $ 1,034,549     $ 1,121,287                                              Total Income      1,121,287        4,195,527        5,824,751        585,952       1,034,549       1,121,287                                              Expenses:                                Incentive Fees      11,993,289        2,300,285        12,198,317        2,980,696       5,723,374       11,993,289   Management Fees      5,857,792        8,403,814        12,850,471        3,235,153       5,028,224       5,857,792   Service Fees—Class 1      4,357,428        7,118,910        10,354,157    Risk analysis Fees     89,265       —       —   Service Fees - Class 1     3,586,271       4,309,654       4,357,428   Trading Fees      3,327,096        5,588,902        7,888,010        3,613,634       3,452,315       3,327,096                                              Total Expenses      25,535,605        23,411,911        43,290,955        13,505,019       18,513,567       25,535,605                                              Investment income/(loss)—net      (24,414,318 )      (19,216,384 )      (37,466,204 )  Investment income/(loss) - net     (12,919,067 )     (17,479,018 )     (24,414,318 )                                            Realized and unrealized gain/(loss) on investments:                                Net realized gain/(loss) on futures, forwards and options      56,215,423        (12,444,197 )      (4,787,818 )      4,588,561       34,717,764       56,215,423   Net unrealized gain/(loss) on private investment companies     4,405,026       —       —   Net realized gain/(loss) on private investment companies     776,630       —       —   Net change in open trade equity/(deficit)      (1,839,399 )      13,437,427        17,630,808        6,811,181       (19,985,903 )     (1,839,399 ) Net realized gain/(loss) on swap contracts      —          (3,555,134 )      (525,237 )  Net unrealized gain/(loss) on swap contracts      14,535,358        1,539,551        (1,386,497 )      53,113       3,145,177       14,538,860   Net realized gain/(loss) on U.S. Treasury securities      (429,638 )      1,078,008        2,245,136        7,709,486       1,146,411       (429,638 ) Net unrealized gain/(loss) on U.S. Treasury securities      13,833,243        (7,106,104 )      (3,482,576 )      (5,181,917 )     (2,972,057 )     13,833,243   Trading commissions      (3,828,682 )      (4,862,596 )      (7,746,611 )      (732,436 )     (2,741,423 )     (3,832,184 ) Net realized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC      —          —          (2,172,987 )  Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC      —          —          2,084,880                                               Net gain/(loss) on investments      78,486,305        (11,913,045 )      1,859,098        18,429,644       13,309,969       78,486,305                                              NET INCREASE/(DECREASE) IN CAPITAL        RESULTING FROM OPERATIONS    $ 54,071,987      $ (31,129,429 )    $ (35,607,106 )                     NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS   $ 5,510,577     $ (4,169,049 )   $ 54,071,987   The accompanying notes are an integral part of these consolidated financial statements. F-59 Equinox Frontier Funds Consolidated StatementTable of Changes in Owners’ CapitalContents For the Years Ended December 31, 2014, 2013 and 2012 Equinox Frontier Funds Consolidated Statements of Changes in Owners’ Capital For the Years Ended December 31, 2016, 2015 and 2014     Managing   Limited            Managing Owner   Limited Owners   Total     Owner   Owners   Total   Owners’ Capital, December 31, 2011    $ 6,538,575      $ 631,407,968      $ 637,946,543                  Owners’ Capital, December 31, 2013   $ 4,801,516     $ 296,220,779     $ 301,022,295                           Sale of Units      —          46,946,971        46,946,971        23,159       15,657,259       15,680,418   Redemption of Units      —          (129,300,685 )      (129,300,685 )      (317,674 )     (100,250,717 )     (100,568,391 ) Net increase/(decrease) in Capital resulting from operations      (250,809 )      (35,356,297 )      (35,607,106 )                     Owners’ Capital, December 31, 2012      6,287,766        513,697,957        519,985,723    Sale of Units      586,202        12,172,842        12,759,044    Redemption of Units      (1,586,194 )      (199,006,861 )      (200,593,055 )  Net increase/(decrease) in Capital resulting from operations      (486,258 )      (30,643,171 )      (31,129,429 )                     Owners’ Capital, December 31, 2013      4,801,516        296,220,767        301,022,283    Sale of Units      23,159        15,657,271        15,680,430    Redemption of Units      (317,674 )      (100,250,717 )      (100,568,391 )  Net increase/(decrease) in Capital resulting from operations      1,165,260        52,906,727        54,071,987    Net increase/(decrease) in Owners’                         Capital resulting from operations     1,165,260       52,906,727       54,071,987                                              Owners’ Capital, December 31, 2014    $ 5,672,261      $ 264,534,048      $ 270,206,309        5,672,261       264,534,048       270,206,309                                              Sale of Units     —       19,606,202       19,606,202   Redemption of Units     —       (46,670,773 )     (46,670,773 ) Payment made by Managing Owner     —       1,211,610       1,211,610   Net increase/(decrease) in Owners’                         Capital resulting from operations     125,894       (4,294,943 )     (4,169,049 )                         Owners’ Capital, December 31, 2015     5,798,155       234,386,144       240,184,299                           Sale of Units     4,923       11,272,734       11,277,657   Redemption of Units     (3,732,623 )     (34,028,475 )     (37,761,098 ) Net increase/(decrease) in Owners’                         Capital resulting from operations     205,756       5,304,821       5,510,577                           Owners’ Capital, December 31, 2016   $ 2,276,211     $ 216,935,224     $ 219,211,435   The consolidated Trust is not unitized as are the individual Series of the Trust The accompanying notes are an integral part of these consolidated financial statements. Equinox Frontier Funds Consolidated Statements of Cash Flows For the Years Ended December 31, 2014, 2013 and 2012      2014     2013     2012   Cash Flows from Operating Activities:      Net increase/(decrease) in capital resulting from operations    $ 54,071,987      $ (31,129,429 )    $ (35,607,106 )  Adjustments to reconcile net increase/(decrease) in capital      resulting from operations to net cash provided by (used in)      operating activities:      Change in:        Net change in open trade equity      850,228        (17,493,114 )      (16,671,374 )  Net change in options purchased      (6,042,013 )      10,901,243        (2,001,975 )  Net change in options written      7,741,316        (2,976,676 )      862,872    Net change in allocation of total return swaps      —          —          —      Net unrealized (gain)/loss on swap contracts      (14,535,358 )      (1,539,551 )      1,386,497    Net realized (gain)/loss on swap contracts      —          3,555,134        525,237    Net unrealized (gain)/loss on U.S. Treasury securities      (13,833,243 )      7,106,104        3,482,576    Net realized (gain)/loss on U.S. Treasuries securities      429,638        (1,078,008 )      (2,245,136 )  Net realized (gain)/loss on investment in Berkeley Colorado Quantitative Fund LLC      —          —          2,172,987    Net unrealized (gain)/loss on investment in Berkeley Colorado Quantitative Fund LLC      —          —          (2,084,880 )  (Purchases) sales of:        Sales of swap contracts      —          20,698,367        —      (Purchases) of swap contracts      —          (21,880,000 )      —      (Purchases) of U.S. Treasury securities      (14,984,410 )      (199,626,688 )      —      Sales of U.S. Treasury securities      82,112,859        17,921,554        59,521,241    Sales of custom time deposits      —          311,468,033        46,818,526    Sales of Berkeley Colorado Quantitative Fund LLC        —          6,182,737    Increase and/or decrease in:        Receivable from futures commission merchants      (4,768,450 )      86,886,331        12,337,706    Distributions from trading companies      —          —          —      Prepaid service fees      4,010        120,151        170,227    Interest receivable      501,949        (2,401,337 )      837,094    Receivable from related parties      390        (6,051 )      —      Other assets      (499,955 )      34,989        61,203    Incentive fees payable to Managing Owner      5,254,068        679,141        (1,111,997 )  Management fees payable to Managing Owner      (137,065 )      (398,444 )      (116,832 )  Interest payable to Managing Owner      (78,476 )      (287,553 )      (148,735 )  Trading fees payable to Managing Owner      (36,543 )      (240,936 )      (112,780 )  Service fees payable to Managing Owner      (68,919 )      (247,466 )      (154,190 )  Payables to related parties      18,978        (19,976 )      37,192    Other liabilities      —          (51,485 )      34,876                             Net cash provided by (used in) operating activities      96,001,003        179,994,333        74,175,966                             Cash Flows from Financing Activities:        Proceeds from sale of capital      15,680,430        12,759,044        46,946,971    Payment for redemption of capital      (100,568,391 )      (200,593,055 )      (129,300,685 )  Pending owner additions      7,842        (126,560 )      (223,785 )  Redemptions payable      (1,445,885 )      174,313        (1,956,488 )                           Net cash provided by (used in) financing activities      (86,326,004 )      (187,786,258 )      (84,533,987 )                           Net increase (decrease) in cash and cash equivalents      9,674,987        (7,791,925 )      (10,358,021 )  Cash and cash equivalents, beginning of period      9,302,857        17,094,782        27,452,803                             Cash and cash equivalents, end of period    $ 18,977,844      $ 9,302,857      $ 17,094,782                             The accompanying notes are an integral part of these consolidated financial statements. F-60 Table of Contents Equinox Frontier Funds Consolidated Statements of Cash Flows For the Years Ended December 31, 2016, 2015 and 2014     2016     2015     2014                       Cash Flows from Operating Activities:                         Net increase/(decrease) in capital resulting from operations   $ 5,510,577     $ (4,169,049 )   $ 54,071,987   Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:                         Change in:                         Net change in open trade equity     (7,171,709 )     19,173,292       850,228   Net change in options purchased     526,288       8,549,595       (6,042,013 ) Net change in options written     (165,760 )     (8,798,078 )     7,741,316   Net unrealized (gain)/loss on swap contracts     (53,113 )     (3,145,177 )     (14,535,358 ) Net unrealized (gain)/loss on U.S. Treasury securities     5,181,917       2,972,057       (13,833,243 ) Net realized (gain)/loss on U.S. Treasuries securities     (7,709,486 )     (1,146,411 )     429,638   Net unrealized gain/(loss) on private investment companies     (4,405,026 )     —       —   Net realized gain/(loss) on private investment companies     (776,630 )     —       —   (Purchases) sales of:                         (Purchases) of swap contracts     —       (1,000,000 )     —   (Purchases) of U.S. Treasury securities     (25,877,151 )     (21,196,875 )     (14,984,410 ) Sales of U.S. Treasury securities     102,379,233       39,359,391       82,112,859   (Purchases) of Private Investment Companies     (107,326,025 )     —       —   Sales of Private Investment Companies     5,467,195       —       —   U.S. Treasury interest and premium paid/amortized     746,321       2,486,916       —   Increase and/or decrease in:                         Receivable from futures commission merchants     39,879,557       (6,820,222 )     (4,768,450 ) Prepaid service fees     24,251       (8,209 )     4,010   Interest receivable     1,241,463       111,502       501,949   Receivable from related parties     (84,550 )     2,541       390   Other assets     29       499,993       (499,955 ) Interest payable     —       —       —   Incentive fees payable to Managing Owner     (382,136 )     (6,283,192 )     5,254,068   Management fees payable to Managing Owner     30,487       (65,211 )     (137,065 ) Interest payable to Managing Owner     (98,846 )     (40,965 )     (78,476 ) Trading fees payable to Managing Owner     240,577       (42,332 )     (36,543 ) Service fees payable to Managing Owner     (34,336 )     (62,259 )     (68,919 ) Risk analysis fees payable     15,673       —       —   Payables to related parties     21,334       25,817       18,978   Other liabilities     144,042       (6 )     —                             Net cash provided by operating activities     7,324,176       20,403,118       96,000,991   Cash Flows from Financing Activities:                                                   Proceeds from sale of capital     11,277,657       19,606,202       15,680,430   Payment for redemption of capital     (37,761,098 )     (46,670,773 )     (100,568,391 ) Payment from the Managing Owner     —       1,211,610       —   Pending owner additions     (36,462 )     (5,492 )     7,842   Advance on unrealized Swap Appreciation     9,441,555       —       —   Redemptions payable     525,602       453,104       (1,445,885 )                           Net cash used in financing activities     (16,552,746 )     (25,405,349 )     (86,326,004 )                           Net increase (decrease) in cash and cash equivalents     (9,228,570 )     (5,002,231 )     9,674,987                             Cash and cash equivalents, beginning of period     13,975,613       18,977,844       9,302,857   Cash and cash equivalents, end of period   $ 4,747,043     $ 13,975,613     $ 18,977,844   The accompanying notes are an integral part of these consolidated financial statements. F-61 Table of Contents Equinox Frontier Funds Notes to Consolidated Financial Statements 1. Equinox Frontier Funds Notes to Consolidated Financial Statements 1. Organization and Purpose Equinox Frontier Funds, which is referred to in this report as “the Trust”the “Trust”, was formed on August 8, 2003, as a Delaware statutory trust.trust and is set to expire on December 31, 2053. The Trust is a multi-advisor commodity pool, as described in Commodity Futures Trading Commission (the “CFTC”)CFTC Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series of units of beneficial interest (the “Units”)Units pursuant to the requirements of the Delaware Statutory Trust Act, as amended (the “Trust Act”).Act. The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).Act. It is managed by its managing owner, Equinox Fund Management, LLC (the “Managing Owner”).the Managing Owner. Purchasers of Units are limited ownersLimited Owners of the Trust (“Limited Owners”) with respect to beneficial interests of the Series’ Units purchased. The Trust Act provides that, except as otherwise provided in the second amended and restated declaration of trust and trust agreement dated December 9, 2013, as further amended, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders, as amended from time to time (the “Trust Agreement”), unitholders in a Delaware statutory trustof the Trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to the Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of all Series. The Trust has been organized to pool investor funds for the purpose of trading in the United States (“U.S.”) and international markets for currencies, interest rates, stock indices, agricultural and energy products, precious and base metals and other commodities. The Trust may also engage in futures contracts, forwards, option contracts and other interest in derivative instruments, including swap contracts (“Swaps”).contracts. The Trust has seven (7) separate and distinct Series of Units issued and outstanding: Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund, (each a “Series” and collectively, the “Series”).Fund. The Trust financial statements are comprised of unitized Series which are consolidated into the Trust financial statements. However, the consolidated Trust does not issue units. The Trust, with respect to each Series:   engages in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts), and may, from time to time, engage in cash and spot transactions; ● engages in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts), and may, from time to time, engage in cash and spot transactions;   allocates funds to a limited liability trading company or companies (“Trading Company” or “Trading Companies”). Except as otherwise described in these notes, each Trading Company has one-year renewable contracts with its own independent commodity trading advisor(s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company’s assets and make the trading decisions for the assets of each Series vested in such Trading Company. Each Trading Company will segregate its assets from any other Trading Company; ● allocates funds to a limited liability trading company or companies (“Trading Company” or “Trading Companies”) and Galaxy Plus entities (“Galaxy Plus”). Except as otherwise described in these notes, each Trading Company and Galaxy Plus entity has one-year renewable contracts with its own independent commodity Trading Advisor(s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company’s and Galaxy Plus assets and make the trading decisions for the assets of each Series vested in such Trading Company and Galaxy Plus entity. Each Trading Company and Galaxy Plus entity will segregate its assets from any other Trading Company and Galaxy Plus entity;   maintains separate, distinct records for each Series, and accounts for the assets of each Series separately from the other Series; calculates the Net Asset Value (“NAV”) of its Units for each Series separately from the other Series; ● maintains separate, distinct records for each Series, and accounts for the assets of each Series separately from the other Series;   has an investment objective of increasing the value of each Series’ Units over the long term (capital appreciation), while managing risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments; ● calculates the Net Asset Value (“NAV”) of its Units for each Series separately from the other Series;   ● has an investment objective of increasing the value of each Series’ Units over the long term (capital appreciation), while managing risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments; maintains each SeriesF-62 Table of Units in between two to six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents; andContents ● maintains each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. Class 1AP was created as a sub-class of Class 1 and it has been presented separately because the fees applicable to it are different from those applicable to Class 1. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and   ● all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York. all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York. As of December 9, 2013, the Balanced Series of the Trust became known as the Equinox Frontier Balanced Fund, the Frontier Diversified Series became known as the Equinox Frontier Diversified Fund, the Frontier Heritage Series became known as Equinox Frontier Heritage Fund, the Frontier Long/Short Commodity Series became known as the Equinox Frontier Long/Short Commodity Fund, the Frontier Masters Series became known as the Equinox Frontier Masters Fund, the Frontier Select Series became known as the Equinox Frontier Select Fund, and the Winton Series became known as the Equinox Frontier Winton Fund. The assets of any particular Series include only those funds and other assets that are paid to, held by or distributed to the Trust on account of and for the benefit of that Series. Under the “Inter-Series Limitation on Liability” expressly provided for under Section 3804(a) of the Trust Act, separate and distinct records of the cash and equivalents, although pooled for maximizing returns, is maintained in the books and records of each Series. As of December 31, 2014,2016, the Trust, with respect to the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier BalancedSelect Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2, and Class 1AP. The Trust, with respect to the Equinox Frontier Long/Short Commodity Fund separates Units into a maximum of sixfive separate Classes—Class 1,1a, Class 2, Class 3, Class 1a,2a and Class 3a. The Trust, with respect to the Equinox Frontier Balanced Fund separates Units into a maximum of five Classes—Class 1, Class 1AP, Class 2, Class 2a and Class 3a. ItBetween April 15, 2016 and December 31, 2016, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, and Frontier Trading Company XXIII, LLC held by Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, and Equinox Frontier Long/Short Commodity Fund were exchanged for equivalent interests in Galaxy Plus. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, and the assets of Frontier Trading Company XXIII, LLC, which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Master Funds in Galaxy Plus. Each Master Fund is expectedsponsored and operated by Gemini Alternative Funds, LLC. The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that between 10% and 30%invest in Galaxy Plus, approximately 30-70% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of eachthose Series’ assets are maintained atused to support the Trust level for cash management. Eachmargin requirements of the respectiveMaster Funds. The remaining assets of the Series has invested monies intoare split between investments in Trading Companies and a pooled cash management assets which have included purchases ofaccount that invests primarily in U.S. Treasury Securities. Each Series’ ownershipsecurities. For those Series that do not invest in theseGalaxy Plus, their assets are split between investments is based on its percentage ownershipin Trading Companies and investments in the pooled cash management assets on the reporting date.account. Each SeriesF-63 Table of the Trust may invest a portion of its assets in a single Trading Company or in several different Trading Companies and may have multiple Trading Advisors that manage the assets invested in such Trading Companies.Contents The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, currency trading companies, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence or bad faith. 2. 2. Significant Accounting Policies The following are the significant accounting policies of the Trust. Basis of Presentation—The Trust follow U.S. Generally Accepted Accounting Principles (“GAAP”),follows GAAP, as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, condensed schedules of investments, results of operations, changes in capital and cash flows. The Trust is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946. Consolidation—Each The Series, ofthrough investing in the Trust invests in Trading Companies whoand Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and the risk analysis fee, all of which is allocated to the Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Investments interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Trust’s interest in the NAV in the Galaxy Plus entities. The equity interest held by Trust is shown as investments in private investment companies in the statements of financial condition. The income or is shown in the statements of operations as net unrealized gain/(loss) on private investment companies. The Trading Companies and Series of the Trust are consolidated by the Trust. Galaxy Plus entities are co-mingled investment vehicles. In addition to the Trust, there are other non-affiliated investors in Galaxy Plus. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Trust ownership percentage in Galaxy Plus. It is expected that ownership percentage will fluctuate (sometimes significantly) on a week by week basis which could also result in frequent changes in the consolidating Series. Such fluctuations make consolidating the financial statements of the Galaxy Plus entities both impractical and misleading. Non-consolidation of these Galaxy Plus entities presents a more useful financial statement for the readers. As such, management has decided that presenting Galaxy Plus entities on a non-consolidated basis as investments in other investments companies (a “fund of funds” approach) is appropriate and preferable to the users of these financial statements. Refer to Note 5 for additional disclosures related to these private investment companies. Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP may require the Managing Owner 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 financial statements and the reported amounts of revenue and expenses during the reporting period. The valuation of swap contracts requires significant estimates as well as the valuation of certain other investments. Please refer to Note 3 for discussion of valuation methodology. Actual results could differ from these estimates and such differences could be material. Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with original maturities of three months or less. This cash is not restricted. Interest Income—U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasury securitiesTreasuries and assets held at a futures commission merchants (each, an “FCM”merchant (“FCM”), of up to the first two percentage points or 20% of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner.Owner by the Equinox Frontier Balanced Fund (Class 1, and Class 2 only), Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to each Series was paid to the Managing Owner from January 1, 2016 through April 28, 2016, thereafter 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Trust,Series, and shown net on the consolidated statement of operations. F-64 Table of Contents U.S. Treasury Securities—U.S. Treasury Securities are reported at fair value as Level 1 inputs under ASC 820,Fair Value Measurements and Disclosures (“ASC 820”). The Trust values U.S. Treasury Securities at fair value and records the daily change in value in the consolidated statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the consolidated statements of financial condition as interest receivable. Receivable Fromfrom Futures Commission MerchantsMerchants——The Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $2,631,477 for the Frontier Trading Company I LLC, $3,623,496 for the Frontier Trading Company XV LLC, and $14,604,203 for the Frontier Trading Company II LLC. Investment Transactions—Futures, options on futures, forward and swap contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are settled. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the consolidated statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with FASB ASC 210,Balance Sheet (“ASC 210”) and Accounting Standards Update (ASU) 2013-01,Balance Sheet (Topic 210). Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts is based on third party quoted dealer values on the interbank market. For U.S. Treasury securities, interest was recognized in the period earned and the instruments were marked-to-market daily based on third party information. Transaction costs are recognized as incurred and reflected separately in the consolidated statements of operations. Purchase and Sales of Private Investment Companies – The Trust is able to subscribe into and redeem from the Galaxy Plus entities on a weekly basis. The value of the Private Investment Companies is determined by the Sponsor and reported on a daily basis. The change in value is calculated as the difference between the total purchase proceeds and the fair value calculated by the Sponsor and is recorded as net unrealized gain/(loss) on private investment companies on the statements of operations. Foreign currency transactions—Currency Transactions—The Series of the Trust’s functional currency is the U.S. dollar,dollar; however, they transact business in currencies other than the U.S. dollar. The Series of the Trust do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments. Allocation of Earnings—Each Series of the Trust may maintain between twothree to sixseven classes of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a Class 3a and Class 3a.1AP. All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that fees charged to a Class or Series differ as described below. Revenues, expenses (other than expenses attributable to a specific class), and realized and unrealized trading gains and losses of each Series are allocated daily to Class 1, Class 1a, Class 2, Class 2a, Class 3, Class 3a and Class 3a1AP Units based on each Class’ respective owners’ capital balances as applicable to the classes maintained by the Series. Each Series allocates funds to an affiliated Trading Company, or Companies, of the Trust, or unaffiliated Galaxy Plus entity. Each Trading Company allocates all of its daily trading gains or losses to the Series in proportion to each Series’ ownership trading level interest in the Trading Company, adjusted on a daily basis (except for Trading Advisors and other investments such as swaps that are directly allocated to a specific series). Likewise, trading gains and losses earned and incurred by the Series through their investments in Galaxy Plus entities are allocated to those Series on a daily basis. The allocation of gains and losses in Galaxy Plus entities are based on each Series pro-rata shares of the trading level of that entity which is updated at the beginning of each month or more frequently if there is a subscription or redemption activity in the entity. The value of all open contracts and cash held at clearing brokers is similarly allocated to the Series in proportion to each Series’ funds allocated to the Trading Companies or Galaxy Plus entities. Investments and SwapsSwaps——The Trust records investment transactions on a trade date basis and all investments are recorded at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps,swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap,swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported at fair value basisbased upon daily reports from the counterparty. The Managing Owner values the investments based on the CTA’s estimated position information on a same-trading day basis. The Managing Owner reviews and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. This fair value is corroborated by valuations provided by a third party pricing service on a daily basis. The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail F-65 Table of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected, the components of the model, both observable and unobservable; and quality control testing procedures in place.Contents Income TaxesTaxes——The Trust applies the provisions of ASC 740Income Taxes(“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the yearsyear ended December 31, 2014,2016. The 2013 and 2012. The 2011 through 20142016 tax years generally remain subject to examination by U.S. federal and most state tax authorities. In the opinion of the Managing Owner, (i) the Trust is treated as a partnership for Federal income tax purposes and, assuming that at least 90% of the gross income of the Trust constitutes “qualifying income” within the meaning of Section 7704(d) of the Code, (ii) the Trust is not a publicly traded partnership treated as a corporation, and (ii)(iii) the discussion set forth in the Prospectus under the heading “Federal“U.S. Federal Income Tax Consequences” correctly summarizes the material Federal income tax consequences as of the date of the Prospectus to potential U.S. Limited Owners of the purchase, ownership and disposition of Series Units of the Trust. Fees and ExpensesExpenses——All management fees, incentive fees, service fees and trading fees of the Trust are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, Selling Agent Service fees and all other operating expenses and continuing offering costs of the Trust. Only management fees and incentive fees related to assets allocated through Trading Companies are included as expenses on the Statement of Operations. The Series are all charge management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. Service Fees—The Trust may maintain each Series of Units in between twothree to sixseven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 orand Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAVpurchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents. These service fees are part of the offering costs of the Trust, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are bornborne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. F-66 Table of Contents Pending Owner Additions—Funds received for new subscriptions and for additions to existing owner interests are recorded as capital additions at the NAV per unit of the second business day following receipt. Recently Adopted Accounting PronouncementsPronouncements——In September of 2013,May 2015, the FASB issued ASU 2013-08No. 2015-07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” ASU No. 2015-07 removes the requirement to (i) modify Topic 946include investments in the fair value hierarchy for determining whether an entitywhich the fair value is an investment company; (ii) updatemeasured at NAV using the measurement requirements for noncontrolling interests in other investment companies;practical expedient under “Fair Value Measurements and (iii) require additional disclosures for investment companies under GAAP. This guidanceDisclosures (Topic 820).” ASU No. 2015-07 is effective for annual and interimreporting periods beginning on or after December 15, 2013. An entity should provide2015, including interim periods within that reporting period. ASU No. 2015-07 is required to be applied retrospectively to all periods presented beginning in the year of adoption. Since ASU No. 2015-07 will only impact the Trust’s disclosures, required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance diddoes not have a material impact onaffect the Trust’s financial position orcondition, results of operations.operations, or cash flows. Recently Issued Accounting Pronouncements— In February, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 isdoes not expected to have a material effect on the Trust’s consolidatedTrust financial statements. Early adoption is permitted. In May 2014 the FASB issued a final standard on revenue from contracts with customers. The standard, issued as FASB ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. A full retrospective or modified retrospective approach may be taken to adopt the guidance in the ASU. The Trust is currently evaluating the impact of the provisions of ASU 2014-09 on its consolidated financial position, results of operations and related disclosures. Subsequent Events—The Trust follows the provisions of ASC 855,Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the financial statements are issued. No events or transactions requiring recognition or disclosure have been identified. 3. 3. Fair Value Measurements In connection with the valuation of investments the Trust applies ASC 820,Fair Value Measurement (“ASC 820”). ASC 820 provides clarification that when a quoted price in an active market for the identical asset or liability is not available, a reporting entity is required to measure fair value using certain techniques. ASC 820 also clarifies that when estimating the fair value of an asset or liability, a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of an asset or liability. ASC 820 also clarifies that both a quoted price in an active market for the identical asset or liability at the measurement date and the quoted price for the identical asset or liability when traded as an asset in an active market when no adjustments to the quoted price of the asset are required are Level 1 fair value measurements. Level 1 Inputs Unadjusted quoted prices in active markets for identical financial assets that the reporting entity has the ability to access at the measurement date. Level 2 Inputs Inputs other than quoted prices included in Level 1 that are observable for the financial assets or liabilities, either directly or indirectly. These might include quoted prices for similar financial assets in active markets, quoted prices for identical or similar financial assets in markets that are not active, inputs other than quoted prices that are observable for the financial assets or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs Unobservable inputs for determining the fair value of financial assets that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the financial asset. The Trust uses the following methodologies to value instruments within its financial asset portfolio at fair value: Trading Securities. These instruments include U.S. Treasury securities and open trade equity positions (futures contracts) that are actively traded on public markets with quoted pricing for corroboration. U.S. Treasury securities and futures contracts are reported at fair value using Level 1 inputs. Trading securities instruments further include tradingopen trade equity positions (trading options and currency forwardsforwards) that are quoted prices for identical or similar assets that are not traded on active markets. Trading options and currency forwards are reported at fair value using Level 2 inputs. F-67 Table of Contents Swap ContractsContracts.. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps,swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical Swap,swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value based upon daily reports from the counterparty. In addition, a third party takes receives the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The Managing Owner valuesfair value measurements of the investments based on the CTA’s estimated position information on a same-trading day basis.swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is usedas well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to determine a daily fair value NAV for the swap contracts. The fair value is corroborated through the use of a third party pricing service. The valuation of swap contracts requires significant estimates utilizing Level 3 Inputs corroborated by management through the use of a third party pricing service (“pricing service”). The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner through the valuation committee charted by the Executive Committee of the Trust, engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected; the components of the model, both observable and unobservable; and quality control testing procedures in place. The valuation committee meets on a monthly basis and as needed to discuss any updates or changes in the valuation process, reporting to the Executive Committee. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and throughout the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each swap and it’s subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by a senior financial engineer to ensure design and function of model is stable and perform as expected. The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The valuation committee reports to both the Managing Owner’s Valuation Committee for evaluation and resolution. Investments in Private Investment Oversight and Risk Committee andCompanies. Investments in private investment companies are valued utilizing the Trust’s Executive Committee. The committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The committee monitors daily pricing valuationnet asset values provided by the swap counterpartyunderlying Private Investment Companies as a practical expedient. The Fund applies the practical expedient to its investments in Private Investment Companies on an investment-by-investment basis, and daily valuation provided byconsistently with the third party pricing service to ensureFund’s entire position in a particular investment, unless it is probable that the changeFund will sell a portion of an investment at an amount different from the net asset value of the investment. Management has adopted Accounting Standards Update (“ASU”) ASU 2015-07,Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) — a consensus of the Emerging Issues Task Force issued, on May 1, 2015. The guidance in this standard was effective for interim and annual periods beginning after December 15, 2015. In accordance with Subtopic 820-10, certain investments that are measured at fair value is reasonable and valuations areusing the net asset value per share (or its equivalent) have not been classified in accordance with current regulations and best practices. The committee may request a price challenge if the daily valuation provided by the counterparty valuations differs significantly from the valuation obtained by the pricing service. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provide by the pricing service.fair value hierarchy below. The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, by Series,in aggregate, measured at fair value on a recurring basis as of December 31, 20142016 and 2013,2015, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:                   Total   December 31, 2014    Level 1 Inputs      Level 2 Inputs      Level 3 Inputs      Total Fair Value   December 31, 2016   Level 1 Inputs   Level 2 Inputs   Level 3 Inputs   Fair Value                     Open Trade Equity (Deficit)   $ 2,091,623     $ 54,584     $ —     $ 2,146,207   Swap Contracts     —       —       40,189,178       40,189,178   U.S. Treasury Securities     42,757,604       —       —       42,757,604                                       Total   December 31, 2015   Level 1 Inputs   Level 2 Inputs   Level 3 Inputs   Fair Value                                   Open Trade Equity (Deficit)    $ 15,756,796       $ (932,374 )     $ —         $ 14,824,422      $ (4,424,290 )   $ 75,418     $ —     $ (4,348,872 ) Swap Contracts      —           —           35,990,887         35,990,887        —       —       40,136,065       40,136,065   U.S. Treasury Securities      139,953,516         —           —           139,953,516        117,478,438       —       —       117,478,438   Purchased Options      —           9,075,883         —           9,075,883        —       526,288       —       526,288   Written Options      —           (8,963,838 )       —           (8,963,838 )      —       (165,760 )     —       (165,760 )   December 31, 2013    Level 1 Inputs      Level 2 Inputs      Level 3 Inputs      Total Fair Value   Open Trade Equity (Deficit)    $ 14,426,691       $ 1,247,959       $ —         $ 15,674,650    Swap Contracts      —           —           21,455,529         21,455,529    U.S. Treasury Securities      193,678,360         —           —           193,678,360    Purchased options      —           3,033,870         —           3,033,870    Written Options      —           (1,222,522 )       —           (1,222,522 )  The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments – net realized and net unrealized gain/(loss) on swap contracts” on the statements of operations. F-68 Table of Contents     For the Year ended       December 31, 2016   Balance of recurring Level 3 assets as of January 1, 2016   $ 40,136,065   Total gains or losses (realized/unrealized):         Included in earnings-realized     —   Included in earnings-unrealized     53,113   Purchases of investments     —   Sales of investments     —   Transfers in and/or out of Level 3     —   Balance of recurring Level 3 assets as of December 31, 2016   $ 40,189,178                 For the Year ended       December 31, 2015   Balance of recurring Level 3 assets as of January 1, 2015   $ 35,990,887   Total gains or losses (realized/unrealized):         Included in earnings-realized     —   Included in earnings-unrealized     3,145,178   Purchases of investments     1,000,000   Sales of investments     —   Transfers in and/or out of Level 3     —   Balance of recurring Level 3 assets as of December 31, 2015   $ 40,136,065          For the Year ended December 31, 2014   Balance of recurring Level 3 assets as of January 1, 2014    $ 21,455,529    Total gains or losses (realized/unrealized):    Included in earnings-realized      —      Included in earnings-unrealized      14,535,358    Purchases of investments      —      Sales of investments      —      Transfers in and/or out of Level 3      —               Balance of recurring Level 3 assets as of December 31, 2014    $ 35,990,887                  For the Year Ended December 31, 2013   Balance of recurring Level 3 assets as of January 1, 2013    $ 22,289,479    Total gains or losses (realized/unrealized):    Included in earnings-realized      (3,555,134 )  Included in earnings-unrealized      1,539,551    Purchases of investments      21,880,000    Sales of investments      (20,698,367 )  Transfers in and/or out of Level 3      —               Balance of recurring Level 3 assets as of December 31, 2013    $ 21,455,529             The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the years ended December 31, 20142016 and 2013,2015, the Trust did not transfer any assets between Levels 1, 2 and 3. The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2016: Swaps $ 53,113 The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2015: Swaps $ 3,145,177 The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2014.        2014   Swaps    $ 14,535,358    The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2013. Swaps $ 14,535,358        2013   Swaps    $ (420,970 )  The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2012. 4. Swap Contracts        2012   Swaps    $ (1,265,968 )  4. Swaps In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures and forward contracts, certain Series of the Trust will strategically invest a portion or all of their assets in total return swaps, selected at the direction of the Managing Owner. Total return Swapsswaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical total return Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount or value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The Trust’s investment in Swapsswaps will likely differ substantially over time due to cash flows, portfolio management decisions and market movements. The Swapsswaps serve to diversify the investment holdings of the Trust and to provide access to programs and advisors that would not be otherwise available to the Trust, and are not used for hedging purposes. F-69 Table of Contents The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 20142016 and 2013,2015, approximately 12.5%10.2% and $22,866,000 and 9.3% or $35,990,887 and 7.0% or $21,455,529,$22,873,000, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swapsswaps and is recorded as Swapswap Contracts, at fair value on the Statements of Financial Condition of the Trust. This cash held with the counterparty is not restricted. The Trust strategically invests assets in one or more swaps linked to certain underlying investments or indices at the direction of the Managing Owner. The Trading Company in which the assets of the Trust will be invested will not own any of the investments or indices referenced by any swap entered into by the Trust. In addition, neither the swap counterparty nor any advisor referenced by any such swap is a Trading Advisor to the Trust. The Trust had invested in the following swaps as of and for the year ended December 31, 2014:      Brevan Howard Total Return Swap     XXXIV Balanced select swap Total Return Swap     XXXV Diversified select swap Total Return Swap     XXXVII L/S select swap Total Return Swap   Counterparty      DeutscheBank AG        DeutscheBank AG        DeutscheBank AG        DeutscheBank AG    Notional Amount    $ 17,663,283      $ 67,610,098      $ 35,500,000      $ 13,590,513    Termination Date      3/26/2018        8/2/2018        8/2/2018        8/7/2018    Cash Collateral    $ 5,993,000      $ 9,600,000      $ 3,400,000      $ 2,880,000    Swap Value    $ 1,547,465      $ 8,646,954      $ 3,170,408      $ 753,060    Investee Returns      Total Returns        Total Returns        Total Returns        Total Returns    Realized Gain/(Loss)    $ 0      $ 0      $ 0      $ 0                                     Change in Unrealized Gain/(Loss)    $ 2,105,282      $ 8,120,784      $ 3,132,777      $ 1,176,515                                     Fair Value as of 12/31/2014    $ 7,540,465      $ 18,246,954      $ 6,570,408      $ 3,633,060                                     The Trust had invested in the following swaps as of and for the year ended December 31, 2013:2016:      Total Return Swap   Total Return Swap   Total Return Swap   Counterparty      Societe Generale        DeutscheBank        DeutscheBank AG    Notional Amount    $ —        $ —        $ 64,000,000    Termination Date      11/21/2014        6/30/2016        8/2/2018    Cash Collateral        $ 9,600,000    Swap Value        $ 526,168    Investee Returns      Total Returns        Total Returns        Total Returns    Realized Gain/(Loss)    $ (1,646,391 )    $ (1,908,743 )    $ —                         Change in Unrealized Gain/(Loss)    $ 214,265      $ 1,746,258      $ 526,168                       Fair Value as of 12/31/13    $ —        $ —        $ 10,126,168                         Brevan Howard   XXXIV Balanced select swap   XXXV Diversified select swap   XXXVII L/S select swap   Total Return Swap   Total Return Swap   Total Return Swap   Total Return Swap    Total Return Swap   Total Return Swap   Total Return Swap                   Counterparty      DeutscheBank AG        DeutscheBank AG        DeutscheBank AG        DeutscheBank AG      DeutscheBank AG      DeutscheBank AG      DeutscheBank AG Notional Amount    $ 34,400,000      $ 25,500,000      $ 18,663,283      $11,413,283   $22,580,043   $13,851,707   $1,877,692 Termination Date      8/7/2018        8/2/2018        3/26/2018      3/26/2018   8/2/2018   8/2/2018   8/7/2018 Cash Collateral    $ 2,880,000      $ 3,400,000      $ 5,996,500      $5,986,000   $9,600,000   $3,400,000   $3,880,000 Swap Value    $ (423,455 )      37,632      $ (561,316 )    $2,405,414   $9,339,450   $5,237,847   $340,468 Investee Returns      Total Returns        Total Returns        Total Returns      Total Returns   Total Returns   Total Returns   Total Returns Realized Gain/(Loss)    $ —        $ —        $ —        $0   $0   $0   $0                    Change in Unrealized Gain/(Loss)    $ (423,455 )    $ 37,632      $ (561,316 )    $431,146   ($218,070)   ($48,002)   ($111,960)                    Fair Value as of 12/31/13    $ 2,456,545      $ 3,437,632      $ 5,435,184                       Fair Value as of 12/31/2016   $8,391,414   $18,939,450   $8,637,847   $4,220,468 Advance on swap appreciation   ($1,900,000)   ($4,926,555)   ($2,500,000)   ($115,000) The Trust had invested in the following swaps as of and for the year ended December 31, 2015:     Brevan Howard   XXXIV Balanced Select Swap   XXXV Diversified Select Swap   XXXVII L/S Select Swap     Total Return Swap   Total Return Swap   Total Return Swap   Total Return Swap                           Counterparty   DeutscheBank AG     DeutscheBank AG     DeutscheBank AG     DeutscheBank AG Notional Amount   $12,663,283   $22,580,043   $13,851,707   $1,877,592 Termination Date   3/26/2018   8/2/2018   8/2/2018   8/7/2018 Cash Collateral   $5,993,000   $9,600,000   $3,400,000   $3,880,000 Swap Value   $1,967,269   $9,557,519   $5,285,749   $452,428 Investee Returns   Total Returns   Total Returns   Total Returns   Total Returns Realized Gain/(Loss)   $0   $0   $0   $0 Change in Unrealized Gain/(Loss)   $419,803   $910,566   $2,115,441   ($300,633) Fair Value as of 12/31/2015   $7,960,269   $19,157,519   $8,685,749   $4,332,428 5. Investments in Private Investment Companies Investments in Private Investment Companies represent cash and open trade equity invested in the Private Investment Companies as well as the cumulative trading profits or losses allocated to the Trust by the Private Investment Companies. Private Investment Companies allocate trading profits or losses on the basis of the proportion of the Trust’s capital allocated for trading to each respective Private Investment Company, which bears no relationship to the amount of cash invested by the Trust in the Private Investment Companies. Investments in Private Investment Companies are valued using the NAV provided by the underlying private investment. F-70 Table of Contents The following table summarizes each of the Trust’s investments in Private Investment Companies as of December 31, 2016:     As of December 31, 2016       Percentage of Trust Total             Capital Invested in             Private Investment Companies     Fair Value                     Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC     5.28 %   $ 11,559,976   Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC     5.23 %     11,465,608   Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     2.98 %     6,526,957   Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC     5.10 %     11,174,877   Galaxy Plus Fund - QIM Feeder Fund (526) LLC     9.33 %     20,442,933   Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     8.78 %     19,226,675   Galaxy Plus Fund - Quest Feeder Fund (517) LLC     1.78 %     3,899,040   Galaxy Plus Fund - Quest Fit Feeder Fund (517) LLC     5.11 %     11,197,020   Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     2.12 %     4,643,329   Galaxy Plus Fund - LRR Feeder Fund (522) LLC     3.46 %     7,580,703   The Galaxy Plus entities are made up a feeder funds in which the Trust invests and master trading entities into which the feeder funds invest. No investment held by the Galaxy Plus master trading entity is greater than 5% of the Trust’s total capital. The following table summarizes each of the Trust’s equity in earnings from Private Investment Companies for the year ended December 31, 2016:     Year Ended December 31, 2016                   Change in              Trading     Realized     Unrealized     Net Income       Commissions     Gain/(Loss)     Gain/(Loss)     (Loss)                                     Galaxy Plus Fund - Aspect Feeder Fund (532) LLC     (8,385 )     (85,177 )     (263,109 )     (356,671 ) Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC     (367,710 )     539,213       (525,101 )     (353,598 ) Galaxy Plus Fund - Doherty Feeder Fund (528) LLC     (65,781 )     232,189       23,963       190,371   Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC     (700,058 )     4,144,776       (1,535,573 )     1,909,145   Galaxy Plus Fund - FORT Global Managed Futures Feeder Fund (510) LLC     (184,486 )     (906,497 )     (385,352 )     (1,476,335 ) Galaxy Plus Fund - LRR Feeder Fund (522) LLC     —       —       321,705       321,705   Galaxy Plus Fund - QIM Feeder Fund (526) LLC     (340,988 )     4,675,449       333,203       4,667,664   Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC     (382,100 )     (113,301 )     (7,765 )     (503,166 ) Galaxy Plus Fund - Quest Feeder Fund (517) LLC     (126,009 )     (1,711,068 )     235,515       (1,601,562 ) Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC     (27,048 )     2,328,567       134,141       2,435,659   Total   $ (2,202,565 )   $ 9,104,151     $ (1,668,373 )   $ 5,233,212   F-71 Table of Contents The Trust’s investments in private investment companies have certain redemption and liquidity restrictions which are described in the following table: Redemptions Redemptions Liquidity Notice Period Permitted Restrictions Multi-Strategy Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC 24 hours Weekly None Galaxy Plus Fund - LRR Feeder Fund (522) LLC 24 hours Weekly None Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC 24 hours Weekly None Trend Following Galaxy Plus Fund - Aspect Feeder Fund (532) LLC 24 hours Weekly None Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC 24 hours Weekly None Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC 24 hours Weekly None Galaxy Plus Fund - QIM Feeder Fund (526) LLC 24 hours Weekly None Galaxy Plus Fund - Quest Feeder Fund (517) LLC 24 hours Weekly None Option Trading Galaxy Plus Fund - Doherty Feeder Fund (528) LLC 24 hours Weekly None 6. 5. Transactions with Affiliates The Managing Owner contributes funds to the Trust in order to have a 1% interest in the aggregate capital, profits and losses and in return will receive units designated as general units in the Series of the Trust in which the Managing Owner invests such funds. The general units may only be purchased by the Managing Owner and may be subject to no advisory fees or management advisory fees at reduced rates. Otherwise, the general units hold the same rights as the limited units. The Managing Owner is required to maintain at least a 1% interest (“Minimum Purchase Commitment”) in the aggregate capital, profits and losses of the Trust so long as it is acting as the Managing Owner of the Trust. Such contribution was made by the Managing Owner before trading commenced for the Trust and will be maintained throughout the existence of the Trust, and the Managing Owner will make such purchases as are necessary to effect this requirement. Additionally, the Managing Owner agreed with certain regulatory bodies to maintain a 1% interest specifically in the Equinox Frontier Balanced Fund Class 1a1AP Units and Equinox Frontier Balanced Fund Class 2a Units, aggregated, and each of the Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund. The 1% interest in these specific Series of the Trust is included in computing the Minimum Purchase Commitment in aggregate capital. In addition to the general units the Managing Owner receives in respect of its Minimum Purchase Commitment, the Managing Owner may purchase limited units in any Series as a Limited Owner. Principals of the Managing Owner or affiliates are allowed to own beneficial interests in the Trust, as well. All units purchased by the Managing Owner are held for investment purposes only and not for resale. The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates. Expenses Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the nominal assets of such Series allocated to Trading Companies, calculated on a daily basis. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series’ (including notional assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. The total amount of assets of a seriesSeries allocated to trading advisorsTrading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisorsTrading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisorsTrading Advisors and any reference programs, is referred to herein as the “nominal assets” of the series.Series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 1a1AP, Class 2a and Class 2a,3a, 2.0% for the Equinox Frontier Winton Fund, Equinox Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 2a3a and Equinox Frontier Masters Fund, 0.75% for Equinox Frontier Diversified Fund, 2.5% for the Equinox Frontier Heritage Fund and Equinox Frontier Select Fund, and 3.5% for the Equinox Frontier Long/Short Commodity Fund Class 1, Class 2 and Class 2.3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the seriesSeries by the Managing Owner. As of the date of this Form 10-K, the trading advisorTrading Advisor for a seriesSeries that has invested in a swap has not received any management fees directly from the seriesSeries for such swap, and instead the relevant trading advisorTrading Advisor receives compensation via the fees embedded in the swap. F-72 Table of Contents The management fee as a percentage of the applicable series’Series’ net asset value will be greater than the percentage indicated above to the extent that the nominal assets of the seriesSeries exceeds its net asset value. The managing ownerManaging Owner expects that the nominal assets of each seriesSeries will generally be maintained at a level in excess of the net asset value of such seriesSeries and such excess may be substantial to the extent the managing ownerManaging Owner deems necessary to achieve the desired level of volatility. Trading Fees—In connection with each Series’ trading activities, offrom January 1, 2016 through October 23, 2016, the Trust, the Equinox Frontier Long/Short Commodity Fund (Classes 1, 2 and 3), Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund payspaid to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% per annum of such Series’ NAV, calculated daily. The Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a and 2a) and Equinox Frontier Masters Funddaily; thereafter each of the Series pays to the Managing Owner a FCM Fee of up to 2.25% per annum of nominal assets allocated to the trading fee, oradvisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of the applicable Series. From January 1, 2016 through April 28, 2016, the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund paid to the Managing Owner a FCM Fee of up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily; thereafter each of such Series pays to the Managing Owner a FCM Fee of up to 2.25% of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily. Incentive Fees—Some Series of the Trust pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations Because the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Equinox Frontier Balanced Fund and the Equinox Frontier Diversified Fund and 20% for the Equinox Frontier Winton Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. Service Fees—In addition, with respect to Class 1 and Class 1a Units of each Series of the Trust, as applicable, the Series pays monthly or quarterly to the Managing Owner a service fee of up to 3% annually, which the Managing Owner pays to selling agents of the Trust. As of December 31, 2014,2016, the Trust has a payable to the Managing Owner in the amounts of $6,665,328, $468,154, $203,086, $324,854,$0, $433,430, $63,275, $523,099, and $336,115$239,520 for incentive fees, management fees, interest, trading fees, and service fees, respectively. As of December 31, 2015, the Trust has a payable to the Managing Owner in the amounts of $382,136, $402,943, $162,121, $282,522 and $273,856 for incentive fees, management fees, interest, trading fees, and service fees, respectively. As of For the year ended December 31, 2013,2016, the Trust has a payable topaid the Managing Owner in the amounts of $1,411,260, $605,219, $281,562, $361,397$2,980,696, $3,235,153, $3,586,271 and $405,034$3,613,634 for incentive fees, management fees, interest,service fees, and trading fees, respectively. For the year ended December 31, 2015, the Trust paid the Managing Owner $5,723,374, $5,028,224, $4,309,654 and $3,452,315 for incentive fees, management fees, service fees, and trading fees, respectively. For the year ended December 31, 2014, the Trust paid the Managing Owner $11,993,289, $5,857,792, $4,357,428 and $3,327,096 for incentive fees, management fees, service fees, and trading fees, respectively. For the year ended December 31, 2013, the Trust paid the Managing Owner $2,300,285, $8,403,814, $7,118,910 and $5,588,902 for incentive fees, management fees, service fees, and trading fees, respectively. For the year ended December 31, 2012, the Trust paid the Managing Owner $12,198,317, $12,850,471, $10,354,157 and $7,888,010 for incentive fees, management fees, service fees, and trading fees, respectively. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. F-73 Table of Contents For the years ended December 31, 20142016, 2015 and 20132014 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $87, $28,202, and ($19,369) and ($18,328), respectively. Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund, and Equinox Frontier Balanced Fund (Class 1a1AP, Class 2a and Class 2a3a only), 20% of the total interest allocated to each Series iswas paid to the Managing Owner. Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series.During the years ended December 31, 2014, 20132016, 2015 and 2012,2014, the Trust paid $2,341,214, $5,133,860 $1,347,984, $2,237,965 and $7,373,409,$2,341,213, respectively of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations. The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, and $300,000 for the third and final year for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $268,281, $1,113,677 and 766,944, respectively under this agreement for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts do not impact the Trust’s financial statements. Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $1,040,000, $1,415,000$0, $955,000 and, 437,245,$1,040,000, respectively, for the years ended December 31, 2016, 2015 and 2014, 2013 and 2012, respectively. These amounts do not impact the Trust’s financial statements. Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $1,136,465, $1,813,029$776,430, $623,715 and, $2,627,888,$1,136,465, respectively, for the years ended December 31, 2014, 20132016, 2015 and 2012. These amounts do not impact the Trust’s financial statements.2014. Equinox Group Distributors LLC, an affiliate under common control of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations. During the year ended December 31, 2016 each Series changed its administrator from BNP Paribas to Gemini Hedge Fund Services, LLC. Gemini Hedge Fund Services, LLC is an affiliate of the Sponsor. During the year ended December 31, 2016, each Series changed its transfer agency provider from Phoenix American Financial Services, Inc. to Gemini Fund Services, LLC. Gemini Fund Services, LLC is an affiliate of the Sponsor. 7. 6. Financial Highlights The following information presents the financial highlights of the Trust for the year ended December 31, 2014, 20132016, 2015 and 2012.2014. This data has been derived from the information presented in the consolidated financial statements.     2016   2015   2014      2014   2013   2012                 Ratios to average net assets(1)                                Net investment gain/(loss)(1)      -9.32 %      -4.72 %      -6.41 %      -5.50 %     -6.70 %     -9.32 % Expenses before incentive fees (1)(4)      5.17 %      5.18 %      5.32 %      4.48 %     4.90 %     5.17 % Expenses after incentive fees (1)(4)      9.75 %      5.75 %      7.41 %      5.75 %     7.10 %     9.75 % Total return before incentive fees      25.23 %      -7.08 %      -4.01 %  Total return after incentive fees      20.65 %      -7.64 %      -6.09 %                          Total return before incentive fees (2)     3.62 %     0.60 %     25.23 % Total return after incentive fees (2)     2.35 %     -1.60 %     20.65 %   (1) Annualized with the exception of incentive fees. (2) Total returns are not annualized. (3) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Consolidated Statements of Operations of the Trust. See footnote 5.6. (4) Expense ratios do not include management and incentive fees at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees are included in the total return. The Trust financial highlights are calculated based upon the Trust’s consolidated financial statements. The consolidated Trust does not issue units and therefore the financial highlights do not disclose any unitized data. F-74 Table of Contents 8. 7. Derivative Instruments and Hedging Activities The Trust’s primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust’s derivatives by instrument types as of December 31, 20142016 and 20132015 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts. For the years ended December 31, 2014, 20132016, 2015 and 2012,2014, the monthly average of futures contracts bought was approximately 28,999, 75,20031,405, 40,214, and 69,300,28,999, respectively and sold was approximately 31,157, 40,589, and 28,961 and 81,900, 68,200, respectively. The following tables summarize the trading revenues for the years ended December 31, 2014, 20132016, 2015 and 20122014 by contract type: Realized Trading Revenue from Futures, Forwards and Options Realized Trading Revenue from Futures, Forwards and Options for the Year Ended December 31, 2016(1) for the Year Ended December 31, 2014 (1) Type of contract               Metals   $ (6,470,215 ) Currencies     (325,860 ) Energies     (1,704,062 ) Agriculturals     (1,356,271 ) Interest rates     15,051,999   Stock indices     (607,029 )           Realized trading income/(loss)(1)   $ 4,588,561   Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2016(2) Type of contract               Metals   $ 2,214,634   Currencies     (833,869 ) Energies     2,892,066   Agriculturals     419,663   Interest rates     1,370,283   Stock indices     748,403             Change in unrealized trading income/(loss)(2)   $ 6,811,181   (1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options. (2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value. F-75 Table of Contents Realized Trading Revenue from Futures, Forwards and Options for the Year Ended December 31, 2015(1) Type of contract               Metals   $ 2,815,290   Currencies     20,181   Energies     24,010,764   Agriculturals     (1,076,371 ) Interest rates     7,698,430   Stock indices     1,249,470             Realized trading income/(loss)(1)   $ 34,717,764   Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2015(2) Type of contract               Metals   $ (2,022,111 ) Currencies     (661,383 ) Energies     (11,513,437 ) Agriculturals     (220,936 ) Interest rates     (5,067,720 ) Stock indices     (500,317 )           Change in unrealized trading income/(loss)(2)   $ (19,985,903 ) (1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options. (2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value. F-76 Table of Contents Realized Trading Revenue from Futures, Forwards and Options for the Year Ended December 31, 2014(1)   Type of contract               Metals   $ (256,981 ) Currencies     17,899,627   Energies     3,916,742   Agriculturals     1,567,689   Interest rates     29,064,075   Stock indices     4,024,271             Realized trading income/(loss)(1)   $ 56,215,423   Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2014 (2) Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2014(2)   Type of contract               Metals   $ (1,062,356 ) Currencies     (3,251,824 ) Energies     2,821,849   Agriculturals     385,834   Interest rates     4,804,024   Stock indices     (5,536,926 )           Change in unrealized trading income/(loss)(2)   $ (1,839,399 )   (1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options (2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value. Realized Trading Revenue from Futures, Forwards and Options for the Year Ended December 31, 2013 (1) Type of contract        Metals    $ 5,462,839    Currencies      (12,769,910 )  Energies      (16,450,880 )  Agriculturals      (2,150,189 )  Interest rates      (31,078,862 )  Stock indices      44,542,805             Realized trading income/(loss) (1)    $ (12,444,197 )           Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2013 (2) Type of contract        Metals    $ 6,511,874    Currencies      3,826,678    Energies      (238,494 )  Agriculturals      654,420    Interest rates      (3,278,656 )  Stock indices      5,961,605             Change in unrealized trading income/(loss) (2)    $ 13,437,427             (1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options (2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value. Realized Trading Revenue from Futures, Forwards and Options for the Year Ended December 31, 2012 (1) Type of contract        Metals    $ (22,838,438 )  Currencies      (2,494,663 )  Energies      (27,005,365 )  Agriculturals      3,256,857    Interest rates      35,056,534    Stock indices      9,237,257             Realized trading income/(loss) (1)    $ (4,787,818 )           Net Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2012 (2) Type of contract        Metals    $ 1,556,325    Currencies      18,010,199    Energies      (3,566,647 )  Agriculturals      (2,041,315 )  Interest rates      2,248,451    Stock indices      1,423,795             Change in unrealized trading income/(loss) (2)    $ 17,630,808             (1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options (2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value. Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under GAAP. The Trust’s open trade equity/(deficit), options written, and receivables from futures commission merchants (each, an “FCM”) are subject to master netting arrangements and collateral arrangements and meet the GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Trust’s policy is to recognize amounts subject to master netting arrangements on a net basis on the consolidated statements of financial condition. F-77 Table of Contents The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the consolidated statements of financial condition as of December 31, 20142016 and 2013:2015: As of December 31, 2016               Net Amounts             Gross Amounts     Presented in the       Gross Amounts     offset in the     Statements of       of recognized     Statements of     Financial       Derivative Assets     Financial Condition     Condition                             Open Trade Equity/(Deficit)   $ 2,998,612     $ (852,405 )   $ 2,146,207   Swap Contracts     40,189,178       —       40,189,178   Offsetting of Derivative Assets and Liabilities As of December 31, 2015               Net Amounts             Gross Amounts     Presented in the       Gross Amounts     offset in the     Statement of       of recognized     Statement of     Financial       Derivative Assets     Financial Condition     Condition                             Open Trade Equity/(Deficit)   $ 2,101,541     $ (6,450,411 )   $ (4,348,870 ) Options Purchased     526,288       —       526,288   Options Written     —       (165,760 )     (165,760 ) Swap Contracts     40,136,065       —       40,136,065   8. Offsetting of Derivative Assets and Liabilities As of December 31, 2014   Gross Amounts of recognized Derivative Assets     Gross Amounts offset in the Statement of Financial Condition     Net Amounts Presented in the Statement of Financial Condition   Open Trade Equity/(Deficit)   $ 17,120,111      $ (2,295,689 )    $ 14,824,422    Options Purchased     9,075,883        —          9,075,883    Options Written     —          (8,963,838 )      (8,963,838 )  Swap Contracts     35,990,887        —          35,990,887    Offsetting of Derivative Assets and Liabilities As of December 31, 2013   Gross Amounts of recognized Derivative Assets     Gross Amounts offset in the Statement of Financial Condition     Net Amounts Presented in the Statement of Financial Condition   Open Trade Equity/(Deficit)   $ 16,274,437      $ (599,787 )    $ 15,674,650    Options Purchased     3,033,870        —          3,033,870    Options Written     —          (1,222,522 )      (1,222,522 )  Swap Contracts     21,879,883        (424,354 )      21,455,529    8. Trading Activities and Related Risks The purchase and sale of futures and options on futures contracts require margin deposits with FCMs. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property (for example, U.S. treasury bills) deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the statements of financial condition, may result in future obligation or loss in excess of the amount paid by the Series for a particular investment. Each Trading Company and Galaxy Plus entity expects to trade in futures, options, forward and swap contracts and will therefore be a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures positions held by a Trading Company or Galaxy Plus entity in respect of any Series at the same time, and if the Trading Advisor(s) of such Trading Company or Galaxy Plus entity are unable to offset such futures interests positions, such Trading Company or Galaxy Plus entity could lose all of its assets and the holders of Units of such Series would realize a 100% loss. The Managing Owner will seek to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time. F-78 Table of Contents In addition to market risk, trading futures, forward and swap contracts entails credit risk that a counterparty will not be able to meet its obligations to a Trading Company.Company or Galaxy Plus entity. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions. Some non-U.S. exchanges, in contrast to U.S. exchanges, are principals’ markets in which performance is the responsibility only of the individual counterparty with whom the Trading Company has entered into the transaction, and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty. In the case of forward contracts traded on the interbank market and swaps, neither is traded on exchanges. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Managing Owner expects the Trading Advisors to trade only with those counterparties which it believes to be creditworthy. All positions of each Trading Company will be valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to any Trading Company. The Managing Owner has established procedures to actively monitor and minimize market and credit risks. The Limited Owners bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received. 9. 9. Indemnifications and Guarantees The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence or bad faith. The Trust has had no prior claims or payments pursuant to these agreements. The Trust’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience the Trust expects the risk of loss to be remote. Maximum exposure is unfulfilled obligations of the Trust up to the amount of equity at risk with UBS.UBS Securities LLC. The Trust has not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote. The Trust has guaranteed the obligations of the trading companies under the customer agreements with UBS Securities LLC as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities LLC, the assets of the other Series will be available to UBS Securities LLC as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the trading company. The Trust has not recorded any liability for the indemnifications in the accompanying financial statements as it expects any possibility of losses to be remote. 10. 10. Subsequent Events On November 26, 2014, the Trust’s portfolio management team approved an allocation change in an Emil Van Essen trading program thatDecember 5, 2016, Equinox Fund Management, LLC (“Equinox”), Frontier Fund Management LLC (the “New Managing Owner”), and Wakefield Advisors, LLC (“Wakefield”) entered into a Unit Purchase Agreement (the “Agreement”). Equinox was not fully implemented as intended. As a result, certain series who invested in Emil Van Essen were not allocated sufficient gains and certain other series who invested in Emil Van Essen suffered greater losses. In January 2015, the Managing Owner determined to make a paymentof the Trust and the Series. Pursuant to the affected investors withinAgreement, Equinox agreed to transfer to the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund and Equinox Frontier Long/Short Commodity Fund,New Managing Owner such amount of Equinox’s General Units (as defined in the aggregate amount of $1,247,752Trust Agreement) as the Managing Owner shall be required to reimburse the effecthold in its capacity as managing owner of the missed gain or higher lossTrust pursuant to the Trust Agreement, and redeem the remainder of Equinox’s General Units (the “Transaction”). The Transaction was consummated on such investorsMarch 6, 2017, and upon consummation of the Transaction, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. Consequently, consummation of the Transaction constituted a change of operational control in respect of the Trust and each Series. In connection with the foregoing, the Trust Agreement was amended to effect certain changes to replace Equinox as the Managing Owner and to reflect the New Managing Owner as the new managing owner. Also, the New Managing Owner has temporarily suspended the sale of Units (as defined in the series,Trust Agreement) while the Managing Owner engages with the Securities and such amountExchange Commission to have declared effective a post-effective amendment to the Series’ registration statements, as well as approval by the NFA. The Series will file Form 8-K to announce the resumption of the sale of Units, which the New Managing Owner expects will occur shortly. The New Managing Owner is seeking to cause the suspension to be recordedlifted as promptly as practicable. Any forward-looking statements herein are based on expectations of the New Managing Owner at this time. Whether or not actual results and developments will conform to the New Managing Owner’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in the StatementsSeries’ prospectuses, general economic, market and business conditions, changes in laws or regulations or other actions made by governmental authorities or regulatory bodies, and other world economic and political developments. The Series and the New Managing Owner undertake no duty to update or revise any forward-looking statements, whether as a result of Operations as net increase from payments by Managing Owner.new information, future events or otherwise. F-79 Table of Contents Report of Independent Registered Public Accounting Firm To the Executive Committee and Equinox Frontier Funds, as sole membermembers of the Frontier Trading Companies We have audited the accompanying statements of financial condition, including the condensed schedules of investments, of the Frontier Trading Company I, LLC, Frontier Trading Company II, LLC, Frontier Trading Company V, LLC, Frontier Trading Company VII, LLC, Frontier Trading Company IX, LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, Frontier Trading Company XVII, LLC, Frontier Trading Company XVIII, LLC, Frontier Trading Company XXI, LLC, Frontier Trading Company XXIII, LLC, Frontier Trading Company XXIX, LLC, Frontier Trading Company XXXIV, LLC, Frontier Trading Company XXXV, LLC, Frontier Trading Company XXXVII, LLC, Frontier Trading Company XXXVIII, LLC, and Frontier Trading Company XXXIX, LLC (collectively, the Trading Companies) as of December 31, 20142016 and 2013,2015, and the related statements of operations, changes in members’ equity, and cash flows for each of the three years in the period ended December 31, 2014.periods then ended. These financial statements are the responsibility of the Trading Companies’trading companies’ management. Our responsibility is to express an opinion on these financial statements 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 auditaudits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trading Companiestrading companies are not required to have, nor were we engaged to perform an audit of their 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 Trading Companies’trading companies’ 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, 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 financial statements referred to above present fairly, in all material respects, the financial position of the Frontier Trading Company I, LLC, Frontier Trading Company II, LLC, Frontier Trading Company V, LLC, Frontier Trading Company VII, LLC, Frontier Trading Company IX, LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, Frontier Trading Company XVII, LLC, Frontier Trading Company XVIII, LLC, Frontier Trading Company XXI, LLC, Frontier Trading Company XXIII, LLC, Frontier Trading Company XXIX, LLC, Frontier Trading Company XXXIV, LLC, Frontier Trading Company XXXV, LLC, Frontier Trading Company XXXVII, LLC, Frontier Trading Company XXXVIII, LLC, and Frontier Trading Company XXXIX, LLC as of December 31, 20142016 and 2013,2015, and the results of their operations and their cash flows for each of the three years in the period then ended, December 31, 2014, in conformity with U.S. generally accepted accounting principles. As discussed in Note 9 to the financial statements, on March 6, 2017 a unit purchase agreement between Frontier Fund Management LLC (New Managing Owner) and Equinox Fund Management (Equinox) was consummated whereby Equinox’s general units were transferred to the New Managing Owner. Upon consummation, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. /s/ McGladreyRSM US LLP Denver, Colorado March 31, 20152017 F-80 The Trading CompaniesTable of Equinox Frontier FundsContents Statements of Financial Condition December 31, 2014 and 2013 The Trading Companies of the Frontier Fund Statements of Financial Condition December 31, 2016 and 2015     Frontier Trading   Frontier Trading   Frontier Trading     Company I, LLC   Company II, LLC   Company VII, LLC (1)     Frontier Trading Company I, LLC   Frontier Trading Company II, LLC   Frontier Trading Company VII, LLC     12/31/2016   12/31/2015       12/31/2016   12/31/2015        12/31/2016   12/31/2015     12/31/2014   12/31/2013   12/31/2014   12/31/2013   12/31/2014   12/31/2013                             ASSETS                                                                                                             Receivable from futures commission merchants   $ 22,731,131      $ 16,469,042      $ 10,851,264      $ 13,212,581      $ 6,694,318      $ 7,268,432      $ 6,647,098     $ 22,187,113     $ 17,996,697     $ 12,744,570     $ —     $ 14,330,819   Open trade equity, at fair value     3,215,205        3,162,843        3,473,284        4,321,293        3,469,339        0        237,661       755,452       1,222,524       599,579       —       —   Options purchased, at fair value     288,413        165,983        —          —          8,787,472        98,740        —       371,758       —       —       —       154,380   Interest receivable     —          —          421        155        —          —          —       —       —       217       —       —                                       Total Assets   $ 26,234,749      $ 19,797,868      $ 14,324,969      $ 17,534,029      $ 18,951,129      $ 7,367,172      $ 6,884,759     $ 23,314,323     $ 19,219,221     $ 13,344,366     $ —     $ 14,485,199                                                                                       LIABILITIES & MEMBERS’ EQUITY                                                                                                             LIABILITIES                                                             Payable to futures commission merchants   $ —        $ —        $ —        $ —        $ —        $ —      Interest payable     2,027        2,361        0        —          170        164      $ —     $ 1,816     $ —     $ —     $ —     $ 238   Risk analysis fee payable     1,155       —       12,215       —       —       —   Options written, at fair value     253,017        183,932        —          —          8,710,817        172,650        —       165,760       —       —       —       —   Open trade deficit, at fair value     —          —          —          —          0        191,069        —       —       —       —       —       6,482,499                                       Total Liabilities     255,044        186,293        0        —          8,710,987        363,883        1,155       167,576       12,215       —       —       6,482,737                                       MEMBERS’ EQUITY (Net Asset Value)     25,979,705        19,611,575        14,324,969        17,534,029        10,240,142        7,003,289        6,883,604       23,146,747       19,207,006       13,344,366       —       8,002,462                                       Total Liabilities and Members’ Equity   $ 26,234,749      $ 19,797,868      $ 14,324,969      $ 17,534,029      $ 18,951,129      $ 7,367,172      $ 6,884,759     $ 23,314,323     $ 19,219,221     $ 13,344,366     $ —     $ 14,485,199                                                                                         Frontier Trading   Frontier Trading   Frontier Trading     Frontier Trading Company XIV, LLC   Frontier Trading Company XV, LLC   Frontier Trading Company XVIII, LLC     Company XIV, LLC (2)   Company XV, LLC   Company XXIII, LLC (3)     12/31/2014   12/31/2013   12/31/2014   12/31/2013   12/31/2014   12/31/2013     12/31/2016   12/31/2015   12/31/2016   12/31/2015   12/31/2016   12/31/2015                             ASSETS                                                                                                             Receivable from futures commission merchants   $ 3,682,543      $ 2,822,890        13,741,985      $ 13,257,812      $ —        $ 568,376      $ —     $ 3,409,216     $ 8,207,387     $ 13,281,153     $ —     $ 3,093,791   Open trade equity, at fair value     1,024,868        706,184        1,658,917        4,087,038        —          —          —       34,484       642,494       462,340       —       —   Options Purchased, at fair value     —          —          —          2,769,147        —          —      Interest receivable     —          —          68        657        —          —          —       211       —       —       —       —                                       Total Assets   $ 4,707,411      $ 3,529,074      $ 15,400,970      $ 20,114,654      $ —        $ 568,376      $ —     $ 3,443,911     $ 8,849,881     $ 13,743,493     $ —     $ 3,093,791                                                                                       LIABILITIES & MEMBERS’ EQUITY                                                                                                             LIABILITIES                                                             Payable to futures commission merchants   $ —        $ —        $ —        $ —        $ —        $ —      Interest payable     389        1,377        0        —          —          1      $ —     $ —     $ 304     $ 156     $ —     $ —   Options written, at fair value     —          —          —          865,940        —          —      Risk analysis fee payable     —       —       2,303       —       —       —   Open trade deficit, at fair value     —          —          —          —          —          —          —       —       —       —       —       27,706                                       Total Liabilities     389        1,377        0        865,940        —          1        —       —       2,607       156       —       27,706                                       MEMBERS’ EQUITY (Net Asset Value)     4,707,022        3,527,697        15,400,970        19,248,714        0        568,375        —       3,443,911       8,847,274       13,743,337       —       3,066,085                                       Total Liabilities and Members’ Equity   $ 4,707,411      $ 3,529,074      $ 15,400,970      $ 20,114,654      $ 0      $ 568,376      $ —     $ 3,443,911     $ 8,849,881     $ 13,743,493     $ —     $ 3,093,791                                                                                         Frontier Trading   Frontier Trading   Frontier Trading     Company XXIX, LLC (4)   Company XXXIV LLC   Company XXXV LLC     12/31/2016   12/31/2015   12/31/2016   12/31/2015   12/31/2016   12/31/2015                             ASSETS                                                                                                 Receivable from futures commission merchants   $ —     $ 1,014,896     $ —     $ —     $ —     $ —   Open trade equity, at fair value     —       4,750       —       —       —       —   Swap contracts, at fair value     —       —       18,939,450       19,157,522       8,637,847       8,685,850   Total Assets   $ —     $ 1,019,646     $ 18,939,450     $ 19,157,522     $ 8,637,847     $ 8,685,850                                                   LIABILITIES & MEMBERS’ EQUITY                                                                                                 LIABILITIES                                                 Advance on unrealized swap appreciations   $ —     $ —     $ 4,926,555     $ —     $ 2,500,000     $ —   Total Liabilities     —       —       4,926,555       —       2,500,000       —   MEMBERS’ EQUITY (Net Asset Value)     —       1,019,646       14,012,895       19,157,522       6,137,847       8,685,850   Total Liabilities and Members’ Equity   $ —     $ 1,019,646     $ 18,939,450     $ 19,157,522     $ 8,637,847     $ 8,685,850                                                     Frontier Trading   Frontier Trading   Frontier Trading     Company XXXVII LLC   Company XXXVIII LLC   Company XXXIX LLC     12/31/2016   12/31/2015   12/31/2016   12/31/2015   12/31/2016   12/31/2015                             ASSETS                                                                           Receivable from futures commission merchants   $ —     $ —     $ —     $ 2,670,015     $ —     $ —   Open trade equity, at fair value     —       —       —       304,878       —       —   Investments in private investment companies, at fair value     —       —       11,184,103       —       —       —   Swap contracts, at fair value     4,220,468       4,332,427       —       —       8,391,414       7,960,269   Total Assets   $ 4,220,468     $ 4,332,427     $ 11,184,103     $ 2,974,893     $ 8,391,414     $ 7,960,269                                                   LIABILITIES & MEMBERS’ EQUITY                                                                                                 LIABILITIES                                                 Advance on unrealized swap appreciations   $ 115,000     $ —     $ —     $ —     $ 1,900,000     $ —   Interest payable     —       —       —       198       —       —   Total Liabilities     115,000       —       —       198       1,900,000       —   MEMBERS’ EQUITY (Net Asset Value)     4,105,468       4,332,427       11,184,103       2,974,695       6,491,414       7,960,269   Total Liabilities and Members’ Equity   $ 4,220,468     $ 4,332,427     $ 11,184,103     $ 2,974,893     $ 8,391,414     $ 7,960,269       Frontier Trading Company XXIII, LLC (1)     Frontier Trading Company XXIX, LLC (6)     Frontier Trading Company XXXIV LLC (3)       12/31/2014     12/31/2013     12/31/2014     12/31/2013     12/31/2014     12/31/2013   ASSETS             Receivable from futures commission merchants   $ 2,631,364      $ 4,183,822      $ 1,946,362      $ —        $ 687,693      $ —      Open trade equity, at fair value     893,605        67,845        —          —          —          —      Swap contracts, at fair value     —          —          —          —          18,246,955        10,126,168    Interest receivable     —          —          23        —          —          —                                                      Total Assets   $ 3,524,969      $ 4,251,667      $ 1,946,385      $ —        $ 18,934,648      $ 10,126,168                                                    LIABILITIES & MEMBERS’ EQUITY             LIABILITIES             Payable to futures commission merchants   $ —        $ —        $ —        $ —        $ —        $ —      Interest payable     —          —          0        —          601        —      Options written, at fair value     —          —          —          —          —          —      Open trade deficit, at fair value     —          —          279,840        —          —          —                                                      Total Liabilities     —          —          279,840        —          601        —                                                      MEMBERS’ EQUITY (Net Asset Value)     3,524,969        4,251,667        1,666,545        —          18,934,047        10,126,168                                                    Total Liabilities and Members’ Equity   $ 3,524,969      $ 4,251,667      $ 1,946,385      $ —        $ 18,934,648      $ 10,126,168                                                        Frontier Trading Company XXXV LLC (3)     Frontier Trading Company XXXVII LLC (5)     Frontier Trading Company XXXVIII LLC (4)       12/31/2014     12/31/2013     12/31/2014     12/31/2013     12/31/2014     12/31/2013   ASSETS             Receivable from futures commission merchants   $ —        $ —        $ —        $ —        $ 2,944,692      $ 3,359,991    Open trade equity, at fair value     —          —          —          —          1,369,043        3,520,515    Swap contracts, at fair value     6,570,409        3,437,632        3,633,060        2,456,545        —          —      Interest receivable     —          —          —          —          —          —                                                      Total Assets   $ 6,570,409      $ 3,437,632      $ 3,633,060      $ 2,456,545      $ 4,313,735      $ 6,880,506                                                    LIABILITIES & MEMBERS’ EQUITY             LIABILITIES             Payable to futures commission merchants   $ —        $ —        $ —        $ —        $ —        $ —      Interest payable     —          —          —          —          52        227    Options written, at fair value     —          —          —          —          —          —      Open trade deficit, at fair value     —          —          —          —          —          —                                                      Total Liabilities     —          —          —          —          52        227                                                    MEMBERS’ EQUITY (Net Asset Value)     6,570,409        3,437,632        3,633,060        2,456,545        4,313,683        6,880,279                                                    Total Liabilities and Members’ Equity   $ 6,570,409      $ 3,437,632      $ 3,633,060      $ 2,456,545      $ 4,313,735      $ 6,880,506                                                        Frontier Trading Company XXXIX LLC (2)               12/31/2014     12/31/2013                   ASSETS             Receivable from futures commission merchants   $ —        $ —              Open trade equity, at fair value     —          —              Swap contracts, at fair value     7,543,966        5,435,184            Interest receivable     —          —                                      Total Assets   $ 7,543,966      $ 5,435,184                                    LIABILITIES & MEMBERS’ EQUITY             LIABILITIES             Payable to futures commission merchants   $ 3,500      $ —              Interest payable     —          —              Other liabilities     —          —              Open trade deficit, at fair value     —          —                                      Total Liabilities   $ 3,500        —                                      MEMBERS’ EQUITY (Net Asset Value)     7,540,466        5,435,184                                    Total Liabilities and Members’ Equity   $ 7,543,966      $ 5,435,184                                      (1) Trading Company XXIII commencedVII ceased trading operations in January 2012.April 28, 2016 (2) Trading Company XXXIX commencedXIV ceased trading operations in March 2013.April 21, 2016 (3) Trading Company XXXIV and XXXV commencedXXIII ceased trading operations in July 2013.22, 2016 (4) Trading Company XXXVII commencedXXIX ceased trading operations in August 2013.January 29, 2016 (5) Trading Company XXXVIII commenced trading operations in November 2013. (6) Trading Company XXIX commenced trading operations in November 2014 The accompanying notes are an integral part of these financial statements. F-81 The Trading CompaniesTable of the Equinox Frontier FundsContents Condensed Schedule of Investments December 31, 2014 The Trading Companies of the Equinox Frontier Funds Condensed Schedule of Investments December 31, 2016       Frontier Trading Company I LLC     Frontier Trading Company II LLC     Frontier Trading Company VII LLC     Frontier Trading Company XIV LLC   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)   $ (312,320 )      -1.20 %    $ (391,586 )      -2.73 %    $ (14,354 )      -0.14 %    $ (443,923 )      -9.43 %  Various base metals futures contracts (U.S.)     (48,075 )      -0.19 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     560,666        2.16 %      11,440        0.08 %      42,799        0.42 %      15,844        0.34 %  Various energy futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     10,206        0.04 %      (379,300 )      -2.65 %      (22,534,214 )      -220.06 %      (972,835 )      -20.67 %  Various interest rates futures contracts (Canada)     79,701        0.31 %      20,360        0.14 %      —          0.00 %      8,018        0.17 %  Various interest rates futures contracts (Europe)     676,493        2.60 %      1,587,953        11.09 %      56,709        0.55 %      290,958        6.18 %  Various interest rates futures contracts (Far East)     208,691        0.80 %      159,563        1.11 %      —          0.00 %      37,736        0.80 %  Various interest rates futures contracts (Oceanic)     299,804        1.15 %      94,126        0.66 %      —          0.00 %      30,873        0.66 %  Various interest rates futures contracts (U.S.)     289,361        1.11 %      (166,778 )      -1.16 %      (142,799 )      -1.39 %      26,385        0.56 %  Various precious metal futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various precious metal futures contracts (U.S.)     (60,655 )      -0.23 %      —          0.00 %      4,582        0.04 %      1,115        0.02 %  Various soft futures contracts (Canada)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     2,809        0.01 %      23,018        0.16 %      —          0.00 %      3,085        0.07 %  Various soft futures contracts (Oceanic)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     (89,038 )      -0.34 %      (122,345 )      -0.85 %      (2,042,234 )      -19.94 %      (73,935 )      -1.57 %  Various stock index futures contracts (Canada)     33,439        0.13 %      11,810        0.08 %      —          0.00 %      18,623        0.40 %  Various stock index futures contracts (Europe)     (44,720 )      -0.17 %      278,820        1.95 %      —          0.00 %      34,226        0.73 %  Various stock index futures contracts (Far East)     14,786        0.06 %      (82,139 )      -0.57 %      —          0.00 %      (11,078 )      -0.24 %  Various stock index futures contracts (Oceanic)     35,072        0.13 %      10,846        0.08 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     370,308        1.43 %      646,554        4.51 %      8,732        0.09 %      112,478        2.39 %                                                                  Total Long Futures Contracts   $ 2,026,528        7.80 %    $ 1,702,342        11.90 %    $ (24,620,779 )      -240.43 %    $ (922,430 )      -19.59 %                                                                  SHORT FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)     251,789        0.97 %      302,951        2.11 %    $ 25,336        0.25 %    $ 305,976        6.50 %  Various base metals futures contracts (U.S.)     50,963        0.20 %      20,375        0.14 %      10,300        0.10 %      9,325        0.20 %  Various currency futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     360,124        1.39 %      893,008        6.23 %      158,136        1.54 %      34,431        0.73 %  Various energy futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     356,351        1.37 %      891,223        6.22 %      2,818,105        27.52 %      332,080        7.05 %  Brent Crude Settling 3/1/2015 (number of contracts: -661)     —          0.00 %      —          0.00 %      1,956,120        19.10 %      —          0.00 %  Crude Oil Settling 12/1/2015 (number of contracts:-714)     —          0.00 %      —          0.00 %      10,987,452        107.30 %      —          0.00 %      Frontier Trading Company I LLC     Frontier Trading Company II LLC     Frontier Trading Company VII LLC     Frontier Trading Company XIV LLC   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   Heat Oil Settling 5/28/2015 (number of contracts:-372)     —          0.00 %      —          0.00 %      1,015,720        9.92 %      —          0.00 %  Brent Crude Oil Last Day Settling 2/12/2015 (number of contracts:-229)     —          0.00 %      —          0.00 %      2,871,660        28.04 %      —          0.00 %  Brent Crude Settling 7/1/2015 (number of contracts: -74)     —          0.00 %      —          0.00 %      590,890        5.77 %      —          0.00 %  NYH RBOB Unleaded Gas Settling 12/30/2015 (number of contracts:-388)     —          0.00 %      —          0.00 %      4,267,957        41.68 %      —          0.00 %  NYH RBOB Unleaded Gas Settling 7/30/2015 (number of contracts:-130)     —          0.00 %      —          0.00 %      2,097,900        20.49 %      —          0.00 %  Gas Oil Settling 3/31/2015 (number of contracts: -54)     —          0.00 %      —          0.00 %      —          0.00 %      394,875        8.39 %  Brent Crude Settling 2/1/2015 (number of contracts: -77)     —          0.00 %      —          0.00 %      —          0.00 %      655,530        13.93 %  Crude Oil Settling 2/1/2015 (number of contracts: -54)     —          0.00 %      —          0.00 %      —          0.00 %      452,980        9.62 %  Various interest rates futures contracts (Canada)     12,112        0.05 %      215        0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Europe)     (14,958 )      -0.06 %      (342 )      0.00 %      (75,159 )      -0.73 %      (13,206 )      -0.28 %  Various interest rates futures contracts (Far East)     —          0.00 %      —          0.00 %      (28,461 )      -0.28 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     —          0.00 %      (4,773 )      -0.03 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (U.S.)     (128 )      0.00 %      —          0.00 %      (548,940 )      -5.36 %      1,353        0.03 %  Various precious metal futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various precious metal futures contracts (U.S.)     7,685        0.03 %      92,540        0.65 %      10,480        0.10 %      27,230        0.58 %  Various soft futures contracts (Canada)     —          0.00 %      (194 )      0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     92,535        0.36 %      5,215        0.04 %      —          0.00 %      6,020        0.13 %  Various soft futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     78,930        0.30 %      186,922        1.30 %      851,899        8.32 %      72,236        1.53 %  Coffee Settling 5/29/2015 (number of contracts:-370)     —          0.00 %      —          0.00 %      1,080,724        10.55 %      —          0.00 %  Various stock index futures contracts (Africa)     —          0.00 %      (4,710 )      -0.03 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Europe)     (24,501 )      -0.09 %      —          0.00 %      —          0.00 %      (7,126 )      -0.15 %  Various stock index futures contracts (Far East)     (28,299 )      -0.11 %      34,304        0.24 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Mexico)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Oceanic)     —          0.00 %      —          0.00 %      —          0.00 %      (1,348 )      -0.03 %  Various stock index futures contracts (U.S.)     2,837        0.01 %      (89,920 )      -0.63 %      —          0.00 %      (6,875 )      -0.15 %                                                                  Total Short Futures Contracts   $ 1,145,440        4.42 %    $ 2,326,814        16.24 %    $ 28,090,117        274.31 %    $ 2,263,481        48.08 %                                                                  CURRENCY FORWARDS *                 Various currency forwards contracts (NA)   $ 43,237        0.17 %    $ (555,872 )      -3.88 %    $ —          0.00 %    $ (316,183 )      -6.72 %                                                                  Total Currency Forwards   $ 43,237        0.17 %    $ (555,872 )      -3.88 %    $ —          0.00 %    $ (316,183 )      -6.72 %                                                                  Total Open Trade Equity (Deficit)   $ 3,215,205        12.39 %    $ 3,473,284        24.26 %    $ 3,469,339        33.88 %    $ 1,024,868        21.77 %                                                                      Frontier Trading Company I LLC     Frontier Trading Company II LLC     Frontier Trading Company VII LLC     Frontier Trading Company XIV LLC   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   OPTIONS PURCHASED *                 Various energy futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ 474,932        4.64 %    $ —          0.00 %  Crude Oil Settling 1/16/2015 (number of contracts: 1438)     —          0.00 %      —          0.00 %      549,890        5.37 %      —          0.00 %  Crude Oil Settling 5/18/2015 (number of contracts: 1044)   �� —          0.00 %      —          0.00 %      751,680        7.34 %      —          0.00 %  Crude Oil Settling 6/19/2015 (number of contracts: 2034)     —          0.00 %      —          0.00 %      668,760        6.53 %      —          0.00 %  Crude Oil Settling 3/19/2015 (number of contracts: 1044)     —          0.00 %      —          0.00 %      783,000        7.65 %      —          0.00 %  Crude Oil Settling 2/19/2015 (number of contracts: 1438)     —          0.00 %      —          0.00 %      732,870        7.16 %      —          0.00 %  Crude Oil Settling 9/21/2015 (number of contracts: 2034)     —          0.00 %      —          0.00 %      777,380        7.59 %      —          0.00 %  Crude Oil Settling 10/19/2015 (number of contracts: 2034)     —          0.00 %      —          0.00 %      774,350        7.56 %      —          0.00 %  Crude Oil Settling 11/19/2015 (number of contracts: 2034)     —          0.00 %      —          0.00 %      670,780        6.55 %      —          0.00 %  Crude Oil Settling 8/19/2015 (number of contracts: 2034)     —          0.00 %      —          0.00 %      730,140        7.13 %      —          0.00 %  Crude Oil Settling 4/20/2015 (number of contracts: 1044)     —          0.00 %      —          0.00 %      798,660        7.80 %      —          0.00 %  Crude Oil Settling 7/20/2015 (number of contracts: 2034)     —          0.00 %      —          0.00 %      695,230        6.79 %      —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      379,800        3.71 %      —          0.00 %  Various stock index futures contracts (U.S.)     288,413        1.11 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Options Purchased   $ 288,413        1.11 %    $ —          0.00 %    $ 8,787,472        85.82 %    $ —          0.00 %                                                                  OPTIONS WRITTEN *                 Various energy futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ (8,234,007 )      -80.41 %    $ —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      (476,810 )      -4.66 %      —          0.00 %  Various stock index futures contracts (U.S.)     (253,017 )      -0.97 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Options Written   $ (253,017 )      -0.97 %    $ —          0.00 %    $ (8,710,817 )      -85.07 %    $ —          0.00 %                                                                  SWAPS (1)                 Frontier XXXIV Balanced select swap (U.S.)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Frontier Brevan Howard swap (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Frontier XXXV Diversified select swap (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Frontier XXXVII L/S select swap (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Swaps   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                      Frontier Trading     Frontier Trading     Frontier Trading     Frontier Trading       Company I LLC     Company II LLC     Company XV LLC     Company XXXVIII LLC             % of Total Capital           % of Total Capital           % of Total Capital           % of Total Capital   Description   Value     (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)   LONG FUTURES CONTRACTS *                                                                 Various base metals futures contracts (Europe)   $ 11,675       0.17 %   $ —       0.00 %   $ 73,909       0.84 %   $ —       0.00 % Various base metals futures contracts (U.S.)     —       0.00 %     (88,088 )     -0.46 %     56,169       0.63 %     —       0.00 % Various currency futures contracts (Far East)     —       0.00 %     —       0.00 %     1,360       0.02 %     —       0.00 % Various currency futures contracts (Oceanic)     —       0.00 %     —       0.00 %     (41,946 )     -0.47 %     —       0.00 % Various currency futures contracts (U.S.)     39,959       0.58 %     —       0.00 %     10,283       0.12 %     —       0.00 % Various energy futures contracts (Europe)     —       0.00 %     —       0.00 %     4,150       0.05 %     —       0.00 % Various energy futures contracts (Far East)     (10,780 )     -0.16 %     —       0.00 %     8,788       0.10 %     —       0.00 % Various energy futures contracts (U.S.)     —       0.00 %     65,612       0.34 %     163,930       1.85 %     —       0.00 % Various interest rates futures contracts (Canada)     —       0.00 %     —       0.00 %     (503 )     -0.01 %     —       0.00 % Various interest rates futures contracts (Europe)     —       0.00 %     88,638       0.46 %     123,279       1.39 %     —       0.00 % Various interest rates futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various interest rates futures contracts (Oceanic)     —       0.00 %     (341 )     0.00 %     444       0.01 %     —       0.00 % Various interest rates futures contracts (U.S.)     —       0.00 %     7,094       0.04 %     18,191       0.21 %     —       0.00 % Various precious metal futures contracts (Far East)     —       0.00 %     —       0.00 %     1,950       0.02 %     —       0.00 % Various precious metal futures contracts (U.S.)     —       0.00 %     (3,860 )     -0.02 %     —       0.00 %     —       0.00 % Various soft futures contracts (Canada)     —       0.00 %     (2,131 )     -0.01 %     —       0.00 %     —       0.00 % Various soft futures contracts (Europe)     —       0.00 %     —       0.00 %     1,956       0.02 %     —       0.00 % Various soft futures contracts (Far East)     —       0.00 %     —       0.00 %     111       0.00 %     —       0.00 % Various soft futures contracts (Oceanic)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (U.S.)     (54,314 )     -0.79 %     (84,938 )     -0.44 %     (39,001 )     -0.44 %     —       0.00 % Various stock index futures contracts (Canada)     —       0.00 %     (969 )     -0.01 %     1,894       0.02 %     —       0.00 % Various stock index futures contracts (Europe)     3,375       0.05 %     242,128       1.26 %     56,849       0.64 %     —       0.00 % Various stock index futures contracts (Far East)     25,750       0.37 %     305,316       1.59 %     31,540       0.36 %     —       0.00 % Various stock index futures contracts (Oceanic)     —       0.00 %     57,116       0.30 %     4,760       0.05 %     —       0.00 % Various stock index futures contracts (U.S.)     (29,115 )     -0.42 %     (201,831 )     -1.05 %     (50,565 )     -0.57 %     —       0.00 % Total Long Futures Contracts   $ (13,450 )     -0.20 %   $ 383,746       2.00 %   $ 427,548       4.83 %   $ —       0.00 % SHORT FUTURES CONTRACTS *                                                                 Various base metals futures contracts (Europe)     81,563       1.18 %     —       0.00 %     —       0.00 %     —       0.00 % Various base metals futures contracts (U.S.)     —       0.00 %     (252,279 )     -1.31 %     (29,896 )     -0.34 %     —       0.00 % Various currency futures contracts (Canada)     —       0.00 %     11,540       0.06 %     195       0.00 %     —       0.00 % Various currency futures contracts (Europe)     —       0.00 %     272,806       1.42 %     85,470       0.97 %     —       0.00 % Various currency futures contracts (Far East)     —       0.00 %     168,888       0.88 %     19,041       0.22 %     —       0.00 % Various currency futures contracts (Oceanic)     —       0.00 %     2,980       0.02 %     4,623       0.05 %     —       0.00 % Various currency futures contracts (U.S.)     —       0.00 %     9,590       0.05 %     (8,460 )     -0.10 %     —       0.01 % Various energy futures contracts (Europe)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various energy futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various energy futures contracts (U.S.)     —       0.00 %     (82,280 )     -0.43 %     —       0.00 %     —       0.00 % Various interest rates futures contracts (Canada)     6,253       0.09 %     (1,012 )     -0.01 %     155       0.00 %     —       0.00 % Various interest rates futures contracts (Europe)     —       0.00 %     (8,794 )     -0.05 %     (8,823 )     -0.10 %     —       0.01 % Various interest rates futures contracts (Far East)     686       0.01 %     (11,060 )     -0.06 %     (6,019 )     -0.07 %     —       0.00 % Various interest rates futures contracts (Oceanic)     26,568       0.39 %     (2,831 )     -0.01 %     (1,211 )     -0.01 %     —       0.00 % Various interest rates futures contracts (U.S.)     —       0.00 %     127,078       0.66 %     45,201       0.52 %     —       0.00 % Various precious metal futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various precious metal futures contracts (U.S.)     4,790       0.07 %     174,345       0.91 %     29,150       0.34 %     —       0.00 % Various precious metal futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contract (Europe)     —       0.00 %     —       0.00 %     14,154       0.16 %     —       0.00 % Various soft futures contracts (Canada)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (Europe)     53,851       0.78 %     44,780       0.23 %     —       0.00 %     —       0.00 % Various soft futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (Singapore)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (U.S.)     125,946       1.83 %     291,378       1.52 %     46,657       0.53 %     —       0.00 % Various stock index futures contracts (Africa)     2,440       0.04 %     2,019       0.01 %     —       0.00 %     —       0.00 % Various stock index futures contracts (Canada)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various stock index futures contracts (Europe)     —       0.00 %     —       0.00 %     (2,802 )     -0.03 %     —       0.00 % Various stock index futures contracts (Far East)     —       0.00 %     —       0.00 %     (2,456 )     -0.03 %     —       0.00 % Various stock index futures contracts (Mexico)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various stock index futures contracts (Oceanic)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various stock index futures contracts (U.S.)     —       0.00 %     (7,228 )     -0.04 %     23,255       0.26 %     —       0.00 % Various stock index futures contracts (Warsaw)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Total Short Futures Contracts   $ 302,097       4.39 %   $ 739,920       3.85 %   $ 208,234       2.35 %   $ —       0.00 % CURRENCY FORWARDS *                                                                 Various currency forwards contracts (NA)   $ (50,986 )     -0.74 %   $ 98,858       0.51 %   $ 6,712       0.08 %   $ —       0.00 % Total Currency Forwards   $ (50,986 )     -0.74 %   $ 98,858       0.51 %   $ 6,712       0.08 %   $ —       0.00 % Total Open Trade Equity (Deficit)   $ 237,661       3.45 %   $ 1,222,524       6.36 %   $ 642,494       7.26 %   $ —       0.00 % PRIVATE INVESTMENT COMPANIES                                                                 Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC     —       0.00 %     —       0.00 %     —       0.00 %     11,184,103       100.00 % Total Private Investment Companies   $ —       0.00 %   $ —       0.00 %   $ —       0.00 %   $ 11,184,103       100.00 %                                                                       Frontier Trading     Frontier Trading     Frontier Trading     Frontier Trading       Company XXXIV LLC     Company XXXV LLC     Company XXXVII LLC     Company XXXIX LLC             % of Total Capital           % of Total Capital           % of Total Capital           % of Total Capital       Value     (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)   SWAPS                                                                 Frontier XXXIV Balanced select swap (U.S.)   $ 18,939,450       135.16 %   $ —       0.00 %   $ —       0.00 %   $ —       0.00 % Frontier XXXVII L/S select swap (U.S.)     —       0.00 %             0.00 %     4,220,468       102.80 %     —       0.00 % Frontier XXXVII Heritage select swap (U.S.)     —       0.00 %             0.00 %             0.00 %     8,391,414       129.27 % Frontier XXXV Diversified select swap (U.S.)     —       0.00 %     8,637,847       140.73 %     —       0.00 %     —       0.00 %     $ 18,939,450       135.16 %   $ 8,637,847       140.73 %   $ 4,220,468       102.80 %   $ 8,391,414       129.27 %   * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Notes to Financial Statements, Note 4. The accompanying notes are an integral part of these consolidated financial statements. The Trading Companies of the Equinox Frontier Funds (1) Condensed Schedule of Investments December 31, 2014     Frontier Trading Company XV LLC     Frontier Trading Company XXIII LLC (2)     Frontier Trading Company XXIX LLC     Frontier Trading Company XXXIV LLC (3)   Description   Value     % of Total Capital (Net Asset Value)     Value     % of Total Capital (Net Asset Value)     Value     % of Total Capital (Net Asset Value)     Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)   $ (3,049,702 )      -19.80 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various base metals futures contracts (U.S.)     (13,775 )      -0.09 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     (15,506 )      -0.10 %      (86,913 )      -2.47 %      (167,835 )      -10.07 %      —          0.00 %  Various energy futures contracts (Europe)     (12,920 )      -0.08 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %      —          0.00 %      (2,738 )      -0.16 %      —          0.00 %  Various energy futures contracts (U.S.)     1,561        0.01 %      (65,774 )      -1.87 %      (369,788 )      -22.19 %      —          0.00 %  Various interest rates futures contracts (Canada)     40,078        0.26 %      35,722        1.01 %      473        0.03 %      —          0.00 %  Various interest rates futures contracts (Europe)     427,782        2.78 %      373,410        10.59 %      37,578        2.25 %      —          0.00 %  Long GILT Bond Settling 3/31/2015 (number of contracts: 63)     —          0.00 %      182,329        5.17 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Far East)     15,988        0.10 %      156,631        4.44 %      7,347        0.44 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     56,954        0.37 %      70,277        1.99 %      6,318        0.38 %      —          0.00 %  Various interest rates futures contracts (U.S.)     159,627        1.04 %      94,395        2.68 %      18,578        1.11 %      —          0.00 %  Various precious metal futures contracts (Far East)     2,521        0.02 %      —          0.00 %      3,673        0.22 %      —          0.00 %  Various precious metal futures contracts (U.S.)     (2,840 )      -0.02 %      —          0.00 %      (55,655 )      -3.34 %      —          0.00 %  Various soft futures contracts (Canada)     (282 )      0.00 %      —          0.00 %      (1,077 )      -0.06 %      —          0.00 %  Various soft futures contracts (Europe)     2,476        0.02 %      —          0.00 %      2,453        0.15 %      —          0.00 %  Various soft futures contracts (Oceanic)     (864 )      -0.01 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     (19,677 )      -0.13 %      —          0.00 %      (115,022 )      -6.90 %      —          0.00 %  Various stock index futures contracts (Canada)     (706 )      0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Europe)     157,864        1.03 %      21,484        0.61 %      17,720        1.06 %      —          0.00 %  Various stock index futures contracts (Far East)     261        0.00 %      (9,451 )      -0.27 %      13,774        0.83 %      —          0.00 %  Various stock index futures contracts (Oceanic)     (1,389 )      -0.01 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     161,383        1.05 %      58,582        1.66 %      5,253        0.32 %      —          0.00 %                                                                  Total Long Futures Contracts   $ (2,091,166 )      -13.56 %    $ 830,692        23.54 %    $ (598,948 )      -35.93 %    $ —          0.00 %                                                                  SHORT FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)     2,859,059        18.56 %      —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various base metals futures contracts (U.S.)     —          0.00 %      2,113        0.06 %      8,525        0.51 %      —          0.00 %  Various currency futures contracts (Far East)     (3,383 )      -0.02 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     45,753        0.30 %      204,629        5.81 %      177,804        10.67 %      —          0.00 %  Various energy futures contracts (Europe)     49,517        0.32 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %      —          0.00 %      5,389        0.32 %      —          0.00 %  Various energy futures contracts (U.S.)     679,539        4.41 %      42,725        1.21 %      44,955        2.70 %      —          0.00 %  Various interest rates futures contracts (Canada)     11        0.00 %      —          0.00 %      —          0.00 %      —          0.00 %      Frontier Trading Company XV LLC     Frontier Trading Company XXIII LLC (2)     Frontier Trading Company XXIX LLC     Frontier Trading Company XXXIV LLC (3)   Description   Value     % of Total Capital (Net Asset Value)     Value     % of Total Capital (Net Asset Value)     Value     % of Total Capital (Net Asset Value)     Value     % of Total Capital (Net Asset Value)   Various interest rates futures contracts (Europe)     (318 )      0.00 %      (247,934 )      -7.03 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     —          0.00 %      (1,673 )      -0.05 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (U.S.)     (15,224 )      -0.10 %      1,900        0.05 %      (8,728 )      -0.52 %      —          0.00 %  Various precious metal futures contracts (Far East)     —          0.00 %      —          0.00 %      (1,052 )      -0.06 %      —          0.00 %  Various precious metal futures contracts (U.S.)     12,770        0.08 %      69,055        1.96 %      3,100        0.19 %      —          0.00 %  Various soft futures contracts (Canada)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     2,800        0.02 %      —          0.00 %      10,993        0.66 %      —          0.00 %  Various soft futures contracts (Far East)     —          0.00 %      —          0.00 %      (4,709 )      -0.28 %      —          0.00 %  Various soft futures contracts (U.S.)     276,836        1.80 %      —          0.00 %      89,356        5.36 %      —          0.00 %  Various stock index futures contracts (Africa)     (2,270 )      -0.01 %      —          0.00 %      (1,911 )      -0.11 %      —          0.00 %  Various stock index futures contracts (Europe)     —          0.00 %      472        0.01 %      (6,684 )      -0.40 %      —          0.00 %  Various stock index futures contracts (Far East)     —          0.00 %      —          0.00 %      129        0.01 %      —          0.00 %  Various stock index futures contracts (Mexico)     (1,093 )      -0.01 %      —          0.00 %      (3,286 )      -0.20 %      —          0.00 %  Various stock index futures contracts (Oceanic)     —          0.00 %      (8,374 )      -0.24 %      (143 )      -0.01 %      —          0.00 %  Various stock index futures contracts (U.S.)     (50,353 )      -0.33 %      —          0.00 %      5,370        0.32 %      —          0.00 %                                                                  Total Short Futures Contracts   $ 3,853,644        25.02 %    $ 62,913        1.78 %    $ 319,108        19.16 %    $ —          0.00 %                                                                  CURRENCY FORWARDS *                 Various currency forwards contracts (NA)   $ (103,561 )      -0.67 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  Total Currency Forwards   $ (103,561 )      -0.67 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  Total Open Trade Equity (Deficit)   $ 1,658,917        10.79 %    $ 893,605        25.32 %    $ (279,840 )      -16.77 %    $ —          0.00 %                                                                  OPTIONS PURCHASED *                 Various energy futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Options Purchased   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  OPTIONS WRITTEN *                 Various energy futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Options Written   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  SWAPS (3)                 Frontier XXXIV Balanced select swap (U.S.)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ 18,246,955        96.37 %  Frontier Brevan Howard swap (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Frontier XXXV Diversified select swap (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Frontier XXXVII L/S select swap (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Swaps   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ 18,246,955        96.37 %                                                                  * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) Formerly The Frontier Fund. (2) Trading Company XXIII commenced trading operations in January 2012 (3) Trading Company XXXIV and XXXV commenced trading operations in July 2013. The accompanying notes are an integral part of these consolidated financial statements. The Trading Companies of the Equinox Frontier Funds (1) Condensed Schedule of Investments December 31, 2014     Frontier Trading Company XXXV LLC     Frontier Trading Company XXXVII LLC     Frontier Trading Company XXXVIII LLC     Frontier Trading Company XXXIX LLC   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various base metals futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     —          0.00 %      —          0.00 %      (59,625 )      -1.38 %      —          0.00 %  Various energy futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Canada)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Europe)     —          0.00 %      —          0.00 %      42,827        0.99 %      —          0.00 %  Various interest rates futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various precious metal futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various precious metal futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Canada)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Oceanic)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      (32,365 )      -0.75 %      —          0.00 %  Various stock index futures contracts (Canada)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Europe)     —          0.00 %      —          0.00 %      103,795        2.41 %      —          0.00 %  Various stock index futures contracts (Far East)     —          0.00 %      —          0.00 %      99,857        2.31 %      —          0.00 %  Various stock index futures contracts (Oceanic)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      49,558        1.15 %      —          0.00 %                                                                  Total Long Futures Contracts   $ —          0.00 %    $ —          0.00 %    $ 204,047        4.73 %    $ —          0.00 %                                                                  SHORT FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various base metals futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     —          0.00 %      —          0.00 %      380,145        8.81 %      —          0.00 %  Euro FX Settling 3/1/2015 (number of contracts: -54)     —          0.00 %      —          0.00 %      232,994        5.40 %      —          0.00 %  CHF Settling 3/18/2015 (number of contracts: -72)     —          0.00 %      —          0.00 %      250,775        5.81 %      —          0.00 %  Various energy futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     —          0.00 %      —          0.00 %      100,893        2.34 %      —          0.00 %  Various interest rates futures contracts (Canada)     —          0.00 %      —          0.00 %      (5,755 )      -0.13 %      —          0.00 %  Various interest rates futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %      Frontier Trading Company XXXV LLC     Frontier Trading Company XXXVII LLC     Frontier Trading Company XXXVIII LLC     Frontier Trading Company XXXIX LLC   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   Various interest rates futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (U.S.)     —          0.00 %      —          0.00 %      (32,928 )      -0.76 %      —          0.00 %  Various precious metal futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various precious metal futures contracts (U.S.)     —          0.00 %      —          0.00 %      52,490        1.22 %      —          0.00 %  Various soft futures contracts (Canada)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      186,382        4.32 %      —          0.00 %  Various stock index futures contracts (Africa)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Mexico)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Oceanic)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Short Futures Contracts   $ —          0.00 %    $ —          0.00 %    $ 1,164,996        27.01 %    $ —          0.00 %                                                                  CURRENCY FORWARDS *                 Various currency forwards contracts (NA)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  Total Currency Forwards   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  Total Open Trade Equity (Deficit)   $ —          0.00 %    $ —          0.00 %    $ 1,369,043        31.74 %    $ —          0.00 %                                                                  OPTIONS PURCHASED *                 Various energy futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Options Purchased   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  OPTIONS WRITTEN *                 Various energy futures contracts (U.S.)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Options Written   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  SWAPS (1)                 Frontier XXXIV Balanced select swap (U.S.)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Frontier Brevan Howard swap (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      7,540,466        100.00 %  Frontier XXXV Diversified select swap (U.S.)     6,570,409        100.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Frontier XXXVII L/S select swap (U.S.)     —          0.00 %      3,633,060        100.00 %      —          0.00 %      —          0.00 %                                                                  Total Swaps   $ 6,570,409        100.00 %    $ 3,633,060        0.00 %    $ —          0.00 %    $ 7,540,466        100.00 %                                                                  * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 1 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Notes to Financial Statements, Note 4. The accompanying notes are an integral part of these consolidated financial statements. The Trading Companies of the Equinox Frontier Funds Condensed Schedules of Investments December 31, 2013     Frontier Trading Company I LLC     Frontier Trading Company II LLC     Frontier Trading Company VII LLC     Frontier Trading Company XIV LLC   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS*                 Various base metals futures contracts (Europe)   $ (56,174 )      -0.29 %    $ 6,814        0.04 %    $ (70,059 )      -1.00 %    $ 132,615        3.76 %  Copper (LME) settling 1/1/2014 (number of contracts: 32)     —          0.00 %      —          0.00 %      —          0.00 %      198,216        5.62 %  Various base metals futures contracts (U.S.)     44,938        0.23 %      325        0.00 %      123,274        1.76 %      25        0.00 %  Various currency futures contracts (U.S.)     370,968        1.89 %      449,531        2.56 %      (19,944 )      -0.28 %      7,079        0.20 %  Various energy futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     (21,831 )      -0.11 %      63,950        0.36 %      520,393        7.43 %      8,679        0.25 %  Natural Gas settling 3/1/2014 (number of contracts: 228)     —          0.00 %      —          0.00 %      (353,048 )      -5.04 %      —          0.00 %  Natural Gas settling 11/1/2014 (number of contracts: 621)     —          0.00 %      —          0.00 %      629,139        8.98 %      —          0.00 %  NYH RBOB Unleaded Gas settling 3/1/2014 (number of contracts: 530)     —          0.00 %      —          0.00 %      (783,703 )      -11.19 %      —          0.00 %  Various interest rates futures contracts (Canada)     (51,671 )      -0.26 %      682        0.00 %      —          0.00 %      (1,930 )      -0.05 %  Various interest rates futures contracts (Europe)     (232,754 )      -1.19 %      (481,947 )      -2.75 %      —          0.00 %      (13,724 )      -0.39 %  Various interest rates futures contracts (Far East)     (31,051 )      -0.16 %      (171,268 )      -0.98 %      —          0.00 %      (12,641 )      -0.36 %  Various interest rates futures contracts (Oceanic)     49,673        0.25 %      4,623        0.03 %      —          0.00 %      (1,281 )      -0.04 %  Various interest rates futures contracts (U.S.)     (88,015 )      -0.45 %      (89,578 )      -0.51 %      (202,474 )      -2.89 %      (35,141 )      -1.00 %  90 Day Euro Time Deposit settling 12/1/2017 (number of contracts: 539)     —          0.00 %      —          0.00 %      (372,810 )      -5.32 %      —          0.00 %  Various precious metal futures contracts (U.S.)     —          0.00 %      —          0.00 %      (10,009 )      -0.14 %      (1,600 )      -0.05 %  Various soft futures contracts (Europe)     (4,923 )      -0.03 %      (7,698 )      -0.04 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     (47,575 )      -0.24 %      (136,308 )      -0.78 %      (1,081,485 )      -15.44 %      (31,343 )      -0.89 %  Corn settling 3/1/2014 (number of contracts: 383)     —          0.00 %      —          0.00 %      (691,457 )      -9.87 %      —          0.00 %  Corn settling 7/1/2014 (number of contracts: 300)     —          0.00 %      —          0.00 %      (496,709 )      -7.09 %      —          0.00 %  Sugar #11 settling 3/1/2014 (number of contracts: 861)     —          0.00 %      —          0.00 %      (820,017 )      -11.71 %      —          0.00 %  Cocoa settling 5/1/2014 (number of contracts: 608)     —          0.00 %      —          0.00 %      (420,759 )      -6.01 %      —          0.00 %  Various stock index futures contracts (Africa)     2,059        0.01 %      27,927        0.16 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Canada)     171,251        0.87 %      41,612        0.24 %      —          0.00 %      37,080        1.05 %  Various stock index futures contracts (Europe)     862,096        4.40 %      1,226,128        6.99 %      16,272        0.23 %      181,455        5.14 %  Various stock index futures contracts (Far East)     462,428        2.36 %      525,266        3.00 %      —          0.00 %      39,836        1.13 %  Various stock index futures contracts (Mexico)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Oceanic)     204,288        1.04 %      64,924        0.37 %      —          0.00 %      4,992        0.14 %  Various stock index futures contracts (U.S.)     733,317        3.74 %      1,286,092        7.33 %      77,870        1.11 %      192,860        5.47 %                                                                  Total Long Futures Contracts   $ 2,367,024        12.06 %    $ 2,811,075        16.02 %    $ (3,955,526 )      -56.48 %    $ 705,177        19.98 %                                                                  SHORT FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)   $ (4,721 )      -0.02 %    $ (52,878 )      -0.30 %    $ 34,183        0.49 %    $ (145,048 )      -4.11 %  Copper (LME) settling 1/1/2014 (number of contracts: -32)     —          0.00 %      —          0.00 %      —          0.00 %      (298,731 )      -8.47 %  Copper (LME) settling 2/1/2014 (number of contracts: -34)     —          0.00 %      —          0.00 %      —          0.00 %      (179,725 )      -5.09 %      Frontier Trading Company I LLC     Frontier Trading Company II LLC     Frontier Trading Company VII LLC     Frontier Trading Company XIV LLC   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   Various base metals futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     227,357        1.16 %      566,379        3.23 %      77,986        1.11 %      11,248        0.32 %  Various energy futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     (934 )      0.00 %      (78,477 )      -0.45 %      (96,753 )      -1.38 %      (19,495 )      -0.55 %  NYH RBOB Unleaded Gas settling 2/1/2014 (number of contracts: -509)     —          0.00 %      —          0.00 %      820,130        11.71 %      —          0.00 %  Natural Gas settling 10/1/2014 (number of contracts: -636)     —          0.00 %      —          0.00 %      (751,854 )      -10.74 %      —          0.00 %  Various interest rates futures contracts (Canada)     7,512        0.04 %      4,575        0.03 %      —          0.00 %      8,284        0.23 %  Various interest rates futures contracts (Europe)     141,423        0.72 %      32,183        0.18 %      51,261        0.73 %      43,140        1.22 %  Various interest rates futures contracts (Far East)     13,959        0.07 %      —          0.00 %      45,124        0.64 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     (9,391 )      -0.05 %      (14,869 )      -0.08 %      —          0.00 %      (120 )      0.00 %  Various interest rates futures contracts (U.S.)     174,002        0.89 %      67,938        0.39 %      86,363        1.23 %      24,481        0.69 %  Various precious metal futures contracts (U.S.)     17,291        0.09 %      449,520        2.56 %      13,635        0.19 %      29,795        0.84 %  Various soft futures contracts (Canada)     —          0.00 %      1,489        0.01 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     550        0.00 %      3,120        0.02 %      —          0.00 %      1,763        0.05 %  Various soft futures contracts (U.S.)     226,671        1.16 %      513,112        2.93 %      722,443        10.32 %      65,236        1.85 %  Cocoa settling 3/1/2014 (number of contracts: -616)     —          0.00 %      —          0.00 %      484,646        6.92 %      —          0.00 %  Corn settling 5/1/2014 (number of contracts: -383)     —          0.00 %      —          0.00 %      1,111,467        15.87 %      —          0.00 %  Sugar #11 settling 5/1/2014 (number of contracts: -861)     —          0.00 %      —          0.00 %      752,965        10.75 %      —          0.00 %  Wheat settling 7/1/2014 (number of contracts: -439)     —          0.00 %      —          0.00 %      412,861        5.90 %      —          0.00 %  Various stock index futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Far East)     —          0.00 %      (465 )      0.00 %      —          0.00 %      (4,466 )      -0.13 %  Various stock index futures contracts (U.S.)     2,100        0.01 %      —          0.00 %      —          0.00 %      5,100        0.14 %                                                                  Total Short Futures Contracts   $ 795,819        4.07 %    $ 1,491,627        8.52 %    $ 3,764,457        53.74 %    $ (458,538 )      -13.01 %                                                                  CURRENCY FORWARDS *                 Various currency forwards contracts (NA)   $ —          0.00 %    $ 18,591        0.11 %    $ —          0.00 %    $ 459,545        13.03 %                                                                  Total Currency Forwards   $ —          0.00 %    $ 18,591        0.11 %��   $ —          0.00 %    $ 459,545        13.03 %                                                                  Total Open Trade Equity (Deficit)   $ 3,162,843        16.13 %    $ 4,321,293        24.65 %    $ (191,069 )      -2.74 %    $ 706,184        19.99 %                                                                  OPTIONS PURCHASED *                 Various base metals futures contracts (Europe)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various currency futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     —          0.00 %      —          0.00 %      75,490        1.08 %      —          0.00 %  Various interest rates futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      23,250        0.33 %      —          0.00 %  Various stock index futures contracts (U.S.)     165,983        0.85 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Options Purchased   $ 165,983        0.85 %    $ —          0.00 %    $ 98,740        1.41 %    $ —          0.00 %                                                                  OPTIONS WRITTEN *                 Various base metals futures contracts (Europe)   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various currency futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     —          0.00 %      —          0.00 %      (152,500 )      -2.18 %      —          0.00 %  Various interest rates futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      (20,150 )      -0.29 %      —          0.00 %  Various stock index futures contracts (U.S.)     (183,932 )      -0.94 %      —          0.00 %      —          0.00 %      —          0.00 %                                                                  Total Options Written   $ (183,932 )      -0.94 %    $ —          0.00 %    $ (172,650 )      -2.47 %    $ —          0.00 %                                                                      Frontier Trading Company I LLC     Frontier Trading Company II LLC     Frontier Trading Company VII LLC     Frontier Trading Company XIV LLC   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   Swaps (1)                   $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  Total Swaps     —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %                                                                  * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.   (1) See Notes to Financial Statements, Note 4. The accompanying notes are an integral part of these consolidated financial statements. F-82 Table of Contents The Trading Companies of the Equinox Frontier Funds Condensed SchedulesSchedule of Investments December 31, 20132015       Frontier Trading Company XV LLC     Frontier Trading Company XXIII LLC (2)     Frontier Trading Company XXXIV LLC (3)     Frontier Trading Company XXXV LLC (3)   Description   Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)   $ (2,088,524 )      -10.85 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Copper (LME) Settling 1/1/2014 (Number of Contracts: 372)     2,517,561        13.08 %      —          0.00 %      —          0.00 %      —          0.00 %  Copper (LME) Settling 2/1/2014 (Number of Contracts: 335)     2,238,732        11.63 %      —          0.00 %      —          0.00 %      —          0.00 %  Copper (LME) Settling 3/1/2014 (Number of Contracts: 210)     1,070,949        5.56 %      —          0.00 %      —          0.00 %      —          0.00 %  Copper (LME) Settling 6/1/2014 (Number of Contracts: 248)     1,702,024        8.84 %      —          0.00 %      —          0.00 %      —          0.00 %  Various base metals futures contracts (U.S.)     —          0.00 %      16,675        0.39 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     196,221        1.02 %      (43,538 )      -1.02 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Europe)     (155,110 )      -0.81 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Far East)     3,805        0.02 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     40,873        0.21 %      (17,593 )      -0.41 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Canada)     47        0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Europe)     2,277        0.01 %      (364,569 )      -8.57 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Far East)     (3,494 )      -0.02 %      (176,906 )      -4.16 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     (1,996 )      -0.01 %      10,688        0.25 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (U.S.)     (35,255 )      -0.18 %      (220,306 )      -5.18 %      —          0.00 %      —          0.00 %  5 Year Note settling 3/1/2014 (number of contracts: 164)     —          —          (244,375 )      -5.75 %      —          0.00 %      —          0.00 %  Various precious metal futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     784        0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     (67,481 )      -0.35 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Africa)     8,310        0.04 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Canada)     12,878        0.07 %      20,107        0.47 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Europe)     145,868        0.76 %      158,289        3.72 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Far East)     38,835        0.20 %      110,492        2.60 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Mexico)     413        0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (Oceanic)     (936 )      0.00 %      6,664        0.16 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     204,043        1.06 %      339,249        7.98 %      —          0.00 %      —          0.00 %                                                                  Total Long Futures Contracts   $ 5,830,824        30.28 %    $ (405,123 )      -9.52 %    $ —          0.00 %    $ —          0.00 %                                                                  SHORT FUTURES CONTRACTS *                 Various base metals futures contracts (Europe)   $ (1,864,518 )      -9.69 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Copper (LME) Settling 2/1/2014 (Number of Contracts: 223)     (1,877,162 )      -9.75 %      —          0.00 %      —          0.00 %      —          0.00 %  Various base metals futures contracts (U.S.)     (12,775 )      -0.07 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (Far East)     (1,135 )      -0.01 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     281,441        1.46 %      10,070        0.24 %      —          0.00 %      —          0.00 %  JPY settling 3/1/2014 (number of contracts: -152)     —          0.00 %      430,094        10.12 %      —          0.00 %      —          0.00 %  Various energy futures contracts (Europe)     172,634        0.90 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     (1,773 )      -0.01 %      (8,273 )      -0.19 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Canada)     9,197        0.05 %      6,872        0.16 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Europe)     59,050        0.31 %      (3,648 )      -0.09 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Far East)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (Oceanic)     239        0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (U.S.)     101,452        0.53 %      4,238        0.10 %      —          0.00 %      —          0.00 %  Various precious metal futures contracts (U.S.)     256,385        1.33 %      33,615        0.79 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Canada)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (Europe)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %    Frontier Trading   Frontier Trading   Frontier Trading   Frontier Trading     Company I LLC   Company II LLC   Company VII LLC   Company XIV LLC     Frontier Trading Company XV LLC   Frontier Trading Company XXIII LLC (2)   Frontier Trading Company XXXIV LLC (3)   Frontier Trading Company XXXV LLC (3)         %of Total Capital         % of Total Capital           % of Total Capital           % of Total Capital   Description   Fair Value   % of Total Capital (Net Asset Value)   Fair Value   % of Total Capital (Net Asset Value)   Fair Value   % of Total Capital (Net Asset Value)   Fair Value   % of Total Capital (Net Asset Value)     Value   (Net Asset Value)   Value   (Net Asset Value)   Value   (Net Asset Value)   Value   (Net Asset Value)   LONG FUTURES CONTRACTS *                                                                 Various base metals futures contracts (Europe)   $ (91,615 )     -0.39 %   $ (1,294 )     -0.01 %   $ —       0.00 %   $ 46,701       1.36 % Various base metals futures contracts (U.S.)     —       0.00 %     —       0.00 %     (114,553 )     -1.43 %     —       0.00 % Copper Settling 12/30/2016 (number of contracts: 93)     —       0.00 %     —       0.00 %     (1,141,221 )     -14.26 %     —       0.00 % Various currency futures contracts (Singapore)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various currency futures contracts (U.S.)     104,988       0.45 %     (26,609 )     -0.20 %     6,605       0.08 %     4,514       0.13 % Various energy futures contracts (Europe)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various energy futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various energy futures contracts (U.S.)     (20,148 )     -0.09 %     —       0.00 %     (389,699 )     -4.87 %     (237,865 )     -6.91 % Brent Crude Oil Settling 1/26/2016 (number of contracts: 546)     —       0.00 %     —       0.00 %     (3,709,735 )     -46.36 %     —       0.00 % WTI Crude Oil Settling 6/29/2016 (number of contracts: 158)     —       0.00 %     —       0.00 %     (965,247 )     -12.06 %     —       0.00 % WTI Crude Oil Settling 5/31/2016 (number of contracts: 925)     —       0.00 %     —       0.00 %     (7,677,427 )     -95.94 %     —       0.00 % Gas Oil Settling 2/29/2016 (number of contracts: 68)     —       0.00 %     —       0.00 %     —       0.00 %     217,500       6.32 % Gas Oil Settling 4/30/2016 (number of contracts: 71)     —       0.00 %     —       0.00 %     (993,661 )     -12.42 %     —       0.00 % Natural Gas Settling 2/29/2016 (number of contracts: 201)     —       0.00 %     —       0.00 %     —       0.00 %     (227,570 )     -6.61 % Heat Oil Settling 6/29/2016 (number of contracts: 314)     —       0.00 %     —       0.00 %     (4,145,156 )     -51.80 %     —       0.00 % Various interest rates futures contracts (Canada)     33,854       0.15 %     10,868       0.08 %     —       0.00 %     32,546       0.95 % Various interest rates futures contracts (Europe)     (46,509 )     -0.20 %     (126,797 )     -0.95 %     —       0.00 %     (54,219 )     -1.57 % Various interest rates futures contracts (Far East)     119,681       0.51 %     68,874       0.52 %     —       0.00 %     16,803       0.49 % Various interest rates futures contracts (Oceanic)     (29,899 )     -0.13 %     (3,134 )     -0.02 %     —       0.00 %     377       0.01 % Various interest rates futures contracts (U.S.)     (20,922 )     -0.09 %     (317,169 )     -2.38 %     (30,915 )     -0.39 %     (70,806 )     -2.06 % Various precious metal futures contracts (U.S.)     —       0.00 %     —       0.00 %     (557,610 )     -6.96 %     —       0.00 % Silver Settling 7/29/2016 (number of contracts: 142)     —       0.00 %     —       0.00 %     (943,552 )     -11.79 %     —       0.00 % Silver Settling 5/31/2016 (number of contracts: 175)     —       0.00 %     —       0.00 %     (1,266,412 )     -15.83 %     —       0.00 % Various soft futures contracts (Canada)     445       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (Europe)     72,472       0.31 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (Oceanic)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (U.S.)     319,756        1.66 %      —          0.00 %      —          0.00 %      —          0.00 %      (25,856 )     -0.11 %     4,274       0.03 %     772,345       9.65 %     (44,679 )     -1.30 % Live Cattle Settling 7/15/2016 (number of contracts: 213)     —       0.00 %     —       0.00 %     417,732       5.22 %     —       0.00 % Corn Settling 7/18/2016 (number of contracts: 733)     —       0.00 %     —       0.00 %     (747,836 )     -9.35 %     —       0.00 % Various stock index futures contracts (Canada)     (41,549 )     -0.18 %     —       0.00 %     —       0.00 %     (4,336 )     -0.13 % Various stock index futures contracts (Europe)     (1,174 )      -0.01 %      —          0.00 %      —          0.00 %      —          0.00 %      16,565       0.07 %     36,783       0.28 %     —       0.00 %     (3,962 )     -0.12 % Various stock index futures contracts (Far East)     3,125        0.02 %      —          0.00 %      —          0.00 %      —          0.00 %      (28,958 )     -0.12 %     (83,141 )     -0.62 %     —       0.00 %     (7,766 )     -0.23 % Various stock index futures contracts (Oceanic)     (8,890 )     -0.04 %     —       0.00 %     —       0.00 %     (747 )     -0.02 % Various stock index futures contracts (U.S.)     41,649        0.22 %      —          0.00 %      —          0.00 %      —          0.00 %      (7,871 )     -0.03 %     148,532       1.11 %     —       0.00 %     82,379       2.39 %                                                 Total Long Futures Contracts   $ 25,788       0.11 %   $ (288,813 )     -2.16 %   $ (21,486,342 )     -268.49 %   $ (251,130 )     -7.30 % SHORT FUTURES CONTRACTS *                                                                 Various base metals futures contracts (Europe)     163,241       0.70 %     134,930       1.01 %     —       0.00 %     (5,389 )     -0.16 % Various base metals futures contracts (U.S.)     (32,430 )     -0.14 %     (11,450 )     -0.09 %     173,147       2.16 %     (8,500 )     -0.25 % Various currency futures contracts (U.S.)     262,509       1.13 %     466,490       3.50 %     28,025       0.35 %     37,249       1.08 % Various energy futures contracts (Europe)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various energy futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various energy futures contracts (U.S.)     (100,304 )     -0.43 %     142,483       1.07 %     667,184       8.34 %     170,240       4.94 % Natural Gas Settling 2/29/2016 (number of contracts: 201)     —       0.00 %     —       0.00 %     —       0.00 %     (227,570 )     -6.61 % Crude Oil Settling 4/30/2016 (number of contracts: -837)     —       0.00 %     —       0.00 %     4,035,371       50.43 %     —       0.00 % Crude Oil Settling 3/31/2016 (number of contracts: -223)     —       0.00 %     —       0.00 %     739,030       9.24 %     —       0.00 % WTI Crude Settling 2/19/2016 (number of contracts: -505)     —       0.00 %     —       0.00 %     3,923,021       49.02 %     —       0.00 % Heat Oil Settling 9/29/2016 (number of contracts: -104)     —       0.00 %     —       0.00 %     1,838,928       22.98 %     —       0.00 % Heat Oil Settling 8/1/2016 (number of contracts: -210)     —       0.00 %     —       0.00 %     3,342,927       41.77 %     —       0.00 % Gas Oil Settling 2/29/2016 (number of contracts: -73)     —       0.00 %     —       0.00 %     —       0.00 %     217,500       6.32 % Various interest rates futures contracts (Canada)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various interest rates futures contracts (Europe)     36,447       0.16 %     —       0.00 %     55,138       0.69 %     (220 )     -0.01 % Various interest rates futures contracts (Far East)     (250 )     0.00 %     —       0.00 %     (18,050 )     -0.23 %     —       0.00 % Various interest rates futures contracts (Oceanic)     (20,207 )     -0.09 %     (3,043 )     -0.02 %     —       0.00 %     (551 )     -0.02 % Various interest rates futures contracts (U.S.)     (11,364 )     -0.05 %     (266 )     0.00 %     (3,900 )     -0.05 %     20,302       0.59 % Various precious metal futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various precious metal futures contracts (U.S.)     75,381       0.32 %     244,230       1.83 %     —       0.00 %     1,530       0.04 % Silver Settling 3/31/2016 (number of contracts: -373)     —       0.00 %     —       0.00 %     851,818       10.64 %     —       0.00 % Various precious metal futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contract (Europe)     (9,290 )     -0.04 %     (1,140 )     -0.01 %     —       0.00 %     —       0.00 % Various soft futures contracts (Canada)     —       0.00 %     (16 )     0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (Europe)     36,938       0.16 %     3,608       0.03 %     —       0.00 %     —       0.00 % Various soft futures contracts (Far East)     (4,138 )     -0.02 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (Singapore)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (U.S.)     42,680       0.18 %     137,220       1.03 %     (1,077,773 )     -13.47 %     47,438       1.38 % Corn Settling 5/17/2016 (number of contracts: -210)     —       0.00 %     —       0.00 %     490,875       6.13 %     —       0.00 % Various stock index futures contracts (Africa)     (1,238 )     -0.01 %     (7,124 )     -0.05 %     —       0.00 %     —       0.00 % Various stock index futures contracts (Canada)     (20,773 )     -0.09 %     (2,344 )     -0.02 %     —       0.00 %     —       0.00 % Various stock index futures contracts (Europe)     (25,518 )     -0.11 %     (1,191 )     -0.01 %     —       0.00 %     (4,712 )     -0.14 % Various stock index futures contracts (Far East)     29,546       0.13 %     22,625       0.17 %     —       0.00 %     626       0.02 % Various stock index futures contracts (Mexico)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various stock index futures contracts (Oceanic)     (12,679 )     -0.05 %     —       0.00 %     —       0.00 %     —       0.00 % Various stock index futures contracts (U.S.)     71,361       0.31 %     (68,081 )     -0.51 %     (42,048 )     -0.53 %     10,790       0.31 % Various stock index futures contracts (Warsaw)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Total Short Futures Contracts   $ (2,513,609 )      -13.06 %    $ 472,968        11.12 %    $ —          0.00 %    $ —          0.00 %    $ 479,912       2.06 %   $ 1,056,931       7.93 %   $ 15,003,693       187.47 %   $ 258,733       7.50 %                                                 CURRENCY FORWARDS *                                                                                 Various currency forwards contracts (NA)   $ 769,823        4.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ 249,752       1.07 %   $ (168,539 )     -1.26 %   $ —       0.00 %   $ 26,881       0.78 %                                                 Total Currency Forwards   $ 769,823        4.00 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ 249,752       1.07 %   $ (168,539 )     -1.26 %   $ —       0.00 %   $ 26,881       0.78 %                                                 Total Open Trade Equity (Deficit)   $ 4,087,038        21.22 %    $ 67,845        1.60 %    $ —          0.00 %    $ —          0.00 %    $ 755,452       3.24 %   $ 599,579       4.51 %   $ (6,482,649 )     -81.02 %   $ 34,484       0.98 %                                                 OPTIONS PURCHASED *                                                                                 Various base metals futures contracts (Europe)   $ 137,568        0.71 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Copper (LME) Settling 6/4/2014 (Number of Contracts: 248)     1,702,024        8.85 %      —          0.00 %      —          0.00 %      —          0.00 %  Various currency futures contracts (U.S.)     386,410        2.01 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %    $ —       0.00 %   $ —       0.00 %   $ 154,530       1.93 %   $ —       0.00 % Various interest rates futures contracts (U.S.)     528,751        2.75 %      —          0.00 %      —          0.00 %      —          0.00 %  Various soft futures contracts (U.S.)     14,394        0.07 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %      371,758       1.59 %     —       0.00 %     —       0.00 %     —       0.00 %                                                 Total Options Purchased   $ 2,769,147        14.39 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ 371,758       1.59 %   $ —       0.00 %   $ 154,530       1.93 %   $ —       0.00 %                                                 OPTIONS WRITTEN *                                                                                 Various base metals futures contracts (Europe)   $ (703,620 )      -3.66 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %  Various currency futures contracts (U.S.)     (34,820 )      -0.18 %      —          0.00 %      —          0.00 %      —          0.00 %  Various energy futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various interest rates futures contracts (U.S.)     (127,500 )      -0.66 %      -        0.00 %      -        0.00 %      -        0.00 %  Various soft futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %  Various stock index futures contracts (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      —          0.00 %    $ (165,760 )     -0.71 %   $ —       0.00 %   $ —       0.00 %   $ —       0.00 %                                                 Total Options Written   $ (865,940 )      -4.50 %    $ —          0.00 %    $ —          0.00 %    $ —          0.00 %    $ (165,760 )     -0.71 %   $ —       0.00 %   $ —       0.00 %   $ —       0.00 %                                                 Swaps (1)                 Frontier XXXIV Balanced select swap (U.S.)   $ —          0.00 %    $ —          0.00 %    $ 10,126,168        100.00 %    $ —          0.00 %  Frontier XXXV Diversified select swap (U.S.)     —          0.00 %      —          0.00 %      —          0.00 %      3,437,632        100.00 %                                                  Total Swaps     —          0.00 %    $ —          0.00 %    $ 10,126,168        100.00 %    $ 3,437,632        100.00 %                                                    * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. (1) See Notes to Financial Statements, Note 4. (2) Trading Company XXIII commenced trading operations in January 2012. (3) Trading Company XXXIV and XXXV commenced trading operations in July 2013. The accompanying notes are an integral part of these consolidated financial statements. F-83 The Trading CompaniesTable of the Equinox Frontier FundsContents Condensed Schedules of Investments December 31, 2013 The Trading Companies of the Equinox Frontier Funds Condensed Schedule of Investments December 31, 2015        Frontier Trading Company XXXVII LLC (2)     Frontier Trading Company XXXVIII LLC (2)     Frontier Trading Company XXXIX LLC (2)   Description    Fair Value      % of Total Capital (Net Asset Value)     Fair Value     % of Total Capital (Net Asset Value)     Fair Value      % of Total Capital (Net Asset Value)   LONG FUTURES CONTRACTS *                Various base metals futures contracts (Europe)    $ —           0.00 %    $ —          0.00 %    $ —           0.00 %  Various base metals futures contracts (U.S.)      —           0.00 %      —          0.00 %      —           0.00 %  Various currency futures contracts (U.S.)      —           0.00 %      260,920        3.79 %      —           0.00 %  Various energy futures contracts (Europe)      —           0.00 %      —          0.00 %      —           0.00 %  Various energy futures contracts (Far East)      —           0.00 %      —          0.00 %      —           0.00 %  Various energy futures contracts (U.S.)      —           0.00 %      35,080        0.51 %      —           0.00 %  Various interest rates futures contracts (Canada)      —           0.00 %      —          0.00 %      —           0.00 %  Various interest rates futures contracts (Europe)      —           0.00 %      —          0.00 %      —           0.00 %  Various interest rates futures contracts (Far East)      —           0.00 %      —          0.00 %      —           0.00 %  Various interest rates futures contracts (Oceanic)      —           0.00 %      —          0.00 %      —           0.00 %  Various interest rates futures contracts (U.S.)      —           0.00 %      —          0.00 %      —           0.00 %  Various precious metal futures contracts (U.S.)      —           0.00 %      —          0.00 %      —           0.00 %  Various soft futures contracts (Europe)      —           0.00 %      —          0.00 %      —           0.00 %  Various soft futures contracts (U.S.)      —           0.00 %      (37,345 )      -0.54 %      —           0.00 %  Various stock index futures contracts (Africa)      —           0.00 %      —          0.00 %      —           0.00 %  Various stock index futures contracts (Canada)      —           0.00 %      —          0.00 %      —           0.00 %  Various stock index futures contracts (Europe)      —           0.00 %      177,422        2.58 %      —           0.00 %  Various stock index futures contracts (Far East)      —           0.00 %      222,264        3.23 %      —           0.00 %  Various stock index futures contracts (Mexico)      —           0.00 %      —          0.00 %      —           0.00 %  Various stock index futures contracts (Oceanic)      —           0.00 %      —          0.00 %      —           0.00 %  Various stock index futures contracts (U.S.)      —           0.00 %      391,392        5.69 %      —           0.00 %                                                     Total Long Futures Contracts    $ —           0.00 %    $ 1,049,733        15.26 %    $ —           0.00 %                                                     SHORT FUTURES CONTRACTS *                Various base metals futures contracts (Europe)    $ —           0.00 %    $ —          0.00 %    $ —           0.00 %  Various base metals futures contracts (U.S.)      —           0.00 %      —          0.00 %      —           0.00 %  Various currency futures contracts (Far East)      —           0.00 %      —          0.00 %      —           0.00 %  Various currency futures contracts (U.S.)      —           0.00 %      131,140        1.91 %      —           0.00 %  JPY settling 3/1/2014 (number ofcontracts: -235)      —           0.00 %      697,656        10.14 %      —           0.00 %  Various energy futures contracts (Europe)      —           0.00 %      —          0.00 %      —           0.00 %  Various energy futures contracts (U.S.)      —           0.00 %      —          0.00 %      —           0.00 %  Various interest rates futures contracts (Canada)      —           0.00 %      —          0.00 %      —           0.00 %  Various interest rates futures contracts (Europe)      —           0.00 %      362,727        5.27 %      —           0.00 %  Various interest rates futures contracts (Far East)      —           0.00 %      42,161        0.61 %      —           0.00 %  Various interest rates futures contracts (Oceanic)      —           0.00 %      (53,119 )      -0.77 %      —           0.00 %  Various interest rates futures contracts (U.S.)      —           0.00 %      524,230        7.62 %      —           0.00 %  10 Year Note settling 3/1/2014 (number of contracts: -226)      —           0.00 %      357,038        5.19 %      —           0.00 %  Various precious metal futures contracts (U.S.)      —           0.00 %      105,975        1.54 %      —           0.00 %  Various soft futures contracts (Canada)      —           0.00 %      —          0.00 %      —           0.00 %  Various soft futures contracts (Europe)      —           0.00 %      —          0.00 %      —           0.00 %  Various soft futures contracts (U.S.)      —           0.00 %      302,974        4.40 %      —           0.00 %  Various stock index futures contracts (Europe)      —           0.00 %      —          0.00 %      —           0.00 %  Various stock index futures contracts (Far East)      —           0.00 %      —          0.00 %      —           0.00 %  Various stock index futures contracts (U.S.)      —           0.00 %      —          0.00 %      —           0.00 %                                                     Total Short Futures Contracts    $ —           0.00 %    $ 2,470,782        35.90 %    $ —           0.00 %                                                       Frontier Trading   Frontier Trading   Frontier Trading   Frontier Trading     Company XV LLC   Company XXIII LLC   Company XXIX LLC   Company XXXIV LLC      Frontier Trading Company XXXVII LLC (2)   Frontier Trading Company XXXVIII LLC (2)   Frontier Trading Company XXXIX LLC (2)         %of Total Capital         % of Total Capital           % of Total Capital           % of Total Capital   Description    Fair Value      % of Total Capital (Net Asset Value)   Fair Value      % of Total Capital (Net Asset Value)   Fair Value      % of Total Capital (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)     Value     (Net Asset Value)   LONG FUTURES CONTRACTS *                                                                 Various base metals futures contracts (Europe)   $ (50,387 )     -0.37 %   $ —       0.00 %   $ —       0.00 %   $ —       0.00 % Various base metals futures contracts (U.S.)     —       0.00 %     650       0.02 %     —       0.00 %     —       0.00 % Various currency futures contracts (Singapore)     6,824       0.05 %     —       0.00 %     —       0.00 %     —       0.00 % Various currency futures contracts (U.S.)     (11,664 )     -0.08 %     (38,894 )     -1.27 %     4,224       0.41 %     —       0.00 % Various energy futures contracts (Europe)     13,493       0.10 %     —       0.00 %     —       0.00 %     —       0.00 % Various energy futures contracts (Far East)     —       0.00 %     —       0.00 %     605       0.06 %     —       0.00 % Various energy futures contracts (U.S.)     —       0.00 %     —       0.00 %     10,098       0.99 %     —       0.00 % Various interest rates futures contracts (Canada)     8,285       0.06 %     26,122       0.85 %     —       0.00 %     —       0.00 % Various interest rates futures contracts (Europe)     (380,769 )     -2.77 %     (73,358 )     -2.39 %     (4,581 )     -0.45 %     —       0.00 % Various interest rates futures contracts (Far East)     22,925       0.17 %     74,364       2.43 %     2,329       0.23 %     —       0.00 % Various interest rates futures contracts (Oceanic)     (1,711 )     -0.01 %     14,457       0.47 %     —       0.00 %     —       0.00 % Various interest rates futures contracts (U.S.)     (35,830 )     -0.26 %     (91,109 )     -2.97 %     (1,655 )     -0.16 %     —       0.00 % Various precious metal futures contracts (U.S.)     —       0.00 %     (1,110 )     -0.04 %     (5,070 )     -0.50 %     —       0.00 % Various soft futures contracts (Canada)     68       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (Europe)     238       0.00 %     —       0.00 %     394       0.04 %     —       0.00 % Various soft futures contracts (Oceanic)     5,505       0.04 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (U.S.)     17,813       0.13 %     —       0.00 %     10,410       1.02 %     —       0.00 % Lean Hog Settling 4/18/2016 (number of contracts: 191)     —       0.00 %     —       0.00 %     (53,610 )     -5.26 %     —       0.00 % Various stock index futures contracts (Canada)     —       0.00 %     2,334       0.08 %     —       0.00 %     —       0.00 % Various stock index futures contracts (Europe)     14,580       0.11 %     39,310       1.28 %     3,160       0.31 %     —       0.00 % Various stock index futures contracts (Far East)     (33,510 )     -0.24 %     (7,258 )     -0.24 %     159       0.02 %     —       0.00 % Various stock index futures contracts (Oceanic)     (1,931 )     -0.01 %     14,592       0.48 %     —       0.00 %     —       0.00 % Various stock index futures contracts (U.S.)     (4,360 )     -0.03 %     (57,123 )     -1.86 %     165       0.02 %     —       0.00 % Total Long Futures Contracts   $ (430,431 )     -3.11 %   $ (97,023 )     -3.16 %   $ (33,372 )     -3.27 %   $ —       0.00 % SHORT FUTURES CONTRACTS *                                                                 Various base metals futures contracts (Europe)     109,629       0.80 %     —       0.00 %     —       0.00 %     —       0.00 % Various base metals futures contracts (U.S.)     (4,250 )     -0.03 %     —       0.00 %     (2,975 )     -0.29 %     —       0.00 % Various currency futures contracts (U.S.)     32,835       0.24 %     116,714       3.81 %     34,653       3.40 %     —       0.00 % Various energy futures contracts (Europe)     29,608       0.22 %     —       0.00 %     —       0.00 %     —       0.00 % Various energy futures contracts (Far East)     410       0.00 %     —       0.00 %     1,020       0.10 %     —       0.00 % Various energy futures contracts (U.S.)     586,716       4.27 %     (61,323 )     -2.00 %     (1,037 )     -0.10 %     —       0.00 % Various interest rates futures contracts (Canada)     (63 )     0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various interest rates futures contracts (Europe)     3,113       0.02 %     2,700       0.09 %     —       0.00 %     —       0.00 % Various interest rates futures contracts (Far East)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various interest rates futures contracts (Oceanic)     (12,330 )     -0.09 %     —       0.00 %     (2,816 )     -0.28 %     —       0.00 % Various interest rates futures contracts (U.S.)     50,113       0.36 %     6,488       0.21 %     1,297       0.13 %     —       0.00 % Various precious metal futures contracts (Far East)     4,026       0.03 %     —       0.00 %     466       0.05 %     —       0.00 % Various precious metal futures contracts (U.S.)     93,125       0.68 %     4,738       0.15 %     (3,165 )     -0.31 %     —       0.00 % Various precious metal futures contracts (Far East)     (2,639 )     -0.02 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contract (Europe)     2,000       0.01 %     —       0.00 %     (1,700 )     -0.17 %     —       0.00 % Various soft futures contracts (Canada)     —       0.00 %     —       0.00 %     (1,305 )     -0.13 %     —       0.00 % Various soft futures contracts (Europe)     6,824       0.05 %     —       0.00 %     1,832       0.18 %     —       0.00 % Various soft futures contracts (Far East)     —       0.00 %     —       0.00 %     2,791       0.27 %     —       0.00 % Various soft futures contracts (Singapore)     930       0.01 %     —       0.00 %     —       0.00 %     —       0.00 % Various soft futures contracts (U.S.)     34,651       0.25 %     —       0.00 %     753       0.07 %     —       0.00 % Various stock index futures contracts (Africa)     (1,849 )     -0.01 %     —       0.00 %     (751 )     -0.07 %     —       0.00 % Various stock index futures contracts (Canada)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various stock index futures contracts (Europe)     8,952       0.07 %     —       0.00 %     (918 )     -0.09 %     —       0.00 % Various stock index futures contracts (Far East)     5,289       0.04 %     —       0.00 %     2,553       0.25 %     —       0.00 % Various stock index futures contracts (Mexico)     74       0.00 %     —       0.00 %     717       0.07 %     —       0.00 % Various stock index futures contracts (Oceanic)     —       0.00 %     —       0.00 %     —       0.00 %     —       0.00 % Various stock index futures contracts (U.S.)     (17,786 )     -0.13 %     —       0.00 %     6,707       0.66 %     —       0.00 % Various stock index futures contracts (Warsaw)     (3,926 )     -0.03 %     —       0.00 %     —       0.00 %     —       0.00 % Total Short Futures Contracts   $ 925,452       6.74 %   $ 69,317       2.26 %   $ 38,122       3.74 %   $ —       0.00 % CURRENCY FORWARDS *                                                                                 Various currency forward contracts    $ —           0.00 %    $ —           0.00 %    $ —           0.00 %  Various currency forwards contracts (NA)   $ (32,681 )     -0.24 %   $ —       0.00 %   $ —       0.00 %   $ —       0.00 % Total Currency Forwards   $ (32,681 )     -0.24 %   $ —       0.00 %   $ —       0.00 %   $ —       0.00 % Total Open Trade Equity (Deficit)   $ 462,340       3.39 %   $ (27,706 )     -0.90 %   $ 4,750       0.47 %   $ —       0.00 % SWAPS (3)                                                                 Frontier XXXIV Balanced select swap (U.S.)   $ —       0.00 %   $ —       0.00 %   $ —       0.00 %   $ 19,157,522       100.00 % Total Swaps   $ —       0.00 %   $ —       0.00 %   $ —       0.00 %   $ 19,157,522       100.00 %                                                                                                         Total Currency Forwards    $ —           0.00 %    $ —           0.00 %    $ —           0.00 %                                            Frontier Trading   Frontier Trading   Frontier Trading   Frontier Trading   Total Open Trade Equity (Deficit)    $ —           0.00 %    $ 3,520,515         51.16 %    $ —           0.00 %                                            Company XXXV LLC   Company XXXVII LLC   Company XXXVIII LLC   Company XXXIX LLC (3)   OPTIONS PURCHASED *                       %of Total Capital         % of Total Capital           % of Total Capital           % of Total Capital   Description   Value   (Net Asset Value)   Value   (Net Asset Value)   Value   (Net Asset Value)   Value   (Net Asset Value)   LONG FUTURES CONTRACTS *                                                                 Various base metals futures contracts (Europe)    $ —           0.00 %    $ —           0.00 %    $ —           0.00 %    $ —       0.00 %   $ —       0.00 %   $ —       0.00 %   $ —       0.00 % Various base metals futures contracts (U.S.)     —       0.00 %     —       0.00 %     4,675       0.16 %     —       0.00 % Various currency futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %      —       0.00 %     —       0.00 %     11,269       0.38 %     —       0.00 % Various energy futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %      —       0.00 %     —       0.00 %     670       0.02 %     —       0.00 % Various soft futures contracts (U.S.)     —       0.00 %     —       0.00 %     (612 )     -0.02 %     —       0.00 % Various stock index futures contracts (Europe)     —       0.00 %     —       0.00 %     (5,480 )     -0.18 %     —       0.00 % Various stock index futures contracts (Far East)     —       0.00 %     —       0.00 %     (24,157 )     -0.81 %     —       0.00 % Various stock index futures contracts (Oceanic)     —       0.00 %     —       0.00 %     (5,666 )     -0.19 %     —       0.00 % Various stock index futures contracts (U.S.)     —       0.00 %     —       0.00 %     (25,893 )     -0.87 %     —       0.00 % Total Long Futures Contracts   $ —       0.00 %   $ —       0.00 %   $ (45,194 )     -1.51 %   $ —       0.00 % SHORT FUTURES CONTRACTS *                                                                 Various currency futures contracts (U.S.)     —       0.00 %     —       0.00 %     146,316       4.92 %     —       0.00 % GBP Settling 3/16/2016 (number of contracts: -67)     —       0.00 %     —       0.00 %     180,063       6.05 %     —       0.00 % Various energy futures contracts (U.S.)     —       0.00 %     —       0.00 %     (4,099 )     -0.14 %     —       0.00 % Various interest rates futures contracts (Canada)     —       0.00 %     —       0.00 %     976       0.03 %     —       0.00 % Various interest rates futures contracts (Europe)     —       0.00 %     —       0.00 %     33,479       1.13 %     —       0.00 % Various interest rates futures contracts (Oceanic)     —       0.00 %     —       0.00 %     (132,055 )     -4.44 %     —       0.00 % Various interest rates futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %      —       0.00 %     —       0.00 %     85,776       2.88 %     —       0.00 % Various precious metal futures contracts (U.S.)     —       0.00 %     —       0.00 %     53,240       1.79 %     —       0.00 % Various soft futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %      —       0.00 %     —       0.00 %     (40,433 )     -1.36 %     —       0.00 % Various stock index futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %                                          Total Options Purchased    $ —           0.00 %    $ —           0.00 %    $ —           0.00 %                                          OPTIONS WRITTEN *                 Various base metals futures contracts (Europe)    $ —           0.00 %    $ —           0.00 %    $ —           0.00 %  Various currency futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %  Various energy futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %  Various interest rates futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %  Various soft futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %  Various stock index futures contracts (U.S.)      —           0.00 %      —           0.00 %      —           0.00 %                                          Total Options Written    $ —           0.00 %    $ —           0.00 %    $ —           0.00 %                                          Swaps (1)                 Various stock index futures contracts (Far East)     —       0.00 %     —       0.00 %     26,809       0.90 %     —       0.00 % Total Short Futures Contracts   $ —       0.00 %   $ —       0.00 %   $ 350,072       11.76 %   $ —       0.00 % Total Open Trade Equity (Deficit)   $ —       0.00 %   $ —       0.00 %   $ 304,878       10.25 %   $ —       0.00 % SWAPS (3)                                                                 Frontier Brevan Howard swap (U.S.)    $ —           0.00 %    $ —           0.00 %    $ 5,435,184         100.00 %    $ —       0.00 %   $ —       0.00 %   $ —       0.00 %   $ 7,960,269       100.00 % Frontier XXXV Diversified select swap (U.S.)     8,685,850       100.00 %     —       0.00 %     —       0.00 %     —       0.00 % Frontier XXXVII L/S select swap (U.S.)      2,456,545         100.00 %      —           0.00 %      —           0.00 %      —       0.00 %     4,332,427       100.00 %     —       0.00 %     —       0.00 %                                         Total Swaps    $ 2,456,545         100.00 %    $ —           0.00 %    $ 5,435,184         100.00 %    $ 8,685,850       100.00 %   $ 4,332,427       100.00 %   $ —       0.00 %   $ 7,960,269       100.00 %                                           * Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. The accompanying notes are an integral part of these consolidated financial statements. F-84 Table of Contents The Trading Companies of the Frontier Fund Statements of Operations For The Years Ended December 31, 2016, 2015 and 2014     Frontier Trading     Frontier Trading     Frontier Trading       Company I, LLC     Company II, LLC     Company VII, LLC (1)       12/31/2016     12/31/2015     12/31/2014     12/31/2016     12/31/2015     12/31/2014     12/31/2016     12/31/2015     12/31/2014   Investment Income:                                                       Interest-net   $ (909 )   $ (21,709 )   $ (22,159 )   $ 8,302     $ 2,691     $ 5,359     $ 1,819     $ (1,377 )   $ (1,858 )                                                                           Total Income     (909 )     (21,709 )     (22,159 )     8,302       2,691       5,359       1,819       (1,377 )     (1,858 )                                                                           Realized and unrealized gain (loss) on investments:                                                                         Net realized gain/(loss) on futures, forwards, and options     4,710,217       11,657,257       18,797,185       618,478       6,920,334       22,495,002       (1,479,588 )     17,335,609       (2,952,658 ) Net realized gain/(loss) on swap contracts     —       —       —       —       —       —       —       —       —   Net change in open trade equity     (518,190 )     (1,192,808 )     52,362       521,236       (2,873,705 )     (848,009 )     6,482,648       (12,031,602 )     3,660,410   Net unrealized gain/(loss) on option / swap contracts     261,320       —       —       —       —       —       (45,277 )     —       —   Risk analysis fees     (4,806 )     —       —       (70,193 )     —       —       —       —       —   Trading commissions     (593,636 )     (816,237 )     (661,478 )     (86,425 )     (106,923 )     (123,412 )     (259,227 )     (1,081,917 )     (1,264,512 )                                                                           Net gain/(loss) on investments     3,854,905       9,648,212       18,188,067       983,096       3,939,706       21,523,581       4,698,556       4,222,090       (556,160 ) NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ 3,853,996     $ 9,626,503     $ 18,165,908     $ 991,398     $ 3,942,397     $ 21,528,940     $ 4,700,375     $ 4,220,713     $ (558,018 )                                                                               Frontier Trading     Frontier Trading     Frontier Trading       Company XIV, LLC (2)     Company XV, LLC     Company XXIII, LLC (3)       12/31/2016     12/31/2015     12/31/2014     12/31/2016     12/31/2015     12/31/2014     12/31/2016     12/31/2015     12/31/2014   Investment Income:                                                       Interest-net   $ 1,437     $ (257 )   $ (16,316 )   $ 1,591     $ 833     $ (2,617 )   $ (7,014 )   $ (17,219 )   $ (12,365 )                                                                           Total Income     1,437       (257 )     (16,316 )     1,591       833       (2,617 )     (7,014 )     (17,219 )     (12,365 )                                                                           Realized and unrealized gain (loss) on investments:                                                                         Net realized gain/(loss) on futures, forwards, and options     1,119,495       128,198       5,151,877       2,092,044       1,385,257       4,680,757       2,026,555       1,982,679       6,829,347   Net realized gain/(loss) on swap contracts     —       —       —       —       —       —       —       —       —   Net change in open trade equity     (34,485 )     (990,384 )     318,685       200,590       (1,196,577 )     (2,428,123 )     27,706       (921,311 )     825,760   Net unrealized gain/(loss) on option / swap contracts     —       —       —       —       —       978,111       —       —       —   Risk analysis fees     —       —       —       (14,228 )     —       —       —       —       —   Trading commissions     (39,648 )     (123,168 )     (909,921 )     (130,601 )     (131,746 )     (351,072 )     (95,575 )     (208,033 )     (164,440 )                                                                           Net gain/(loss) on investments     1,045,362       (985,354 )     4,560,641       2,147,805       56,934       2,879,673       1,958,686       853,335       7,490,667   NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ 1,046,799     $ (985,611 )   $ 4,544,325     $ 2,149,396     $ 57,767     $ 2,877,056     $ 1,951,672     $ 836,116     $ 7,478,302                                                                                 Frontier Trading     Frontier Trading     Frontier Trading       Company XXIX, LLC (4)     Company XXXIV, LLC     Company XXXV, LLC       12/31/2016     12/31/2015     12/31/2014     12/31/2016     12/31/2015     12/31/2013     12/31/2016     12/31/2015     12/31/2014   Investment Income:                                                       Interest-net   $ 235     $ (751 )   $ 23     $ —     $ (3,610 )   $ (6,498 )   $ —     $ —     $ —                                                                             Total Income     235       (751 )     23       —       (3,610 )     (6,498 )     —       —       —                                                                             Realized and unrealized gain (loss) on investments:                                                                         Net realized gain/(loss) on futures, forwards, and options     143,083       (1,811,908 )     (310,258 )     —       (463,603 )     (2,060,335 )     —       —       —   Net realized gain/(loss) on swap contracts     —       —       —       —       —       —       —       —       —   Net change in open trade equity     (4,750 )     284,591       (279,840 )     —       —       —       —       —       —   Net unrealized gain/(loss) on option / swap contracts     —       —       —       (218,073 )     910,567       8,120,787       (48,003 )     2,115,441       3,132,777   Trading commissions     (4,144 )     (60,831 )     (8,380 )     —       (69,341 )     (141,075 )     —       —       —                                                                             Net gain/(loss) on investments     134,189       (1,588,148 )     (598,478 )     (218,073 )     377,623       5,919,377       (48,003 )     2,115,441       3,132,777                                                                             NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ 134,424     $ (1,588,899 )   $ (598,455 )   $ (218,073 )   $ 374,013     $ 5,912,879     $ (48,003 )   $ 2,115,441     $ 3,132,777                                                                                 Frontier Trading     Frontier Trading     Frontier Trading       Company XXXVII, LLC     Company XXXVIII, LLC     Company XXXIX, LLC       12/31/2016     12/31/2015     12/31/2014     12/31/2016     12/31/2015     12/31/2014     12/31/2016     12/31/2015     12/31/2014   Investment Income:                                                       Interest-net   $ —     $ —     $ —     $ 790     $ (1,607 )   $ (2,576 )   $ —     $ —     $ —                                                                             Total Income     —       —       —       790       (1,607 )     (2,576 )     —       —       —                                                                             Realized and unrealized gain (loss) on investments:                                                                         Net realized gain/(loss) on futures, forwards, and options     —       —       —       (4,641,720 )     (2,416,059 )     1,616,525       —       —       —   Net realized gain/(loss) on swap contracts     —       —       —       —       —       —       —       —       —   Net change in open trade equity     —       —       —       (79,619 )     (1,064,164 )     (2,151,473 )     —       —       —   Net unrealized gain/(loss) on option / swap contracts     (111,959 )     (300,633 )     1,176,515       —       —       —       438,145       419,803       2,108,782   Net unrealized gain/(loss) on private investment companies     —       —       —       2,384,103       —       —       —       —       —   Trading commissions     —       —       —       (76,901 )     (143,158 )     (204,324 )     (7,000 )     —       (3,500 )                                                                           Net gain/(loss) on investments     (111,959 )     (300,633 )     1,176,515       (2,414,137 )     (3,623,381 )     (739,272 )     431,145       419,803       2,105,282   NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ (111,959 )   $ (300,633 )   $ 1,176,515     $ (2,413,347 )   $ (3,624,988 )   $ (741,848 )   $ 431,145     $ 419,803     $ 2,105,282   (1) See Notes to Financial Statements, Note 4.Trading Company VII ceased trading operations April 28, 2016 (2) Trading Companies XXXIX, XXXVII and XXXVIII commencedCompany XIV ceased trading operations in March, August, and November 2013, respectively.April 21, 2016 (3) Trading Company XXIII ceased trading operations July 22, 2016 (4) Trading Company XXIX ceased trading operations January 29, 2016 The accompanying notes are an integral part of these consolidated financial statements. F-85 Table of Contents The Trading Companies of the Frontier Fund Statements of Changes in Members’ Equity For the Years Ended December 31, 2016, 2015 and 2014     Frontier Trading     Frontier Trading     Frontier Trading       Company I LLC     Company II LLC     Company VII, LLC (1)   Members’ Equity, December 31, 2013   $ 19,611,575     $ 17,534,029     $ 7,003,289                             Capital Contributed     157,856,619       12,312,000       37,505,000   Capital Distributed     (169,654,397 )     (37,050,000 )     (33,710,129 ) Net Increase (decrease) in Members’ Equity Resulting From Operations     18,165,908       21,528,940       (558,018 )                           Members’ Equity, December 31, 2014     25,979,705       14,324,969       10,240,142                             Capital Contributed     152,936,600       32,277,000       54,479,000   Capital Distributed     (165,396,061 )     (37,200,000 )     (60,937,393 ) Net Increase (decrease) in Members’ Equity Resulting From Operations     9,626,503       3,942,397       4,220,713                             Members’ Equity, December 31, 2015     23,146,747       13,344,366       8,002,462                             Capital Contributed     175,068,296       173,832,267       20,283,579   Capital Distributed     (195,185,435 )     (168,961,025 )     (32,986,416 ) Net Increase (decrease) in Members’ Equity Resulting From Operations     3,853,996       991,398       4,700,375   Members’ Equity, December 31, 2016   $ 6,883,604     $ 19,207,006     $ —                                 Frontier Trading     Frontier Trading     Frontier Trading       Company XIV, LLC (2)     Company XV, LLC     Company XXIII, LLC (3)   Members’ Equity, December 31, 2013   $ 3,527,697     $ 19,248,714     $ 4,251,667                             Capital Contributed     21,580,000       23,175,200       3,895,000   Capital Distributed     (24,945,000 )     (29,900,000 )     (12,100,000 ) Net Increase (decrease) in Members’ Equity Resulting From Operations     4,544,325       2,877,056       7,478,302                             Members’ Equity, December 31, 2014     4,707,022       15,400,970       3,524,969                             Capital Contributed     7,272,500       975,100       17,805,000   Capital Distributed     (7,550,000 )     (2,690,500 )     (19,100,000 ) Net Increase (decrease) in Members’ Equity Resulting From Operations     (985,611 )     57,767       836,116                             Members’ Equity, December 31, 2015     3,443,911       13,743,337       3,066,085                             Capital Contributed     3,205,916       7,771,910       8,295,740   Capital Distributed     (7,696,626 )     (14,817,369 )     (13,313,497 ) Net Increase (decrease) in Members’ Equity Resulting From Operations     1,046,799       2,149,396       1,951,672                             Members’ Equity, December 31, 2016   $ —     $ 8,847,274     $ —                                 Frontier Trading     Frontier Trading     Frontier Trading       Company XXIX, LLC (4)     Company XXXIV, LLC     Company XXXV, LLC   Members’ Equity, December 31, 2013   $ —     $ 10,126,168     $ 3,437,632                             Capital Contributed     2,265,000       25,645,000       —   Capital Distributed     —       (22,750,000 )     —   Net Increase (decrease) in Members’ Equity Resulting From Operations     (598,455 )     5,912,879       3,132,777                             Members’ Equity, December 31, 2014     1,666,545       18,934,047       6,570,409                             Capital Contributed     4,042,000       11,282,015       —   Capital Distributed     (3,100,000 )     (11,432,553 )     —   Net Increase (decrease) in Members’ Equity Resulting From Operations     (1,588,899 )     374,013       2,115,441                             Members’ Equity, December 31, 2015     1,019,646       19,157,522       8,685,850                             Capital Contributed     2,207,000       —       —   Capital Distributed     (3,361,070 )     (4,926,555 )     (2,500,000 ) Net Increase (decrease) in Members’ Equity Resulting From Operations     134,424       (218,072 )     (48,003 )                           Members’ Equity, December 31, 2016   $ —     $ 14,012,895     $ 6,137,847                                 Frontier Trading     Frontier Trading     Frontier Trading       Company XXXVII, LLC     Company XXXVIII, LLC     Company XXXIX, LLC   Members’ Equity, December 31, 2013   $ 2,456,545     $ 6,880,279     $ 5,435,184                             Capital Contributed     —       14,825,252       —   Capital Distributed     —       (16,650,000 )     —   Net Increase (decrease) in Members’ Equity Resulting From Operations     1,176,515       (741,848 )     2,105,282                             Members’ Equity, December 31, 2014     3,633,060       4,313,683       7,540,466                             Capital Contributed     1,000,000       14,336,000       —   Capital Distributed     —       (12,050,000 )     —   Net Increase (decrease) in Members’ Equity Resulting From Operations     (300,633 )     (3,624,988 )     419,803                             Members’ Equity, December 31, 2015     4,332,427       2,974,695       7,960,269                             Capital Contributed     —       17,027,822       —   Capital Distributed     (115,000 )     (6,405,067 )     (1,900,000 ) Net Increase (decrease) in Members’ Equity Resulting From Operations     (111,959 )     (2,413,347 )     431,145                             Members’ Equity, December 31, 2016   $ 4,105,468     $ 11,184,103     $ 6,491,414   (1) Trading Company VII ceased trading operations April 28, 2016 (2) Trading Company XIV ceased trading operations April 21, 2016 (3) Trading Company XXIII ceased trading operations July 22, 2016 (4) Trading Company XXIX ceased trading operations January 29, 2016 The accompanying notes are an integral part of these consolidated financial statements. F-86 Table of Contents The Trading Companies of the Frontier Fund Statements of Cash Flows For the Years Ended December 31, 2016, 2015 and 2014     Frontier Trading     Frontier Trading     Frontier Trading       Company I, LLC     Company II, LLC     Company VII, LLC       2016     2015     2014     2016     2015     2014     2016     2015     2014                                                           Cash Flows from Operating Activities                                                                         Net increase (decrease) in members’ equity resulting from operations   $ 3,853,996     $ 9,626,503     $ 18,165,908     $ 991,398     $ 3,942,397     $ 21,528,940     $ 4,700,375     $ 4,220,713     $ (558,018 ) Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                                                                         Decrease (increase) in receivable from futures commission merchants     15,540,015       544,018       (6,262,089 )     (5,252,127 )     (1,893,306 )     2,361,317       14,330,819       (7,636,501 )     574,114   Decrease (increase) in open trade equity, at fair value     517,791       2,376,408       (174,792 )     (622,945 )     2,873,705       848,009       (6,482,499 )     9,951,838       (12,349,140 ) Net unrealized (gain) loss on option/swap contracts     205,998       (87,257 )     69,085       —       —       —       154,380       (77,725 )     —   (Decrease) increase in risk analysis fee payable     1,155       —       —       12,215       —       —       —       —       —   Decrease (increase) in interest receivable     —       —       —       217       204       155       —       —       —   (Decrease) increase in interest payable     (1,816 )     (211 )     (334 )     —       —       (421 )     (238 )     68       6   Net cash provided by (used in) operating activities     20,117,139       12,459,461       11,797,778       (4,871,242 )     4,923,000       24,738,000       12,702,837       6,458,393       (3,794,871 )                                                                           Cash Flows from Financing Activities                                                                         Capital Contributed     175,068,296       152,936,600       157,856,619       173,832,267       32,277,000       12,312,000       20,283,579       54,479,000       37,505,000   Capital Distributed     (195,185,435 )     (165,396,061 )     (169,654,397 )     (168,961,025 )     (37,200,000 )     (37,050,000 )     (32,986,416 )     (60,937,393 )     (33,710,129 )                                                                           Net cash provided by (used in) financing activities     (20,117,139 )     (12,459,461 )     (11,797,778 )     4,871,242       (4,923,000 )     (24,738,000 )     (12,702,837 )     (6,458,393 )     3,794,871                                                                             Net change in cash and cash equivalents     —       —       —       —       —       —       —       —       —   Cash and cash equivalents, beginning of period     —       —       —       —       —       —       —       —       —   Cash and cash equivalents, end of period   $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —                                                                                 Frontier Trading     Frontier Trading     Frontier Trading       Company XIV, LLC     Company XV, LLC     Company XXIII, LLC       2016     2015     2014     2016     2015     2014     2016     2015     2014                                                           Cash Flows from Operating Activities                                                                         Net increase (decrease) in members’ equity resulting from operations   $ 1,046,799     $ (985,611 )   $ 4,544,325     $ 2,149,396     $ 57,767     $ 2,877,056     $ 1,951,672     $ 836,116     $ 7,478,302   Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                                                                         Decrease (increase) in receivable from futures commission merchants     3,409,216       273,327       (859,653 )     5,073,766       460,832       (484,173 )     3,093,791       (462,427 )     1,552,458   Decrease (increase) in open trade equity, at fair value     34,484       990,384       (318,684 )     (180,154 )     1,196,577       5,197,268       (27,706 )     921,311       (825,760 ) Decrease (increase) in written options, at fair value     —       —       —       —       —       (865,940 )     —       —       —   (Decrease) increase in risk analysis fee payable     —       —       —       2,303       —       —       —       —       —   Decrease (increase) in interest receivable     211       (211 )     —       —       68       657       —       —       —   (Decrease) increase in interest payable     —       (389 )     (988 )     148       156       (68 )     —       —       —   Net cash provided by (used in) operating activities     4,490,710       277,500       3,365,000       7,045,459       1,715,400       6,724,800       5,017,757       1,295,000       8,205,000                                                                             Cash Flows from Financing Activities                                                                               —       —       —                                                   Capital Contributed     3,205,916       7,272,500       21,580,000       7,771,910       975,100       23,175,200       8,295,740       17,805,000       3,895,000   Capital Distributed     (7,696,626 )     (7,550,000 )     (24,945,000 )     (14,817,369 )     (2,690,500 )     (29,900,000 )     (13,313,497 )     (19,100,000 )     (12,100,000 )                                                                           Net cash provided by (used in) financing activities     (4,490,710 )     (277,500 )     (3,365,000 )     (7,045,753 )     (1,715,400 )     (6,724,800 )     (5,017,757 )     (1,295,000 )     (8,205,000 )                                                                           Net change in cash and cash equivalents     —       —       —       —       —       —       —       —       —   Cash and cash equivalents, beginning of period   $ —     $ —       —     $ —     $ —       —     $ —     $ —       —   Cash and cash equivalents, end of period   $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —                                                                                 Frontier Trading     Frontier Trading     Frontier Trading       Company XXIX, LLC     Company XXXIV, LLC     Company XXXV, LLC       2016     2015     2014     2016     2015     2014     2016     2015     2014                                                           Cash Flows from Operating Activities                                                                         Net increase (decrease) in members’ equity resulting from operations   $ 134,424     $ (1,588,899 )   $ (598,455 )   $ (218,073 )   $ 374,013     $ 5,912,879     $ (48,003 )   $ 2,115,441     $ 3,132,777   Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                                                                         Decrease (increase) in receivable from futures commission merchants     1,014,896       931,466       (1,946,362 )     —       687,693       (687,693 )     —       —       —   Decrease (increase) in open trade equity, at fair value     4,750       (284,591 )     279,840       —       —       —       —       —       —   Net realized (gain) loss on swap contracts     —       —       —       —       —       —       —       —       —   Net unrealized (gain) loss on swap contracts     —       —       —       218,073       (910,567 )     (8,120,787 )     48,003       (2,115,441 )     (3,132,777 ) (Decrease) increase in interest payable     —       24       (23 )     —       (602 )     601       —       —       —   Net cash provided by (used in) operating activities     1,154,070       (942,000 )     (2,265,000 )     —       150,537       (2,895,000 )     —       —       —                                                                             Cash Flows from Financing Activities                                                                         (Decrease) increase in advance on unrealized swap appreciation     —       —       —       4,926,555       —       —       2,500,000       —       —   Capital Contributed     2,207,000       4,042,000       2,265,000       —       11,282,015       25,645,000       —       —       —   Capital Distributed     (3,361,070 )     (3,100,000 )     —       (4,926,555 )     (11,432,552 )     (22,750,000 )     (2,500,000 )     —       —                                                                             Net cash provided by (used in) financing activities     (1,154,070 )     942,000       2,265,000       —       (150,537 )     2,895,000       —       —       —                                                                             Net change in cash and cash equivalents     —       —       —       —       —       —       —       —       —   Cash and cash equivalents, beginning of period   $ —     $ —       —     $ —     $ —       —     $ —     $ —       —   Cash and cash equivalents, end of period   $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —                                                                                 Frontier Trading     Frontier Trading     Frontier Trading       Company XXXVII, LLC     Company XXXVIII, LLC     Company XXXIX, LLC       2016     2015     2014     2016     2015     2014     2016     2015     2014                                                           Cash Flows from Operating Activities                                                                         Net increase (decrease) in members’ equity resulting from operations   $ (111,959 )   $ (300,633 )   $ 1,176,515     $ (2,413,347 )   $ (3,624,988 )   $ (741,848 )   $ 431,145     $ 419,803     $ 2,105,282   Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                                                                         Decrease (increase) in receivable from futures commission merchants     —       —       —       2,670,015       274,677       415,299       —       —       3,500   Decrease (increase) in open trade equity, at fair value     —       —       —       304,878       1,064,165       2,151,472       —       —       —   Net unrealized (gain) loss on swap contracts     111,959       (699,367 )     (1,176,515 )     —       —       —       (431,145 )     (419,803 )     (2,108,782 ) Purchase of Private Investment Companies     —       —       —       (8,800,000 )     —       —       —       —       —   Net unrealized gain/(loss) on private investment companies     —       —       —       (2,384,103 )     —       —       —       —       —   (Decrease) increase in interest payable     —       —       —       (198 )     146       (175 )     —       —       —   Net cash provided by (used in) operating activities     —       (1,000,000 )     —       (10,622,755 )     (2,286,000 )     1,824,748       —       —       —                                                                             Cash Flows from Financing Activities                                                                         (Decrease) increase in advance on unrealized swap appreciation     115,000       —       —       —       —       —       1,900,000                   Capital Contributed     —       1,000,000       —       17,027,822       14,336,000       14,825,252       —       —       —   Capital Distributed     (115,000 )     —       —       (6,405,067 )     (12,050,000 )     (16,650,000 )     (1,900,000 )     —       —                                                                             Net cash provided by (used in) financing activities     —       1,000,000       —       10,622,755       2,286,000       (1,824,748 )     —       —       —                                                                             Net change in cash and cash equivalents     —       —       —       —       —       —       —       —       —   Cash and cash equivalents, beginning of period   $ —     $ —       —     $ —     $ —       —     $ —     $ —       —   Cash and cash equivalents, end of period   $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —   The accompanying notes are an integral part of these financial statements. F-87 The Trading CompaniesTable of the Equinox Frontier FundsContents Statements of Operations For The Years Ended December 31, 2014, 2013 and 2012      Frontier Trading Company I, LLC     Frontier Trading Company II, LLC     Frontier Trading Company V, LLC        12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012   Investment Income:               Interest-net   $ (22,159 )    $ (33,683 )    $ (123,912 )    $ 5,359      $ 13,793      $ 32,577      $ —        $ 3,653      $ 22,221                                                                            Total Income     (22,159 )      (33,683 )      (123,912 )      5,359        13,793        32,577        —          3,653        22,221                                                                            Realized and unrealized gain (loss) on investments:                   Net realized gain/(loss) on futures, forwards, and options     17,664,613        1,556,190        (1,571,782 )      22,495,002        11,183,615        (1,541,945 )      —          5,910,215        (2,796,445 )  Net realized gain/(loss) on swap contracts     —          (1,646,391 )      —          —          —          —          —          —          —      Net change in open trade equity     52,362        2,385,268        718,247        (848,009 )      2,821,855        (2,539,010 )      —          (1,311,171 )      (127,086 )  Net unrealized gain/(loss) on option / swap contracts     1,132,570        498,761        78,977        —          —            —          —          —      Trading commissions     (661,478 )      (944,447 )      (2,189,786 )      (123,412 )      (137,713 )      (188,143 )      —          (54,478 )      490,085                                                                            Net gain/(loss) on investments     18,188,067        1,849,381        (2,964,344 )      21,523,581        13,867,757        (4,269,098 )      —          4,544,566        (2,433,446 )                                                                          NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ 18,165,908      $ 1,815,698      $ (3,088,256 )    $ 21,528,940      $ 13,881,550      $ (4,236,521 )    $ —        $ 4,548,219      $ (2,411,225 )                                                                              Frontier Trading Company VII, LLC     Frontier Trading Company IX, LLC             12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012                     Investment Income:               Interest-net   $ (1,858 )    $ (1,027 )    $ 217      $ 0      $ —        $ 6,966                                                                Total Income     (1,858 )      (1,027 )      217        0        —          6,966                                                                Realized and unrealized gain (loss) on investments:                   Net realized gain/(loss) on futures, forwards, and options     147,793        (3,200,393 )      (28,094,277 )      —          —          (589,048 )        Net realized gain/(loss) on swap contracts     —          —          —          —          —          —            Net change in open trade equity     3,660,410        3,638,941        22,716,388        0        —          (444,768 )        Net unrealized gain/(loss) on option / swap contracts     (3,099,851 )      (3,862,115 )      —          0        —          —            Trading commissions     (1,264,512 )      (1,323,281 )      (1,759,517 )      0        —          (38,305 )                                                              Net gain/(loss) on investments     (556,160 )      (4,746,848 )      (7,137,406 )      0        —          (1,072,121 )                                                              NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ (558,018 )    $ (4,747,875 )    $ (7,137,189 )    $ —        $ —        $ (1,065,155 )                                                                  Frontier Trading Company XIV, LLC     Frontier Trading Company XV, LLC     Frontier Trading Company XVII, LLC       12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012   Investment Income:               Interest-net   $ (16,316 )    $ (28,719 )    $ (173,840 )    $ (2,617 )    $ 6,275      $ (29,105 )    $ —        $ —        $ —                                                                              Total Income     (16,316 )      (28,719 )      (173,840 )      (2,617 )      6,275        (29,105 )      —          —          —                                                                              Realized and unrealized gain (loss) on investments:                   Net realized gain/(loss) on futures, forwards, and options     5,151,877        (25,933,929 )      36,295,498        4,680,757        (166,464 )      (8,553,374 )      —          —          —      Net realized gain/(loss) on swap contracts     —          —          —          —          —          —          —          (1,908,743 )      —      Net change in open trade equity     318,685        2,826,621        (1,881,488 )      (2,428,123 )      3,883,574        1,263,916        —          —          —      Net unrealized gain/(loss) on option / swap contracts     —          —          —          978,111        (478,500 )      —          —          1,746,256        (1,378,028 )  Trading commissions     (909,921 )      (1,722,600 )      (2,086,635 )      (351,072 )      (489,648 )      (557,552 )      —          —          —                                                                              Net gain/(loss) on investments     4,560,641        (24,829,908 )      32,327,375        2,879,673        2,748,962        (7,847,010 )      —          (162,487 )      (1,378,028 )                                                                          NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ 4,544,325      $ (24,858,627 )    $ 32,153,535      $ 2,877,056      $ 2,755,237      $ (7,876,115 )    $ —        $ (162,487 )    $ (1,378,028 )                                                                          The Trading Companies of the Equinox Frontier Funds Statements of Operations For The Years Ended December 31, 2014, 2013 and 2012     Frontier Trading Company XVIII, LLC     Frontier Trading Company XXI, LLC     Frontier Trading Company XXIII, LLC (3)       12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012   Investment Income:               Interest-net   $ —        $ (2,700 )    $ (12,785 )    $ —        $ —        $ (34,702 )    $ (12,365 )    $ (12,167 )    $ (20 )                                                                          Total Income     —          (2,700 )      (12,785 )      —          —          (34,702 )      (12,365 )      (12,167 )      (20 )                                                                          Realized and unrealized gain (loss) on investments:                   Net realized gain/(loss) on futures, forwards, and options     —          (742,638 )      647,731        —          —          1,823,712        6,829,347        (1,174,950 )      (2,308,312 )  Net realized gain/(loss) on swap contracts     —          —          —          —          — ��        —          —          —          —      Net change in open trade equity     —          (85,660 )      (510,533 )      —          —          (792,373 )      825,760        (163,336 )      231,181    Net unrealized gain/(loss) on option / swap contracts     —          —          —          —          —          —          —          —          —      Trading commissions     —          (32,805 )      (131,094 )      —          —          (171,957 )      (164,440 )      (138,205 )      (133,532 )                                                                          Net gain/(loss) on investments     —          (861,103 )      6,104        —          —          859,382        7,490,667        (1,476,491 )      (2,210,663 )                                                                          NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ —        $ (863,803 )    $ (6,681 )    $ —        $ —        $ 824,680      $ 7,478,302      $ (1,488,658 )    $ (2,210,683 )                                                                              Frontier Trading Company XXIX, LLC (1)     Frontier Trading Company XXXIV, LLC (2)     Frontier Trading Company XXXV, LLC (2)       12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012   Investment Income:               Interest-net   $ 23      $ —        $ —        $ (6,498 )    $ —        $ —        $ —        $ —        $ —                                                                              Total Income     23        —          —          (6,498 )      —          —          —          —          —                                                                              Realized and unrealized gain (loss) on investments:                   Net realized gain/(loss) on futures, forwards, and options     (310,258 )      —          —          (2,060,335 )      —          —          —          —          —      Net realized gain/(loss) on swap contracts     —          —          —          —          —          —          —          —          —      Net change in open trade equity     (279,840 )      —          —          —          —          —          —          —          —      Net unrealized gain/(loss) on option / swap contracts     —          —          —          8,120,786        526,168        —          3,132,777        37,632        —      Trading commissions     (8,380 )      —          —          (141,074 )      —          —          —          —          —                                                                              Net gain/(loss) on investments     (598,478 )      —          —          5,919,377        526,168        —          3,132,777        37,632        —                                                                              NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ (598,455 )    $ —        $ —        $ 5,912,879      $ 526,168      $ —        $ 3,132,777      $ 37,632      $ —                                                                                  Frontier Trading Company XXXVII, LLC (2)     Frontier Trading Company XXXVIII, LLC (2)     Frontier Trading Company XXXIX, LLC (2)       12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012     12/31/2014     12/31/2013     12/31/2012   Investment Income:               Interest-net   $ —        $ —        $ —        $ (2,576 )    $ (430 )    $ —        $ —        $ —        $ —                                                                              Total Income     —          —          —          (2,576 )      (430 )      —          —          —          —                                                                              Realized and unrealized gain (loss) on investments:                   Net realized gain/(loss) on futures, forwards, and options     —          —          —          1,616,525        124,173        —          —          —          —      Net realized gain/(loss) on swap contracts     —          —          —          —          —          —          —          —          —      Net change in open trade equity     —          —          —          (2,151,473 )      3,520,288        —          —          —          —      Net unrealized gain/(loss) on option / swap contracts     1,176,515        (423,455 )      —          —          —          —          2,108,782        (561,316 )      —      Trading commissions     —          —          —          (204,324 )      (38,752 )      —          (3,500 )      (3,500 )      —                                                                              Net gain/(loss) on investments     1,176,515        (423,455 )      —          (739,272 )      3,605,709        —          2,105,282        (564,816 )      —                                                                              NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS   $ 1,176,515      $ (423,455 )    $ —        $ (741,848 )    $ 3,605,279      $ —        $ 2,105,282      $ (564,816 )    $ —                                                                              The Trading Companies of the Equinox Frontier Funds Notes to Financial Statements   (1) Trading Companies XXIX commenced trading operations in November 2014. (2)1. Trading Companies XXXIX, XXXIV, XXXV, XXXVII and XXXVIII commenced trading operations in March, July, July, August, and November 2013, respectively. (3) Trading Company XXIII commenced trading operations in January 2012. The accompanying notes are an integral part of these financial statements. The Trading Companies of the Equinox Frontier Funds Statements of Changes in Members’ Equity For the Years Ended December 31, 2014, 2013 and 2012     Frontier Trading Company I LLC     Frontier Trading Company II LLC     Frontier Trading Company V, LLC   Members’ Equity, December 31, 2011   $ 61,911,024      $ 17,314,000      $ 20,857,183                            Capital Contributed     211,564,017        18,150,000        7,900,000    Capital Distributed     (208,116,721 )      (9,200,000 )      (10,300,000 )  Net Increase in Members’ Equity Resulting From Operations     (3,088,256 )      (4,236,521 )      (2,411,225 )                          Members’ Equity, December 31, 2012     62,270,064        22,027,479        16,045,958                            Capital Contributed     117,509,825        10,125,000        16,155,594    Capital Distributed     (161,984,012 )      (28,500,000 )      (36,749,771 )  Net Increase in Members’ Equity Resulting From Operations     1,815,698        13,881,550        4,548,219                            Members’ Equity, December 31, 2013     19,611,575        17,534,029        —                              Capital Contributed     157,856,619        12,312,000        —      Capital Distributed     (169,654,397 )      (37,050,000 )      —      Net Increase in Members’ Equity Resulting From Operations     18,165,908        21,528,940        —                              Members’ Equity, December 31, 2014   $ 25,979,705      $ 14,324,969      $ —                                  Frontier Trading Company VII, LLC     Frontier Trading Company IX, LLC     Frontier Trading Company XIV, LLC   Members’ Equity, December 31, 2011   $ 21,887,343      $ 5,212,171      $ 11,920,274                            Capital Contributed     124,718,567        1,494,695        187,634,901    Capital Distributed     (128,618,151 )      (5,641,711 )      (188,562,386 )  Net Increase in Members’ Equity Resulting From Operations     (7,137,189 )      (1,065,155 )      32,153,535                            Members’ Equity, December 31, 2012     10,850,570        —          43,146,324                            Capital Contributed     31,750,000        —          85,030,000    Capital Distributed     (30,849,406 )      —          (99,790,000 )  Net Increase in Members’ Equity Resulting From Operations     (4,747,875 )      —          (24,858,627 )                          Members’ Equity, December 31, 2013     7,003,289        —          3,527,697                            Capital Contributed     37,505,000        —          21,580,000    Capital Distributed     (33,710,129 )      —          (24,945,000 )  Net Increase in Members’ Equity Resulting From Operations     (558,018 )      0        4,544,325                            Members’ Equity, December 31, 2014   $ 10,240,142      $ 0      $ 4,707,022                                Frontier Trading Company XV, LLC     Frontier Trading Company XVII, LLC     Frontier Trading Company XVIII, LLC   Members’ Equity, December 31, 2011   $ 15,757,612      $ 5,881,772      $ 7,406,279                            Capital Contributed     59,425,493        —          12,195,284    Capital Distributed     (53,662,213 )      —          (17,422,704 )  Net Increase in Members’ Equity Resulting From Operations     (7,876,115 )      (1,378,028 )      (6,681 )                          Members’ Equity, December 31, 2012     13,644,777        4,503,744        2,172,178                            Capital Contributed     28,730,000        1,922,241        1,060,000    Capital Distributed     (25,881,300 )      (6,263,498 )      (1,800,000 )  Net Increase in Members’ Equity Resulting From Operations     2,755,237        (162,487 )      (863,803 )                          Members’ Equity, December 31, 2013     19,248,714        —          568,375                            Capital Contributed     23,175,200        —          —      Capital Distributed     (29,900,000 )      —          (568,375 )  Net Increase in Members’ Equity Resulting From Operations     2,877,056        —          —                              Members’ Equity, December 31, 2014   $ 15,400,970      $ —        $ —                              The Trading Companies of the Equinox Frontier Funds Statements of Changes in Members’ Equity For the Years Ended December 31, 2014, 2013 and 2012     Frontier Trading Company XXI, LLC     Frontier Trading Company XXIII, LLC (3)     Frontier Trading Company XXIX, LLC (1)   Members’ Equity, December 31, 2011   $ 5,900,158      $ —        $ —                              Capital Contributed     22,919,497        13,937,606        —      Capital Distributed     (29,644,335 )      (8,151,859 )      —      Net Increase in Members’ Equity Resulting From Operations     824,680        (2,210,683 )      —                              Members’ Equity, December 31, 2012     —          3,575,064        —                              Capital Contributed     —          15,389,995        —      Capital Distributed     —          (13,224,734 )      —      Net Increase in Members’ Equity Resulting From Operations     —          (1,488,658 )      —                              Members’ Equity, December 31, 2013     —          4,251,667        —                              Capital Contributed     —          3,895,000        2,265,000    Capital Distributed     —          (12,100,000 )      —      Net Increase in Members’ Equity Resulting From Operations     —          7,478,302        (598,455 )                          Members’ Equity, December 31, 2014   $ —        $ 3,524,969      $ 1,666,545                                Frontier Trading Company  XXXIV, LLC (2)     Frontier Trading Company  XXXV, LLC (2)     Frontier Trading Company XXXVII, LLC (2)   Members’ Equity, December 31, 2011   $ —        $ —        $ —                              Capital Contributed     —          —          —      Capital Distributed     —          —          —      Net Increase in Members’ Equity Resulting From Operations     —          —          —                              Members’ Equity, December 31, 2012     —          —          —                              Capital Contributed     9,600,000        3,400,000        2,880,000    Capital Distributed     —          —          —      Net Increase in Members’ Equity Resulting From Operations     526,168        37,632        (423,455 )                          Members’ Equity, December 31, 2013     10,126,168        3,437,632        2,456,545                            Capital Contributed     25,645,000        —          —      Capital Distributed     (22,750,000 )      —          —      Net Increase in Members’ Equity Resulting From Operations     5,912,879        3,132,777        1,176,515                            Members’ Equity, December 31, 2014   $ 18,934,047      $ 6,570,409      $ 3,633,060                                Frontier Trading Company XXXVIII, LLC (2)     Frontier Trading Company XXXIX, LLC (2)         Members’ Equity, December 31, 2011   $ —        $ —                          Capital Contributed     —          —        Capital Distributed     —          —        Net Increase in Members’ Equity Resulting From Operations     —          —                          Members’ Equity, December 31, 2012     —          —                          Capital Contributed     9,475,000        6,000,000      Capital Distributed     (6,200,000 )      —        Net Increase in Members’ Equity Resulting From Operations     3,605,279        (564,816 )                      Members’ Equity, December 31, 2013     6,880,279        5,435,184                        Capital Contributed     14,825,252        —        Capital Distributed     (16,650,000 )      —        Net Increase in Members’ Equity Resulting From Operations     (741,848 )      2,105,282                        Members’ Equity, December 31, 2014   $ 4,313,683      $ 7,540,466                        (1) Trading Companies XXIX commenced trading operations in November 2014. (2) Trading Companies XXXIX, XXXIV, XXXV, XXXVII and XXXVIII commenced trading operations in March, July, July, August, and November 2013, respectively. (3) Trading Company XXIII commenced trading operations in January 2012. The accompanying notes are an integral part of these financial statements. The Trading Companies of Equinox Frontier Funds Statements of Cash Flows For the Years Ended December 31, 2014, 2013 and 2012     Frontier Trading Company  I, LLC     Frontier Trading Company II, LLC     Frontier Trading Company V, LLC       2014     2013     2012     2014     2013     2012     2014     2013     2012   Cash Flows from Operating Activities                   Net increase (decrease) in members’ equity resulting from operations   $ 18,165,908      $ 1,815,698      $ (3,088,256 )    $ 21,528,940      $ 13,881,550      $ (4,236,521 )    $ —        $ 4,548,219      $ (2,411,225 )  Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                   Decrease (increase) in receivable from futures commission merchants     (6,262,089 )      26,970,385        913,387        2,361,317        7,312,578        (7,244,094 )      —          14,732,606        4,686,320    Decrease (increase) in open trade equity, at fair value     (52,362 )      (2,385,268 )      (1,038,497 )      848,009        (2,821,855 )      2,539,010        —          1,311,171        127,086    Decrease (increase) in options purchased, at fair value     (122,430 )      273,187        117,460        —          —          4,360        —          —          —      Net realized (gain) loss on swap contracts     —          1,646,391        —          —          —          (9,873 )      —          —          —      Decrease (increase) in options written, at fair value     69,085        18,569        (278,892 )      —          —          —          —          —          —      Sales of swap contracts     —          16,353,608        —          —          —          —          —          —          —      Net unrealized (gain) loss on option/swap contracts     —          (214,265 )      (78,977 )      —          —          (2,882 )      —          —          —      Decrease (increase) in interest receivable     —          —          6,479        155        2,727        —          —          —          (2,181 )  (Decrease) increase in interest payable     (334 )      (4,118 )      —          (421 )      —          —          —          2,181        —                                                                              Net cash provided by (used in) operating activities     11,797,778        44,474,187        (3,447,296 )      24,738,000        18,375,000        (8,950,000 )      —          20,594,177        2,400,000    Cash Flows from Financing Activities                   Capital Contributed     157,856,619        117,509,825        211,564,017        12,312,000        10,125,000        18,150,000        —          16,155,594        7,900,000    Capital Distributed     (169,654,397 )      (161,984,012 )      (208,116,721 )      (37,050,000 )      (28,500,000 )      (9,200,000 )      —          (36,749,771 )      (10,300,000 )                                                                          Net cash provided by (used in) financing activities     (11,797,778 )      (44,474,187 )      3,447,296        (24,738,000 )      (18,375,000 )      8,950,000        —          (20,594,177 )      (2,400,000 )                                                                          Net change in cash and cash equivalents     —          —          —          —          —          —          —          —          —      Cash and cash equivalents, beginning of period   $ —        $ —          —        $ —        $ —          —        $ —        $ —          —                                                                              Cash and cash equivalents, end of period   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —                                                                                  Frontier Trading Company  VII, LLC     Frontier Trading Company  IX, LLC           2014     2013     2012     2014     2013     2012               Cash Flows from Operating Activities                   Net increase (decrease) in members’ equity resulting from operations   $ (558,018 )    $ (4,747,875 )    $ (7,137,189 )    $ —        $ —        $ (1,065,155 )        Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                   Decrease (increase) in receivable from futures commission merchants     574,114        5,416,124        32,236,145        —          —          4,767,402          Decrease (increase) in open trade equity, at fair value     (3,660,408 )      (3,638,941 )      (19,227,142 )      —          —          444,769          Decrease (increase) in options purchased, at fair value     (8,688,732 )      2,802,580        (2,901,320 )      —          —          —            Decrease (increase) in written options, at fair value     8,538,167        (732,546 )      928,690        —          —          —            Net realized (gain) loss on swap contracts     —          —          —          —          —          —            (Purchases) of swap contracts     —          —          —          —          —          —            Sales of swap contracts     —          —          —          —          —          —            Net unrealized (gain) loss on swap contracts     —          —          —          —          —          —            Decrease (increase) in interest receivable     —          —          —          —          —          —            (Decrease) increase in interest payable     6        64        100        —          —          —                                                                  Net cash provided by (used in) operating activities     (3,794,871 )      (900,594 )      3,899,584        —          —          4,147,016          Cash Flows from Financing Activities                   Capital Contributed     37,505,000        31,750,000        124,718,567        —          —          1,494,695          Capital Distributed     (33,710,129 )      (30,849,406 )      (128,618,151 )      —          —          (5,641,711 )                                                              Net cash provided by (used in) financing activities     3,794,871        900,594        (3,899,584 )      —          —          (4,147,016 )                                                              Net change in cash and cash equivalents     —          —          —          —          —          —            Cash and cash equivalents, beginning of period   $ —        $ —          —        $ —        $ —          —                                                                  Cash and cash equivalents, end of period   $ —        $ —        $ —        $ —        $ —        $ —                                                                      Frontier Trading Company XIV, LLC     Frontier Trading Company XV, LLC     Frontier Trading Company XVII, LLC (3)       2014     2013     2012     2014     2013     2012     2014     2013     2012   Cash Flows from Operating Activities                   Net increase (decrease) in members’ equity resulting from operations   $ 4,544,325      $ (24,858,627 )    $ 32,153,535      $ 2,877,056      $ 2,755,237      $ (7,876,115 )    $ —        $ (162,487 )    $ (1,378,028 )  Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                   Decrease (increase) in receivable from futures commission merchants     (859,653 )      42,452,595        (33,116,262 )      (484,173 )      (7,303,863 )      679,041        —          —          —      Decrease (increase) in open trade equity, at fair value     (318,684 )      (2,826,621 )      1,881,488        5,197,268        (3,883,574 )      431,207        —          —          —      Decrease (increase) in options purchased, at fair value     —          —          —          —          7,825,475        777,527        —          —          —      Decrease (increase) in written options, at fair value     —          —          —          (865,940 )      (2,239,204 )      222,946        —          —          —      Net realized (gain) loss on swap contracts     —          —          —          —          —          —          —          1,908,743        —      (Purchases) of swap contracts     —          —          —          —          —          —          —          —          —      Sales of swap contracts     —          —          —          —          —          —          —          4,341,257        1,378,028    Net unrealized (gain) loss on swap contracts     —          —          —          —          —          —          —          (1,746,256 )      —      Decrease (increase) in interest receivable     —          —          —          657        (657 )      —          —          —          —      (Decrease) increase in interest payable     (988 )      (7,347 )      8,724        (68 )      (2,114 )      2,114        —          —          —                                                                              Net cash provided by (used in) operating activities     3,365,000        14,760,000        927,485        6,724,800        (2,848,700 )      (5,763,280 )      —          4,341,257        —      Cash Flows from Financing Activities                   Capital Contributed     21,580,000        85,030,000        187,634,901        23,175,200        28,730,000        59,425,493        —          1,922,241        —      Capital Distributed     (24,945,000 )      (99,790,000 )      (188,562,386 )      (29,900,000 )      (25,881,300 )      (53,662,213 )      —          (6,263,498 )      —                                                                              Net cash provided by (used in) financing activities     (3,365,000 )      (14,760,000 )      (927,485 )      (6,724,800 )      2,848,700        5,763,280        —          (4,341,257 )      —                                                                              Net change in cash and cash equivalents     —          —          —          —          —          —          —          —          —      Cash and cash equivalents, beginning of period   $ —        $ —          —        $ —        $ —          —        $ —        $ —          —                                                                              Cash and cash equivalents, end of period   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —                                                                                  Frontier Trading Company XVIII, LLC     Frontier Trading Company XXI, LLC     Frontier Trading Company XXIII, LLC (3)       2014     2013     2012     2014     2013     2012     2014     2013     2012   Cash Flows from Operating Activities                   Net increase (decrease) in members’ equity resulting from operations   $ —        $ (863,803 )    $ (6,681 )    $ —        $ —        $ 824,680      $ 7,478,302      $ (1,488,658 )    $ (2,210,683 )  Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                   Decrease (increase) in receivable from futures commission merchants     568,376        1,518,650        4,723,060        —          —          5,107,786        1,552,458        (839,932 )      (3,343,890 )  Decrease (increase) in open trade equity, at fair value     —          85,660        510,533        —          —          792,372        (825,760 )      163,336        (231,181 )  Decrease (increase) in written options, at fair value     —          —          —          —          —          —          —          —          —      Net realized (gain) loss on swap contracts     —          —          —          —          —          —          —          —          —      (Purchases) of swap contracts     —          —          —          —          —          —          —          —          —      Sales of swap contracts     —          —          —          —          —          —          —          —          —      Net unrealized (gain) loss on swap contracts     —          —          —          —          —          —          —          —          —      Decrease (increase) in interest receivable     —          —          —          —          —          —          —          —          —      (Decrease) increase in interest payable     —          (507 )      508        —          —          —          —          (7 )      7                                                                            Net cash provided by (used in) operating activities     568,376        740,000        5,227,420        —          —          6,724,838        8,205,000        (2,165,261 )      (5,785,747 )  Cash Flows from Financing Activities                   Capital Contributed     —          1,060,000        12,195,284        —          —          22,919,497        3,895,000        15,389,995        13,937,606    Capital Distributed     (568,376 )      (1,800,000 )      (17,422,704 )      —          —          (29,644,335 )      (12,100,000 )      (13,224,734 )      (8,151,859 )                                                                          Net cash provided by (used in) financing activities     (568,376 )      (740,000 )      (5,227,420 )      —          —          (6,724,838 )      (8,205,000 )      2,165,261        5,785,747                                                                            Net change in cash and cash equivalents     —          —          —          —          —          —          —          —          —      Cash and cash equivalents, beginning of period   $ —        $ —          —        $ —        $ —          —        $ —        $ —          —                                                                              Cash and cash equivalents, end of period   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —                                                                                  Frontier Trading Company XXIX, LLC (1)     Frontier Trading Company XXXIV, LLC (2)     Frontier Trading Company XXXV, LLC (2)       2014     2013     2012     2014     2013     2012     2014     2013     2012   Cash Flows from Operating Activities                   Net increase (decrease) in members’ equity resulting from operations   $ (598,455 )    $ —        $ —        $ 5,912,879      $ 526,168      $ —        $ 3,132,777      $ 37,632      $ —      Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                   Decrease (increase) in receivable from futures commission merchants     (1,946,362 )      —          —          (687,693 )      —          —          —          —          —      Decrease (increase) in open trade equity, at fair value     279,840        —          —          —          —          —          —          —          —      Decrease (increase) in written options, at fair value     —          —          —          —          —          —          —          —          —      Net realized (gain) loss on swap contracts     —          —          —          (8,120,787 )      (526,168 )      —          (3,132,777 )      (37,632 )      —      (Purchases) of swap contracts     —          —          —          —          (9,600,000 )      —          —          (3,400,000 )      —      Sales of swap contracts     —          —          —          —          —          —          —          —          —      Net unrealized (gain) loss on swap contracts     —          —          —          —          —          —          —          —          —      Decrease (increase) in interest receivable     —          —          —          —          —          —          —          —          —      (Decrease) increase in interest payable     (23 )      —          —          601        —          —          —          —          —                                                                              Net cash provided by (used in) operating activities     (2,265,000 )      —          —          (2,895,000 )      (9,600,000 )      —          —          (3,400,000 )      —      Cash Flows from Financing Activities                   Capital Contributed     2,265,000        —          —          25,645,000        9,600,000        —          —          3,400,000        —      Capital Distributed     —          —          —          (22,750,000 )      —          —          —          —          —                                                                              Net cash provided by (used in) financing activities     2,265,000        —          —          2,895,000        9,600,000        —          —          3,400,000        —                                                                              Net change in cash and cash equivalents     —          —          —          —          —          —          —          —          —      Cash and cash equivalents, beginning of period   $ —        $ —          —        $ —        $ —          —        $ —        $ —          —                                                                              Cash and cash equivalents, end of period   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —                                                                                  Frontier Trading Company XXXVII, LLC (2)     Frontier Trading Company XXXVIII, LLC (2)     Frontier Trading Company XXXIX, LLC (2)       2014     2013     2012     2014     2013     2012     2014     2013     2012   Cash Flows from Operating Activities                   Net increase (decrease) in members’ equity resulting from operations   $ 1,176,515      $ (423,455 )    $ —        $ (741,848 )    $ 3,605,279      $ —        $ 2,105,282      $ (564,816 )    $ —      Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:                   Decrease (increase) in receivable from futures commission merchants     —          —          —          415,299        (3,359,991 )      —          3,500        —          —      Decrease (increase) in open trade equity, at fair value     —          —          —          2,151,472        (3,520,288 )      —          —          —          —      Decrease (increase) in written options, at fair value     —          —          —          —          —          —          —          —          —      Net realized (gain) loss on swap contracts     (1,176,515 )      423,455        —          —          —          —          (2,108,782 )      561,316        —      (Purchases) of swap contracts     —          (2,880,000 )      —          —          —          —          —          (5,996,500 )      —      Sales of swap contracts     —          —          —          —          —          —          —          —          —      Net unrealized (gain) loss on swap contracts     —          —          —          —          —          —          —          —          —      Decrease (increase) in interest receivable     —          —          —          —          —          —          —          —          —      (Decrease) increase in interest payable     —          —          —          (175 )      —          —          —          —          —                                                                              Net cash provided by (used in) operating activities     —          (2,880,000 )      —          1,824,748        (3,275,000 )      —          —          (6,000,000 )      —      Cash Flows from Financing Activities                   Capital Contributed     —          2,880,000        —          14,825,252        9,475,000        —          —          6,000,000        —      Capital Distributed     —          —          —          (16,650,000 )      (6,200,000 )      —          —          —          —                                                                              Net cash provided by (used in) financing activities     —          2,880,000        —          (1,824,748 )      3,275,000        —          —          6,000,000        —                                                                              Net change in cash and cash equivalents     —          —          —          —          —          —          —          —          —      Cash and cash equivalents, beginning of period   $ —        $ —          —        $ —        $ —          —        $ —        $ —          —                                                                              Cash and cash equivalents, end of period   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —                                                                              (1) Trading Companies XXIX commenced trading operations in November 2014. (2) Trading Companies XXXIX, XXXIV, XXXV, XXXVII and XXXVIII commenced trading operations in March, July, July, August, and November 2013, respectively. (3) Trading Company XXIII commenced trading operations in January 2012. The accompanying notes are an integral part of these financial statements. The Trading Companies of the Equinox Frontier Funds Notes to Financial Statements 1. Organization and Purpose