Frontier Funds 10-Q 2016 Q3 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Period Ended September 30, 2016

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 000-51274

EQUINOX FRONTIER FUNDS

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;

EQUINOX FRONTIER HERITAGE FUND

(Exact Name of Registrant as specified in its Charter)

Delaware	36-6815533
(State of Organization)	(IRS Employer Identification No.)

c/o Equinox Fund Management, LLC

1775 Sherman Street, Suite 2010

Denver, Colorado 80203

 (Address of Principal Executive Offices)

(303) 837-0600

(Registrant’s Telephone Number)

Securities to be registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Equinox Frontier Diversified Fund Class 1, Class 2 and Class 3 Units;

Equinox Frontier Long/Short Commodity Fund Class 2, Class 3, Class 1a, Class 2a and Class 3a Units;

Equinox Frontier Masters Fund Class 1, Class 2 and Class 3 Units;

Equinox Frontier Balanced Fund Class 1, Class 1AP, Class 2, Class 2a and Class 3a Units;

Equinox Frontier Select Fund Class 1, Class 1AP and Class 2 Units;

Equinox Frontier Winton Fund Class 1, Class 1AP and Class 2 Units; 

Equinox Frontier Heritage Fund Class 1, Class 1AP and Class 2 Units

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)    Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	o	Accelerated Filer	o
Non-Accelerated Filer	x (Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Series Financial Statements
	Statements of Financial Condition as of September 30, 2016 (Unaudited) and December 31, 2015	4
	Condensed Schedules of Investments as of September 30, 2016 (Unaudited) and December 31, 2015	7
	Statements of Operations for the three and nine months Ended September 30, 2016 and 2015 (Unaudited)	13
	Statements of Changes in Owners’ Capital for the nine months ended September 30, 2016 (Unaudited)	19
	Statements of Cash Flows for the nine months ended September 30, 2016 and 2015 (Unaudited)	23
	Notes to Financial Statements (Unaudited)	26
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of September 30, 2016 (Unaudited) and December 31, 2015	60
	Consolidated Condensed Schedules of Investments as of September 30, 2016 (Unaudited) and December 31, 2015	61
	Consolidated Statements of Operations for the three and nine months Ended September 30, 2016 and 2015 (Unaudited)	63
	Consolidated Statement of Changes in Owners’ Capital for the nine months ended September 30, 2016 (Unaudited)	65
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015 (Unaudited)	66
	Notes to Consolidated Financial Statements (Unaudited)	67
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	84
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	115
Item 4.	Controls and Procedures	120
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	121
Item 1A.	Risk Factors	121
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	121
Item 3.	Defaults Upon Senior Securities	121
Item 4.	Mine Safety Disclosures	121
Item 5.	Other Information	121
Item 6.	Exhibits	121
SIGNATURES		122

(1) These financial statements represent the consolidated financial statements of the Series of the Trust.

2

Special Note About Forward-Looking Statements

THIS REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. THESE FORWARD-LOOKING STATEMENTS REFLECT THE MANAGING OWNER’S CURRENT EXPECTATIONS ABOUT THE FUTURE RESULTS, PERFORMANCE, PROSPECTS AND OPPORTUNITIES OF THE TRUST. THE MANAGING OWNER HAS TRIED TO IDENTIFY THESE FORWARD-LOOKING STATEMENTS BY USING WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “BELIEVE,” “INTEND,” “SHOULD,” “ESTIMATE” OR THE NEGATIVE OF THOSE TERMS OR SIMILAR EXPRESSIONS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON INFORMATION CURRENTLY AVAILABLE TO THE MANAGING OWNER AND ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN, SUCH AS THOSE DESCRIBED IN THE “RISK FACTORS” SECTION UNDER PART II ITEM 1A AND ELSEWHERE IN THIS REPORT, AND UNKNOWN, THAT COULD CAUSE THE TRUST’S ACTUAL RESULTS, PERFORMANCE, PROSPECTS OR OPPORTUNITIES TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN, OR IMPLIED BY, THESE FORWARD-LOOKING STATEMENTS.

YOU SHOULD NOT PLACE UNDUE RELIANCE ON ANY FORWARD-LOOKING STATEMENTS. EXCEPT AS EXPRESSLY REQUIRED BY THE FEDERAL SECURITIES LAWS, THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS OR THE RISKS, UNCERTAINTIES OR OTHER FACTORS DESCRIBED HEREIN, AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR CHANGED CIRCUMSTANCES OR FOR ANY OTHER REASON AFTER THE DATE OF THIS REPORT.

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS AS OF SEPTEMBER 30, 2016, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

3

PART I. FINANCIAL INFORMATION

ITEM 1. Series Financial Statements

The Series of Equinox Frontier Funds

Statements of Financial Condition

September 30, 2016 (Unaudited) and December 31, 2015

	Equinox Frontier Diversified Fund				Equinox Frontier Masters Fund				Equinox Frontier Long/Short Commodity Fund
	9/30/2016		12/31/2015		9/30/2016		12/31/2015		9/30/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	2,573,241	$	3,283,973	$	2,409,353	$	1,421,994	$	1,523,602	$	570,169
U.S. Treasury securities, at fair value		6,019,126		27,604,916		4,925,521		11,953,206		—		4,792,817
Open trade equity, at fair value		532,803		—		—		—		—		—
Receivable from futures commission merchants		16,737,952		—		—		—		—		—
Swap contracts, at fair value		7,234,984		8,685,849		—		—		4,258,423		4,332,428
Investments in private investment companies, at fair value		26,800,704		—		6,488,278		—		6,311,213		—
Investments in unconsolidated trading companies, at fair value		2,740,986		16,094,207		5,785,423		9,409,930		—		3,414,663
Prepaid service fees - Class 1		27,391		16,160		—		7,355		—		736
Interest receivable		37,068		479,142		30,337		207,473		—		83,190
Receivable from related parties		—		—		—		1,670		—		1,606
Other assets		73,349		—		6,740		—		9,939		—
Total Assets	$	62,777,603	$	56,164,247	$	19,645,652	$	23,001,628	$	12,103,176	$	13,195,609
LIABILITIES & CAPITAL
LIABILITIES
Due to Broker	$	—	$	—	$	—	$	—	$	2,254,497	$	—
Interest payable		—		—		—		—		9,957		—
Pending owner additions		—		1,524		—		1,290		—		—
Owner redemptions payable		80,324		9,030		51,081		9,558		87,330		796
Incentive fees payable to Managing Owner		—		204,914		93,431		42,251		—		28,408
Management fees payable to Managing Owner		53,853		81,940		1,323		54,674		1,622		48,210
Interest payable to Managing Owner		2,195		11,661		1,900		4,957		—		1,368
Service fees payable to Managing Owner		14,613		17,020		10,044		12,098		4,817		6,841
Trading fees payable to Managing Owner		116,232		121,065		40,248		48,501		12,902		17,129
Payables to related parties		—		2,126		—		—		8,846		—
Other liabilities		69,726		1		57,447		—		2,227		6
Total Liabilities		336,943		449,281		255,474		173,329		2,382,198		102,758
CAPITAL
Managing Owner - Class 2		651,451		2,616,258		353,748		712,391		290,737		407,255
Managing Owner - Class 2a		—		—		—		—		226,159		235,971
Managing Owner - Class 3		33,544		32,964		34,619		32,332		—		—
Managing Owner - Class 3a		—		—		—		—		11,319		11,690
Limited Owner - Class 1		6,491,253		11,814,234		5,825,767		8,323,800		—		—
Limited Owner - Class 1a		—		—		—		—		2,531,567		4,053,754
Limited Owner - Class 2		35,296,599		32,016,842		5,926,985		7,180,967		495,985		586,345
Limited Owner - Class 2a		—		—		—		—		737,010		1,051,694
Limited Owner - Class 3		13,155,999		9,234,668		7,249,059		6,578,809		4,556,616		5,906,669
Limited Owner - Class 3a		—		—		—		—		871,585		839,473
Total Owners’ Capital		55,628,846		55,714,966		19,390,178		22,828,299		9,720,978		13,092,851
Non-Controlling Interests		6,811,814		—		—		—		—		—
Total Capital		62,440,660		55,714,966		19,390,178		22,828,299		9,720,978		13,092,851
Total Liabilities and Capital	$	62,777,603	$	56,164,247	$	19,645,652	$	23,001,628	$	12,103,176	$	13,195,609
Units Outstanding
Class 1		56,059		102,269		48,939		73,747		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A		28,212		42,778
Class 2		273,103		267,240		46,420		62,347		6,266		7,522
Class 2a		N/A		N/A		N/A		N/A		9,464		12,127
Class 3		108,131		77,316		57,859		56,230		35,944		44,702
Class 3a		N/A		N/A		N/A		N/A		8,533		7,965
Net Asset Value per Unit
Class 1	$	115.79	$	115.52	$	119.04	$	112.87		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A	$	89.74	$	94.76
Class 2	$	131.63	$	129.60	$	135.30	$	126.60	$	125.56	$	132.10
Class 2a		N/A		N/A		N/A		N/A	$	101.77	$	106.19
Class 3	$	121.98	$	119.87	$	125.89	$	117.57	$	126.77	$	132.14
Class 3a		N/A		N/A		N/A		N/A	$	103.47	$	106.86

The accompanying notes are an integral part of these financial statements.

4

The Series of Equinox Frontier Funds

Statements of Financial Condition

September 30, 2016 (Unaudited) and December 31, 2015

	Equinox Frontier Balanced Fund				Equinox Frontier Select Fund
	9/30/2016		12/31/2015		9/30/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	4,827,947	$	4,895,183	$	1,570,093	$	220,371
U.S. Treasury securities, at fair value		12,034,303		41,148,676		2,495,697		1,852,429
Receivable from futures commission merchants		61,371,658		7,517,903		8,227,395		13,281,151
Open trade equity, at fair value		1,501,565		11,530		686,364		462,339
Options purchased, at fair value		254,365		—		—		—
Swap contracts, at fair value		16,586,708		19,157,520		—		—
Investments in private investment companies, at fair value		8,375,197		—		—		—
Investments in unconsolidated trading companies, at fair value		3,742,037		17,623,968		4,121,050		4,147,840
Prepaid service fees - Class 1		41,288		—		—
Interest receivable		74,110		714,434		15,371		32,153
Other assets		20,061		12		96,846		3
Total Assets	$	108,829,240	$	91,069,226	$	17,212,817	$	19,996,286
LIABILITIES & CAPITAL
LIABILITIES
Options written, at fair value	$	97,325	$	—	$	—	$	—
Pending owner additions		—		15,538		—		1,335
Owner redemptions payable		142,540		440,090		25,882		16,670
Incentive fees payable to Managing Owner		718,767		106,563		4,473		—
Management fees payable to Managing Owner		139,971		80,574		63,415		22,884
Interest payable to Managing Owner		27,157		77,642		4,546		3,549
Service fees payable to Managing Owner		153,326		145,576		29,863		29,092
Trading fees payable to Managing Owner		55,233		57,450		8,420		8,515
Payables to related parties		20,043		24,069		1,520		1,495
Other liabilities		9,543		—		393		156
Total Liabilities		1,363,905		947,502		138,512		83,696
CAPITAL
Managing Owner - Class 2		986,499		1,429,544		9,605		8,814
Managing Owner - Class 2a		200,881		191,645		—		—
Limited Owner - Class 1		58,166,806		62,563,337		11,435,183		11,710,517
Limited Owner - Class 1AP		650,754		714,747		30,364		47,365
Limited Owner - Class 2		21,049,226		21,278,864		1,426,668		1,329,359
Limited Owner - Class 2a		373,602		356,425		—		—
Limited Owner - Class 3a		2,479,832		2,435,421		—		—
Total Owners’ Capital		83,907,600		88,969,983		12,901,820		13,096,055
Non-Controlling Interests		23,557,735		1,151,741		4,172,485		6,816,535
Total Capital		107,465,335		90,121,724		17,074,305		19,912,590
Total Liabilities and Capital	$	108,829,240	$	91,069,226	$	17,212,817	$	19,996,286
Units Outstanding
Class 1		445,666		488,680		118,794		129,612
Class 1AP		4,671		5,351		296		503
Class 2		117,600		126,375		10,534		10,696
Class 2a		3,539		3,539		N/A		N/A
Class 3a		15,325		15,776		N/A		N/A
Net Asset Value per Unit
Class 1	$	130.52	$	128.03	$	96.26	$	90.35
Class 1AP	$	139.31	$	133.59	$	102.75	$	94.28
Class 2	$	187.38	$	179.69	$	136.35	$	125.11
Class 2a	$	162.35	$	154.88		N/A		N/A
Class 3a	$	161.81	$	154.37		N/A		N/A

The accompanying notes are an integral part of these financial statements.

5

The Series of Equinox Frontier Funds

Statements of Financial Condition

September 30, 2016 (Unaudited) and December 31, 2015

	Equinox Frontier Winton Fund				Equinox Frontier Heritage Fund
	9/30/2016		12/31/2015		9/30/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	4,583,519	$	2,928,616	$	1,249,080	$	655,319
U.S. Treasury securities, at fair value		18,417,716		24,617,817		3,489,160		5,508,577
Receivable from futures commission merchants		21,249,096		12,744,570		—		—
Open trade equity, at fair value		214,509		599,579		—		—
Investments in unconsolidated trading companies, at fair value		—		297,554		1,955,258		1,405,586
Swap contracts, at fair value		—		—		8,499,865		7,960,268
Interest receivable		113,414		427,511		21,486		95,612
Other assets		25,348		2		4,774		2
Total Assets	$	44,603,602	$	41,615,649	$	15,219,623	$	15,625,364
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	—	$	13,524	$	—	$	3,251
Owner redemptions payable		191,005		51,671		36,185		84,355
Management fees payable to Managing Owner		262,915		93,171		334		21,490
Interest payable to Managing Owner		35,996		49,624		6,630		11,066
Service fees payable to Managing Owner		57,927		44,422		21,474		18,807
Trading fees payable to Managing Owner		22,388		22,405		7,232		7,457
Payables to related parties		11,418		31,638		3,507		4,416
Other liabilities		29,989		—		1,756		—
Total Liabilities		611,638		306,455		77,118		150,842
CAPITAL
Managing Owner - Class 2		45,724		44,962		76,257		74,329
Limited Owner - Class 1		21,908,389		23,022,800		8,176,296		8,628,726
Limited Owner - Class 1AP		37,196		36,576		6,027		58,523
Limited Owner - Class 2		11,954,508		11,837,205		2,762,875		2,779,024
Total Owners’ Capital		33,945,817		34,941,543		11,021,455		11,540,602
Non-Controlling Interests		10,046,147		6,367,651		4,121,050		3,933,920
Total Capital		43,991,964		41,309,194		15,142,505		15,474,522
Total Liabilities and Capital	$	44,603,602	$	41,615,649	$	15,219,623	$	15,625,364
Units Outstanding
Class 1		134,227		140,239		65,597		69,436
Class 1AP		214		214		45		452
Class 2		54,251		54,629		15,946		16,441
Net Asset Value per Unit
Class 1	$	163.22	$	164.17	$	124.64	$	124.27
Class 1AP	$	174.22	$	171.31	$	133.04	$	129.67
Class 2	$	221.20	$	217.51	$	178.05	$	173.54

The accompanying notes are an integral part of these financial statements.

6

The Series of Equinox Frontier Funds

Condensed Schedule of Investments (Unaudited)

September 30, 2016

			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)
LONG FUTURES CONTRACTS*
		Various base metals futures contracts (U.S.)	$	109,581			0.20	%	$	—		—		$	—		—
		Various currency futures contracts (Europe)		180,496			0.32	%		—		—			—		—
		Various currency futures contracts (Far East)		21,569			0.04	%		—		—			—		—
		Various currency futures contracts (Oceanic)		18,650			0.03	%		—		—			—		—
		Various currency futures contracts (U.S.)		491			0.00	%		—		—			—		—
		Various energy futures contracts (U.S.)		(32,310	)		-0.06	%		—		—			—		—
		Various interest rates futures contracts (Canada)		(2,241	)		0.00	%		—		—			—		—
		Various interest rates futures contracts (Europe)		28,609			0.05	%		—		—			—		—
		Various interest rates futures contracts (Far East)		56,785			0.10	%		—		—			—		—
		Various interest rates futures contracts (Oceanic)		(24,427	)		-0.04	%		—		—			—		—
		Various interest rates futures contracts (U.S.)		(57,038	)		-0.10	%		—		—			—		—
		Various precious metal futures contracts (U.S.)		4,286			0.01	%		—		—			—		—
		Various soft futures contract (Europe)		(16,369	)		-0.03	%		—		—			—		—
		Various soft futures contract (U.S.)		(46,979	)		-0.08	%		—		—			—		—
		Various stock index futures contracts (Canada)		6,027			0.01	%		—		—			—		—
		Various stock index futures contracts (Europe)		8,074			0.01	%		—		—			—		—
		Various stock index futures contracts (Far East)		15			0.00	%		—		—			—		—
		Various stock index futures contracts (Oceanic)		12,860			0.02	%		—		—			—		—
		Various stock index futures contracts (U.S.)		(77,123	)		-0.14	%		—		—			—		—
		Total Long Futures Contracts	$	190,956			0.34	%	$	—		—		$	—		—
SHORT FUTURES CONTRACTS*
		Various base metals futures contracts (U.S.)	$	(4,000	)		-0.01	%	$	—		—		$	—		—
		Various currency futures contracts (Canada)		22,862			0.04	%		—		—			—		—
		Various currency futures contracts (Europe)		97,309			0.17	%		—		—			—		—
		Various currency futures contracts (Oceanic)		(43,489	)		-0.08	%		—		—			—		—
		Various currency futures contracts (U.S.)		100,123			0.18	%		—		—			—		—
		Various energy futures contracts (U.S.)		(35,101	)		-0.06	%		—		—			—		—
		Various interest rates futures contracts (Europe)		(7,449	)		-0.01	%		—		—			—		—
		Various interest rates futures contracts (Far East)		(3,325	)		-0.01	%		—		—			—		—
		Various interest rates futures contracts (Oceanic)		(5,166	)		-0.01	%		—		—			—		—
		Various interest rates futures contracts (U.S.)		(1,282	)		0.00	%		—		—			—		—
		Various precious metal futures contracts (U.S.)		162			0.00	%		—		—			—		—
		Various soft futures contract (U.S.)		115,460			0.21	%		—		—			—		—
		Various soft futures contracts (Europe)		83,196			0.15	%		—		—			—		—
		Various soft futures contracts (U.S.)		19,472			0.04	%		—		—			—		—
		Various stock index futures contracts (Africa)		8,633			0.02	%		—		—			—		—
		Various stock index futures contracts (Europe)		779			0.00	%		—		—			—		—
		Various stock index futures contracts (Far East)		(6,337	)		-0.01	%		—		—			—		—
		Total Short Futures Contracts	$	341,847			0.61	%	$	—		—		$	—		—
		Total Open Trade Equity (Deficit)	$	532,803			0.96	%	$	—		—		$	—		—
SWAPS (1)
		Frontier XXXV Diversified select swap (U.S.)	$	7,234,984			13.01	%	$	—		—		$	—		—
		Frontier XXXVII L/S select swap (U.S.)		—			—			—		—			4,258,423		43.81	%
		Total Swaps	$	7,234,984			13.01	%	$	—		0.00	%	$	4,258,423		43.81	%
PRIVATE INVESTMENT COMPANIES
		Galaxy Plus Fund - Chesapeake Feeder Fund (518)	$	—			—		$	4,008,202		20.67	%	$	1,875,553		19.29	%
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		4,121,992			7.41	%		2,480,076		12.79	%		1,597,588		16.43	%
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		2,392,397			4.30	%		—		—			—		—
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		4,811,893			8.65	%		—		—			—		—
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		6,124,478			11.01	%		—		—			—		—
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		8,461,155			15.21	%		—		—			—		—
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		888,789			1.60	%		—		—			2,838,072		29.20	%
		Total Private Investment Companies	$	26,800,704			48.18	%	$	6,488,278		33.46	%	$	6,311,213		64.92	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (1)
		Equinox Frontier Trading Company II, LLC		2,740,986			4.93	%		5,785,423		29.84	%	$	—		—
		Total Investment in Unconsolidated Trading Companies	$	2,740,986			4.93	%	$	5,785,423		29.84	%	$	—		—
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value					Fair Value
$	15,900,000	US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)	$	2,899,723			5.21	%	$	2,372,878		12.24	%	$	—		—
$	16,400,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		3,119,403			5.61	%		2,552,644		13.16	%		—		—
			$	6,019,126			10.82	%	$	4,925,521		25.40	%	$	—		—
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.000% due 02/15/2026 (2)	$	2,091,245					$	1,711,290
		US Treasury Note 6.875% due 08/15/2025 (2)		2,157,007						1,765,104
			$	4,248,252					$	3,476,395
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.000% due 02/15/2026 (2)	$	2,942,456					$	2,407,846
		US Treasury Note 6.875% due 08/15/2025 (2)		3,021,158						2,472,249
			$	5,963,615					$	4,880,096

* 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.

7

The Series of Equinox Frontier Funds

Condensed Schedule of Investments (Unaudited)

September 30, 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.)	$	160,267			0.19	%	$	198,559			1.54	%
	Various currency futures contracts (Europe)		(1,908	)		0.00	%		147,650			1.14	%
	Various currency futures contracts (Far East)		(5,413	)		-0.01	%		11,496			0.09	%
	Various currency futures contracts (Oceanic)		83,452			0.10	%		(3,075	)		-0.02	%
	Various currency futures contracts (U.S.)		(1,055	)		0.00	%		6,231			0.05	%
	Various energy futures contracts (U.S.)		3,667			0.00	%		(43,029	)		-0.33	%
	Various interest rates futures contracts (Canada)		11,780			0.01	%		(2,722	)		-0.02	%
	Various interest rates futures contracts (Europe)		214,067			0.26	%		172,275			1.34	%
	Various interest rates futures contracts (Far East)		77,622			0.09	%		(1,185	)		-0.01	%
	Various interest rates futures contracts (Oceanic)		34,742			0.04	%		206			0.00	%
	Various interest rates futures contracts (U.S.)		262,948			0.31	%		(10,804	)		-0.08	%
	Various precious metal futures contracts (U.S.)		13,072			0.02	%		(7,009	)		-0.05	%
	Various soft futures contract (Europe)		—			—			(7,717	)		-0.06	%
	Various soft futures contract (Far East)		—			—			4,147			0.03	%
	Various soft futures contract (U.S.)		—			—			113,272			0.88	%
	Various soft futures contracts (Europe)		—			—			801			0.01	%
	Various soft futures contracts (Far East)		—			—			(316	)		0.00	%
	Various soft futures contract (U.S.)		26,290			0.03	%		(2,890	)		-0.02	%
	Various stock index futures contracts (Canada)		8,825			0.01	%		7,493			0.06	%
	Various stock index futures contracts (Europe)		161,789			0.19	%		33,092			0.26	%
	Various stock index futures contracts (Far East)		(23,094	)		-0.03	%		(16,955	)		-0.13	%
	Various stock index futures contracts (Oceanic)		12,079			0.01	%		3,500			0.03	%
	Various stock index futures contracts (U.S.)		550,724			0.66	%		199,907			1.55	%
	Total Long Futures Contracts	$	1,589,855			1.89	%	$	802,928			6.22	%
SHORT FUTURES CONTRACTS*
	Various base metals futures contracts (U.S.)	$	(98,188	)		-0.12	%	$	(182,877	)		-1.42	%
	Various currency futures contracts (Canada)		(28,390	)		-0.03	%		(7,195	)		-0.06	%
	Various currency futures contracts (Europe)		(7,573	)		-0.01	%		55,610			0.43	%
	Various currency futures contracts (Far East)		(4,186	)		0.00	%		—			—
	Various currency futures contracts (Oceanic)		—			—			(17,315	)		-0.13	%
	Various currency futures contracts (U.S.)		(4,417	)		-0.01	%		44,505			0.34	%
	Various energy futures contracts (Europe)		—			—			(3,972	)		-0.03	%
	Various energy futures contracts (Far East)		—			—			(2,266	)		-0.02	%
	Various energy futures contracts (U.S.)		(190,359	)		-0.23	%		(124,721	)		-0.97	%
	Various interest rates futures contracts (Canada)		—			—			19			0.00	%
	Various interest rates futures contracts (Europe)		(1,145	)		0.00	%		6,666			0.05	%
	Various interest rates futures contracts (Far East)		(6,648	)		-0.01	%		(1,379	)		-0.01	%
	Various interest rates futures contracts (Oceanic)		(10,329	)		-0.01	%		(74,691	)		-0.58	%
	Various interest rates futures contracts (U.S.)		12,733			0.02	%		(13,042	)		-0.10	%
	Various precious metal futures contracts (Far East)		18,673			0.02	%		514			0.00	%
	Various precious metal futures contracts (U.S.)		—			—			(4,773	)		-0.04	%
	Various soft futures contract (U.S.)		149,391			0.18	%		85,554			0.66	%
	Various soft futures contracts (Canada)		—			0.00	%		(33	)		0.00	%
	Various soft futures contracts (Europe)		11,757			0.01	%		309			0.00	%
	Various soft futures contracts (U.S.)		82,660			0.10	%		48,198			0.37	%
	Various stock index futures contracts (Africa)		416			0.00	%		(306	)		0.00	%
	Various stock index futures contracts (Europe)		—			—			(966	)		-0.01	%
	Various stock index futures contracts (Far East)		58,601			0.07	%		—			—
	Various stock index futures contracts (U.S.)		—			0.00	%		50,391			0.39	%
	Total Short Futures Contracts	$	(17,003	)		-0.02	%	$	(141,770	)		-1.10	%
CURRENCY FORWARDS*
	Various currency forwards contracts (NA)	$	(71,287	)		-0.08	%	$	25,206			0.03	%
	Total Currency Forwards	$	(71,287	)		-0.08	%	$	25,206			0.03	%
	Total Open Trade Equity (Deficit)	$	1,501,565			1.79	%	$	686,364			5.15	%
OPTIONS PURCHASED*
	Various stock index futures contracts (U.S.)	$	254,365			0.30	%	$	—			—
	Total Options Purchased	$	254,365			0.30	%	$	—			0.00	%
OPTIONS WRITTEN*
	Various stock index futures contracts (U.S.)	$	(97,325	)		-0.12	%	$	—			—
	Total Options Written	$	(97,325	)		-0.12	%	$	—			0.00	%
SWAPS (1)
	Frontier XXXIV Balanced select swap (U.S.)	$	16,586,708			19.77	%	$	—			—
	Total Swaps	$	16,586,708			19.77	%	$	—			0.00	%
PRIVATE INVESTMENT COMPANIES
	Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	$	5,051,298			6.02	%	$	—			—
	Galaxy Plus Fund - LRR Feeder Fund (522) LLC		2,406,289			2.87	%		—			—
	Galaxy Plus Fund - Quest Feeder Fund (517)		917,610			1.09	%		—			—
	Total Private Investment Companies	$	8,375,197			9.98	%	$	—			0.00	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (1)
	Equinox Frontier Trading Company II, LLC	$	3,742,037			4.24	%	$	—			—
	Equinox Frontier Trading Company XXXIX, LLC		—			—			4,121,050			31.94	%
	Total Investment in Unconsolidated Trading Companies	$	3,742,037			4.24	%	$	4,121,050			31.94	%
U.S. TREASURY SECURITIES (2)
FACE VALUE		Fair Value						Fair Value
$  15,900,000	US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)	$	5,797,544			6.91	%	$	1,202,306			9.32	%
$  16,400,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		6,236,759			7.43	%		1,293,391			10.02	%
		$	12,034,303			14.34	%	$	2,495,697			19.34	%
Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.000% due 02/15/2026 (2)	$	4,181,118					$	867,088
	US Treasury Note 6.875% due 08/15/2025 (2)		4,312,600						894,355
		$	8,493,717					$	1,761,444
Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.000% due 02/15/2026 (2)	$	5,882,982					$	1,220,024
	US Treasury Note 6.875% due 08/15/2025 (2)		6,040,335						1,252,656
		$	11,923,317					$	2,472,681

* 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.

8

The Series of Equinox Frontier Funds

Condensed Schedule of Investments (Unaudited)

September 30, 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.)	$	57,433			0.13	%	$	—		—
	Various currency futures contracts (Far East)		80,588			0.18	%		—		—
	Various currency futures contracts (Oceanic)		30,038			0.07	%		—		—
	Various energy futures contracts (U.S.)		4,930			0.01	%		—		—
	Various interest rates futures contracts (Canada)		1,864			0.00	%		—		—
	Various interest rates futures contracts (Europe)		139,862			0.32	%		—		—
	Various interest rates futures contracts (Far East)		27,750			0.06	%		—		—
	Various interest rates futures contracts (Oceanic)		45,008			0.10	%		—		—
	Various interest rates futures contracts (U.S.)		(310,891	)		-0.71	%		—		—
	Various precious metal futures contracts (U.S.)		(202,984	)		-0.46	%		—		—
	Various soft futures contract (Europe)		(883	)		0.00	%		—		—
	Various soft futures contract (U.S.)		57,744			0.13	%		—		—
	Various soft futures contracts (U.S.)		(54,662	)		-0.12	%		—		—
	Various stock index futures contracts (Canada)		15,094			0.03	%		—		—
	Various stock index futures contracts (Europe)		115,194			0.26	%		—		—
	Various stock index futures contracts (Far East)		(67,086	)		-0.15	%		—		—
	Various stock index futures contracts (Oceanic)		54,358			0.12	%		—		—
	Various stock index futures contracts (U.S.)		374,779			0.85	%		—		—
	Total Long Futures Contracts	$	368,135			0.84	%	$	—		—
SHORT FUTURES CONTRACTS*
	Various base metals futures contracts (U.S.)	$	(186,993	)		-0.43	%	$	—		—
	Various currency futures contracts (Canada)		(10,968	)		-0.02	%		—		—
	Various currency futures contracts (Europe)		232,597			0.53	%		—		—
	Various currency futures contracts (U.S.)		3,407			0.01	%		—		—
	Various energy futures contracts (Europe)		(2,338	)		-0.01	%		—		—
	Various energy futures contracts (U.S.)		(484,583	)		-1.10	%		—		—
	Various interest rates futures contracts (Canada)		(637	)		0.00	%		—		—	��
	Various interest rates futures contracts (Europe)		(671	)		0.00	%		—		—
	Various interest rates futures contracts (Far East)		(10,174	)		-0.02	%		—		—
	Various interest rates futures contracts (Oceanic)		(15,808	)		-0.04	%		—		—
	Various interest rates futures contracts (U.S.)		(50,494	)		-0.11	%		—		—
	Various precious metal futures contracts (U.S.)		497			0.00	%		—		—
	Various soft futures contract (Europe)		805			0.00	%		—		—
	Various soft futures contract (U.S.)		41,069			0.09	%		—		—
	Various soft futures contracts (Canada)		(689	)		0.00	%		—		—
	Various soft futures contracts (Europe)		478			0.00	%		—		—
	Various soft futures contracts (U.S.)		123,905			0.28	%		—		—
	Various stock index futures contracts (Africa)		(733	)		0.00	%		—		—
	Various stock index futures contracts (Europe)		(489	)		0.00	%		—		—
	Total Short Futures Contracts	$	(361,820	)		-0.82	%	$	—		—
CURRENCY FORWARDS*
	Various currency forwards contracts (NA)	$	208,194			0.47	%	$	—		—
	Total Currency Forwards	$	208,194			0.47	%	$	—		—
	Total Open Trade Equity (Deficit)	$	214,509			0.49	%	$	—		—
SWAPS (1)
	Frontier Brevan Howard swap (U.S.)	$	—			0.00	%	$	8,499,865		56.13	%
	Total Swaps	$	—			0.00	%	$	8,499,865		56.13	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (1)
	Equinox Frontier Trading Company II, LLC	$	—			0.00	%	$	1,955,258		12.91	%
	Total Investment in Unconsolidated Trading Companies	$	—			0.00	%	$	1,955,258		12.91	%
U.S. TREASURY SECURITIES (2)
FACE VALUE		Fair Value						Fair Value
$  15,900,000	US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)	$	8,872,764			20.17	%	$	1,680,908		11.10	%
$  16,400,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		9,544,952			21.70	%		1,808,252		11.94	%
		$	18,417,716			41.87	%	$	3,489,160		23.04	%
Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.000% due 02/15/2026 (2)	$	6,398,928					$	1,212,250
	US Treasury Note 6.875% due 08/15/2025 (2)		6,600,152						1,250,371
		$	12,999,081					$	2,462,622
Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.000% due 02/15/2026 (2)	$	9,003,520					$	1,705,680
	US Treasury Note 6.875% due 08/15/2025 (2)		9,244,339						1,751,302
		$	18,247,859					$	3,456,981

* 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.

9

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.)	$	—		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.)		8,685,849		15.59	%		—		0.00	%		—		0.00	%
		Frontier XXXVII L/S select swap (U.S.)		—		0.00	%		—		0.00	%		4,332,428		33.09	%
		Total Swaps	$	8,685,849		15.59	%	$	—		0.00	%	$	4,332,428		33.09	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (1)
		Equinox Frontier Trading Company I, LLC	$	10,703,801		19.21	%	$	1,061,508		4.65	%	$	525,389		4.01	%
		Equinox Frontier Trading Company II, LLC		1,755,041		3.15	%		1,080,538		4.73	%		—		0.00	%
		Equinox Frontier Trading Company VII, LLC		1,883,299		3.38	%		940,686		4.12	%		2,544,993		19.44	%
		Equinox Frontier Trading Company XV, LLC		—		0.00	%		5,975,465		26.18	%		—		0.00	%
		Equinox Frontier Trading Company XXIII, LLC		1,151,741		2.07	%		—		0.00	%		—		0.00	%
		Equinox Frontier Trading Company XXXVIII, LLC		600,326		1.08	%		351,733		1.54	%		344,281		2.63	%
		Total Investment in Unconsolidated Trading Companies	$	16,094,208		28.89	%	$	9,409,930		41.22	%	$	3,414,663		26.08	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair 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	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		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
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		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.

10

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015

			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			0.00	%		—			0.00	%
		Various currency futures contracts (Singapore)		—			0.00	%		6,824			0.03	%
		Various currency futures contracts (U.S.)		(30,157	)		-0.03	%		(11,664	)		-0.06	%
		Various energy futures contracts (Europe)		—			0.00	%		13,493			0.07	%
		Various energy futures contracts (Far East)		605			0.00	%		—			0.00	%
		Various energy futures contracts (U.S.)		(237,837	)		-0.27	%		—			0.00	%
		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	%		—			0.00	%
		Various soft futures contracts (Canada)		—			0.00	%		68			0.00	%
		Various soft futures contracts (Europe)		394			0.00	%		238			0.00	%
		Various soft futures contracts (Oceanic)		—			0.00	%		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	)		0.00	%		—			0.00	%
		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)		—			0.00	%		29,608			0.15	%
		Various energy futures contracts (Far East)		1,020			0.00	%		410			0.00	%
		Various energy futures contracts (U.S.)		97,810			0.11	%		586,716			2.95	%
		Various interest rates futures contracts (Canada)		—			0.00	%		(63	)		0.00	%
		Various interest rates futures contracts (Europe)		2,481			0.00	%		3,113			0.02	%
		Various interest rates futures contracts (Oceanic)		(3,367	)		0.00	%		(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			0.00	%		4,026			0.02	%
		Various precious metal futures contracts (U.S.)		3,105			0.00	%		93,125			0.47	%
		Various precious metal futures contracts (Far East)		—			0.00	%		(2,639	)		-0.01	%
		Various soft futures contract (Europe)		(1,700	)		0.00	%		2,000			0.01	%
		Various soft futures contracts (Canada)		(1,305	)		0.00	%		—			0.00	%
		Various soft futures contracts (Europe)		1,832			0.00	%		6,824			0.03	%
		Various soft futures contracts (Far East)		2,791			0.00	%		—			0.00	%
		Various soft futures contracts (Singapore)		—			0.00	%		930			0.00	%
		Various soft futures contracts (U.S.)		48,192			0.05	%		34,651			0.17	%
		Various stock index futures contracts (Africa)		(751	)		0.00	%		(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			0.00	%		5,289			0.03	%
		Various stock index futures contracts (Mexico)		717			0.00	%		74			0.00	%
		Various stock index futures contracts (U.S.)		17,499			0.02	%		(17,786	)		-0.09	%
		Various stock index futures contracts (Warsaw)		—			0.00	%		(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			0.00	%	$	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	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair 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	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		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
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		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

* 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.

11

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015

			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	)		0.00	%	$	—		0.00	%
		Various base metals futures contracts (U.S.)		—			0.00	%		—		0.00	%
		Various currency futures contracts (Singapore)		—			0.00	%		—		0.00	%
		Various currency futures contracts (U.S.)		(26,609	)		-0.06	%		—		0.00	%
		Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%
		Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%
		Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%
		Various interest rates futures contracts (Canada)		10,868			0.03	%		—		0.00	%
		Various interest rates futures contracts (Europe)		(126,797	)		-0.31	%		—		0.00	%
		Various interest rates futures contracts (Far East)		68,874			0.17	%		—		0.00	%
		Various interest rates futures contracts (Oceanic)		(3,134	)		-0.01	%		—		0.00	%
		Various interest rates futures contracts (U.S.)		(317,169	)		-0.77	%		—		0.00	%
		Various precious metal futures contracts (U.S.)		—			0.00	%		—		0.00	%
		Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%
		Various soft futures contracts (Europe)		—			0.00	%		—		0.00	%
		Various soft futures contracts (Oceanic)		—			0.00	%		—		0.00	%
		Various soft futures contracts (U.S.)		4,274			0.01	%		—		0.00	%
		Various stock index futures contracts (Canada)		—			0.00	%		—		0.00	%
		Various stock index futures contracts (Europe)		36,783			0.09	%		—		0.00	%
		Various stock index futures contracts (Far East)		(83,141	)		-0.20	%		—		0.00	%
		Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%
		Various stock index futures contracts (U.S.)		148,532			0.36	%		—		0.00	%
		Total Long Futures Contracts	$	(288,813	)		-0.70	%	$	—		0.00	%
SHORT FUTURES CONTRACTS*
		Various base metals futures contracts (Europe)	$	134,930			0.33	%	$	—		0.00	%
		Various base metals futures contracts (U.S.)		(11,450	)		-0.03	%		—		0.00	%
		Various currency futures contracts (U.S.)		466,490			1.13	%		—		0.00	%
		Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%
		Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%
		Various energy futures contracts (U.S.)		142,483			0.35	%		—		0.00	%
		Various interest rates futures contracts (Canada)		—			0.00	%		—		0.00	%
		Various interest rates futures contracts (Europe)		—			0.00	%		—		0.00	%
		Various interest rates futures contracts (Far East)		—			0.00	%		—		0.00	%
		Various interest rates futures contracts (Oceanic)		(3,043	)		-0.01	%		—		0.00	%
		Various interest rates futures contracts (U.S.)		(266	)		0.00	%		—		0.00	%
		Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%
		Various precious metal futures contracts (U.S.)		244,230			0.59	%		—		0.00	%
		Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%
		Various soft futures contract (Europe)		(1,140	)		0.00	%		—		0.00	%
		Various soft futures contracts (Canada)		(16	)		0.00	%		—		0.00	%
		Various soft futures contracts (Europe)		3,608			0.01	%		—		0.00	%
		Various soft futures contracts (Far East)		—			0.00	%		—		0.00	%
		Various soft futures contracts (Singapore)		—			0.00	%		—		0.00	%
		Various soft futures contracts (U.S.)		137,220			0.33	%		—		0.00	%
		Various stock index futures contracts (Africa)		(7,124	)		-0.02	%		—		0.00	%
		Various stock index futures contracts (Canada)		(2,344	)		-0.01	%		—		0.00	%
		Various stock index futures contracts (Europe)		(1,191	)		0.00	%		—		0.00	%
		Various stock index futures contracts (Far East)		22,625			0.05	%		—		0.00	%
		Various stock index futures contracts (Mexico)		—			0.00	%		—		0.00	%
		Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%
		Various stock index futures contracts (U.S.)		(68,081	)		-0.16	%		—		0.00	%
		Various stock index futures contracts (Warsaw)		—			0.00	%		—		0.00	%
		Total Short Futures Contracts	$	1,056,931			2.56	%	$	—		0.00	%
CURRENCY FORWARDS*
		Various currency forwards contracts (NA)	$	(168,539	)		-0.41	%	$	—		0.00	%
		Total Currency Forwards	$	(168,539	)		-0.41	%	$	—		0.00	%
		Total Open Trade Equity (Deficit)	$	599,579			1.45	%	$	—		0.00	%
OPTIONS PURCHASED*
		Various energy futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%
		Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%
		Various stock index futures contracts (U.S.)		—			0.00	%		—		0.00	%
		Total Options Purchased	$	—			0.00	%	$	—		0.00	%
OPTIONS WRITTEN*
		Various energy futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%
		Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%
		Various stock index futures contracts (U.S.)		—			0.00	%		—		0.00	%
		Total Options Written	$	—			0.00	%	$	—		0.00	%
SWAPS (1)
		Frontier Brevan Howard swap (U.S.)	$	—			0.00	%	$	7,960,268		51.44	%
		Total Swaps	$	—			0.00	%	$	7,960,268		51.44	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (1)
		Equinox Frontier Trading Company II, LLC	$	—			0.00	%	$	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	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair 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	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		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
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		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.

12

The Series of Equinox Frontier Funds

Statements of Operations

For the Three Months Ended September 30, 2016 and 2015

(Unaudited)

													Equinox Frontier Long/Short
	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Commodity Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015			9/30/2016			9/30/2015
Investment income:
Interest - net	$	31,817		$	142,006		$	23,296		$	62,881		$	—		$	29,827
Total Income		31,817			142,006			23,296			62,881			—			29,827
Expenses:
Incentive Fees		1,082			225,279			—			—			—			14,316
Management Fees		172,538			247,879			—			173,088			6,851			135,721
Service Fees - Class 1		54,344			97,034			33,907			52,129			14,402			25,703
Trading Fees		363,176			338,055			114,515			141,248			37,307			58,174
Other Fees		7,282			—			—			—			6,787			—
Total Expenses		598,421			908,247			148,422			366,465			65,347			233,914
Investment (loss) - net		(566,604	)		(766,241	)		(125,126	)		(303,584	)		(65,347	)		(204,087	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		(423,595	)		(281,983	)		—			—			—			—
Net unrealized gain/(loss) on private investment companies		804,777			—			295,116			—			(432,935	)		—
Net change in open trade equity/(deficit)		(1,251,809	)		3,662,607			—			—			—			—
Net unrealized gain/(loss) on swap contracts		302,129			531,624			—			—			113,899			(54,840	)
Net realized gain/(loss) on U.S. Treasury securities		432,470			—			207,576			—			(139,693	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		(612,891	)		782,556			(306,776	)		319,185			288,423			139,071
Trading commissions		(19	)		(77,125	)		(11	)		—			—			—
Change in fair value of investments in unconsolidated trading companies		(51,825	)		(1,480,364	)		(129,127	)		730,420			(93,510	)		(1,131,595	)
Net gain/(loss) on investments		(800,763	)		3,137,315			66,778			1,049,605			(263,816	)		(1,047,364	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(1,367,367	)		2,371,074			(58,348	)		746,021			(329,163	)		(1,251,451	)
Less: Operations attributable to non-controlling interests		(504,446	)		1,485,532			—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(862,922	)	$	885,542		$	(58,348	)	$	746,021		$	(329,162	)	$	(1,251,451	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(2.27	)	$	1.45		$	(0.81	)	$	3.30			N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	(3.21	)	$	(8.87	)
Class 2	$	(1.98	)	$	2.19		$	(0.31	)	$	4.22		$	(4.99	)	$	(11.63	)
Class 2a		N/A			N/A			N/A			N/A		$	(3.49	)	$	(9.30	)
Class 3	$	(1.75	)	$	2.09		$	(0.20	)	$	3.99		$	(3.68	)	$	(11.63	)
Class 3a		N/A			N/A			N/A			N/A		$	(2.15	)	$	(9.34	)

The accompanying notes are an integral part of these financial statements.

13

The Series of the Equinox Frontier Funds

Statements of Operations

For the Three Months Ended September 30, 2016 and 2015

(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015
Investment income:
Interest - net	$	2,752		$	7,127		$	—		$	—
Total Income/(loss)		2,752			7,127			—			—
Expenses:
Incentive Fees		717,152			104,130			4,472			—
Management Fees		273,609			254,315			96,115			76,094
Service Fees - Class 1		493,659			510,140			85,059			95,067
Trading Fees		371,721			179,140			46,641			26,464
Other Fees		3,268			—			—			—
Total Expenses		1,859,410			1,047,725			232,287			197,625
Investment (loss) - net		(1,856,658	)		(1,040,598	)		(232,287	)		(197,625	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		1,012,755			(3,537,771	)		1,484,728			345,106
Net unrealized gain/(loss) on private investment companies		445,025			—			—			—
Net change in open trade equity/(deficit)		1,132,903			1,975,443			(1,318,406	)		1,307,759
Net realized gain/(loss) on swap contracts		—			—			—			—
Net unrealized gain/(loss) on swap contracts		573,120			(482,140	)		—			—
Net realized gain/(loss) on U.S. Treasury securities		625,489			—			119,041			—
Net unrealized gain/(loss) on U.S. Treasury securities		(1,045,152	)		1,204,756			(195,939	)		58,154
Trading commissions		(20,037	)		(111,459	)		(12,109	)		(32,220	)
Change in fair value of investments in unconsolidated trading companies		(381,152	)		935,070			(67,155	)		129,507
Net gain/(loss) on investments		2,342,951			(16,101	)		10,160			1,808,306
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		486,293			(1,056,699	)		(222,127	)		1,610,681
Less: Operations attributable to non-controlling interests		242,432			105,139			12,448			714,830
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	243,862		$	(1,161,838	)	$	(234,575	)	$	895,851
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	0.02		$	(1.92	)	$	(1.86	)	$	5.85
Class 1AP	$	1.08		$	(0.96	)	$	(1.18	)	$	6.74
Class 2	$	1.46		$	(1.29	)	$	(1.57	)	$	8.94
Class 2a	$	1.41		$	(0.74	)		N/A			N/A
Class 3a	$	1.40		$	(0.74	)		N/A			N/A

The accompanying notes are an integral part of these financial statements.

14

The Series of the Equinox Frontier Funds

Statements of Operations

For the Three Months Ended September 30, 2016 and 2015

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015
Investment income:
Interest - net	$	—		$	1		$	—		$	1
Total Income		—			1			—			1
Expenses:
Management Fees		361,683			289,752			23,697			67,180
Service Fees - Class 1		180,394			184,196			61,333			69,701
Trading Fees		78,021			69,319			20,665			23,325
Total Expenses		620,098			543,267			105,695			160,206
Investment (loss) - net		(620,098	)		(543,266	)		(105,695	)		(160,205	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		3,557,298			557,530			—			—
Net change in open trade equity/(deficit)		(4,733,320	)		(73,306	)		—			—
Net unrealized gain/(loss) on swap contracts		—			—			(132,438	)		423,590
Net realized gain/(loss) on U.S. Treasury securities		779,554			—			134,865			—
Net unrealized gain/(loss) on U.S. Treasury securities		(1,183,108	)		672,319			(229,909	)		148,545
Trading commissions		(4,870	)		(22,381	)		(7	)		—
Change in fair value of investments in unconsolidated trading companies		(199,121	)		512,666			(158,995	)		105,347
Net gain/(loss) on investments		(1,783,567	)		1,646,828			(386,484	)		677,482
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(2,403,665	)		1,103,562			(492,179	)		517,277
Less: Operations attributable to non-controlling interests		(760,235	)		218,499			(62,514	)		197,559
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,643,430	)	$	885,063		$	(429,665	)	$	319,718
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(8.31	)	$	3.50		$	(5.13	)	$	3.05
Class 1AP	$	(7.46	)	$	4.93		$	(4.41	)	$	4.14
Class 2	$	(9.47	)	$	6.25		$	(5.89	)	$	5.54

The accompanying notes are an integral part of these financial statements.

15

The Series of Equinox Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2016 and 2015

(Unaudited)

													Equinox Frontier Long/Short
	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Commodity Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015			9/30/2016			9/30/2015
Investment income:
Interest - net	$	312,594		$	466,407		$	116,817		$	202,700		$	37,213		$	120,018
Total Income		312,594			466,407			116,817			202,700			37,213			120,018
Expenses:
Incentive Fees		1,145,241			1,863,521			242,029			576,374			134,601			293,682
Management Fees		612,830			737,187			282,097			534,244			266,967			389,994
Service Fees - Class 1		192,417			327,202			117,919			178,120			53,791			87,232
Trading Fees		1,076,238			1,059,953			374,686			442,582			144,846			192,252
Other Fees		9,275			—			—			—			13,120			—
Total Expenses		3,036,001			3,987,863			1,016,731			1,731,320			613,325			963,160
Investment (loss) - net		(2,723,407	)		(3,521,456	)		(899,914	)		(1,528,620	)		(576,112	)		(843,142	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		(294,279	)		8,599,684			—			—			(518,538	)		—
Net unrealized gain/(loss) on private investment companies		(296,589	)		—			41,047			—			(570,047	)		—
Net change in open trade equity/(deficit)		(328,660	)		450,401			—			—			847,287			—
Net unrealized gain/(loss) on swap contracts		(1,450,864	)		1,576,384			—			—			(74,005	)		(383,691	)
Net realized gain/(loss) on U.S. Treasury securities		1,851,345			133,349			476,517			56,105			(23,463	)		33,884
Net unrealized gain/(loss) on U.S. Treasury securities		(625,858	)		198,660			48,672			90,763			413,876			(78,045	)
Trading commissions		(63	)		(443,692	)		(21	)		—			(1,091	)		—
Change in fair value of investments in unconsolidated trading companies		3,336,074			580,502			1,762,116			912,293			168,413			290,626
Net gain/(loss) on investments		2,191,106			11,095,288			2,328,331			1,059,161			242,432			(137,226	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(532,301	)		7,573,832			1,428,417			(469,459	)		(333,680	)		(980,368	)
Less: Operations attributable to non-controlling interests		(1,225,801	)		4,476,587			—			—			141,518			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	693,500		$	3,097,245		$	1,428,417		$	(469,459	)	$	(475,198	)	$	(980,368	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	0.27		$	3.91		$	6.17		$	(3.30	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	(5.02	)	$	(2.82	)
Class 2	$	2.03		$	6.01		$	8.70		$	(1.99	)	$	(6.54	)	$	(1.77	)
Class 2a		N/A			N/A			N/A			N/A		$	(4.42	)	$	(1.68	)
Class 3	$	2.11		$	5.76		$	8.32		$	(1.62	)	$	(5.37	)	$	(1.77	)
Class 3a		N/A			N/A			N/A			N/A		$	(3.39	)	$	(1.47	)

The accompanying notes are an integral part of these financial statements.

16

The Series of the Equinox Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2016 and 2015

(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015
Investment income:
Interest - net	$	15,992		$	22,320		$	—		$	—
Total Income/(loss)		15,992			22,320			—			—
Expenses:
Incentive Fees		2,063,001			1,600,604			44,339			158,971
Management Fees		693,891			781,287			234,838			234,372
Service Fees - Class 1		1,434,054			1,629,022			264,208			303,935
Trading Fees		729,679			568,628			96,943			84,811
Other Fees		6,834			—			—			—
Total Expenses		4,927,459			4,579,541			640,328			782,089
Investment (loss) - net		(4,911,467	)		(4,557,221	)		(640,328	)		(782,089	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		4,223,196			55,049			2,104,061			466,761
Net unrealized gain/(loss) on private investment companies		(91,519	)		—			—			—
Net change in open trade equity/(deficit)		1,313,083			(438,313	)		275,957			(298,983	)
Net unrealized gain/(loss) on swap contracts		(2,570,811	)		(237,460	)		—			—
Net realized gain/(loss) on U.S. Treasury securities		2,885,429			215,325			70,924			12,618
Net unrealized gain/(loss) on U.S. Treasury securities		(1,086,605	)		(184,293	)		(7,665	)		90,894
Trading commissions		(149,493	)		(377,897	)		(75,329	)		(98,116	)
Change in fair value of investments in unconsolidated trading companies		3,613,499			5,603,283			184,396			305,243
Net gain/(loss) on investments		8,136,779			4,635,694			2,552,344			478,417
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		3,225,312			78,473			1,912,016			(303,672	)
Less: Operations attributable to non-controlling interests		816,375			461,285			1,005,265			30,593
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	2,408,937		$	(382,812	)	$	906,751		$	(334,265	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	2.49		$	(1.64	)	$	5.91		$	(2.45	)
Class 1AP	$	5.72		$	1.33		$	8.47		$	(0.34	)
Class 2	$	7.69		$	1.79		$	11.24		$	(0.45	)
Class 2a	$	7.47		$	2.60			N/A			N/A
Class 3a	$	7.44		$	2.59			N/A			N/A

The accompanying notes are an integral part of these financial statements.

17

The Series of the Equinox Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2016 and 2015

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015
Investment income:
Interest - net	$	176		$	28		$	—		$	1
Total Income		176			28			—			1
Expenses:
Incentive Fees		99,067			715,409			9,072			132,676
Management Fees		902,598			920,069			147,416			216,064
Service Fees - Class 1		530,072			587,658			192,759			221,692
Trading Fees		211,237			221,279			61,341			74,079
Total Expenses		1,742,974			2,444,415			410,588			644,511
Investment (loss) - net		(1,742,798	)		(2,444,387	)		(410,588	)		(644,510	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		3,601,350			557,530			—			—
Net change in open trade equity/(deficit)		(124,271	)		(73,306	)		—			—
Net unrealized gain/(loss) on swap contracts		—			—			539,597			692,376
Net realized gain/(loss) on U.S. Treasury securities		1,975,992			111,546			389,452			25,632
Net unrealized gain/(loss) on U.S. Treasury securities		(837,849	)		56,127			(151,373	)		9,420
Trading commissions		(50,345	)		(22,381	)		(7,016	)		—
Change in fair value of investments in unconsolidated trading companies		(1,285,060	)		894,655			37,288			227,694
Net gain/(loss) on investments		3,279,817			1,524,171			807,948			955,122
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		1,537,019			(920,216	)		397,360			310,612
Less: Operations attributable to non-controlling interests		1,438,421			218,499			269,675			325,075
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	98,598		$	(1,138,715	)	$	127,685		$	(14,463	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(0.95	)	$	(6.60	)	$	0.37		$	(1.13	)
Class 1AP	$	2.91		$	(2.79	)	$	3.37		$	1.82
Class 2	$	3.69		$	(3.55	)	$	4.51		$	2.43

The accompanying notes are an integral part of these financial statements.

18

TheSeries of Equinox Frontier Funds
Statements of Changes in Owners’ Capital
For the Nine Months Ended September 30, 2016
(Unaudited)

	Equinox Frontier Diversified Fund																				Equinox Frontier Masters Fund
	Class 1			Class 2			Class 2			Class 3		Class 3									Class 1			Class 2			Class 2			Class 3		Class 3
															Non-																				Non-
	Limited			Managing			Limited			Managing		Limited			Controlling						Limited			Managing			Limited			Managing		Limited			Controlling
	Owners			Owner			Owners			Owner		Owners			Interests			Total			Owners			Owner			Owners			Owner		Owners			Interests		Total
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		555,704			—			5,830,462			—		—			—			6,386,166			121,322			—			157,500			—		—			—		278,822
Redemption of Units		(591,836	)		—			(4,950,672	)		—		(1,623,278	)		—			(7,165,786	)		(1,205,302	)		—			(2,271,941	)		—		(1,668,117	)		—		(5,145,360	)
Transfer of Units In(Out)		(5,531,885	)		—			—			—		5,531,885			—			—			(1,835,158	)		—			—			—		1,835,158			—		—
Change in control of ownership - Trading Companies		—			—			—			—		—			5,582,271			5,582,271			—			—			—			—		—			—		—
Change in control of ownership - Private investment companies		—			—			—			—		—			2,455,344			2,455,344			—			—			—			—		—			—		—
Operations attributable to non-controlling interests		—			—			—			—		—			(1,225,801	)		(1,225,801	)		—			—			—			—		—			—		—
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		245,036			(1,964,807	)		2,399,967			580		12,725			—			693,500			421,106			(358,643	)		860,459			2,287		503,209			—		1,428,417
Owners’ Capital, September 30, 2016	$	6,491,253		$	651,451		$	35,296,599		$	33,544	$	13,155,999		$	6,811,814		$	62,440,660		$	5,825,767		$	353,748		$	5,926,985		$	34,619	$	7,249,059		$	—	$	19,390,178
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)		4,650			—			32,429			—		44,001									1,011			—			1,216			—		14,898
Redemption of Units (including transfers)		(50,860	)		—			(26,565	)		—		(13,185	)								(25,819	)		—			(17,143	)		—		(13,269	)
Owners’ Capital - Units, September 30, 2016		56,059			20,188			252,915			275		107,856									48,939			5,627			40,793			275		57,584
								(1)					(1)															(1)					(1)
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 nine months ended September 30, 2016		0.27						2.03					2.11									6.17						8.70					8.32
Net asset value per unit at September 30, 2016	$	115.79					$	131.63				$	121.98								$	119.04					$	135.30				$	125.89

(1) Values are for both the Managing Owner and Limited Owners.

The accompanying notes are an integral part of these financial statements.

19

The Series of Equinox Frontier Funds
Statements of Changes in Owners’ Capital
For the Nine Months Ended September 30, 2016
(Unaudited)

	Equinox Frontier Long/Short Commodity Fund
	Class 2						Class 3			Class 1a			Class 2a						Class 3a
	Managing			Limited			Limited			Limited			Managing			Limited			Managing			Limited			Non-Controlling
	Owner			Owners			Owners			Owners			Owner			Owners			Owner			Owners			Interests			Total
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		—			—			—			—			—			—			—			—			—			—
Redemption of Units		—			(163,914	)		(1,156,924	)		(1,137,511	)		—			(278,115	)		—			(160,210	)		—			(2,896,674	)
Transfer of Units In(Out)		—			—			—			(220,002	)		—			—			—			220,002			—			—
Change in control of ownership - Private investment companies		—			—			—			—			—			—			—			—			2,533,331			2,533,331
Change in control of ownership - Trading Companies		—			—			—			—			—			—			—			—			(2,674,849	)		(2,674,849	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			141,518			141,518
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(116,518	)		73,554			(193,129	)		(164,674	)		(9,812	)		(36,569	)		(371	)		(27,681	)		—			(475,198	)
Owners’ Capital, September 30, 2016	$	290,737		$	495,985		$	4,556,616		$	2,531,567		$	226,159		$	737,010		$	11,319		$	871,585		$	—		$	9,720,978
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)		—			—			—			—			—			—			—			2,081
Redemption of Units (including transfers)		—			(1,256	)		(8,758	)		(14,566	)		—			(2,663	)		—			(1,513	)
Owners’ Capital - Units, September 30, 2016		3,083			3,183			35,944			28,212			2,222			7,242			109			8,424
					(1)												(1)						(1)
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 nine months ended September 30, 2016					(6.54	)		(5.37	)		(5.02	)					(4.42	)					(3.39	)
Net asset value per unit at September 30, 2016				$	125.56		$	126.77		$	89.74					$	101.77					$	103.47

(1) Values are for both the Managing Owner and Limited Owners.

The accompanying notes are an integral part of these financial statements.

20

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2016

(Unaudited)

	Equinox Frontier Balanced Fund
	Class 1			Class 1AP			Class 2						Class 2a				Class 3a
	Limited			Limited			Managing			Limited			Managing		Limited		Limited			Non-Controlling
	Owners			Owners			Owners			Owners			Owners		Owners		Owners			Interests		Total
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		138,419			—			—			14,548			—		—		—			—		152,968
Redemption of Units		(5,813,874	)		(95,000	)		—			(1,643,136	)		—		—		(72,279	)		—		(7,624,288	)
Transfer of Units In(Out)		—			—			—			—			—		—		—			—		—
Change in control of ownership - Trading Companies		—			—			—			—			—		—		—			6,907,649		6,907,649
Change in control of ownership - Private investment companies		—			—			—			—			—		—		—			14,681,969		14,681,969
Operations attributable to non-controlling interests		—			—			—			—			—		—		—			816,375		816,375
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		1,278,924			31,007			(443,045	)		1,398,950			9,236		17,177		116,690			—		2,408,937
Owners’ Capital, September 30, 2016	$	58,166,806		$	650,754		$	986,499		$	21,049,226		$	200,881	$	373,602	$	2,479,832		$	23,557,735	$	107,465,335
Owners’ Capital - Units, December 31, 2015		488,680			5,351			7,956			118,419			1,237		2,302		15,776
Sale of Units (including transfers)		1,049			—			—			78			—		—		—
Redemption of Units (including transfers)		(44,062	)		(680	)		—			(8,853	)		—		—		(451	)
Owners’ Capital - Units, September 30, 2016		445,667			4,671			7,956			109,644			1,237		2,302		15,325
										(1)					(1)
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 nine months ended September 30, 2016		2.49			5.72						7.69					7.47		7.44
Net asset value per unit at September 30, 2016	$	130.52		$	139.31					$	187.38				$	162.35	$	161.81

(1) Values are for both the Managing Owner and Limited Owners.

The accompanying notes are an integral part of these financial statements.

21

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2016

(Unaudited)

	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
												Non-																Non-																Non-
	Limited			Limited			Managing		Limited			Controlling						Limited			Limited		Managing		Limited			Controlling					Limited			Limited			Managing		Limited			Controlling
	Owners			Owners			Owner		Owners			Interests			Total			Owners			Owners		Owner		Owners			Interests		Total			Owners			Owners			Owner		Owners			Interests			Total
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		12,362			—			—		—			—			12,362			122,728			—		—		—			—		122,728			29,866			—			—		—			—			29,866
Redemption of Units		(1,068,562	)		(21,949	)		—		(22,836	)		—			(1,113,347	)		(1,128,966	)		—		—		(88,086	)		—		(1,217,052	)		(530,616	)		(56,051	)		—		(90,031	)		—			(676,698	)
Change in control of ownership - Trading Companies		—			—			—		—			(3,649,315	)		(3,649,315	)		—			—		—		—			2,240,074		2,240,074			—			—			—		—			(82,545	)		(82,545	)
Operations attributable to non-controlling interests		—			—			—		—			1,005,265			1,005,265			—			—		—		—			1,438,421		1,438,421			—			—			—		—			269,675			269,675
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		780,866			4,948			791		120,145			—			906,751			(108,173	)		620		762		205,389			—		98,598			48,319			3,555			1,928		73,882			—			127,685
Owners’ Capital, September 30, 2016	$	11,435,183		$	30,364		$	9,605	$	1,426,668		$	4,172,485		$	17,074,305		$	21,908,389		$	37,196	$	45,724	$	11,954,508		$	10,046,147	$	43,991,964		$	8,176,296		$	6,027		$	76,257	$	2,762,875		$	4,121,050		$	15,142,505
Owners’ Capital - Units, December 31, 2015		129,612			503			70		10,626									140,239			214		207		54,215								69,436			452			428		16,013
Sale of Units (including transfers)		128			—			—		—									728			—		—		—								232			—			—		—
Redemption of Units (including transfers)		(10,946	)		(207	)		—		(162	)								(6,740	)		—		—		(171	)							(4,071	)		(407	)		—		(495	)
Owners’ Capital - Units, September 30, 2016		118,794			296			70		10,464									134,227			214		207		54,044								65,597			45			428		15,518
										(1)																(1)																(1)
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 nine months ended September 30, 2016		5.91			8.47					11.24									(0.95	)		2.91				3.69								0.37			3.37					4.51
Net asset value per unit at September 30, 2016	$	96.26		$	102.75				$	136.35								$	163.22		$	174.22			$	221.20							$	124.64		$	133.04				$	178.05

(1) Values are for both the Managing Owner and Limited Owners.

The accompanying notes are an integral part of these financial statements.

22

The Series of Equinox Frontier Funds
Statements of Cash Flows
For the Nine Months Ended September 30, 2016
(Unaudited)

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015			9/30/2016			9/30/2015
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(532,301	)	$	7,573,832		$	1,428,417		$	(469,459	)	$	(333,680	)	$	(980,369	)
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		328,660			3,215,203			—			—			(847,287	)		—
Net change in options purchased, at fair value		—			288,413			—			—			—			—
Net change in options written, at fair value		—			(253,018	)		—			—			590			—
Net change in ownership allocation of U.S. Treasury securities		2,838,071			(1,032,399	)		1,151,532			3,028,748			810,772			1,700,543
Net unrealized (gain)/loss on swap contracts		1,450,864			(1,576,384	)								74,005			383,691
Net unrealized (gain)/loss on U.S. Treasury securities		625,858			(198,660	)		(48,672	)		(90,763	)		(413,876	)		78,046
Net realized (gain)/loss on U.S. Treasury securities		(1,851,345	)		(133,349	)		(476,517	)		(56,105	)		23,463			(33,886	)
Net unrealized gain/(loss) on private investment companies		296,589			—			(41,047	)		—			570,047			—
(Purchases) sales of:
Sales of U.S. Treasury securities		27,076,226			6,214,322			8,781,991			2,729,817			5,321,261			1,713,661
Purchase of U.S. Treasury securities		(6,518,818	)		(4,787,243	)		(2,380,650	)		(2,291,604	)		(948,803	)		(1,395,765	)
Purchase of Private Investment Companies		(28,542,958	)		—			(6,447,231	)		—			(6,033,974	)		(1,000,000	)
Increase and/or decrease in:
Receivable from futures commission merchants		(16,737,951	)		22,731,129			—			—			—			—
Change in control of ownership - trading companies		5,582,271			(16,894,354	)		—			—			(2,674,849	)		—
Change in control of ownership - private investment companies		2,455,344			(7,550,285	)		—			—			2,533,331			—
Investments in unconsolidated trading companies, at fair value		13,353,221			(11,235	)		3,624,505			(996,031	)		3,414,663			694,354
Prepaid service fees - Class 1		(11,231	)		300,173			7,355			(3,490	)		736			(272	)
Interest receivable		442,074			—			177,136			175,554			83,190			90,880
Receivable from related parties		—			—			1,670			994			1,606			648
Other assets		(73,347	)		249,997			(8,029	)					(10,529	)		(1	)
Due to broker		—			(2,162,546	)		—			—			2,254,497			(144,344	)
Incentive fees payable to Managing Owner		(204,914	)		(1,953	)		51,180			(722,043	)		58,922			3,751
Management fees payable to Managing Owner		(28,087	)		(4,643	)		(53,351	)		(8,791	)		(46,588	)		(1,551	)
Interest payable to Managing Owner		(9,466	)		(19,017	)		(3,057	)		(1,432	)		(1,368	)		(6,498	)
Trading fees payable to Managing Owner		(4,833	)		(15,088	)		(8,253	)		(9,563	)		(4,227	)		(2,933	)
Service fees payable to Managing Owner		(2,407	)		879			(2,054	)		(2,269	)		(2,024	)		—
Payables to related parties		(2,126	)		—			—			—			8,846			—
Interest payable		—			—			—			—			9,957			—
Other liabilities		69,724			—			57,450			—			2,222			—
Net cash provided by (used in) operating activities		(882	)		5,933,774			5,812,375			1,283,563			3,850,903			1,099,955
Cash Flows from Financing Activities:
Proceeds from sale of units		6,386,166			10,021,297			278,822			4,574,441			—			433,275
Payment for redemption of units		(7,165,786	)		(16,660,845	)		(5,145,360	)		(6,589,140	)		(2,896,674	)		(2,845,022	)
Payment made by the Managing Owner		—			144,349			—			—			—			907,162
Pending owner additions		(1,524	)		(84	)		41,523			(829	)		—			—
Owner redemptions payable		71,294			(57,953	)		—			27,485			(796	)		4,104
Net cash provided by (used in) financing activities		(709,850	)		(6,553,236	)		(4,825,015	)		(1,988,043	)		(2,897,470	)		(1,500,481	)
Net increase (decrease) in cash and cash equivalents		(710,732	)		(619,462	)		987,359			(704,480	)		953,433			(400,526	)
Cash and cash equivalents, beginning of period		3,283,973			4,210,638			1,421,994			2,199,066			570,169			1,110,779
Cash and cash equivalents, end of period	$	2,573,241		$	3,591,176		$	2,409,353		$	1,494,586		$	1,523,602		$	710,253

The accompanying notes are an integral part of these financial statements.

23

The Series of Equinox Frontier Funds
Statements of Cash Flows
For the Nine Months Ended September 30, 2016
(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	3,225,312		$	78,478		$	1,912,016		$	(303,672	)
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		(1,313,083	)		2,101,069			(275,957	)		(1,363,715	)
Net change in options purchased, at fair value		—			—			—			4,477,249
Net change in options written, at fair value		—			—			—			—
Net change in ownership allocation of U.S. Treasury securities		13,089,485			(9,031,761	)		206,588			—
Net unrealized (gain)/loss on swap contracts		2,570,811			237,460			—			—
Net unrealized (gain)/loss on U.S. Treasury securities		1,086,605			184,293			7,665			(90,894	)
Net realized (gain)/loss on U.S. Treasury securities		(2,885,429	)		(215,325	)		(70,924	)		(12,618	)
Net unrealized gain/(loss) on private investment companies		91,519			—			—			—
(Purchases) sales of:
Sales of U.S. Treasury securities		27,164,277			10,249,014			(465,831	)		600,508
Purchases of U.S. Treasury securities		(9,340,565	)		(6,360,723	)		(320,766	)		(911,929	)
Purchase of Private Investment Companies		(8,800,704	)		—			—			—
Increase and/or decrease in:
Receivable from futures commission merchants		(53,853,756	)		14,963,754			5,053,756			(12,505,084	)
Change in control of ownership - trading companies		6,907,649			(7,938,913	)		(3,649,315	)		6,520,339
Change in control of ownership - private investment companies		14,681,969			3,610,955			—			4,122,486
Investments in unconsolidated trading companies, at fair value		13,881,931			—			78,722			—
Prepaid service fees - Class 1		(41,288	)		—			—			85,749
Interest receivable		640,324			372,343			16,782			—
Receivable from other series		—			—			—			—
Receivable from related parties		(20,050	)		—			(200,287	)		—
Other assets		612,204			250,004			—			(188	)
Incentive fees payable to Managing Owner		—			(1,689,188	)		107,917			(185,791	)
Management fees payable to Managing Owner		59,397			(16,603	)		40,531			(3,210	)
Interest payable to Managing Owner		(50,485	)		(1,693	)		997			(7,951	)
Trading fees payable to Managing Owner		(2,217	)		(9,677	)		(95	)		(1,683	)
Service fees payable to Managing Owner		7,750			(23,017	)		771			(3,608	)
Payables to related parties		(4,026	)		6,824			25			361
Other liabilities		9,543			—			235			—
Net cash provided by (used in) operating activities		7,717,173			6,767,294			2,442,830			416,349
Cash Flows from Financing Activities:
Proceeds from sale of units		152,968			185,295			12,362			15,352
Payment for redemption of units		(7,624,288	)		(7,323,138	)		(1,113,347	)		(1,018,404	)
Payment made by the Managing Owner		—			160,099			—			—
Pending owner additions		(15,538	)		(2,861	)		(1,335	)		(154	)
Owner redemptions payable		(297,550	)		(7,712	)		9,212			(11,604	)
Net cash provided by (used in) financing activities		(7,784,409	)		(6,988,317	)		(1,093,108	)		(1,014,810	)
Net increase (decrease) in cash and cash equivalents		(67,236	)		(221,023	)		1,349,722			(598,461	)
Cash and cash equivalents, beginning of period		4,895,183			5,644,510			220,371			878,280
Cash and cash equivalents, end of period	$	4,827,947		$	5,423,487		$	1,570,093		$	279,819

The accompanying notes are an integral part of these financial statements.

24

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Nine Months Ended September 30, 2016

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	9/30/2016			9/30/2015			9/30/2016			9/30/2015
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	1,537,019		$	(920,216	)	$	397,360		$	310,612
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		124,271			(2,653,675	)		—			—
Net change in ownership allocation of U.S. Treasury securities		10,048			2,084,833			448,193			707,858
Net unrealized (gain)/loss on swap contracts		—			—			(539,597	)		(692,376	)
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		837,849			(56,127	)		151,373			(9,419	)
Net realized (gain) loss on U.S. Treasury securities, at fair value		(1,975,992	)		(111,554	)		(389,452	)		(25,632	)
(Purchases) sale of:
Sales of U.S. Treasury Securities		12,826,803			5,740,839			2,939,044			1,293,839
Purchases of U.S. Treasury Securities		(5,237,808	)		(4,444,636	)		(1,129,741	)		(1,004,975	)
Increase and/or decrease in:
Receivable from futures commission merchants		(8,504,526	)		(9,958,867	)		—			—
Change in control of ownership of trading companies		2,240,074			5,744,802			(82,541	)		(62,797	)
Investments in unconsolidated trading companies, at fair value		297,554			7,164,327			(549,672	)		202,642
Interest receivable		314,097			304,101			74,126			71,117
Other assets		(25,346	)		—			(4,772	)		—
Incentive fees payable to Managing Owner		—			(1,178,364	)		—			(239,327	)
Management fees payable to Managing Owner		169,744			(21,336	)		(21,156	)		(6,270	)
Interest payable to Managing Owner		(13,628	)		(12,973	)		(4,436	)		(3,283	)
Trading fees payable to Managing Owner		(17	)		(4,972	)		(225	)		(1,300	)
Service fees payable to Managing Owner		13,505			(9,069	)		2,667			(2,215	)
Payables to related parties		(20,220	)		11,602			(909	)		909
Other liabilities		29,991			—			1,752			—
Net cash provided by (used in) operating activities		2,623,417			1,678,715			1,292,014			539,383
Cash Flows from Financing Activities:
Proceeds from sale of units		122,728			136,211			29,866			33,403
Payment for redemption of units		(1,217,052	)		(2,746,288	)		(676,698	)		(816,160	)
Pending owner additions		(13,524	)		(2,578	)		(3,251	)		(203	)
Owner redemptions payable		139,334			(21,902	)		(48,170	)		(1,860	)
Net cash provided by (used in) financing activities		(968,514	)		(2,634,557	)		(698,253	)		(784,820	)
Net increase (decrease) in cash and cash equivalents		1,654,903			(955,842	)		593,761			(245,437	)
Cash and cash equivalents, beginning of period		2,928,616			4,012,974			655,319			921,598
Cash and cash equivalents, end of period	$	4,583,519		$	3,057,132		$	1,249,080		$	676,161

The accompanying notes are an integral part of these financial statements.

25

The Series of the Equinox Frontier Funds

Notes to Financial Statements (Unaudited)

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 (“CFTC”) Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series, of units of beneficial interest (“Units”) pursuant to the requirements of the Delaware Statutory Trust Act, as amended (“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-. It is managed by its managing owner, Equinox Fund Management, LLC (“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, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders, as may be amended from time to time (“Trust Agreement”), unitholders of 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.

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.

26

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” 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;

● 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 three to seven sub-classes—Class 1, Class 1a, Class 1AP, 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 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 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.

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.

27

As of September 30, 2016, the Trust, with respect to the Equinox Frontier Diversified Fund and 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 Select Fund Equinox Frontier Winton Fund and Equinox Frontier Heritage separates Units into a maximum of three separate Classes- Class1, Class2 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 five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and September 30, 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 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.

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. 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, 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 and Galaxy Plus entities in which a Series has a controlling and majority equity interest are consolidated by such Series. Investments in Trading Companies and Galaxy Plus entities in which a Series does not have a controlling and majority interest are accounted for under the equity method, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading 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 Trading Companies or net unrealized gain/(loss) on private investment companies.

As of September 30, 2016, the consolidated balance sheet of Equinox Frontier Balanced Fund included the assets and liabilities of its majority owned Trading Companies and Galaxy Plus entities. These Trading Companies include Frontier Trading Company I, LLC and Frontier Trading Company XXXIV, LLC. The Galaxy Plus entities include Galaxy Plus Fund – QIM Feeder Fund (526) LLC, Galaxy Plus Fund – Fort Contrarian Feeder Fund (510) LLC, Galaxy Plus Fund – Doherty Feeder Fund (528) LLC and Galaxy Plus Fund – Quantmetrics Feeder Fund (527) LLC.

For the nine months ended September 30, 2016, the consolidated statement of operations of Equinox Frontier Balanced Fund included the earnings of its majority owned Trading Companies and Galaxy Plus entities listed above. Equinox Frontier Balanced Fund began investing in Galaxy Plus beginning April 15, 2016.

28

As of September 30, 2016, the consolidated balance sheet of Equinox Frontier Diversified Fund included the assets and liabilities of its majority owned Frontier Trading Company XXXV, LLC and the assets and liabilities of its majority owned Galaxy Plus entities, Galaxy Plus Fund – Chesapeake Feeder Fund (518) LLC and Galaxy Plus Fund – Quest Feeder Fund (517) LLC.

For the nine months ended September 30, 2016, the consolidated statement of operations of Equinox Frontier Diversified Fund included the earnings of its majority owned Trading Company and Galaxy Plus entities listed above. Equinox Frontier Diversified Fund began investing in Galaxy Plus beginning April 15, 2016.

As of and for the nine months ended September 30, 2016, the consolidated balance sheet and statement of operations of Equinox Frontier Heritage Fund included the assets and liabilities, and earnings, of its majority owned Trading Company, Frontier Trading Company XXXIX, LLC.

As of and for the nine months ended September 30, 2016, the consolidated balance sheet and statement of operations of Equinox Frontier Select Fund included the assets and liabilities, and earnings, of its majority owned Trading Company, Frontier Trading Company XV, LLC.

As of and for the nine months ended September 30, 2016, the consolidated balance sheet and statement of operations of Equinox Frontier Winton Fund included the assets and liabilities, and earnings, of its majority owned Trading Company, Frontier Trading Company II, LLC.

Frontier Trading Company XXXVIII, LLC’s assets, liabilities and earnings are allocated to all of the Series of the Trust based on their proportionate share of the cash pool. Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC and Galaxy Plus Fund – LRR Feeder Fund (522) LLC are not consolidated and are accounted for using the equity method of accounting for the three month’s ended September 30, 2016. Through June 30, 2016, Equinox Frontier Long/Short Commodity Fund had a controlling interest in Galaxy Plus Fund - LRR Feeder Fund (522) LLC. The Statement of Operations for the nine month’s ended September 30, 2016 is presented with the results of Galaxy Plus Fund - LRR Feeder Fund (522) LLC consolidated through June 30, 2016.

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—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 merchant (“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, 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 Series, and shown net on the statement of operations.

U.S. Treasury 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.

29

Receivable From Futures Commission Merchants—The Series of the Trust deposit 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.

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 statements of financial condition as open trade equity (deficit) for futures and forwards and as long and short options 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 210).

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.

Foreign 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 three or seven subclasses of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a, Class 3a and Class 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 1AP 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 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 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 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. Certain Series of the Trust strategically invest a portion or all of their assets in total return 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, 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 based upon daily reports from the counterparty. The Managing Owner reviews and approves current day pricing of the commodity 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.

30

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 2012 through 2016 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 (iii) the discussion set forth in the Prospectus under the heading “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.

Service Fees—The Trust may maintain 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 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 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 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, 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.

Reclassification – Certain amounts in the 2015 financial statements have been reclassified to conform with the 2016 presentation. None of the reclasses had an impact on the NAV or performance of the Series.

Subsequent Events—The Series, follow 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.

31

3. Fair Value Measurements

In connection with the valuation of investments the Series apply 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, 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 Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return 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, 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. 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. 

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 Oversight and Risk Committee and the Trust’s Executive Committee. The valuation committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. 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.

32

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.

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 September 30, 2016 and December 31, 2015 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair 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.

33

									Total
September 30, 2016	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Fair Value
Equinox Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	2,714,187		$	26,799		$	—	$	2,740,986
Open Trade Equity (Deficit)		532,803			—			—		532,803
Swap Contracts		—			—			7,234,984		7,234,984
U.S. Treasury Securities		6,019,126			—			—		6,019,126
Equinox Frontier Masters Fund
Investment in Unconsolidated Trading Companies		5,758,120			27,303			—		5,785,423
U.S. Treasury Securities		4,925,521			—			—		4,925,521
Equinox Frontier Long/Short Commodity Fund
Swap Contracts		—			—			4,258,423		4,258,423
Equinox Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		3,776,767			(34,730	)		—		3,742,037
Options Purchased		254,365			—			—		254,365
Options Written		(97,325	)		—			—		(97,325	)
Open Trade Equity (Deficit)		1,572,852			(71,287	)		—		1,501,565
Swap Contracts		—			—			16,586,708		16,586,708
U.S. Treasury Securities		12,034,303			—			—		12,034,303
Equinox Frontier Select Fund
Investment in Unconsolidated Trading Companies		—			—			4,121,050		4,121,050
Open Trade Equity (Deficit)		661,158			25,206			—		686,364
U.S. Treasury Securities		2,495,697			—			—		2,495,697
Winton Fund
Open Trade Equity (Deficit)		6,315			208,194			—		214,509
U.S. Treasury Securities		18,417,716			—			—		18,417,716
Equinox Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		1,935,936			19,322			—		1,955,258
Open Trade Equity (Deficit)		1,272			—			—		1,272
Swap Contracts		—			—			8,499,865		8,499,865
U.S. Treasury Securities		3,489,160			—			—		3,489,160

34

							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

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 nine months ended September 30, 2016, all identified Level 3 assets were 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.

35

For the Nine Months Ended September 30, 2016

Swap Contracts

				Equinox Frontier
	Equinox Frontier Balanced			Long/Short Commodity
	Fund			Fund
Balance of recurring Level 3 assets as of January 1, 2016	$	19,157,520		$	4,332,428
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(2,570,812	)		(74,005	)
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 September 30, 2016	$	16,586,708		$	4,258,423
	Equinox Frontier			Equinox Frontier
	Diversified Fund			Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2016	$	8,685,849		$	7,960,268
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(1,450,865	)		539,597
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 September 30, 2016	$	7,234,984		$	8,499,865

Investments in Unconsolidated Trading Companies:

	Equinox Frontier Select
	Fund
Balance of recurring Level 3 assets as of January 1, 2016	$	4,147,840
Change in fair value of investments in unconsolidated trading companies		(26,790	)
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 September 30, 2016	$	4,121,050

36

For the Year Ended December 31, 2015

Swap Contracts:

			Equinox Frontier
	Equinox Frontier		Long/Short			Equinox Frontier
	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		—		—			—
Included in earnings-unrealized		2,115,441		(300,632	)		910,566
Purchases of investments		—		1,000,000			—
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, 2015	$	8,685,849	$	4,332,428		$	19,157,520

	Equinox Frontier
	Heritage Fund
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		419,803
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, 2015	$	7,960,268

Investments in Unconsolidated Trading Companies:

	Equinox Frontier
	Select Fund
Balance of recurring Level 3 assets as of January 1, 2015	$	3,539,498
Change in fair value of investments in unconsolidated trading companies		394,421
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, 2015	$	3,933,919

37

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 nine months ended September 30, 2016, 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 total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at September 30, 2016:

				Equinox Frontier
	Equinox Frontier			Long/Short Commodity			Equinox Frontier			Equinox Frontier
	Diversified Fund			Fund			Balanced Fund (3)			Heritage Fund
Swap Contracts	$	(1,450,864	)	$	(74,005	)	$	(2,570,811	)	$	539,597

	Equinox Frontier
	Select Fund
Investments in Unconsolidated Trading Companies	$	(26,790	)

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2015:

			Equinox Frontier
	Equinox Frontier		Long/Short			Equinox Frontier		Equinox Frontier
	Diversified Fund		Commodity Fund			Balanced Fund		Heritage Fund
Swap Contracts	$	2,115,441	$	(300,633	)	$	910,566	$	419,803
	Equinox Frontier
	Select Fund
Investments in Unconsolidated Trading Companies	$	394,421

38

4. Swap Contracts

In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures, options on 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 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 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.

Each Series’ investment in swaps will likely differ substantially over time due to cash flows, portfolio management decisions and market movements. The swaps 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 September 30, 2016 and December 31, 2015, approximately 9.2% and 9.3%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the statement of financial condition. The cash held with the counterparty is not restricted.

The Series may strategically invest 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 these Series will be invested will not own any of the investments or indices referenced by any swap 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 swap is a Trading Advisor to these Series.

The Series have invested in the following Swaps as of and for the nine months ended September 30, 2016:

	Equinox Frontier Balanced Fund	Equinox Frontier Diversified Fund	Equinox Frontier Long/Short Commodity Fund	Equinox Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$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
Cash Collateral	$9,600,000	$3,400,000	$3,880,000	$5,986,000
Swap Value	$6,986,708	$3,834,984	$378,423	$2,513,865
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	($2,570,811)	($1,450,864)	($74,005)	$539,597
Fair Value as of 9/30/2016	$16,586,708	$7,234,984	$4,258,423	$8,499,865
The Series have invested in the following Swaps as of and for the year ended December 31, 2015:
	Equinox Frontier Balanced Fund	Equinox Frontier Diversified Fund	Equinox Frontier Long/Short Commodity Fund	Equinox Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$22,580,043	$13,851,707	$1,877,692	$12,663,283
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$9,600,000	$3,400,000	$3,880,000	$5,993,000
Swap Value	$9,557,519	$5,285,849	$452,428	$1,967,269
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$910,566	$2,115,441	($300,633)	$419,803
Fair Value as of 12/31/2015	$19,157,520	$8,685,849	$4,332,428	$7,960,268

39

5. Investments in Unconsolidated Trading Companies and Private Investment Companies

Investments in unconsolidated Trading 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 and Private Investment Companies. The Trading Companies are valued using the equity method of accounting, which approximates fair value.

The following tables summarize each of the Series; equity in earnings from unconsolidated Trading and Private Investment Companies for the nine and three months ended September 30, 2016 and 2015.

	Nine Months Ended September 30, 2016												Nine Months Ended September 30, 2015
	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 Company
Equniox Frontier Balanced Fund —
Frontier Trading Company I LLC	$	(291,912	)	$	2,837,850		$	384,155		$	2,930,093		$	(292,176	)	$	4,585,527		$	853,523		$	5,146,874
Frontier Trading Company II LLC		(8,757	)		(1,043,190	)		1,401,532			349,585			(15,442	)		755,710			(159,769	)		580,499
Frontier Trading Company VII, LLC		(97,942	)		464,066			1,509,176			1,875,300			(273,280	)		1,842,624			(929,479	)		639,865
Frontier Trading Company XIV, LLC		(1,293	)		17,904			(24,326	)		(7,715	)		(128	)		(198,125	)		198,418			165
Frontier Trading Company XV, LLC		—			(48	)		—			(48	)		(38,659	)		(336,022	)		(389,439	)		(764,120	)
Frontier Trading Company XXIX, LLC		(10	)		7,074			—			7,064			—			—			—			—
Frontier Trading Company XXXVIII, LLC		(27,826	)		(1,526,218	)		13,264			(1,540,780	)		—			—			—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		—			—			437,015			437,015			—			—			—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(177,955	)		(177,955	)		—			—			—			—
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		—			—			(350,579	)		(350,579	)		—			—			—			—
Total	$	(427,740	)	$	757,438		$	3,192,282		$	3,521,980		$	(619,685	)	$	6,649,714		$	(426,746	)	$	5,603,283
Equniox Frontier Winton Fund —
Frontier Trading Company XXXVIII, LLC	$	(19,157	)	$	(1,063,587	)	$	(202,316	)	$	(1,285,060	)	$	(22,128	)	$	(216,210	)	$	(188,813	)	$	(427,151	)
Frontier Trading Company II LLC		—			—			—			—			(30,241	)		1,667,629			(315,582	)		1,321,806
Total	$	(19,157	)	$	(1,063,587	)	$	(202,316	)	$	(1,285,060	)	$	(52,369	)	$	1,451,419		$	(504,395	)	$	894,655
Equniox Frontier Frontier Select Fund —
Frontier Trading Company XV, LLC	$	—		$	—		$	—		$	—		$	—		$	(195	)	$	2,173		$	1,978
Frontier Trading Company XXXIX, LLC		(3,394	)		—			244,376			240,982			—			—			325,077			325,077
Frontier Trading Company XXXVIII, LLC		(1,211	)		(48,741	)		(6,634	)		(56,586	)		(2,400	)		(20,889	)		1,477			(21,812	)
Total	$	(4,605	)	$	(48,741	)	$	237,742		$	184,396		$	(2,400	)	$	(21,084	)	$	328,727		$	305,243
Equniox Frontier Heritage Fund —
Frontier Trading Company II LLC	$	(4,685	)	$	(550,798	)	$	812,373		$	256,890		$	(7,685	)	$	393,849		$	(67,233	)	$	318,931
Frontier Trading Company XXXVIII, LLC		(3,963	)		(202,360	)		(13,279	)		(219,602	)		(4,959	)		(45,529	)		(40,751	)		(91,239	)
Total	$	(8,648	)	$	(753,158	)	$	799,094		$	37,288		$	(12,644	)	$	348,320		$	(107,984	)	$	227,692
Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	(3,956	)	$	145,850		$	32,717		$	174,611		$	(963	)	$	34,635		$	47,108		$	80,780
Frontier Trading Companies VII, LLC		—			—			—			—			(199,038	)		1,342,402			(891,605	)		251,759
Frontier Trading Company XXXVIII, LLC		(31,322	)		(2,201	)		209,141			175,618			(6,410	)		41,749			(77,254	)		(41,915	)
Frontier Trading Company XVIII, LLC		(1,920	)		156,899			(336,795	)		(181,816	)		—			—			—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(659,908	)		(659,908	)		—			—			—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		—			—			(109,616	)		(109,616	)		—			—			—			—
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			199,477			199,477			—			—			—			—
Total	$	(37,198	)	$	300,548		$	(664,984	)	$	(401,634	)	$	(206,411	)	$	1,418,786		$	(921,751	)	$	290,624
Equinox Frontier Diversified Fund —
Frontier Trading Company I LLC	$	(260,168	)	$	1,846,298		$	(187,305	)	$	1,398,825		$	(78,515	)	$	(220,511	)	$	(338,672	)	$	(637,698	)
Frontier Trading Company II LLC		(6,473	)		(758,915	)		1,364,990			599,602			(11,716	)		656,803			(145,372	)		499,715
Frontier Trading Company VII, LLC		(80,881	)		(566,171	)		2,324,104			1,677,052			(244,009	)		1,812,082			(910,823	)		657,250
Frontier Trading Company XXIII, LLC		(35,775	)		550,317			104,823			619,365			(58,457	)		486,662			29,546			457,751
Frontier Trading Company XXXVIII, LLC		(16,983	)		(969,669	)		(69,560	)		(1,056,212	)		(24,898	)		(96,032	)		(275,586	)		(396,516	)
Frontier Trading Company XVIII, LLC		—			—			97,442			97,442			—			—			—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		—			—			(448,480	)		(448,480	)		—			—			—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(67,771	)		(67,771	)		—			—			—			—
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		—			—			(381,506	)		(381,506	)		—			—			—			—
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		—			—			521,859			521,859			—			—			—			—
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		—			—			48,062			48,062			—			—			—			—
Galaxy Plus Fund - Fort Contrarian Feeder Fund 510 LLC		—			—			31,247			31,247			—			—			—			—
Total	$	(400,280	)	$	101,860		$	3,337,905		$	3,039,485		$	(417,595	)	$	2,639,004		$	(1,640,907	)	$	580,502
Equinox Frontier Masters Fund —
Frontier Trading Company I LLC	$	(8,585	)	$	(318,372	)	$	171,763		$	(155,194	)	$	(15,436	)	$	1,159,085		$	(608,890	)	$	534,759
Frontier Trading Company II LLC		(3,824	)		(439,230	)		882,192			439,138			(7,240	)		343,769			(92,667	)		243,862
Frontier Trading Company XIV, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XV, LLC		(34,835	)		(4,742	)		1,102,918			1,063,341			(43,193	)		292,090			(216,913	)		31,984
Frontier Trading Company VII, LLC		(48,485	)		(371,922	)		1,208,006			787,599			(131,329	)		3,279,001			(2,840,510	)		307,162
Frontier Trading Company XXXVIII, LLC		(6,282	)		(372,819	)		6,333			(372,768	)		(10,575	)		(118,266	)		(76,636	)		(205,477	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		—			—			(322,513	)		(322,513	)		—			—			—			—
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			363,560			363,560			—			—			—			—
Total	$	(102,011	)	$	(1,507,085	)	$	3,412,259		$	1,803,163		$	(207,773	)	$	4,955,679		$	(3,835,616	)	$	912,290

40

	Three Months Ended September 30, 2016												Three Months Ended September 30, 2015
	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)
Equniox Frontier Balanced Fund —
Frontier Trading Company I LLC	$	—		$	—		$	—		$	—		$	(118,520	)	$	1,560,943		$	824,704		$	2,267,127
Frontier Trading Company II LLC		(846	)		(1,046,222	)		603,092			(443,976	)		(4,454	)		6,644			560,644			562,834
Frontier Trading Company VII, LLC		—			—			—			—			(84,201	)		1,195,982			(1,643,819	)		(532,038	)
Frontier Trading Company XIV, LLC		—			8,367			(8,389	)		(22	)		—			—			—			—
Frontier Trading Company XV, LLC		—			(48	)		—			(48	)		(4	)		18,900			(18,900	)		(4	)
Frontier Trading Company XVIII, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXXVIII, LLC		(4,329	)		45,984			21,239			62,894			(11,649	)		(1,691,751	)		340,551			(1,362,849	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		—			—			910,981			910,981			—			—			—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(101,517	)		(101,517	)		—			—			—			—
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		—			—			(364,439	)		(364,439	)		—			—			—			—
Total	$	(5,175	)	$	(991,919	)	$	1,060,967		$	63,873		$	(218,828	)	$	1,090,718		$	63,180		$	935,070
Equniox Frontier Winton Fund —	$	—		$	—		$	—		$	—		$	(2,057	)	$	(222,263	)	$	1,501,901		$	1,277,581
Frontier Trading Company II, LLC		—			—			—			—			(6,643	)		(964,311	)		206,039			(764,915	)
Frontier Trading Company XXXVIII LLC		(5,157	)		(66,996	)		(126,968	)		(199,121	)		—			—			—			—
Total	$	(5,157	)	$	(66,996	)	$	(126,968	)	$	(199,121	)	$	(8,700	)	$	(1,186,574	)	$	1,707,940		$	512,666
Equniox Frontier Frontier Select Fund —
Equinox Frontier Trading Company XXXIX, LLC	$	—		$	—		$	(66,933	)	$	(66,933	)	$	—		$	—		$	197,541		$	197,541
Frontier Trading Company XXXVIII, LLC		(674	)		13,128			(12,676	)		(222	)		(603	)		(85,196	)		17,765			(68,034	)
Total	$	(674	)	$	13,128		$	(79,609	)	$	(67,155	)	$	(603	)	$	(85,196	)	$	215,306		$	129,507
Equniox Frontier Heritage Fund —
Frontier Trading Company I LLC	$	(449	)	$	(555,650	)	$	383,355		$	(172,744	)	$	—		$	—		$	—		$	—
Frontier Trading Company II LLC		—			—			—			—			(2,498	)		12,952			263,699			274,153
Frontier Trading Company XXXVIII, LLC		(981	)		12,320			2,409			13,749			(1,471	)		(212,891	)		45,556			(168,806	)
Total	$	(1,430	)	$	(543,329	)	$	385,764		$	(158,995	)	$	(3,969	)	$	(199,939	)	$	309,255		$	105,347
Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	23		$	(14	)	$	—		$	9		$	(963	)	$	34,635		$	47,108		$	80,780
Frontier Trading Companies VII LLC		—			—			—			—			(50,635	)		35,765			(1,017,519	)		(1,032,389	)
Frontier Trading Companies XXXVIII, LLC		(446	)		10,584			(103,657	)		(93,519	)		—			—			—			—
Frontier Trading Company XXXVIII, LLC		—			—			—			—			(1,577	)		(234,308	)		55,899			(179,986	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(659,908	)		(659,908	)		—			—			—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		—			—			277,877			277,877			—			—			—			—
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			(50,904	)		(50,904	)		—			—			—			—
Total	$	(423	)	$	10,570		$	(536,592	)	$	(526,445	)	$	(53,175	)	$	(163,908	)	$	(914,512	)	$	(1,131,595	)
Equinox Frontier Diversified Fund —
Frontier Trading Company I LLC	$	(1,262	)	$	25,559		$	(14,857	)	$	9,440		$	(78,515	)	$	(220,511	)	$	(338,672	)	$	(637,698	)
Frontier Trading Company II LLC		(621	)		(767,400	)		761,614			(6,407	)		(3,387	)		9,344			402,656			408,613
Frontier Trading Company VII, LLC		—			—			—			—			(75,686	)		1,085,897			(1,498,186	)		(487,975	)
Frontier Trading Company XXIII, LLC		(2,990	)		(77,811	)		104,823			24,022			(20,756	)		(234,424	)		360,320			105,140
Frontier Trading Company XXXVIII, LLC		(1,657	)		63,123			(140,346	)		(78,880	)		(7,408	)		(1,049,003	)		187,977			(868,434	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		—			—			741,948			741,948			—			—			—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(38,994	)		(38,994	)		—			—			—			—
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		—			—			(592,892	)		(592,892	)		—			—			—			—
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		—			—			615,406			615,406			—			—			—			—
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		—			—			48,062			48,062			—			—			—			—
Galaxy Plus Fund - Fort Contrarian Feeder Fund 510 LLC		—			—			31,247			31,247			—			—			—			—
Total	$	(6,530	)	$	(756,529	)	$	1,516,011		$	752,952		$	(185,752	)	$	(408,697	)	$	(885,905	)	$	(1,480,354	)
Equinox Frontier Masters Fund —
Frontier Trading Company I LLC	$	(51	)	$	(31	)	$			$	(82	)	$	(4,901	)	$	(21,609	)	$	449,957		$	423,447
Frontier Trading Company II LLC		(363	)		(448,676	)		518,722			69,683			(2,298	)		11,918			242,567			252,187
Frontier Trading Company XIV, LLC		—			—			—			—			28,979			(148,053	)		801,924			682,850
Frontier Trading Company XV, LLC		(5,584	)		(291,976	)		68,084			(229,476	)		43,323			(2,343,896	)		1,731,594			(568,979	)
Frontier Trading Company VII, LLC		—			—			—			—			(131,329	)		3,279,001			(2,840,507	)		307,165
Frontier Trading Company XXXVIII, LLC		(1,425	)		21,438			10,735			30,748			(3,184	)		(451,930	)		88,864			(366,250	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		—			—			387,932			387,932			—			—			—			—
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			(92,816	)		(92,816	)		—			—			—			—
Total	$	(7,423	)	$	(719,245	)	$	892,657		$	165,989		$	(69,410	)	$	325,431		$	474,399		$	730,420

41

The statements of financial condition as of September 30, 2016 and December 31, 2015 and the Condensed Statements of Income for the three and nine months ended September 30, 2016 and 2015 for the unconsolidated Trading and Private Investment Companies are as follows:

	Frontier Trading			Galaxy Plus Fund			Galaxy Plus Fund
	Company XXXVIII			- EvE S TP Feeder			- LRR Feeder
Statements of Financial Condition - September 30, 2016	LLC			Fund (516) LLC			Fund (522) LLC
Cash and cash equivalents	$	16,133		$	7,639		$	18,489
Receivable from futures commissions merchants		8,644,929			13,811,237			6,347,028
Open trade equity/(deficit)		16,714			(232,214	)		(235,250	)
Options purchased (written)		—			8,000			(2,520	)
Other receivables (payables)		(68,043	)		(343,716	)		4,691
Total assets		8,677,776			13,826,876			6,370,208
Members’ equity	$	8,609,733		$	13,250,946		$	6,132,438
Condensed Statement of Income - For the Three Months Ended September 30, 2016
Interest income		646			—			—
Net realized gain/(loss) on investments, less commissions		(425,305	)		3,262,513			(396,617	)
Change in open trade equity/(deficit)		(10,467	)		(444,644	)		(308,062	)
Other fees		(36,144	)		(440,426	)		(96,018	)
Net income/(loss)	$	(471,270	)	$	2,377,443		$	(800,697	)
Condensed Statement of Income - For the Nine Months Ended September 30, 2016
Interest income		502			—			—
Net realized gain/(loss) on investments, less commissions		4,072,397			2,393,246			(788,749	)
Change in open trade equity/(deficit)		36,675			(272,717	)		(199,607	)
Other fees		(36,144	)		(520,414	)		(179,870	)
Net income/(loss)	$	4,073,430		$	1,600,115		$	(1,168,226	)

42

	Frontier Trading			Frontier Trading			Frontier Trading
Statements of Financial Condition - December 31, 2015	Company I LLC			Company VII LLC			Company XXXVIII LLC
Receivable from commission merchants	$	22,187,113		$	14,330,819		$	2,670,015
Open trade equity/(deficit)		(5,651,525	)		(1,593,860	)		(74,625	)
Interest receivable/(payable)		1,089			3			(134	)
Total assets	$	16,536,677		$	12,736,962		$	2,595,255
Members’ equity	$	23,146,746		$	8,002,461		$	2,974,694
Condensed Statement of Income - For the Three Months Ended September 30, 2015
Interest income/(expense)	$	85,698		$	627		$	944
Net realized gain/(loss) on investments, less commissions		(8,312,138	)		(2,887,537	)		(2,218,456	)
Change in open trade equity/(deficit)		2,286,800			(2,252,530	)		(1,511,455	)
Net income/(loss)	$	(5,939,640	)	$	(5,139,440	)	$	(3,728,967	)
Condensed Statement of Income - For the six months Ended September 30, 2015
Interest income
	$	96,038		$	627		$	973
Net realized gain/(loss) on investments, less commissions		(8,770,608	)		(8,641,411	)		(2,487,150	)
Change in open trade equity/(deficit)		(559,775	)		5,573,767			788,713
Net income/(loss)	$	(9,234,345	)	$	(3,067,017	)	$	(1,697,464	)

43

The following table summarizes certain Series’ investments in other private investment companies as of September 30, 2016. Other private investment companies in which the Series invested 5% or more of its net assets, as disclosed in the condensed schedule of investments, are individually identified, while smaller investments are aggregated. The Series investments in private investment companies have certain redemption and liquidity restrictions which are described in the following tables.

	For the nine months ending September 30, 2016							Redemptions	Redemptions	Liquidity
	Income(Loss)			Management Fees		Incentive Fees		Notice Period	Permitted	Restrictions
Equinox Frontier Diversified Fund
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(448,480	)		35,884		95,930	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(381,506	)		33,397		—	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		31,247			25,792		49,846	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		521,859			33,907		210,598	24 hours	Daily	None
Equinox Frontier Masters Fund
Trend Following
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		363,560			28,686		327	24 hours	Daily	None
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(322,513	)		21,537		26,263	24 hours	Daily	None
Equinox Frontier Long/Short Commodity Fund
Trend Following
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		199,477			13,430		153	24 hours	Daily	None
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(109,616	)		13,954		37,497	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(659,908	)		71,570		—	24 hours	Daily	None
Equinox Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		437,015			43,878		117,116	24 hours	Daily	None
Total	($	368,865	)	$	322,035	$	537,730

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 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. 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 1AP 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 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, 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.

44

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, calculated on a daily basis. The total amount of assets of a series allocated 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” of the 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 1AP, Class 2a and Class 3a, 2.0% for the Equinox Frontier Winton Fund, Equinox Frontier Long/Short Commodity Fund Class 1a, Class 2a, and Class 3a 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 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 series by the Managing Owner. As of the date of this Form 10-Q, 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.

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.

Trading Fees—In connection with each Series’ trading activities, from January 1, 2016 through April 28, 2016, the Equinox Frontier Long/Short Commodity Fund (Classes 2 and 3), Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund paid to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% of such Series’ NAV, calculated daily ; thereafter each of the Series pays to the Managing Owner a FCM Fee of up to 0.75% of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform. Until April 28, 2016, the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a, 2a and 3a) and Equinox Frontier Masters Fund paid 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 trading fee, or 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—The Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated by such Series, monthly or quarterly. 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 quarterly 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.

45

The following table summarizes fees earned by the Managing Owner for the three and nine months ended September 30, 2016 and 2015:

Three Months Ended September 30, 2016	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	1,082	$	172,538	$	54,344		363,176
Equinox Frontier Masters Fund		—		—		33,907		114,515
Equinox Frontier Long/Short Commodity Fund		—		6,851		14,402		37,307
Equinox Frontier Balanced Fund		717,152		273,609		493,659		371,721
Equinox Frontier Select Fund		4,472		96,115		85,059		46,641
Equinox Frontier Winton Fund		—		361,683		180,394		78,021
Equinox Frontier Heritage Fund		—		23,697		61,333		20,665

Three Months Ended September 30, 2015	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	225,279	$	247,879	$	97,034	$	338,055
Equinox Frontier Masters Fund		—		173,088		52,129		141,248
Equinox Frontier Long/Short Commodity Fund		14,316		135,721		25,703		58,174
Equinox Frontier Balanced Fund		104,130		254,315		510,140		179,140
Equinox Frontier Select Fund		—		76,094		95,067		26,464
Equinox Frontier Winton Fund		—		289,752		184,196		69,319
Equinox Frontier Heritage Fund		—		67,180		69,701		23,325

Nine Months Ended September 30, 2016	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	1,145,241	$	612,830	$	192,417	$	1,078,238
Equinox Frontier Masters Fund		242,029		282,097		117,919	$	374,686
Equinox Frontier Long/Short Commodity Fund		134,601		266,967		53,791	$	144,846
Equinox Frontier Balanced Fund		2,063,001		693,891		1,434,054	$	729,679
Equinox Frontier Select Fund		44,339		234,838		264,208	$	96,943
Equinox Frontier Winton Fund		99,067		902,598		530,072	$	211,237
Equinox Frontier Heritage Fund		9,072		147,416		192,759	$	61,341

Nine Months Ended September 30, 2015	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	1,863,521	$	737,187	$	327,202	$	1,059,953
Equinox Frontier Masters Fund		576,374		534,244		178,120		442,582
Equinox Frontier Long/Short Commodity Fund		94,518		685,777		99,917		211,770
Equinox Frontier Balanced Fund		1,827,118		819,552		1,521,144		519,831
Equinox Frontier Select Fund		177,351		421,826		297,904		82,892
Equinox Frontier Winton Fund		622,124		862,495		534,989		192,618
Equinox Frontier Heritage Fund		131,123		245,785		202,143		65,398

46

The following table summarizes fees payable to the Managing Owner as of September 30, 2016 and December 31, 2015.

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
As of September 30, 2016
Equinox Frontier Diversified Fund	$	—	$	53,853	$	2,195	$	14,613	$	116,232
Equinox Frontier Masters Fund		93,431		1,323		1,900		10,044		40,248
Equinox Frontier Long/Short Commodity Fund		—		1,622		—		4,817		12,902
Equinox Frontier Balanced Fund		718,767		139,971		27,157		153,326		55,233
Equinox Frontier Select Fund		4,473		63,415		4,546		29,863		8,420
Equinox Frontier Winton Fund		—		262,915		35,996		57,927		22,388
Equinox Frontier Heritage Fund		—		334		6,630		21,474		7,232

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
As of December 31, 2015
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 nine months ended September 30, 2016, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $5,794 for the Equinox Frontier Balanced Fund, $25 for the Equinox Frontier Long/Short Commodity Fund, $1,727 for the Equinox Frontier Diversified Fund, $25 for the Equinox Frontier Select Fund, $597 for the Equinox Frontier Heritage Fund, $13,505 for the Equinox Frontier Winton Fund and $362 for the Equinox Frontier Masters Fund.

For the nine months ended September 30, 2015, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $6,824 for the Equinox Frontier Balanced Fund, $648 for the Equinox Frontier Long/Short Commodity Fund, $876 for the Equinox Frontier Diversified Fund, $361 for the Equinox Frontier Select Fund, $990 for the Equinox Frontier Heritage Fund, $11,602 for the Equinox Frontier Winton Fund and $994 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), 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, 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.

47

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three and nine months ended September 30, 2016 and 2015:

Three Months Ended
	9/30/2016			9/30/2015		9/30/2016	9/30/2015
	Gross Amount			Gross Amount
	Paid to the			Paid to the		Ratio to	Ratio to
	Managing			Managing		Average Net	Average Net
	Owner			Owner		Assets	Assets
Equinox Frontier Diversified Class 1	$	995		$	47,478	0.01%	0.27%
Equinox Frontier Diversified Class 2		5,366			103,124	0.01%	0.30%
Equinox Frontier Diversified Class 3		1,996			26,905	0.01%	0.34%
Equinox Frontier Masters Class 1		1,908			30,886	0.03%	0.29%
Equinox Frontier Masters Class 2		1,982			27,704	0.03%	0.31%
Equinox Frontier Masters Class 3		2,264			20,012	0.03%	0.38%
Equinox Frontier Long/Short Class 2		(232	)		2,708	-0.03%	0.22%
Equinox Frontier Long/Short Class 3		(1,019	)		16,758	-0.02%	0.22%
Equinox Frontier Long/Short Class 1a		(677	)		12,113	-0.02%	0.22%
Equinox Frontier Long/Short Class 2a		(277	)		3,611	-0.03%	0.23%
Equinox Frontier Long/Short Class 3a		(126	)		2,093	-0.01%	0.27%
Equinox Frontier Balanced Fund Class 1		65,497			193,959	0.11%	0.27%
Equinox Frontier Balanced Fund Class 1AP		744			2,092	0.11%	0.01%
Equinox Frontier Balanced Fund Class 2		24,266			67,482	0.11%	0.27%
Equinox Frontier Balanced Fund Class 2A		126			1,599	0.02%	0.28%
Equinox Frontier Balanced Fund Class 3A		547			7,310	0.02%	0.27%
Equinox Frontier Select Fund Class 1		13,572			13,463	0.12%	0.10%
Equinox Frontier Select Fund Class 1AP		49			51	0.12%	0.00%
Equinox Frontier Select Fund Class 2		1,691			1,476	0.12%	0.10%
Equinox Frontier Winton Class 1		70,519			106,747	0.31%	0.41%
Equinox Frontier Winton Class 1AP		118			163	0.31%	0.00%
Equinox Frontier Winton Class 2		38,069			53,775	0.31%	0.41%
Equinox Frontier Heritage Fund Class 1		16,017			26,544	0.19%	0.27%
Equinox Frontier Heritage Fund Class 1AP		46			173	0.20%	0.01%
Equinox Frontier Heritage Fund Class 2		5,519			8,814	0.19%	0.27%
Total	$	248,960		$	777,040

48

Nine Months Ended
	9/30/2016		9/30/2015		9/30/2016	9/30/2015
	Gross Amount		Gross Amount
	Paid to the		Paid to the		Ratio to	Ratio to
	Managing		Managing		Average Net	Average Net
	Owner		Owner		Assets	Assets
Equinox Frontier Diversified Class 1	$	8,801	$	34,336	0.11%	0.20%
Equinox Frontier Diversified Class 2		34,827		67,171	0.09%	0.20%
Equinox Frontier Diversified Class 3		11,204		15,095	0.09%	0.19%
Equinox Frontier Masters Class 1		7,876		21,959	0.11%	0.20%
Equinox Frontier Masters Class 2		7,736		17,885	0.11%	0.20%
Equinox Frontier Masters Class 3		7,257		10,832	0.10%	0.20%
Equinox Frontier Long/Short Class 2		297		2,237	0.03%	0.18%
Equinox Frontier Long/Short Class 3		1,956		13,363	0.04%	0.18%
Equinox Frontier Long/Short Class 1a		1,392		10,050	0.04%	0.18%
Equinox Frontier Long/Short Class 2a		402		2,985	0.03%	0.19%
Equinox Frontier Long/Short Class 3a		298		1,368	0.03%	0.18%
Equinox Frontier Balanced Fund Class 1		403,740		564,041	0.65%	0.78%
Equinox Frontier Balanced Fund Class 1AP		4,600		6,719	0.65%	0.03%
Equinox Frontier Balanced Fund Class 2		147,443		213,004	0.65%	0.86%
Equinox Frontier Balanced Fund Class 2A		737		1,000	0.13%	0.17%
Equinox Frontier Balanced Fund Class 3A		3,248		4,580	0.13%	0.17%
Equinox Frontier Select Fund Class 1		26,634		54,786	0.22%	0.40%
Equinox Frontier Select Fund Class 1AP		103		200	0.22%	0.00%
Equinox Frontier Select Fund Class 2		3,225		6,178	0.22%	0.41%
Equinox Frontier Winton Class 1		259,609		348,467	1.12%	1.33%
Equinox Frontier Winton Class 1AP		423		516	1.11%	0.02%
Equinox Frontier Winton Class 2		136,727		157,203	1.11%	1.19%
Equinox Frontier Heritage Fund Class 1		61,772		88,009	0.71%	0.89%
Equinox Frontier Heritage Fund Class 1AP		329		554	0.76%	0.02%
Equinox Frontier Heritage Fund Class 2		20,980		29,061	0.71%	0.89%
Total	$	1,151,617	$	1,671,599

49

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid to Equinox Financial Group, LLC $0 and $730,000 for the nine months ended September 30, 2016 and 2015, and $0 and $425,000 for the three months ended September 30, 2016 and 2015, respectively. These amounts had no impact on the Series’ financial statements.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services to the Trust. For these services, the Managing Owner paid Solon Capital, LLC, $527,382 and $623,715, respectively, for the nine months ended September 30, 2016 and 2015 and $264,419 and $0 for the three months ended September 30, 2016 and 2015, respectively. These amounts had no impact on the Series’ financial statements.

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.

Related Parties—During the three months ended September 30, 2016, each Series changed its administrator from BNP Paribas to Gemini Hedge Fund Services, LLC.  Gemini Hedge Fund Services is an affiliate of the Sponsor.

50

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the three and nine months ended September 30, 2016 and 2015.

	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, June 30, 2016	$	118.06		$	133.61		$	123.73		$	119.85		$	135.61		$	126.09		$	92.95		$	130.55		$	105.26		$	130.45		$	105.62
Net operating results:
Interest income		0.07			0.07			0.07			0.14			0.16			0.15			0.00			0.00			0.00			0.00			0.00
Expenses		(2.08	)		(1.28	)		(1.18	)		(1.35	)		(0.78	)		(0.73	)		(0.91	)		(0.63	)		(0.51	)		(0.63	)		(0.52	)
Net gain/(loss) on investments, net of non-controlling interests		(0.25	)		(0.78	)		(0.64	)		0.40			0.31			0.38			(2.30	)		(4.36	)		(2.98	)		(3.05	)		(1.63	)
Net income/(loss)		(2.27	)		(1.98	)		(1.75	)		(0.81	)		(0.31	)		(0.20	)		(3.21	)		(4.99	)		(3.49	)		(3.68	)		(2.15	)
Net asset value, September 30, 2016	$	115.79		$	131.63		$	121.98		$	119.04		$	135.30		$	125.89		$	89.74		$	125.56		$	101.77		$	126.77		$	103.47
Ratios to average net assets (3)
Net investment income/(loss)		-6.85	%		-3.60	%		-3.60	%		-4.01	%		-1.82	%		-1.82	%		-4.02	%		-1.99	%		-1.99	%		-1.99	%		-1.99	%
Expenses before incentive fees (4)		7.07	%		3.82	%		3.82	%		4.48	%		2.29	%		2.29	%		4.02	%		1.99	%		1.99	%		1.99	%		1.99	%
Expenses after incentive fees (4)		7.07	%		3.82	%		3.82	%		4.48	%		2.29	%		2.29	%		4.02	%		1.99	%		1.99	%		1.99	%		1.99	%
Total return before incentive fees (2)		-1.92	%		-1.48	%		-1.41	%		-0.68	%		-0.23	%		-0.16	%		-3.45	%		-3.82	%		-3.32	%		-2.82	%		-2.04	%
Total return after incentive fees (2)		-1.92	%		-1.48	%		-1.41	%		-0.68	%		-0.23	%		-0.16	%		-3.45	%		-3.82	%		-3.32	%		-2.82	%		-2.04	%
	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, June 30, 2016	$	130.50		$	138.23		$	185.92		$	160.94		$	160.41					$	98.12		$	103.93		$	137.92
Net operating results:
Interest income		0.00			0.00			0.01			0.01			0.01						0.00			0.00			0.00
Expenses		(3.19	)		(2.23	)		(3.00	)		(2.60	)		(2.59	)					(1.80	)		(1.16	)		(1.53	)
Net gain/(loss) on investments, net of non-controlling interests		3.21			3.31			4.46			4.01			3.99						(0.06	)		(0.02	)		(0.04	)
Net income/(loss)		0.02			1.08			1.46			1.41			1.40						(1.86	)		(1.18	)		(1.57	)
Net asset value, September 30, 2016	$	130.52		$	139.31		$	187.38		$	162.35		$	161.81					$	96.26		$	102.75		$	136.35
Ratios to average net assets (3)
Net investment income/(loss)		-7.17	%		-3.86	%		-3.86	%		-3.86	%		-3.86	%					-7.24	%		-4.34	%		-4.34	%
Expenses before incentive fees (4)		6.35	%		3.04	%		3.04	%		3.04	%		3.04	%					7.21	%		4.31	%		4.31	%
Expenses after incentive fees (4)		7.19	%		3.87	%		3.87	%		3.87	%		3.87	%					7.24	%		4.34	%		4.34	%
Total return before incentive fees (2)		0.85	%		1.62	%		1.62	%		1.71	%		1.71	%					-1.86	%		-1.10	%		-1.10	%
Total return after incentive fees (2)		0.02	%		0.78	%		0.79	%		0.88	%		0.87	%					-1.90	%		-1.14	%		-1.14	%
	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, June 30, 2016	$	171.53		$	181.68		$	230.67		$	129.77		$	137.45		$	183.94
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(3.43	)		(2.23	)		(2.84	)		(1.42	)		(0.53	)		(0.71	)
Net gain/(loss) on investments, net of non-controlling interests		(4.88	)		(5.23	)		(6.63	)		(3.71	)		(3.88	)		(5.18	)
Net income/(loss)		(8.31	)		(7.46	)		(9.47	)		(5.13	)		(4.41	)		(5.89	)
Net asset value, September 30, 2016	$	163.22		$	174.22		$	221.20		$	124.64		$	133.04		$	178.05
Ratios to average net assets (3)
Net investment income/(loss)		-8.16	%		-5.00	%		-5.00	%		-4.45	%		-1.56	%		-1.56	%
Expenses before incentive fees (4)		8.16	%		5.00	%		5.00	%		4.45	%		1.56	%		1.56	%
Expenses after incentive fees (4)		8.16	%		5.00	%		5.00	%		4.45	%		1.56	%		1.56	%
Total return before incentive fees (2)		-4.84	%		-4.11	%		-4.11	%		-3.95	%		-3.21	%		-3.20	%
Total return after incentive fees (2)		-4.84	%		-4.11	%		-4.11	%		-3.95	%		-3.21	%		-3.20	%

(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.

51

	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		0.64			0.72			0.67			0.65			0.74			0.69			0.30			0.42			0.34			0.42			0.34
Expenses		(8.53	)		(6.55	)		(6.05	)		(7.00	)		(5.69	)		(5.29	)		(5.97	)		(6.32	)		(5.09	)		(6.32	)		(5.11	)
Net gain/(loss) on investments, net of non-controlling interests		8.16			7.86			7.50			12.52			13.65			12.92			0.65			(0.63	)		0.33			0.53			1.38
Net income/(loss)		0.27			2.03			2.11			6.17			8.70			8.32			(5.02	)		(6.54	)		(4.42	)		(5.37	)		(3.39	)
Net asset value, September 30, 2016	$	115.79		$	131.63		$	121.98		$	119.04		$	135.30		$	125.89		$	89.74		$	125.56		$	101.77		$	126.77		$	103.47
Ratios to average net assets (3)
Net investment income/(loss)		-8.24	%		-5.16	%		-5.16	%		-6.79	%		-4.57	%		-4.57	%		-7.65	%		-5.58	%		-5.58	%		-5.58	%		-5.55	%
Expenses before incentive fees (4)		6.98	%		3.91	%		3.91	%		6.39	%		4.16	%		4.16	%		6.92	%		4.86	%		4.86	%		4.86	%		4.74	%
Expenses after incentive fees (4)		8.95	%		5.88	%		5.88	%		7.53	%		5.31	%		5.31	%		8.07	%		6.01	%		6.01	%		6.01	%		5.98	%
Total return before incentive fees (2)		2.21	%		3.54	%		3.73	%		6.61	%		8.02	%		8.22	%		-4.15	%		-3.80	%		-3.01	%		-2.91	%		-1.93	%
Total return after incentive fees (2)		0.23	%		1.57	%		1.76	%		5.47	%		6.87	%		7.08	%		-5.30	%		-4.95	%		-4.16	%		-4.06	%		-3.17	%
	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, 2015	$	128.03		$	133.59		$	179.69		$	154.88		$	154.37					$	90.35		$	94.28		$	125.11
Net operating results:
Interest income		0.02			0.03			0.03			0.03			0.03						0.00			0.00			0.00
Expenses		(8.27	)		(5.50	)		(7.40	)		(6.40	)		(6.37	)					(4.84	)		(2.85	)		(3.79	)
Net gain/(loss) on investments, net of non-controlling interests		10.73			11.20			15.05			13.84			13.79						10.75			11.32			15.03
Net income/(loss)		2.49			5.72			7.69			7.47			7.44						5.91			8.47			11.24
Net asset value, September 30, 2016	$	130.52		$	139.31		$	187.38		$	162.35		$	161.81					$	96.26		$	102.75		$	136.35
Ratios to average net assets (3)
Net investment income/(loss)		-7.57	%		-4.47	%		-4.47	%		-4.47	%		-4.47	%					-6.60	%		-3.64	%		-3.64	%
Expenses before incentive fees (4)		5.26	%		2.16	%		2.16	%		2.16	%		2.16	%					6.27	%		3.31	%		3.31	%
Expenses after incentive fees (4)		7.59	%		4.50	%		4.50	%		4.50	%		4.50	%					6.60	%		3.64	%		3.64	%
Total return before incentive fees (2)		4.28	%		6.62	%		6.61	%		7.16	%		7.15	%					6.87	%		9.31	%		9.31	%
Total return after incentive fees (2)		1.94	%		4.28	%		4.28	%		4.82	%		4.82	%					6.54	%		8.98	%		8.98	%
	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		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(9.59	)		(6.06	)		(7.70	)		(5.25	)		(2.54	)		(3.38	)
Net gain/(loss) on investments, net of non-controlling interests		8.64			8.98			11.39			5.62			5.91			7.89
Net income/(loss)		(0.95	)		2.91			3.69			0.37			3.37			4.51
Net asset value, September 30, 2016	$	163.22		$	174.22		$	221.20		$	124.64		$	133.04		$	178.05
Ratios to average net assets (3)
Net investment income/(loss)		-7.51	%		-4.46	%		-4.46	%		-5.42	%		-2.46	%		-2.46	%
Expenses before incentive fees (4)		7.23	%		4.19	%		4.19	%		5.35	%		2.38	%		2.38	%
Expenses after incentive fees (4)		7.51	%		4.47	%		4.47	%		5.42	%		2.46	%		2.46	%
Total return before incentive fees (2)		-0.30	%		1.98	%		1.97	%		0.38	%		2.68	%		2.68	%
Total return after incentive fees (2)		-0.58	%		1.70	%		1.70	%		0.30	%		2.60	%		2.60	%

(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.

	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, June 30, 2015		115.55			128.49			118.7			110.01			122.32			113.45			107.17			148.16			119.03			148.2			119.64
Net operating results:
Interest income		0.30			0.33			0.31			0.30			0.34			0.31			0.20			0.28			0.23			0.28			0.23
Expenses		(2.46	)		(1.89	)		(1.75	)		(2.16	)		(1.69	)		(1.57	)		(1.96	)		(1.97	)		(1.58	)		(1.97	)		(1.59	)
Net gain/(loss) on investments, net of non-controlling interests		3.61			3.75			3.53			5.16			5.57			5.25			(7.11	)		(9.94	)		(8.01	)		(9.94	)		(7.98	)
Net income/(loss)		1.45			2.19			2.09			3.30			4.22			3.99			(8.87	)		(11.63	)		(9.36	)		(11.63	)		(9.34	)
Net asset value, September 30, 2015		117.00			130.68			120.79			113.31			126.54			117.44			98.30			136.53			109.67			136.57			110.30
Ratios to average net assets (3)
Net investment income/(loss)		-6.06	%		-3.51	%		-3.51	%		-6.45	%		-4.22	%		-4.22	%		-6.47	%		-4.40	%		-4.40	%		-4.40	%		-4.38	%
Expenses before incentive fees (4)		6.66	%		4.11	%		4.11	%		7.50	%		5.28	%		5.28	%		7.16	%		5.08	%		5.08	%		5.08	%		5.06	%
Expenses after incentive fees (4)		7.05	%		4.51	%		4.51	%		7.50	%		5.28	%		5.28	%		7.25	%		5.18	%		5.18	%		5.18	%		5.16	%
Total return before incentive fees (2)		1.65	%		2.10	%		2.16	%		3.00	%		3.45	%		3.52	%		-8.18	%		-7.76	%		-7.77	%		-7.75	%		-7.71	%
Total return after incentive fees (2)		1.25	%		1.70	%		1.76	%		3.00	%		3.45	%		3.52	%		-8.28	%		-7.85	%		-7.86	%		-7.85	%		-7.81	%
	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, June 30, 2015		131.82			135.49			182.24			156.36			155.85						87.31			89.74			119.09
Net operating results:
Interest income		0.01			0.01			0.01			0.01			0.01						0.00			0.00			0.00
Expenses		(1.75	)		(0.77	)		(1.04	)		(0.89	)		(0.89	)					(4.45	)		(0.72	)		(0.96	)
Net gain/(loss) on investments, net of non-controlling interests		(0.18	)		(0.20	)		(0.26	)		9.90			0.14						10.30			7.46			9.90
Net income/(loss)		(1.92	)		(0.96	)		(1.29	)		(0.74	)		(0.74	)					5.85			6.74			8.94
Net asset value, September 30, 2015		129.90			134.53			180.95			155.62			155.11						93.16			96.48			128.03
Ratios to average net assets (3)
Net investment income/(loss)		-4.90	%		-1.90	%		-1.90	%		-1.90	%		-1.90	%					-6.24	%		-3.02	%		-3.02	%
Expenses before incentive fees (4)		4.82	%		1.82	%		1.82	%		1.82	%		1.82	%					6.24	%		3.02	%		3.02	%
Expenses after incentive fees (4)		4.93	%		1.93	%		1.93	%		1.93	%		1.93	%					6.24	%		3.02	%		3.02	%
Total return before incentive fees (2)		-1.35	%		-0.60	%		-0.60	%		-0.36	%		-0.36	%					6.70	%		7.51	%		7.51	%
Total return after incentive fees (2)		-1.46	%		-0.71	%		-0.71	%		-0.47	%		-0.47	%					6.70	%		7.51	%		7.51	%
	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, June 30, 2015		165.85			170.46			216.43			126.10			129.61			173.45
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(2.92	)		(1.70	)		(2.16	)		(2.40	)		(1.10	)		(1.48	)
Net gain/(loss) on investments, net of non-controlling interests		6.42			6.63			8.41			5.45			5.24			7.02
Net income/(loss)		3.50			4.93			6.25			3.05			4.14			5.54
Net asset value, September 30, 2015		169.35			175.39			222.68			129.15			133.75			178.99
Ratios to average net assets (3)
Net investment income/(loss)		-6.89	%		-3.89	%		3.89	%		-7.39	%		-1.56	%		-3.30	%
Expenses before incentive fees (4)		6.89	%		3.89	%		3.89	%		7.39	%		1.56	%		3.30	%
Expenses after incentive fees (4)		6.89	%		3.89	%		3.89	%		7.39	%		1.56	%		3.30	%
Total return before incentive fees (2)		2.11	%		2.89	%		2.89	%		2.42	%		3.19	%		3.19	%
Total return after incentive fees (2)		2.11	%		2.89	%		2.89	%		2.42	%		3.19	%		3.19	%

(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.

52

	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, 2014		113.09			124.67			115.03			116.61			128.53			119.06			101.12			138.30			111.35			138.34			111.77
Net operating results:
Interest income		0.96			1.06			0.98			0.97			1.08			0.99			0.78			1.08			0.87			1.08			0.87
Expenses		(9.83	)		(8.35	)		(7.70	)		(9.43	)		(8.24	)		(7.60	)		(7.42	)		(7.88	)		(6.34	)		(7.88	)		(6.32	)
Net gain/(loss) on investments, net of non-controlling interests		12.78			13.30			12.48			5.16			5.17			4.99			3.82			5.03			3.79			5.03			3.98
Net income/(loss)		3.91			6.01			5.76			(3.30	)		(1.99	)		(1.62	)		(2.82	)		(1.77	)		(1.68	)		(1.77	)		(1.47	)
Net asset value, September 30, 2015		117.00			130.68			120.79			113.31			126.54			117.44			98.30			136.53			109.67			136.57			110.30
Ratios to average net assets (3)
Net investment income/(loss)		-8.63	%		-6.13	%		-6.13	%		-8.69	%		-6.48	%		-6.48	%		-7.52	%		-5.44	%		-5.44	%		-5.44	%		-5.41	%
Expenses before incentive fees (4)		6.54	%		4.04	%		4.04	%		7.46	%		5.25	%		5.25	%		6.73	%		4.64	%		4.64	%		4.64	%		4.53	%
Expenses after incentive fees (4)		9.86	%		7.18	%		7.18	%		9.78	%		7.56	%		7.56	%		8.48	%		6.40	%		6.40	%		6.40	%		6.37	%
Total return before incentive fees (2)		6.59	%		7.95	%		8.14	%		-0.51	%		0.77	%		0.96	%		-1.04	%		0.47	%		0.24	%		0.47	%		0.52	%
Total return after incentive fees (2)		3.46	%		4.82	%		5.01	%		-2.83	%		-1.55	%		-1.36	%		-2.79	%		-1.28	%		-1.51	%		-1.28	%		-1.32	%
	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		0.03			0.03			0.04			0.04			0.04						0.00			0.00			0.00
Expenses		(7.16	)		(4.14	)		(5.57	)		(4.77	)		(4.76	)					(16.20	)		(12.25	)		(16.28	)
Net gain/(loss) on investments, net of non-controlling interests		5.49			5.44			7.32			7.33			7.32						13.75			11.91			15.83
Net income/(loss)		(1.64	)		1.33			1.79			2.60			2.59						(2.45	)		(0.34	)		(0.45	)
Net asset value, September 30, 2015		129.90			134.53			180.95			155.62			155.11						93.16			96.48			128.03
Ratios to average net assets (3)
Net investment income/(loss)		-6.34	%		-3.34	%		-3.34	%		-3.34	%		-3.34	%					-20.64	%		-14.84	%		-14.84	%
Expenses before incentive fees (4)		4.79	%		1.78	%		1.78	%		1.78	%		1.78	%					15.90	%		10.10	%		10.10	%
Expenses after incentive fees (4)		6.37	%		3.37	%		3.37	%		3.37	%		3.37	%					20.64	%		14.84	%		14.84	%
Total return before incentive fees (2)		0.34	%		2.58	%		3.28	%		3.28	%		3.28	%					2.17	%		4.38	%		4.38	%
Total return after incentive fees (2)		-1.25	%		1.00	%		1.00	%		1.70	%		1.70	%					-2.56	%		-0.35	%		-0.35	%
	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		(9.48	)		(6.09	)		(8.77	)		(7.39	)		(4.44	)		(5.95	)
Net gain/(loss) on investments, net of non-controlling interests		2.88			4.11			5.22			6.26			6.26			8.38
Net income/(loss)		(6.60	)		(2.79	)		(3.55	)		(1.13	)		1.82			2.43
Net Net asset value, September 30, 2015		169.35			175.39			222.68			129.15			133.75			178.99
Ratios to average net assets (3)
Net investment income/(loss)		-6.53	%		-4.47	%		-4.47	%		-6.95	%		-3.95	%		-3.95	%
Expenses before incentive fees (4)		4.71	%		2.65	%		2.65	%		5.95	%		2.94	%		2.94	%
Expenses after incentive fees (4)		6.53	%		4.47	%		4.47	%		6.95	%		3.95	%		3.95	%
Total return before incentive fees (2)		-1.94	%		0.25	%		0.25	%		0.14	%		2.39	%		2.38	%
Total return after incentive fees (2)		-3.75	%		-1.57	%		-1.57	%		-0.87	%		1.38	%		1.38	%

(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.

53

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 September 30, 2016 and December 31, 2015 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 Three Months Ended September 30, 2016
Monthly average contracts:
	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		81		151
Equinox Frontier Balanced Fund		7,269		6,943
Equinox Frontier Diversified Fund		527		460
Equinox Frontier Select Fund		1,446		1,498
Equinox Frontier Winton Fund		3,531		3,509

for the Three Months Ended September 30, 2015
Monthly average contracts:
	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		—		—
Equinox Frontier Balanced Fund		1,423		1,383
Equinox Frontier Diversified Fund		1,503		1,468
Equinox Frontier Select Fund		526		547

for the Nine Months Ended September 30, 2016
Monthly average contracts:
	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		61		74
Equinox Frontier Balanced Fund		4,886		4,834
Equinox Diversified Fund		215		179
Equinox Frontier Select Fund		2,298		2,207
Equinox Frontier Winton Fund		2,631		2,466

for the Nine Months Ended September 30, 2016
Monthly average contracts:
	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		—		—
Equinox Frontier Balanced Fund		4,830		4,859
Equinox Diversified Fund		7,657		7,698
Equinox Frontier Select Fund		1,664		1,743

54

The following tables summarize the trading revenues for the three and nine months ended September 30, 2016 and 2015 by contract type:

Realized Trading Revenue from Futures, Forwards and Options
for the Three Months Ended September 30, 2016
Type of contract	Equinox Frontier Winton Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Diversified Fund
Metals	$	137,169			34,207		$	(155,328	)	$	(234,056	)
Currencies		1,564,836			(479,693	)		502,259			(71,095	)
Energies		(283,793	)		(544,669	)		(364,812	)		(395,666	)
Agriculturals		(285,391	)		91,330			49,087			72,782
Interest rates		2,108,766			(997,159	)		908,780			43,199
Stock indices		315,712			2,908,740			544,742			161,242
Realized trading income/(loss)(1)	$	3,557,298		$	1,012,755		$	1,484,728		$	(423,595	)

Realized Trading Revenue from Futures, Forwards and Options
for the Three Months Ended September 30, 2015
Type of contract	Equinox Frontier Winton Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Diversified Fund
Metals	$	1,299,179		$	(189,899	)	$	794,198		$	335,381
Currencies		(229,296	)		(1,208,712	)		(229,845	)		(217,818	)
Energies		1,671,570			(206,830	)		906,171			564,352
Agriculturals		76,395			(463,579	)		(113,195	)		(201,395	)
Interest rates		258,686			2,099,847			60,711			(534,819	)
Stock indices		(2,519,004	)		(3,568,598	)		(1,072,934	)		(227,684	)
Realized trading income/(loss)(1)	$	557,530		$	(3,537,771	)	$	345,106		$	(281,983	)

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2016

	Equinox Frontier			Equinox Frontier			Equinox Frontier			Equinox Frontier			Equinox Frontier
Type of contract	Winton Fund			Balanced Fund			Select Fund			Long/Short Fund			Diversified Fund
Metals	$	(1,306,380	)		163,898		$	(427,660	)	$	(34,888	)	$	(234,056	)
Currencies		1,239,182			(790,993	)		178,904			—			(71,095	)
Energies		(279,237	)		(817,799	)		374,789			62,750			(395,666	)
Agriculturals		(547,448	)		(32,097	)		(172,748	)		(546,400	)		202,098
Interest rates		6,205,710			4,586,533			2,212,171			—			43,199
Stock indices		(1,710,476	)		1,113,655			(61,395	)		—			161,242
Realized trading income/(loss)(1)	$	3,601,350		$	4,223,196		$	2,104,061		$	(518,538	)	$	(294,279	)

Realized Trading Revenue from Futures, Forwards and Options
for the Nine Months Ended September 30, 2015
Type of contract	Equinox Frontier Winton Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Diversified Fund
Metals	$	(629,783	)	$	(563,749	)	$	248,620		$	(144,893	)
Currencies		(1,294,845	)		453,336			98,621			1,562,854
Energies		(333,304	)		359,219			1,600,083			1,238,321
Agriculturals		11,338			(423,024	)		(140,903	)		(158,127	)
Interest rates		2,553,584			1,527,969			(1,045,047	)		4,163,141
Stock indices		250,540			(1,298,702	)		(294,613	)		1,938,388
Realized trading income/(loss)(1)	$	557,530		$	55,049		$	466,761		$	8,599,684

(1) Amounts recorded in the Statements of Operations under Net realized gain(loss) on futures forwards and options.

55

Net Change in Open Trade Equity from Futures, Forwards and Options
for the Three Months Ended September 30, 2016
Type of contract	Equinox Frontier Winton Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Diversified Fund
Metals	$	(547,241	)	$	81,372		$	28,852		$	171,643
Currencies		(1,288,958	)		(24,481	)		(367,118	)		(372,138	)
Energies		(445,176	)		(135,506	)		(240,034	)		(124,354	)
Agriculturals		(59,806	)		92,332			83,025			(75,503	)
Interest rates		(2,754,154	)		183,400			(991,267	)		(503,594	)
Stock indices		362,016			935,787			168,134			(347,862	)
Change in unrealized trading income/(loss)(1)	$	(4,733,320	)	$	1,132,903		$	(1,318,406	)	$	(1,251,809	)

Net Change in Open Trade Equity from Futures, Forwards and Options
for the Three Months Ended September 30, 2015
Type of contract	Equinox Frontier Winton Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Diversified Fund
Metals	$	(629,783	)	$	93,155		$	(125,649	)	$	649,972
Currencies		(1,925,681	)		46,529			93,893			873,813
Energies		(333,304	)		182,622			579,493			550,970
Agriculturals		11,338			(36,457	)		282,052			317,301
Interest rates		2,553,584			1,065,984			286,868			680,670
Stock indices		250,540			623,609			191,103			589,881
Change in unrealized trading income/(loss)(1)	$	(73,306	)	$	1,975,442		$	1,307,760		$	3,662,607

Net Change in Open Trade Equity from Futures, Forwards and Options

for the Nine Months Ended September 30, 2016

	Equinox Frontier			Equinox Frontier			Equinox Frontier			Equinox Frontier			Equinox Frontier
Type of contract	Winton Fund			Balanced Fund			Select Fund			Long/Short Fund			Diversified Fund
Metals	$	(751,806	)	$	48,088		$	(147,108	)	$	40,106		$	169,613
Currencies		427,845			(520,509	)		384,274			88,181			(263,004	)
Energies		(635,515	)		(40,648	)		(809,068	)		310,673			(96,532	)
Agriculturals		9,954			130,007			165,478			419,538			80,529
Interest rates		357,356			644,472			343,921			6,479			(117,044	)
Stock indices		467,896			1,051,674			338,458			(17,690	)		(102,221	)
Change in unrealized trading income/(loss)(1)	$	(124,271	)	$	1,313,083		$	275,957		$	847,287		$	(328,660	)

Net Change in Open Trade Equity from Futures, Forwards and Options
for the Nine Months Ended September 30, 2015
Type of contract	Equinox Frontier Winton Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Diversified Fund
Metals	$	(629,783	)	$	100,867		$	419,385		$	826,351
Currencies		(1,925,681	)		10,867			67,629			(193,292	)
Energies		(333,304	)		(447,628	)		(164,736	)		147,793
Agriculturals		11,338			77,334			(155,464	)		90,444
Interest rates		2,553,584			134,848			(290,025	)		(924,670	)
Stock indices		250,540			(314,602	)		(175,773	)		503,774
Change in unrealized trading income/(loss)(1)	$	(73,306	)	$	(438,314	)	$	(298,984	)	$	450,400

(1) Amounts recorded in the Statements of Operations under Net realized gain(loss) on futures forwards and options.

56

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 commissions 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 Series’ policy is to recognize amounts subject to master netting arrangements on a net basis on the statements of financial condition.

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 September 30, 2016 and December 31, 2015.

As of September 30, 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
Equinox Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	1,955,555	$	(453,990	)	$	1,501,565
Swap Contracts		16,586,708		—			16,586,708
Equinox Frontier Diversified Fund
Open Trade Equity/(Deficit)	$	895,439	$	(362,636	)	$	532,803
Swap Contracts		7,234,984		—			7,234,984
Equinox Frontier Long/Short Commodity Fund
Swap Contracts	$	4,258,423	$	—		$	4,258,423
Equinox Frontier Heritage Fund
Swap Contracts		8,499,865		—			8,499,865
Equinox Frontier Select Fund
Open Trade Equity/(Deficit)	$	1,215,602	$	(529,238	)	$	686,364
Equinox Frontier Winton Fund
Open Trade Equity/(Deficit)	$	1,615,593	$	(1,401,084	)	$	214,509

57

As of December 31, 2015						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts		offset in the			Statements of
	of recognized		Statements of			Financial
	Derivative Assets		Financial Condition			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

58

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

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.

11.Subsequent Events

The Trust had a change in its transfer agency provider.  Gemini Fund Services, LLC has taken on the role of transfer agent as of October 14, 2016.  Prior to this date, Phoenix American Financial Services, Inc. had acted as the Trust’s transfer agent.

59

Equinox Frontier Funds

Consolidated Statements of Financial Condition

September 30, 2016 (Unaudited) and December 31, 2015

	9/30/16		12/31/15
ASSETS
Cash and cash equivalents	$	18,754,589	$	13,975,625
U.S. Treasury securities, at fair value		47,381,524		117,478,438
Receivable from futures commission merchants		127,735,241		72,731,570
Open trade equity, at fair value		2,467,777		—
Options purchased, at fair value		262,365		526,288
Swap contracts, at fair value		36,579,979		40,136,065
Prepaid service fees		129,343		24,251
Interest receivable		291,785		2,039,516
Receivables from related parties		—		3,120
Other assets		237,058		17
Total Assets	$	233,839,661	$	246,914,890
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	4,348,870
Written options, at fair value		99,845		165,760
Due to Broker		2,254,497		—
Interest payable		9,957		—
Pending owner additions		—		36,462
Owner redemptions payable		614,346		612,170
Incentive fees payable to Managing Owner		1,124,950		382,136
Management fees payable to Managing Owner		602,808		402,943
Interest payable to Managing Owner		78,424		162,121
Trading fees payable to Managing Owner		262,654		282,522
Service fees payable to Managing Owner		292,064		273,856
Payables to related parties		45,334		63,744
Other liabilities		202,617		7
Total Liabilities		5,587,496		6,730,591
CAPITAL
Managing Owner Units		2,920,542		5,798,155
Limited Owner Units		223,596,152		234,386,144
Non-Controlling Interests		1,735,471		—
Total Capital		228,252,165		240,184,299
Total Liabilities and Capital	$	233,839,661	$	246,914,890

The accompanying notes are an integral part of these consolidated financial statements.

60

Equinox Frontier Funds

Consolidated Condensed Schedule of Investments

September 30, 2016 (Unaudited)

		Fair			% of Total Capital
Description		Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
	Various base metals futures contracts (U.S.)	$	549,509			0.24	%
	Various currency futures contracts (Canada)		2,760			0.00	%
	Various currency futures contracts (Europe)		343,358			0.15	%
	Various currency futures contracts (Far East)		108,240			0.05	%
	Various currency futures contracts (Oceanic)		134,786			0.06	%
	Various currency futures contracts (U.S.)		(12,505	)		-0.01	%
	Various energy futures contracts (U.S.)		1,458,443			0.64	%
	Various interest rates futures contracts (Canada)		8,681			0.00	%
	Various interest rates futures contracts (Europe)		554,813			0.24	%
	Various interest rates futures contracts (Far East)		160,972			0.07	%
	Various interest rates futures contracts (Oceanic)		55,529			0.02	%
	Various interest rates futures contracts (U.S.)		(153,606	)		-0.07	%
	Various precious metal futures contracts (U.S.)		(276,498	)		-0.12	%
	Various soft futures contract (Europe)		(24,923	)		-0.01	%
	Various soft futures contract (Far East)		4,147			0.00	%
	Various soft futures contract (U.S.)		(531,045	)		-0.23	%
	Various soft futures contracts (Europe)		801			0.00	%
	Various soft futures contracts (Far East)		(316	)		0.00	%
	Various soft futures contracts (U.S.)		(55,032	)		0.00	%
	Various stock index futures contracts (Canada)		38,378			0.00	%
	Various stock index futures contracts (Europe)		319,386			0.14	%
	Various stock index futures contracts (Far East)		(107,123	)		-0.05	%
	Various stock index futures contracts (Oceanic)		85,243			0.04	%
	Various stock index futures contracts (U.S.)		1,050,606			0.46	%
	Total Long Futures Contracts	$	3,714,605			1.63	%
SHORT FUTURES CONTRACTS *
	Various base metals futures contracts (U.S.)	$	(472,057	)		-0.21	%
	Various currency futures contracts (Canada)		(23,839	)		-0.01	%
	Various currency futures contracts (Europe)		362,381			0.16	%
	Various currency futures contracts (Far East)		(12,736	)		-0.01	%
	Various currency futures contracts (Oceanic)		(61,983	)		-0.03	%
	Various currency futures contracts (U.S.)		142,374			0.06	%
	Various energy futures contracts (Europe)		(6,311	)		0.00	%
	Various energy futures contracts (Far East)		(2,266	)		0.00	%
	Various energy futures contracts (U.S.)		(2,459,464	)		-1.08	%
	Various interest rates futures contracts (Canada)		(618	)		0.00	%
	Various interest rates futures contracts (Europe)		(11,358	)		0.00	%
	Various interest rates futures contracts (Far East)		(25,281	)		-0.01	%
	Various interest rates futures contracts (Oceanic)		(111,828	)		-0.05	%
	Various interest rates futures contracts (U.S.)		(112,096	)		-0.05	%
	Various precious metal futures contracts (Far East)		19,186			0.01	%
	Various precious metal futures contracts (U.S.)		13,030			0.01	%
	Various soft futures contract (Europe)		805			0.00	%
	Various soft futures contract (U.S.)		921,802			0.40	%
	Various soft futures contracts (Canada)		(723	)		0.00	%
	Various soft futures contracts (Europe)		95,739			0.04	%
	Various soft futures contracts (U.S.)		222,757			0.10	%
	Various stock index futures contracts (Africa)		8,011			0.00	%
	Various stock index futures contracts (Europe)		(676	)		0.00	%
	Various stock index futures contracts (Far East)		52,264			0.02	%
	Various stock index futures contracts (U.S.)		53,945			0.02	%
	Total Short Futures Contracts	$	(1,408,941	)		-0.62	%
CURRENCY FORWARDS *
	Various currency forwards contracts (NA)	$	162,113			0.07	%
	Total Currency Forwards	$	162,113			0.07	%
	Total Open Trade Equity (Deficit)	$	2,467,777			1.08	%
OPTIONS PURCHASED *
	Various energy futures contracts (U.S.)		16,000			0.01	%
	Various stock index futures contracts (U.S.)		246,365			0.11	%
	Total Options Purchased	$	262,365			0.11	%
OPTIONS WRITTEN *
	Various soft futures contracts (U.S.)		(2,520	)		0.00	%
	Various stock index futures contracts (U.S.)	$	(97,325	)		-0.04	%
	Total Options Written	$	(99,845	)		-0.04	%
SWAPS (1)
	Frontier Brevan Howard swap (U.S.)	$	8,499,864			3.72	%
	Frontier XXXIV Balanced select swap (U.S.)		16,586,708			7.27	%
	Frontier XXXV Diversified select swap (U.S.)		7,234,984			3.17	%
	Frontier XXXVII L/S select swap (U.S.)		4,258,423			1.87	%
	Total Swaps	$	36,579,979			16.03	%
U.S. TREASURY SECURITIES
FACE VALUE		Fair Value			Fair Value
$      27,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)	$	22,826,123			10.00	%
$      20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		24,555,400			10.76	%
	Total U.S. Treasury Securities	$	47,381,524			20.76	%

* 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.

61

Equinox Frontier Fund

Consolidated Condensed Schedule of Investments

December 31, 2015

		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	%
	Heat Oil Settling 6/29/2016 (Number of Contracts:2314)		(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	%
	Heat 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	%
U.S. TREASURY SECURITIES
FACE VALUE		Fair Value			Fair 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	%

* 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.

62

Equinox Frontier Funds

Consolidated Statements of Operations

For the Three Months Ended September 30, 2016 and 2015

(Unaudited)

	2016			2015
Investment income:
Interest - net	$	57,865		$	241,843
Total Income		57,865			241,843
Expenses:
Incentive Fees		1,124,416			343,725
Management Fees		1,181,056			1,244,029
Service Fees - Class 1		923,098			1,033,970
Trading Fees		1,106,628			835,725
Other Fees		40,034			—
Total Expenses		4,375,232			3,457,449
Investment income/(loss) - net		(4,317,367	)		(3,215,606	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		8,165,323			(3,904,245	)
Net change in open trade equity/(deficit)		(6,910,531	)		5,395,224
Net realized gain/(loss) on swap contracts		—			—
Net unrealized gain/(loss) on swap contracts		860,209			418,234
Net realized gain/(loss) on U.S. Treasury securities		2,155,803			—
Net unrealized gain/(loss) on U.S. Treasury securities		(3,285,352	)		3,324,586
Trading commissions		(41,688	)		(699,287	)
Net gain/(loss) on investments		943,764			4,534,512
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(3,373,603	)		1,318,906
Less: Operations attributable to non-controlling interests		(59,375	)		—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(3,314,228	)	$	1,318,906

The accompanying notes are an integral part of these consolidated financial statements.

63

Equinox Frontier Funds

Consolidated Statements of Operations

For the Nine Months Ended September 30, 2016 and 2015

(Unaudited)

	2016			2015
Investment income:
Interest - net	$	482,792		$	811,474
Total Income		482,792			811,474
Expenses:
Incentive Fees		4,200,079			5,341,237
Management Fees		3,506,046			3,813,217
Service Fees - Class 1		2,785,220			3,334,861
Trading Fees		2,928,452			2,643,574
Other Fees		71,046			—
Total Expenses		13,490,843			15,132,889
Investment income/(loss) - net		(13,008,051	)		(14,321,415	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		9,720,269			21,904,731
Net change in open trade equity/(deficit)		7,764,172			(8,100,112	)
Net unrealized gain/(loss) on swap contracts		(3,556,086	)		1,647,610
Net realized gain/(loss) on U.S. Treasury securities		7,622,697			588,474
Net unrealized gain/(loss) on U.S. Treasury securities		(2,246,802	)		183,524
Trading commissions		(1,166,877	)		(2,125,634	)
Net gain/(loss) on investments		18,137,372			14,098,593
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		5,129,321			(222,822	)
Less: Operations attributable to non-controlling interests		(59,375	)		—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	5,188,696		$	(222,822	)

The accompanying notes are an integral part of these consolidated financial statements.

64

Equinox Frontier Funds

Consolidated Statement of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2016 (Unaudited)

							Non-
	Managing			Limited			Controlling
	Owner			Owners			Interests		Total
Owners’ Capital, December 31, 2015	$	5,798,155		$	234,386,144		$	—	$	240,184,299
Sale of Units		—			6,982,912			—		6,982,912
Redemption of Units		—			(25,839,213	)		—		(25,839,213	)
Net increase/(decrease) in Owners’		—			—			—		—
Change in control of ownership - Private investment companies		—			—			1,676,096		1,676,096
Operations attributable to non-controlling interests		—			—			59,375		59,375
Capital resulting from operations		(2,877,613	)		8,066,309			—		5,188,696
Owners’ Capital, September 30, 2016	$	2,920,542		$	223,596,152		$	1,735,471	$	228,252,165

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.

65

Equinox Frontier Funds

Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	2016			2015
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	5,129,321		$	(222,822	)
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		(7,764,172	)		7,123,814
Net change in options purchased		—			7,336,563
Net change in options written		—			(7,639,523	)
Net change in ownership allocation of U.S. Treasury Securities		(18,872,707	)		—
Net unrealized (gain)/loss on swap contracts		3,556,086			(1,647,609	)
Net unrealized gain/(loss) on private investment companies		—			—
Net unrealized (gain)/loss on U.S. Treasury securities		2,246,802			(183,524	)
Net realized (gain)/loss on U.S. Treasuries securities		(7,622,697	)		(588,474	)
(Purchases) sales of:
(Purchases) of swap contracts		—			(1,000,000	)
Sales of U.S. Treasury securities		122,230,239			28,542,000
(Purchases) of U.S. Treasury securities		(26,620,440	)		(21,196,875	)
U.S. Treasury interest and premium paid/amortized		—			1,935,076
Increase and/or decrease in:
Receivable from futures commission merchants		(55,003,671	)		9,871,056
Prepaid service fees		(105,092	)		(14,997	)
Interest receivable		1,747,731			1,399,917
Due to Broker		2,254,497			—
Control of ownership of Private Investment Companies		1,676,096			—
Receivable from related parties		3,120			1,453
Other assets		(237,043	)		500,000
Interest payable		9,957			—
Incentive fees payable to Managing Owner		742,814			(6,321,603	)
Management fees payable to Managing Owner		199,865			(54,412	)
Interest payable to Managing Owner		(83,697	)		(30,659	)
Trading fees payable to Managing Owner		(19,868	)		(52,710	)
Service fees payable to Managing Owner		18,208			(58,199	)
Payables to related parties		(18,410	)		20,574
Other liabilities		202,611			—
Net cash provided by (used in) operating activities		23,669,550			17,719,046
Cash Flows from Financing Activities:
Proceeds from sale of capital		6,982,912			15,399,279
Payment for redemption of capital		(25,839,213	)		(37,999,014	)
Payment made by the Managing Owner		—			1,211,610
Pending owner additions		(36,462	)		(6,709	)
Redemptions payable		2,176			(69,442	)
Net cash provided by (used in) financing activities		(18,890,587	)		(21,464,276	)
Net increase (decrease) in cash and cash equivalents		4,778,964			(3,745,230	)
Cash and cash equivalents, beginning of period		13,975,625			18,977,844
Cash and cash equivalents, end of period	$	18,754,589		$	15,232,614

66

Equinox Frontier Funds

Notes to Consolidated Financial Statements (Unaudited)

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. The Trust is a multi-advisor commodity pool, as described in CFTC Regulation § 4.10(d)(2). The Trust has authority to issue separate Series of Units pursuant to the requirements of 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. It is managed by the Managing Owner.

Purchasers of Units are Limited Owners of the Trust 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, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders, as amended from time to time (“Trust Agreement”), unitholders of the Trustwill 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 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.

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. 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;

● 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;

● 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 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 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 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. 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

67

● 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.

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, are maintained in the books and records of each Series.

As of September 30, 2016, the Trust, with respect to the Equinox Frontier Diversified Fund and 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 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 Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1a, Class 2, Class 3, Class 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. Between April 15, 2016 and September 30, 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 sponsored 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 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.

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. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

Basis of Presentation—The Trust 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.

68

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, 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 and Galaxy Plus entities in which a Series has a controlling and majority equity interest are consolidated by such Series. Investments in Trading Companies and Galaxy Plus entities in which a Series does not have a controlling and majority interest are accounted for under the equity method, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading 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 Trading Companies or net unrealized gain/(loss) on private investment companies.

As of September 30, 2016, the consolidated balance sheet of Equinox Frontier Balanced Fund included the assets and liabilities of its majority owned Trading Companies and Galaxy Plus entities. These Trading Companies include Frontier Trading Company I, LLC and Frontier Trading Company XXXIV, LLC. The Galaxy Plus entities include Galaxy Plus Fund – QIM Feeder Fund (526) LLC, Galaxy Plus Fund – Fort Contrarian Feeder Fund (510) LLC, Galaxy Plus Fund – Doherty Feeder Fund (528) LLC and Galaxy Plus Fund – Quantmetrics Feeder Fund (527) LLC.

For the nine months ended September 30, 2016, the consolidated statement of operations of Equinox Frontier Balanced Fund included the earnings of its majority owned Trading Companies and Galaxy Plus entities listed above. Equinox Frontier Balanced Fund began investing in Galaxy Plus beginning April 15, 2016.

As of September 30, 2016, the consolidated balance sheet of Equinox Frontier Diversified Fund included the assets and liabilities of its majority owned Frontier Trading Company XXXV, LLC and the assets and liabilities of its majority owned Galaxy Plus entities, Galaxy Plus Fund – Chesapeake Feeder Fund (518) LLC and Galaxy Plus Fund – Quest Feeder Fund (517) LLC.

For the nine months ended September 30, 2016, the consolidated statement of operations of Equinox Frontier Diversified Fund included the earnings of its majority owned Trading Company and Galaxy Plus entities listed above. Equinox Frontier Diversified Fund began investing in Galaxy Plus beginning April 15, 2016.

As of and for the nine months ended September 30, 2016, the consolidated balance sheet and statement of operations of Equinox Frontier Heritage Fund included the assets and liabilities, and earnings, of its majority owned Trading Company, Frontier Trading Company XXXIX, LLC.

As of and for the nine months ended September 30, 2016, the consolidated balance sheet and statement of operations of Equinox Frontier Select Fund included the assets and liabilities, and earnings, of its majority owned Trading Company, Frontier Trading Company XV, LLC.

As of and for the nine months ended September 30, 2016, the consolidated balance sheet and statement of operations of Equinox Frontier Winton Fund included the assets and liabilities, and earnings, of its majority owned Trading Company, Frontier Trading Company II, LLC.

Frontier Trading Company XXXVIII, LLC’s assets, liabilities and earnings are allocated to all of the Series of the Trust based on their proportionate share of the cash pool. Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC Galaxy Plus Fund – LRR Feeder Fund (522) LLC are not consolidated and are accounted for using the equity method of accounting for the three months ended September 30, 2016. Through June 30, 2016, Equinox Frontier Long/Short Commodity Fund had a controlling interest in Galaxy Plus Fund - LRR Feeder Fund (522) LLC. The Statement of Operations for the nine months ended September 30, 2016 is presented with the results of Galaxy Plus Fund - LRR Feeder Fund (522) LLC consolidated through June 30, 2016.

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.

69

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. Treasuries and assets held at a futures commission merchant (“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, 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 Series, and shown net on the statement of operations.

U.S. Treasury Securities—U.S. Treasury Securities are reported at fair value as Level 1 inputs under ASC 820,Fair ValueMeasurements 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 From Futures Commission Merchants—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.

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.

Foreign Currency Transactions—The Series of the Trust’s functional currency is the U.S. 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 three to seven classes of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a, Class 3a and Class 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 1AP 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 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 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.

70

Investments and Swaps—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, 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, 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 based upon daily reports from the counterparty. 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.

Income Taxes—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 year ended December 31, 2015. The 2012 through 2016 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 (iii) the discussion set forth in the Prospectus under the heading “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 Expenses—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.

Service Fees—The Trust may maintain 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 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 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 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 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 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.

71

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.

Reclassification – Certain amounts in the 2015 financial statements have been reclassified to conform with the 2016 presentation. None of the reclasses had an impact on the NAV or performance of the Series.

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.

3. Fair Value Measurements

In connection with the valuation of investments the Trust applies 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 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 Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return 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, 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. 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.

72

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 Management Committee and the Trust’s Executive Committee. The valuation committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The valuation committee’s designee monitors daily pricing valuation provided by the swap. 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

The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, in aggregate, measured at fair value on a recurring basis as of September 30, 2016 and 2015, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

September 30, 2016	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	2,305,664		$	162,113		$	—	$	2,467,777
Swap Contracts		—			—			36,579,979		36,579,979
U.S. Treasury Securities		47,381,524			—			—		47,381,524
Purchased Options		—			262,365			—		262,365
Written Options		—			(99,845	)		—		(99,845	)
									Total
December 31, 2015	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	(4,424,290	)	$	75,418		$	—	$	(4,348,872	)
Swap Contracts		—			—			40,136,065		40,136,065
U.S. Treasury Securities		117,478,438			—			—		117,478,438
Written Options		—			526,288			—		526,288
Funds		—			(165,760	)		—		(165,760	)

73

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.

	For the Nine
	Months Ended
	September 30, 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		(3,556,086	)
Purchase of investments		—
Sale of investments
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2016	$	36,579,979
	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
Purchase of investments		1,000,000
Sale of investments
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2015	$	40,136,065

74

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 nine months ended September 30, 2016, 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 September 30, 2016:

Swap contracts $ (3,556,086 )

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2015:

Swap contracts $ 3,145,177

4. Swaps Contracts

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 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 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 swaps will likely differ substantially over time due to cash flows, portfolio management decisions and market movements. The swaps 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.

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 September 30, 2016 and December 31, 2015, approximately 14.26% or $36,579,979 and 16.71% or $40,136,065, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as Swap 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.

75

The Trust had invested in the following swap contracts as of and for the nine months ended September 30, 2016:

	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	$11,413,283	$6,986,708	$13,851,707	$1,877,692
Termination Date	3/26/2018	8/2/2018	8/2/2018	8/7/2018
Cash Collateral	$5,985,998	$9,600,000	$3,400,000	$3,880,000
Swap Value	$2,513,865	$6,986,708	$3,834,984	$378,423
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$539,597	($2,570,811)	($1,450,864)	($74,005)
Fair Value as of 9/30/2016	$8,499,864	$16,586,708	$7,234,984	$4,258,423
The Trust had invested in the following swap contracts 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	$5,285,849	$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	$8,685,849	$4,332,428

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 1AP 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, calculated on a daily basis. The total amount of assets of a series allocated 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” of the 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 1AP, Class 2a and Class 3a, 2.0% for the Equinox Frontier Winton Fund, Equinox Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a 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 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 series by the Managing Owner. As of the date of this Form 10-Q, 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.

76

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.

Trading Fees—In connection with each Series’ trading activities, from January 1, 2016 through April 28, 2016, the Equinox Frontier Long/Short Commodity Fund (Classes 2 and 3), Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund paid to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% of such Series’ NAV, calculated daily ; thereafter each of the Series pays to the Managing Owner a FCM Fee of up to 0.75% of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform. Until April 28, 2016, the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a, 2a, and 3a) and Equinox Frontier Masters Fund paid 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 trading fee, or 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 by such Series, monthly or quarterly. 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 September 30, 2016, the Trust has a payable to the Managing Owner in the amounts of $1,124,950, $602,808, $, $78,424 and $262,654 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.

For the three months ended September 30, 2016 the Trust paid the Managing Owner $1,124,416, $1,181,056, $923,098 and $1,106,628 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended September 30, 2015, the Trust paid the Managing Owner $343,725, $1,244,029, $1,033,970 and $835,725for incentive fees, management fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2016, the Trust paid the Managing Owner $4,200,079, $3,506,046, $2,785,220 and $2,928,452 for incentive fees, management fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2015, the Trust paid the Managing Owner $5,341,237, $3,813,217, $3,334,861 and $2,643,574 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. For the nine months ended September 30, 2016 and 2015, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $12 and $22,295, respectively.

77

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, 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.

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three and nine months ended September 30, 2016 and 2015:

Three Months Ended
	9/30/2016			9/30/2015		9/30/2016			9/30/2015
	Gross Amount			Gross Amount
	Paid to the			Paid to the		Ratio to			Ratio to
	Managing			Managing		Average Net			Average Net
	Owner			Owner		Assets			Assets
Equinox Frontier Diversified Class 1	$	995		$	47,478		0.01	%		0.27	%
Equinox Frontier Diversified Class 2		5,366			103,124		0.01	%		0.30	%
Equinox Frontier Diversified Class 3		1,996			26,905		0.01	%		0.34	%
Equinox Frontier Masters Class 1		1,908			30,886		0.03	%		0.29	%
Equinox Frontier Masters Class 2		1,982			27,704		0.03	%		0.31	%
Equinox Frontier Masters Class 3		2,264			20,012		0.03	%		0.38	%
Equinox Frontier Long/Short Class 2		(232	)		2,708		-0.03	%		0.22	%
Equinox Frontier Long/Short Class 3		(1,019	)		16,758		-0.02	%		0.22	%
Equinox Frontier Long/Short Class 1a		(677	)		12,113		-0.02	%		0.22	%
Equinox Frontier Long/Short Class 2a		(277	)		3,611		-0.03	%		0.23	%
Equinox Frontier Long/Short Class 3a		(126	)		2,093		-0.01	%		0.27	%
Equinox Frontier Balanced Fund Class 1		65,497			193,959		0.11	%		0.27	%
Equinox Frontier Balanced Fund Class 1AP		744			2,092		0.11	%		0.01	%
Equinox Frontier Balanced Fund Class 2		24,266			67,482		0.11	%		0.27	%
Equinox Frontier Balanced Fund Class 2A		126			1,599		0.02	%		0.28	%
Equinox Frontier Balanced Fund Class 3A		547			7,310		0.02	%		0.27	%
Equinox Frontier Select Fund Class 1		13,572			13,463		0.12	%		0.10	%
Equinox Frontier Select Fund Class 1AP		49			51		0.12	%		0.00	%
Equinox Frontier Select Fund Class 2		1,691			1,476		0.12	%		0.10	%
Equinox Frontier Winton Class 1		70,519			106,747		0.31	%		0.41	%
Equinox Frontier Winton Class 1AP		118			163		0.31	%		0.00	%
Equinox Frontier Winton Class 2		38,069			53,775		0.31	%		0.41	%
Equinox Frontier Heritage Fund Class 1		16,017			26,544		0.19	%		0.27	%
Equinox Frontier Heritage Fund Class 1AP		46			173		0.20	%		0.01	%
Equinox Frontier Heritage Fund Class 2		5,520			8,814		0.19	%		0.27	%
Total	$	248,960		$	777,040

78

Nine Months Ended
	9/30/2016		9/30/2015		9/30/2016			9/30/2015
	Gross Amount		Gross Amount
	Paid to the		Paid to the		Ratio to			Ratio to
	Managing		Managing		Average Net			Average Net
	Owner		Owner		Assets			Assets
Equinox Frontier Diversified Class 1	$	8,801	$	34,336		0.11	%		0.20	%
Equinox Frontier Diversified Class 2		34,827		67,171		0.09	%		0.20	%
Equinox Frontier Diversified Class 3		11,204		15,095		0.09	%		0.19	%
Equinox Frontier Masters Class 1		7,876		21,959		0.11	%		0.20	%
Equinox Frontier Masters Class 2		7,736		17,885		0.11	%		0.20	%
Equinox Frontier Masters Class 3		7,257		10,832		0.10	%		0.20	%
Equinox Frontier Long/Short Class 2		297		2,237		0.03	%		0.18	%
Equinox Frontier Long/Short Class 3		1,956		13,363		0.04	%		0.18	%
Equinox Frontier Long/Short Class 1a		1,392		10,050		0.04	%		0.18	%
Equinox Frontier Long/Short Class 2a		402		2,985		0.03	%		0.19	%
Equinox Frontier Long/Short Class 3a		298		1,368		0.03	%		0.18	%
Equinox Frontier Balanced Fund Class 1		403,740		564,041		0.65	%		0.78	%
Equinox Frontier Balanced Fund Class 1AP		4,600		6,719		0.65	%		0.03	%
Equinox Frontier Balanced Fund Class 2		147,443		213,004		0.65	%		0.86	%
Equinox Frontier Balanced Fund Class 2A		737		1,000		0.13	%		0.17	%
Equinox Frontier Balanced Fund Class 3A		3,248		4,580		0.13	%		0.17	%
Equinox Frontier Select Fund Class 1		26,634		54,786		0.22	%		0.40	%
Equinox Frontier Select Fund Class 1AP		103		200		0.22	%		0.00	%
Equinox Frontier Select Fund Class 2		3,225		6,178		0.22	%		0.41	%
Equinox Frontier Winton Class 1		259,609		348,467		1.12	%		1.33	%
Equinox Frontier Winton Class 1AP		423		516		1.11	%		0.02	%
Equinox Frontier Winton Class 2		136,727		157,203		1.11	%		1.19	%
Equinox Frontier Heritage Fund Class 1		61,772		88,009		0.71	%		0.89	%
Equinox Frontier Heritage Fund Class 1AP		329		554		0.76	%		0.02	%
Equinox Frontier Heritage Fund Class 2		20,981		29,061		0.71	%		0.89	%
Total	$	1,151,617	$	1,671,599

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $0 and $730,000 for the nine months ended September 30, 2016 and 2015, and $264,419 and $0 for the three months ended September 30, 2016 and 2015, 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, $0 and $623,715, respectively, for the nine months ended September 30, 2016 and 2015 and $0 and $307,442 for the three months ended September 30, 2016 and 2015, respectively. These amounts have no impact on the Series’ financial statements.

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 three months ended September 30, 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.

6. Financial Highlights

The following information presents the financial highlights of the Trust for the three and nine months ended September 30, 2016 and 2015. This data has been derived from the information presented in the consolidated financial statements.

79

Three months ended
	2016			2015
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-5.97	%		-4.69	%
Expenses before incentive fees (3)		5.58	%		4.93	%
Expenses after incentive fees (3)		6.07	%		5.07	%
Total return before incentive fees (2)		-0.95	%		0.66	%
Total return after incentive fees (2)		-1.43	%		0.53	%
Nine months ended
	2016			2015
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.73	%		-6.54	%
Expenses before incentive fees (3)		5.24	%		4.94	%
Expenses after incentive fees (3)		7.01	%		6.95	%
Total return before incentive fees (2)		3.96	%		1.27	%
Total return after incentive fees (2)		2.19	%		-0.08	%

(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.

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.

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 September 30, 2016 and December 31, 2015 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 three and nine months ended September 30, 2016 and 2015, the monthly average of futures contracts bought was approximately 51,346 and 10,232, respectively and sold was approximately 50,577 and 10,304, respectively.

Realized Trading Revenue from Futures, Forwards and Options
for the Three Months Ended September 30, 2016
Type of contract
Metals	$	583,815
Currencies		1,114,620
Energies		423,499
Agriculturals		(332,644	)
Interest rates		1,923,178
Stock indices		4,452,854
Realized trading income/(loss)(1)	$	8,165,323
Realized Trading Revenue from Futures, Forwards and Options
for the Three Months Ended September 30, 2015
Type of contract
Metals	$	2,479,348
Currencies		(1,895,930	)
Energies		6,449,121
Agriculturals		(527,759	)
Interest rates		(127,865	)
Stock indices		(10,281,160	)
Realized trading income/(loss)(1)	$	(3,904,245	)

80

Realized Trading Revenue from Futures, Forwards and Options
for the Nine Months Ended September 30, 2016
Type of contract
Metals	$	(4,841,613	)
Currencies		(3,513,673	)
Energies		2,367,334
Agriculturals		(1,475,832	)
Interest rates		17,331,004
Stock indices		(146,952	)
Realized trading income/(loss)(1)	$	9,720,269
Realized Trading Revenue from Futures, Forwards and Options
for the Nine Months Ended September 30, 2015
Type of contract
Metals	$	(1,050,465	)
Currencies		2,238,262
Energies		11,201,093
Agriculturals		(609,537	)
Interest rates		8,022,959
Stock indices		2,102,419
Realized trading income/(loss)(1)	$	21,904,731
Net Change in Open Trade Equity from Futures, Forwards and Options
for the Three Months Ended September 30, 2016
Type of contract
Metals	$	(515,783	)
Currencies		(2,066,999	)
Energies		(1,166,561	)
Agriculturals		(131,343	)
Interest rates		(4,152,491	)
Stock indices		1,122,646
Change in unrealized trading income/(loss)(1)	$	(6,910,531	)
Net Change in Open Trade Equity from Futures, Forwards and Options
for the Three Months Ended September 30, 2015
Type of contract
Metals	$	(165,881	)
Currencies		(644,008	)
Energies		(3,278,490	)
Agriculturals		426,232
Interest rates		5,601,833
Stock indices		3,455,538
Change in unrealized trading income/(loss)(1)	$	5,395,224
Net Change in Open Trade Equity from Futures, Forwards and Options
for the Nine Months Ended September 30, 2016
Type of contract
Metals	$	1,937,944
Currencies		133,102
Energies		1,583,719
Agriculturals		436,654
Interest rates		1,761,984
Stock indices		1,910,770
Change in unrealized trading income/(loss)(1)	$	7,764,172
Net Change in Open Trade Equity from Futures, Forwards and Options
for the Nine Months Ended September 30, 2015
Type of contract
Metals	$	725,357
Currencies		(2,649,965	)
Energies		(7,965,479	)
Agriculturals		864,292
Interest rates		1,206,417
Stock indices		(280,735	)
Change in unrealized trading income/(loss)(1)	$	(8,100,113	)

(1) Amounts recorded in the Statements of Operations under Net realized gain(loss) on futures forwards and options.

81

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.

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 September 30, 2016 and December 31, 2015:

Offsetting of Derivative Assets and Liabilities
As of September 30, 2016						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)	$	6,930,061	$	(4,462,284	)	$	2,467,777
Options Purchased		262,365		—			262,365
Options Written		—		(99,845	)		(99,845	)
Swap Contracts		36,579,979		—			36,579,979

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. 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 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.

82

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.

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 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. Subsequent Events

The Trust had a change in its transfer agency provider.  Gemini Fund Services, LLC has taken on the role of transfer agent as of October 14, 2016.  Prior to this date, Phoenix American Financial Services, Inc. had acted as the Trust’s transfer agent.

83

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

The following discussion and analysis contains forward-looking statements about the Managing Owner’s expectations of what may happen in the future. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties, and our results could differ materially from the results anticipated by our forward-looking statements as a result of many known or unknown factors, including, but not limited to, those factors discussed in “Risk Factors.” See also the “Special Note About Forward-Looking Statements” set forth at the beginning of this report.

The following discussion and tables should be read in conjunction with our unaudited consolidated financial statements and notes thereto included in this quarterly report and our 2015 Annual Report on Form 10-K for the year ended December 31, 2015.

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, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including 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 of Gemini Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of the other Trading Companies and Galaxy Plus entities. 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.

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 and Galaxy Plus entities, as well as the carrying value of the custom time deposits. 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.

84

Selection and Replacement of Trading Advisors

The managing owner is responsible for the selection, retention and termination of the trading advisors and reference programs on behalf of each series. The actual allocation among trading advisors for each series will vary based upon the relative trading performance of the trading advisors and/or reference programs, and the managing owner may otherwise vary such percentages from time to time in its sole discretion. The managing owner will adjust its allocations and rebalance the portfolio of any series among trading advisors to maintain weightings that it believes will most likely achieve capital growth within the investment guidelines of the relevant series.

The managing owner utilizes certain quantitative and qualitative analysis in connection with the identification, evaluation and selection of the trading advisors. The managing owner’s proprietary and commercial analytical software programs and comprehensive trading advisor database provide the quantitative basis for the trading advisor selection, portfolio implementation process, and ongoing risk management, monitoring, and review.

The managing owner’s research department is continually refining ways to assimilate vast amounts of trading 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 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’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, qualitative analysis plays a major role in the trading advisor evaluation and final selection process. Each trading advisor in the managing owner’s top decile universe initially undergoes extensive qualitative review by the managing 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) onsite due diligence, (4) extensive due diligence questionnaires and (5) written review and periodic updates. This information allows a thorough review of each trading advisor’s trading philosophy, trading systems and corporate structure.

Multi-Manager Approach

A multi-manager approach to portfolio management provides diversification of trading advisors and access to broader global markets. Multiple trading 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.

85

The trading system of each of the major commodity trading advisors used by the Trading Companies is as follows:

Major Commodity Trading Advisor	Trading System Style
BH-DG Systematic Trading LLP	Systematic
Chesapeake Capital Corporation	Systematic
Crabel Capital Management, LLC	Systematic
Emil Van Essen, LLC	Discretionary
Fort, L.P.	Systematic
H2O Asset Management	Systematic
J E Moody & Company	Systematic
Quantitative Investment Management, LLC	Systematic
QuantMetrics Capital Management LLP	Systematic
Quest Partners LLC	Systematic
Red Oak Commodity Advisors, Inc.	Discretionary
Rosetta Capital Management, LLC	Discretionary
Transtrend B.V.	Systematic
Winton Capital Management Ltd.	Systematic

As of September 30, 2016, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:

	Equinox			Equinox			Equinox			Equinox			Equinox			Equinox			Equinox
	Frontier			Frontier			Frontier			Frontier			Frontier			Frontier			Frontier
Advisor	Diversified			Long/Short			Masters			Balanced			Select			Winton			Heritage
Beach Horizon		—			—			—			5	%		—			—			—
BH- DG Systematic Trading LLP		—			—			—			—			57	%		—			42	%
Chesapeake Capital Corporation		9	%		19	%		25	%		—			—			—			—
Crabel Capital Management, LLC		4	%		—			—			5	%		—			—			—
Doherty		5	%								5	%
Emil Van Essen, LLC		9	%		24	%		23	%		8	%		—			—			—
Fort, L.P.		15	%		—			—			0	%		—			—			—
H2O Asset Management		7	%		—			—			11	%		—			—			—
J E Moody & Company		—			11	%		—			—			—			—			—
Landmark		4	%		4	%					3	%
Quantitative Investment Management, LLC		23	%		—			—			22	%		—			—			—
QuantMetrics Capital Management LLP		15	%		—			—			15	%		—			—			—
Quest Partners LLC		2	%		—			—			2			—			—			—
Red Oak Commodity Advisors, Inc.		—			22	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			21	%		—			—			—			—			—
Transtrend B.V.		—			—			28	%		—			43	%		—			—
Winton Capital Management Ltd.		8	%		—			24	%		10	%		—			100	%		58	%

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.

86

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 June 30,2016, cash deposited at the clearing brokers was $123,501,103 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 0.25% to 0.5%, this amount is estimated to be 0.25%. 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 Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to the 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.. The amount 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 September 30, 2016, total cash and cash equivalents held at banking institutions were $1,139,165 for the Equinox Frontier Diversified Fund, $0 the Equinox Frontier Long/Short Commodity Fund, $932,192 for the Equinox Frontier Masters Fund, $2,277,583 for the Equinox Frontier Balanced Fund, $472,330 for the Equinox Frontier Select Fund, $3,485,693 for the Equinox Frontier Winton Fund, and $660,350 for the Equinox Frontier Heritage Fund.

As a commodity pool, the Trust 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 Trust has not been forced to liquidate positions to fund redemptions. During the nine months ended September 30, 2016, the Trust 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.

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.

87

In the case of forward contracts and swaps traded on the interbank market, 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

Series Returns and Other Information

The returns for each Series and Class of Units for the nine months ended September 30, 2016 and 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 nine months ended September 30, 2016 and 2015. The performance of each Series was impacted over the course of the periods 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 certain 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 periods presented.

Three months ended September 30, 2016 Compared to Three Months Ended September 30, 2015.

Equinox Frontier Diversified Fund

The Equinox Frontier Diversified Fund— Class 1 NAV lost 1.92% and gained 1.25%, respectively, for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV lost 1.48% and gained 1.70%, respectively for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 3 NAV lost 1.41% and gained 1.76%, respectively for the three months ended September 30, 2016 and 2015.

For the three months ended September 30, 2016, the Equinox Frontier Diversified Fund recorded net loss on investments of $800,763 net investment income of $31,817, and total expenses of $598,421 resulting in a net decrease in Owners’ capital from operations of $862,922, after non-controlling interest of 504,446. For the three months ended September 30, 2015, the Equinox Frontier Diversified Fund recorded net gain on investments of $3,137,315, net investment income of $142,006, and total expenses of $908,247 resulting in a net increase in Owners’ capital from operations of $885,542, after non-controlling interests of $1,485,532.

Please see additional discussion under “Nine months Ended September 30, 2016 Compared to Nine months Ended September 30, 2015 – Equinox Frontier Diversified Fund.”

88

Equinox Frontier Masters Fund

The Equinox Frontier Masters Fund—Class 1 NAV lost 0.68% and gained 3.00% for the three months ended September 30, 2016 and 2015 net of fees and expenses; the Equinox Frontier Masters Fund —Class 2 NAV lost 0.23% and gained 3.45% for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV lost 0.16% and gained 3.52% for the three months ended September 30, 2016 and 2015, net of fees and expenses.

For the three months ended September 30, 2016, the Equinox Frontier Masters Fund recorded net gain on investments of $200,199, net investment income of $23,296, and total expenses of $281,843, resulting in a net decrease in Owners’ capital from operations of $58,348. For the three months ended September 30, 2015, the Equinox Frontier Masters Fund recorded net gain on investments of $1,049,605, net investment income of $62,881, and total expenses of $366,465, resulting in a net increase in Owners’ capital from operations of $746,021.

Please see additional discussion under “Nine months Ended September 30, 2016 Compared to Nine months Ended September 30, 2015—Equinox Frontier Masters Fund.”

Equinox Frontier Long/Short Commodity Fund

The Equinox Frontier Long/Short Commodity Fund—Class 2 NAV lost 3.82% and lost 7.85%, respectively, for the three months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 3 NAV lost 2.82% and lost 7.85% respectively for the three months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 1a NAV lost 3.45% and lost 8.28% respectively, for the three months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 2a NAV lost 3.32% and lost 7.86% respectively, for the three months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV lost 2.04% and lost 7.81%, respectively, for the three months ended September 30, 2016, net of fees and expenses.

For the three months ended September 30, 2016, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $263,186, net investment income of $0, and total expenses of $65,347, resulting in a net decrease in Owners’ capital from operations of $392,162. For the three months ended September 30, 2015, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $1,047,364, net investment income of $29,827, and total expenses of $233,914, resulting in a net decrease in Owners’ capital from operations of $1,251,451.

Please see additional discussion under “Nine months Ended September 30, 2016 Compared to Nine months Ended September 30, 2015 – Equinox Frontier Long/Short Commodity Fund.”

Equinox Frontier Balanced Fund

The Equinox Frontier Balanced Fund—Class 1 NAV gained 0.02% and lost 1.46%, respectively, for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Balanced Fund — Class 2 NAV gained 0.79% and lost 0.71%, respectively, for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Balanced Fund — Class 2a NAV gained 0.88% and lost 0.47%, respectively, for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Balanced Fund — Class 3a NAV gained 0.87% and lost 0.47%, respectively, for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Balanced Fund — Class 1AP NAV gained 0.78% and lost 0.71% for the three months ended September 30, 2016 and 2015, net of fees and expenses.

For the three months ended September 30, 2016, the Equinox Frontier Balanced Fund recorded net gain on investments of $2,342,951 net investment income of $2,752, and total expenses of $1,859,410, resulting in a net increase in Owners’ capital from operations of $243,862, after non-controlling interests of $242,432. For the three months ended September 30, 2015, the Equinox Frontier Balanced Fund recorded net loss on investments of $16,101, net investment income of $7,127, and total expenses of $1,047,725, resulting in a net decrease in Owners’ capital from operations of $1,161,838, after non-controlling interests of $105,139.

Please see additional discussion under “Nine months Ended September 30, 2016 Compared to Nine months Ended September 30, 2015 – Equinox Frontier Balanced Fund.”

Equinox Frontier Select Fund

The Equinox Frontier Select Fund—Class 1 NAV lost 1.90% and gained 6.70%, respectively, for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Select Fund —Class 2 NAV lost 1.14% and gained 7.51% respectively for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Select Fund —Class 1AP NAV lost 1.14% and gained 7.51%, respectively, for the three months ended September 30, 2016 and 2015.

89

For the three months ended September 30, 2016, the Equinox Frontier Select Fund recorded net gain on investments of $10,160, net investment income of $0, and total expenses of $232,287, resulting in a net decrease in Owners’ capital from operations of $234,575, after non-controlling interests of $12,448. For the three months ended September 30, 2015, the Equinox Frontier Select Fund recorded net gain on investments of $1,808,306, net investment income of $0, and total expenses of $197,625, resulting in a net increase in Owners’ capital from operations of $895,851, after non-controlling interests of $714,830.

Please see additional discussion under “Nine months Ended September 30, 2016 Compared to Nine months Ended September 30, 2015 – Equinox Frontier Select Fund.”

Equinox Frontier Winton Fund

The Equinox Frontier Winton Fund—Class 1 NAV lost 4.84% and gained 2.11%, respectively, for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Winton Fund —Class 2 NAV lost 4.11% and gained 2.89%, respectively, for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Winton Fund —Class 1AP NAV lost 4.11% and gained 2.89%, respectively, for the three months ended September 30, 2016 and 2015.

For the three months ended September 30, 2016, the Equinox Frontier Winton Fund recorded net loss on investments of $1,783,567, net investment income of $0, and total expenses of $620,098, resulting in a net decrease in Owners’ capital from operations of $1,643,430, after non-controlling interests of $760,235. For the three months ended September 30, 2015, the Equinox Frontier Winton Fund recorded net gain on investments of $1,646,828, net investment income of $1, and total expenses of $543,267, resulting in a net increase in Owners’ capital from operations of $885,063, after non-controlling interests of $218,499.

Please see additional discussion under “Nine months Ended September 30, 2016 Compared to Nine months Ended September 30, 2015 – Equinox Frontier Winton Fund.”

Equinox Frontier Heritage Fund

The Equinox Frontier Heritage Fund—Class 1 NAV lost 3.95% and gained 2.42%, respectively, for the three months ended September 30, 2016 and 2015 net of fees and expenses; the Equinox Frontier Heritage Fund —Class 2 NAV lost 3.20% and gained 3.19%, respectively for the three months ended September 30, 2016 and 2015, net of fees and expenses; the Equinox Frontier Heritage Fund —Class 1AP NAV lost 3.21% and gained 3.19%, respectively, for the three months ended September 30, 2016.

For the three months ended September 30, 2016, the Equinox Frontier Heritage Fund recorded net loss on investments of $386,484, net investment loss income $0, and total expenses of $105,695, resulting in a net decrease in Owners’ capital from operations of $429,665, after non-controlling interests of $62,514. For the three months ended September 30, 2015, the Equinox Frontier Heritage Fund recorded net gain on investments of $677,482, net investment income of $1, and total expenses of $160,206, resulting in a net increase in Owners’ capital from operations of $319,718, after non-controlling interests of $197,559.

Please see additional discussion under “Nine months Ended September 30, 2016 Compared to Nine months Ended September 30, 2015 – Equinox Frontier Heritage Fund.”

Nine months Ended September 30, 2016 Compared to Nine months Ended September 30, 2015.

Equinox Frontier Diversified Fund

2016

The Equinox Frontier Diversified Fund—Class 1 NAV gained 0.23% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV gained 1.57% for the nine months ended September 30, 2016, net of fees and expenses, the Equinox Frontier Diversified Fund—Class 3 NAV gained 1.76% for the nine months ended September 30, 2016.

For the nine months ended September 30, 2016, the Equinox Frontier Diversified Fund recorded net gain on investments of $2,191,106, net investment income of $312,594, and total expenses of $3,036,001 resulting in a net increase in Owners’ capital from operations of $693,500, after non-controlling interest of $1,225,801. The NAV per Unit, Class 1, increased from $115.52 at December 31, 2015 to $115.79 as of September 30, 2016. The NAV per Unit, Class 2, increased from $129.60 at December 31, 2015 to $131.63 as of September 30, 2016. The NAV per Unit, Class 3 increased from 119.87 at December 31, 2015 to $121.98 as of September 30, 2016. Total Class 1 subscriptions and redemptions for the period were $555,704 and $591,836, respectively. Total Class 2 subscriptions and redemptions for the period were $5,830,462 and $4,950,672, respectively. Total Class 3 redemptions for the period were $1,623,278,. Ending capital excluding Managing Owner Capital at September 30, 2016 was $6,491,253 for Class 1, $35,296,599 for Class 2 and $13,155,999 for Class 3.

90

The Equinox Frontier Diversified Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors.

91

One of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q3 2016 and three of the six were profitable YTD. Stock Indices were profitable for Q3 2016 while Metals, Currencies, Energies Agriculturals and Interest Rates finished negative for the quarter. Energies, Interest Rates and Stock Indicies were profitable YTD while Metals, Currencies and Agriculturals finished negative YTD.

In terms of major CTA performance Emil Van Essen, Fort LP (GC), H2O and QIM finished positive for the quarter. Chesapeake, Crabel, Quantmetrics, Winton and Quest were negative for the quarter.

Chesapeake, Crabel, Emil Van Essen, Fort LP (GC), QIM and Winton were positive YTD while H20, Quest and Quantmetrics were negative YTD.

2015

The Equinox Frontier Diversified Fund—Class 1 NAV gained 3.46% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV gained 4.82% for the nine months ended September 30, 2015, net of fees and expenses; The Equinox Frontier Diversified Fund—Class 3 NAV gained 5.01% for the nine months ended September 30, 2015.

For the nine months ended September 30, 2015, the Equinox Frontier Diversified Fund recorded net gain on investments of $11,095,288, net investment income of $466,407, and total expenses of $3,987,863 resulting in a net increase in Owners’ capital from operations of $3,097,245, after non-controlling interests of $4,476,587. The NAV per Unit, Class 1, increased from $113.09 at December 31, 2014 to $117.00 as of September 30, 2015. The NAV per Unit, Class 2, increased from $124.67 at December 31, 2014 to $130.68 as of September 30, 2015. The NAV per Unit, Class 3 increased from $115.03 at December 31, 2014 to $120.79 as of September 30, 2015. Total Class 1 subscriptions and redemptions for the period were $1,565,148 and $8,115,334, respectively. Total Class 2 subscriptions and redemptions for the period were $2,663,196 and $6,440,389, respectively. Total Class 3 subscriptions and redemptions for the period were $5,792,953 and $2,105,122, respectively. Ending capital at September 30, 2015 was $13,680,285 for Class 1, $33,522,064 for Class 2 and $9,407,306 for Class 3. 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.

92

Two of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in 3Q 2015. Currencies and Interest Rates were profitable while Metals, Energies, Agriculturals and Stock Indices finished negative for the quarter.

The Interest Rate and Currencies sectors are positive YTD while Metals, Agriculturals, Stock Indices and Energies are negative YTD.

In terms of major CTA performance Brevan Howard, Chesapeake, Fort, H20, Quest, Winton and QIM finished positive for the quarter. Crabel, Emil Van Essen, and Quantmetrics, are negative for the quarter.

Brevan Howard, Chesapeake, Emil Van Essen, Fort LP (GC), H20, QIM and Winton are positive YTD while Crabel, Quantmetrics and Quest are negative YTD.

Equinox Frontier Masters Fund

2016

The Equinox Frontier Masters Fund—Class 1 NAV gained 5.47% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Masters Fund —Class 2 NAV gained 6.87% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV gained 7.08% for the nine months ended September 30, 2016.

For the nine months ended September 30, 2016, the Equinox Frontier Masters Fund recorded net gain on investments of $2,461,752, net investment gain of $116,817, and total expenses of $1,150,152, resulting in a net increase in Owners’ capital from operations of $1,428,417. The NAV per Unit, Class 1, increased from $112.87 at December 31, 2015 to $119.04 as of September 30, 2016. The NAV per Unit, Class 2, increased from $126.60 at December 31, 2015 to $135.30 as of September 30, 2016. The NAV per Unit, Class 3, increased from $117.57 at December 31, 2015 to $125.89 as of September 30, 2016. Total Class 1 subscriptions and redemptions for the period were $121,322 and $1,205,302, respectively. Total Class 2 subscriptions and redemptions for the period were $157,500 and $2,271,941, respectively. Total Class 3 redemptions for the period were $1,668,117. Ending capital, excluding Managing Owner Capital, at September 30, 2016 was $5,825,767 for Class 1, $5,926,985 for Class 2 and $7,249,059 for Class 3.

93

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. 

 

94

Two of the seven sectors traded in the Equinox Frontier Masters Fund were profitable in Q3 2016 and five of the seven were profitable YTD. Currencies and Stock Indicies were profitable for Q3 2016 while Metals, Energies, Agriculturals, Interest Rate and Hybrids finished negative for the quarter. Currencies, Energies, Agriculturals, Interest Rates and Hyrbrids were profitable YTD while Metals and Stock Indices finished negative YTD.

In terms of major CTA performance Emil Van Essen finished positive for the quarter. Chesapeake, Transtrend, and Winton were negative for the quarter.

In terms of major CTA performance Emil Van Essen, Transtrend and Winton finished positive YTD. Chesapeake was negative YTD.

2015

The Equinox Frontier Masters Fund—Class 1 NAV lost 2.83% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Masters Fund—Class 2 NAV lost 1.55% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV lost 1.36% for the nine months ended September 30, 2015, net of fees and expenses.

For the nine months ended September 30, 2015, the Equinox Frontier Masters Fund recorded net gain on investments of $1,059,161, net investment income of $202,700, and total expenses of $1,731,320, resulting in a net decrease in Owners’ capital from operations of $469,459. The NAV per Unit, Class 1, decreased from $116.61 at December 31, 2014 to $113.31 as of September 30, 2015. The NAV per Unit, Class 2, decreased from $128.53 at December 31, 2014 to $126.54 as of September 30, 2015. The NAV per Unit, Class 3, decreased from $119.06 at December 31, 2014 to $117.44 as of September 30, 2015. Total Class 1 subscriptions and redemptions for the period were $1,430,989 and $4,174,158, respectively. Total Class 2 subscriptions and redemptions for the period were $140,000 and $604,562, respectively. Total Class 3 subscriptions and redemptions for the period were $3,003,452 and $1,810,420, respectively. Ending capital at September 30, 2015 was $8,796,204 for Class 1, $8,287,682 for Class 2 and $6,139,810 for Class 3. 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.

95

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.

Five of the seven sectors traded in the Equinox Frontier Masters Fund were profitable in 3Q 2015. Metals, Energies, Agriculturals, Interest Rates and Hybrids were profitable while Currencies and Stock Indices finished negative for the quarter.

The Energies, Interest Rate and Hybrid sectors are positive YTD. Currencies, Metals, Agriculturals and Stock Indices are negative YTD.

In terms of major CTA performance Chesapeake, Transtrend and Winton finished positive for the quarter. Emil Van Essen finished negative for the quarter. In terms of YTD performance Chesapeake and Emil Van Essen are positive YTD while Transtrend and Winton are negative YTD.

96

Equinox Frontier Long/Short Commodity Fund

2016

The Equinox Frontier Long/Short Commodity Fund—Class 2 NAV lost 4.95% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 3 NAV lost 4.06% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 1a NAV lost 5.30%, for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 2a NAV lost 4.16% , for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV lost 3.17% for the nine months ended September 30, 2016, net of fees and expenses.

For the nine months ended September 30, 2016, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $242,432, net investment income of $37,213, and total expenses of $613,325, resulting in a net decrease in Owners’ capital from operations of $475,198, after non-controlling interests of $141,518. The NAV per Unit, Class 2, decreased from $132.10 at December 31, 2015 to $125.56 as of September 30, 2016. The NAV per Unit, Class 3, decreased from $132.14 at December 31, 2015 to $126.77 as of September 30, 2016. The NAV per Unit, Class 1a, decreased from $94.76 at December 31, 2015 to $89.74 as of September 30, 2016. The NAV per Unit, Class 2a, decreased from $106.19 at December 31, 2015 to $101.77 as of September 30, 2016. The NAV per Unit, Class 3a, decreased from $106.86 at December 31, 2015 to $103.47 as of September 30, 2016. Total Class 2 redemptions for the period were $163,914. Total Class 3 redemptions for the period were $1,156,924. Total Class 1a redemptions for the period were $1,137,511. Class 2a redemptions for the period were $278,115. Class 3a redemptions for the period were $160,210. Ending capital, excluding Managing Owner Capital, at September 30, 2016 was $495,985 for Class 2, $4,556,616. For Class 3, $2,531,567 for Class 1a, $737,010 for Class 2a and $871,585 for Class 3a.

The Equinox Frontier Long/Short Commodity Fund may have both long and short exposure to the Base Metals, Energies, Grains, Meats, Precious Metals, Softs, Financials sectors.

 

97

98

Two of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q3 2016 and four of the seven were profitable YTD. Precious Metals and Financials were profitable for Q3 2016 while Base Metals, Energies, Grains and Softs finished negative for the quarter. Meats finished flat for the quarter. Energies, Meats, Precious Metals and Softs were profitable YTD while Base Metals, Grains and Financials finished negative YTD.

In terms of major CTA performance Emil Van Essen and JE Moody finished positive for the quarter. Chesapeake, Red Oak and Rosetta were negative for the quarter.

Emil Van Essen was positive YTD while JE Moody, Red Oak and Rosetta finished negative YTD. Chesapeake was flat YTD.

2015

The Equinox Frontier Long/Short Commodity Fund—Class 2 NAV lost 1.28% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 3 NAV lost 1.28% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 1a NAV lost 2.79%, for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 2a NAV lost 1.51%, for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV lost 1.32% for the nine months ended September 30, 2015, net of fees and expenses.

For the nine months ended September 30, 2015, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $137,227, net investment income of $120,018, and total expenses of $963,160, resulting in a net decrease in Owners’ capital from operations of $980,369. The NAV per Unit, Class 2, decreased from $138.30 at December 31, 2014 to $136.53 as of September 30, 2015. The NAV per Unit, Class 3, decreased from $138.34 at December 31, 2014 to $136.57 as of September 30, 2015. The NAV per Unit, Class 1a, decreased from $101.12 at December 31, 2014 to $98.30 as of September 30, 2015. The NAV per Unit, Class 2a, decreased from $111.35 at December 31, 2014 to $109.67 as of September 30, 2015. The NAV per Unit, Class 3a, decreased from $111.77 at December 31, 2014 to $110.30 as of September 30, 2015. Total Class 2 redemptions for the period were $206,430. Total Class 3 redemptions for the period were $950,138. Total Class 1a subscriptions and redemptions for the period were $52,800 and $1,241,984, respectively. Class 2a subscriptions and redemptions for the period were $5,000 and $336,333, respectively. Class 3a subscriptions and redemptions for the period were $375,475 and $110,137, respectively. Ending capital at September 30, 2015 was $1,047,351 for Class 2, $6,261,568 for Class 3, $4,551,061 for Class 1a, $1,374,479 for Class 2a and $897,506 for Class 3a. 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 Base Metals, Energies, Grains, Meats, Precious Metals, Softs, and Financials sectors.

99

100

Three of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in 3Q 2015. Base Metals, Precious Metals and Meats finished positive for the quarter while Energies, Grains, Softs and Financials finished negative for the quarter. Energies, Precious Metals and Softs are positive YTD while Base Metals, Grains, Meats, and Financials were negative YTD.

In terms of major CTA performance, one of the five major CTAs in the Equinox Frontier Long/Short Commodity Fund was profitable in 3Q 2015. Chesapeake was positive for the quarter. Abraham, Emil Van Essen, JE Moody, Red Oak and Rosetta were negative for the quarter. Emil Van Essen and Chesapeake are positive YTD, while Abraham, JE Moody, Red Oak and Rosetta are negative YTD.

Equinox Frontier Balanced Fund

2016

The Equinox Frontier Balanced Fund—Class 1 NAV gained 1.94% for the nine months ended September 30, 2016, net of fees and expenses; The Equinox Frontier Balanced Fund—Class 1AP NAV gained 4.28% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 2 NAV gained 4.28% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 2a NAV gained 4.82% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 3a NAV gained 4.82% for the three months ended September 30, 2016, net of fees and expenses.

For the nine months ended September 30, 2016, the Equinox Frontier Balanced Fund recorded net gain on investments of $8,136,779, net investment income of $15,992, and total expenses of $4,927,459, resulting in a net increase in Owners’ capital from operations of $2,408,937, after non-controlling interests of $816,375. The NAV per Unit, Class 1, increased from $128.03 at December 31, 2015 to $130.52 as of September 30, 2016. The NAV per Unit, Class 1AP, increased from $133.59 at December 31, 2015 to $139.31 as of September 30, 2016. The NAV per Unit, Class 2, increased from $179.69 at December 31, 2015 to $187.38 as of September 30, 2016. The NAV per Unit, Class 2a, increased from $154.88 at December 31, 2015 to $162.35 as of September 30, 2016. The NAV per Unit, Class 3a, increased from $154.37 at December 31, 2015 to $161.81 as of September 30, 2016. Total Class 1 subscriptions and redemptions for the period were $138,419 and $5,813,874, respectively. Total Class 1AP redemptions for the period were $95,000. Total Class 2 subscriptions and redemptions for the period were $14,548 and $1,643.136, respectively. Total Class 3a redemptions for the period were $72,279. Ending capital, excluding Managing Owner Capital, at September 30, 2016 was $58,166,806 for Class 1, $650,754 for Class 1AP, $21,049,226 for Class 2, $373,602 for Class 2a and $2,479,832 for Class 3a.

101

The Equinox Frontier Balanced Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors.

102

One of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q3 2016. Stock Indicies were profitable while Metal, Currencies, Agriculturals Interest Rates and Energies finished negative for the quarter.

103

Energies, Stock Indicies and Interest Rates were positive YTD while Metals, Currencies and Agriculturals were negative YTD.

In terms of major CTA performance, four of the ten major CTAs in the Equinox Frontier Balanced Fund were profitable in Q3 2016. Emil Van Essen, Fort LP (GC), H20 AM and QIM were positive for the quarter while Beach Horizon, Crabel, Winton, Quantmetrics and Quest are negative for the quarter. Brandywine and Cantab finished flat for the quarter.

Brandywine, Cantab, Crabel, Emil Van Essen, Fort LP (GC), QIM and Winton were positive YTD, while Beach Horizon, H2O AM, and Quantmetrics were negative YTD.

2015

The Equinox Frontier Balanced Fund—Class 1 NAV lost 1.25% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 1AP NAV gained 1.00% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2 NAV gained 1.00% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2a NAV gained 1.70% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 3a NAV gained 1.70% for the nine months ended September 30, 2015, net of fees and expenses.

For the nine months ended September 30, 2015, the Equinox Frontier Balanced Fund recorded net gain on investments of $4,635,699, net investment income of $22,320, and total expenses of $4,579,541, resulting in a net loss in Owners’ capital from operations of $382,807, after non-controlling interests of $461,285. The NAV per Unit, Class 1, decreased from $131.54 at December 31, 2014 to $129.90 as of September 30, 2015. The NAV per Unit, Class 1AP, increased from $133.20 at December 31, 2014 to $134.53 as of September 30, 2015. The NAV per Unit, Class 2, increased from $179.16 at December 31, 2014 to $180.95 as of September 30, 2015. The NAV per Unit, Class 2a, increased from $153.02 at December 31, 2014 to $155.62 as of September 30, 2015. The NAV per Unit, Class 3a, increased from $152.52 at December 31, 2014 to $155.11 as of September 30, 2015. Total Class 1 subscriptions and redemptions for the period were $169,324 and $6,440,301, respectively. Total Class 1AP subscriptions and redemptions for the period were $1,457 and $39,001, respectively. Total Class 2 subscriptions and redemptions for the period were $14,514 and $703,450, respectively. Total Class 2a, redemptions for the period were $60,850. Total Class 3a redemptions for the period were $79,536. Ending capital at September 30, 2015 was $65,260,739 for Class 1, $719,770 for Class 1AP, $23,139,252 for Class 2, $550,673 for Class 2a, and $2,494,852 for Class 3a. 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.

104

105

Four of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in 3Q 2015. Metals, Currencies, Energies and Interest Rates were profitable while Agriculturals, and Stock Indices finished negative for the quarter.

Currencies and Interest Rates were positive YTD while Metals, Energies, Agriculturals and Stock Indices were negative YTD.

In terms of major CTA performance, seven of the fourteen major CTAs in the Equinox Frontier Balanced Fund were profitable in 3Q 2015. Beach Horizon, Campbell, Fort LP (GC), Fort LP (GD), H20 AM, QIM, and Winton were positive for the quarter while Brandywine, Cantab, Crabel, Quantica, Quantmetrics, and Systematic Alpha were negative for the quarter.

Beach Horizon, Emil Van Essen, Fort LP (GC), Fort (GD), H20 AM, QIM, and Winton are positive YTD, while Brandywine, Campbell, Cantab, Crabel, Quantica, Quantmetrics and Systematic Alpha are negative YTD.

Equinox Frontier Select Fund

2016

The Equinox Frontier Select Fund—Class 1 NAV gained 6.54% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Select Fund—Class 1AP NAV gained 8.98% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Select Fund —Class 2 NAV gained 8.98% for the nine months ended September 30, 2016, net of fees and expenses. 

For the nine months ended September 30, 2016, the Equinox Frontier Select Fund recorded net gain on investments of $2,552,344, net investment income of $0, and total expenses of $640,328, resulting in a net increase in Owners’ capital from operations of $906,751, after non-controlling interests of $1,005,265. The NAV per Unit, Class 1, increased from $90.35 at December 31, 2015 to $96.26 as of September 30, 2016. The NAV per Unit, Class 1AP, increased from $94.28 at December 31, 2015 to $102.75 as of September 30, 2016. The NAV per Unit, Class 2, increased from $125.11 at December 31, 2015 to $136.35 as of September 30, 2016.Total Class 1 subscriptions and redemptions for the period were $12,362 and $1,068,562respectively. Total Class 1AP redemptions for the period were $21,949. Total Class 2 redemptions for the period were 22,837. Ending capital, excluding Managing Owner Capital, at September 30, 2016 was $11,435,183 for Class 1, $30,364 for Class 1AP and $1,426,668 for Class 2.

106

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.

107

One of the seven sectors traded in the Equinox Frontier Select Fund were profitable in Q3 2016. Stock Indicies were profitable while Metals, Currencies, Energies, Agriculturals, Interest Rates and Hybrids finished negative for the quarter.

Interest Rates and Hybrids were positive YTD while Metals, Currencies, Energies, Agriculturals and Stock Indicies were negative YTD.

In terms of major CTA performance, Transtrend and Brevan Howard were negative for the quarter. Both Transtrend and Brevan Howard finished positive YTD. 

2015

The Equinox Frontier Select Fund—Class 1 NAV lost 2.56% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Select Fund—Class 1AP NAV lost 0.35% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Select Fund—Class 2 NAV lost 0.35% for the nine months ended September 30, 2015, net of fees and expenses.

For the nine months ended September 30, 2015, the Equinox Frontier Select Fund recorded net gain on investments of $478,418, net investment income of $0, and total expenses of $782,089, resulting in a net decrease in Owners’ capital from operations of $334,264, less non-controlling interests of $30,593. The NAV per Unit, Class 1, decreased from $95.61 at December 31, 2014 to $93.16 as of September 30, 2015. The NAV per Unit, Class 1AP, decreased from $96.82 at December 31, 2014 to $96.48 as of September 30, 2015. The NAV per Unit, Class 2, decreased from $128.48 at December 31, 2014 to $128.03 as of September 30, 2015. Total Class 1 subscriptions and redemptions for the period were $14,422 and $838,061, respectively. Total Class 1AP subscriptions and redemptions for the period were $930 and $0, respectively. Total Class 2 redemptions for the period were $180,343. Ending capital at September 30, 2015 was $12,507,560 for Class 1, $48,471 for Class 1AP and $1,376,131 for Class 2. 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, Hybrids and Commodities sectors.

108

Four of the seven sectors traded in the Equinox Frontier Select Fund were profitable in 3Q 2015. Metals, Currencies, Energies and Hybrids sectors were profitable while Agriculturals, Interest Rates and Stock Indices finished negative for the quarter.

Metals, Currencies, Energies and Hybrids are positive YTD while Agriculturals, Interest Rates and Stock Indices are negative YTD.

In terms of major CTA performance, Brevan Howard, and Transtrend finished positive for the quarter, while Brevan Howard is positive YTD and Transtrend is negative YTD.

109

Equinox Frontier Winton Fund

2016

The Equinox Frontier Winton Fund—Class 1 NAV lost 0.58% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Winton Fund—Class 1AP NAV gained 1.70% for the nine months ended September 30, 2016, net of fees and expenses the Equinox Frontier Winton Fund —Class 2 NAV gained 1.70% for the nine months ended September 30, 2016, net of fees and expenses.

For the nine months ended September 30, 2016, the Equinox Frontier Winton Fund recorded net gain on investments of $3,279,817, net investment income of $176, and total expenses of $1,742,798, resulting in a net increase in Owners’ capital from operations of $98,598, after non-controlling interests of $1,438,421. The NAV per Unit, Class 1, decreased from $164.17 at December 31, 2015 to $163.22 as of September 30, 2016. The NAV per Unit, Class 1AP, increased from $171.31 at December 31, 2015 to $174.22 as of September 30, 2016. The NAV per Unit, Class 2, increased from $217.51 at December 31, 2015 to $221.20 as of September 30, 2016. Total Class 1 subscriptions and redemptions for the period were $122,728 and $1,128,966, respectively. Total Class 2 redemptions for the period were $88,086. Ending capital, excluding Managing Owner Capital, at September 30, 2016 was $21,908,389 for Class 1, $37,196 for Class 1AP and $11,954,508 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. 

One of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q3 2016. Stock Indicies were positive while Energies, Metals, Currencies, Interest Rates Agriculturals and Interest Rates were negative for the quarter. Currencies and Interest Rates are positive YTD while Metals, Energies, Agriculturals and Stock Indices are negative YTD. 

110

2015

The Equinox Frontier Winton Fund—Class 1 NAV lost 3.75% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Winton Fund—Class 1AP NAV lost 1.57% for the nine months ended September 30, 2015, net of fees and expenses the Equinox Frontier Winton Fund—Class 2 NAV lost 1.57% for the nine months ended September 30, 2015, net of fees and expenses.

For the nine months ended September 30, 2015, the Equinox Frontier Winton Fund recorded net gain on investments of $1,524,171, net investment income of $28, and total expenses of $2,444,415, resulting in a net decrease in Owners’ capital from operations of $1,138,715, after non-controlling interests of $218,499. The NAV per Unit, Class 1, decreased from $175.95 at December 31, 2014 to $169.35 as of September 30, 2015. The NAV per Unit, Class 1AP, decreased from $178.18 at December 31, 2014 to $175.39 as of September 30, 2015. The NAV per Unit, Class 2, decreased from $226.23 at December 31, 2014 to $222.68 as of September 30, 2015. Total Class 1 subscriptions and redemptions for the period were $136,211 and $1,958,907, respectively. Total Class 2 redemptions for the period were $787,381. Ending capital at September 30, 2015 was $24,100,220 for Class 1, $37,446 for Class 1AP and $12,164,775 for Class 2. 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.

Three of the six sectors traded in the Winton Series were profitable in 3Q 2015. Metals, Energies and Interest Rates were positive for the quarter. Currencies, Agriculturals and Stock Indices were negative for the quarter.

Metals, Energies and Interest Rates are positive YTD while Currencies, Agriculturals, and Stock Indices are negative YTD.

111

Equinox Frontier Heritage Fund

2016

The Equinox Frontier Heritage Fund—Class 1 NAV gained 0.30% for the nine months ended September 30, 2016, net of fees and expenses; the Equinox Frontier Heritage Fund—Class 1AP NAV gained 2.60% for the nine months ended September 30, 2016, net of fees and expenses the Equinox Frontier Heritage Fund —Class 2 NAV gained 2.60% for the nine months ended September 30, 2016, net of fees and expenses.

For the nine months ended September 30, 2016, the Equinox Frontier Heritage Fund recorded net gain on investments of $807,948, net investment income of $0, and total expenses of $410,588, resulting in a net increase in Owners’ capital from operations of $127,685, after non-controlling interests of $269,675. The NAV per Unit, Class 1, increased from $124.27 at December 31, 2015 to $124.64 as of September 30, 2016. The NAV per Unit, Class 1AP, increased from $129.67 at December 31, 2015 to $133.04 as of September 30, 2016. The NAV per Unit, Class 2, increased from $173.54 to $178.05 as of September 30, 2016. Total Class 1 subscriptions and redemptions for the period were $29,866 and $530,616, respectively. The Class 1AP redemptions were $56,051 for the period. Total Class 2 redemptions for the period were $90,031. Ending capital, excluding Managing Owner Capital, at September 30, 2016 was $8,176,296 for Class 1, $6,027 for Class 1AP and $2,762,875 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.

112

One of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q3 2016. Stock Indicies were positive for the quarter while Currencies, Metals, Agriculturals, Interest Rates and Energies were negative for the quarter.

Interest Rates were positive YTD while Currencies, Agriculturals, Stock Indices, Metals and Energies were negative YTD.

In terms of major CTA performance, Winton and Brevan Howard finished negative for the quarter while Brevan Howard and Winton finished positive YTD. 

2015

The Equinox Frontier Heritage Fund—Class 1 NAV lost 0.87% for the nine months ended September 30, 2015, net of fees and expenses; the Equinox Frontier Heritage Fund—Class 1AP NAV gained 1.38% for the nine months ended September 30, 2015, net of fees and expenses the Equinox Frontier Heritage Fund—Class 2 NAV gained 1.38% for the nine months ended September 30, 2015, net of fees and expenses.

For the nine months ended September 30, 2015, the Equinox Frontier Heritage Fund recorded net gain on investments of $955,121, net investment income of $1, and total expenses of $644,511, resulting in a net decrease in Owners’ capital from operations of $14,464, after non-controlling interests of $325,075. The NAV per Unit, Class 1, decreased from $130.28 at December 31, 2014 to $129.15 as of September 30, 2015. The NAV per Unit, Class 1AP, increased from $131.93 at December 31, 2014 to $133.75 as of September 30, 2015. The NAV per Unit, Class 2, increased from $176.56 to $178.99 as of September 30, 2015. Total Class 1 subscriptions and redemptions for the period were $32,115 and $613,947, respectively. Total Class 1AP subscriptions for the period were $1,288. Total Class 2 redemptions for the period were $202,213. Ending capital at September 30, 2015 was $9,113,122 for Class 1, $60,363 for Class 1AP and $3,056,673 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.

113

Three of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in 3Q 2015. Metals, Currencies and Energies were positive for the quarter, while Agriculturals, Interest Rates and Stock Indices were negative for the quarter.

Metals, Currencies and Energies are positive YTD while Stock Indices, Agriculturals, Metals, and Interest Rates are negative YTD.

In terms of major CTA performance, Brevan Howard and Winton finished positive for the quarter. Brevan Howard finished positive YTD, while Winton is negative YTD.

114

ITEM 3. 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 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 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 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’ 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 consequently the Trust. There can be no assurance that the Trading Companies’ 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 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) open positions is directly reflected in the Series’ earnings, realized or unrealized.

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. 

115

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 are rarely, if ever, 100% positively correlated have not been reflected.

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 September 30, 2016 and December 31, 2015. All open position trading risk exposures of the Series have been included in calculating the figures set forth below. 

116

Equinox Frontier Diversified Fund:

	September 30, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	18,557		0.03	%	$	1,482,594		2.66	%
Currencies		7,308,845		11.71	%		1,825,578		3.28	%
Stock Indices		61,042		0.10	%		2,256,114		4.05	%
Metals		44,446		0.07	%		290,196		0.52	%
Agriculturals/Softs		19,888		0.03	%		1,230,266		2.21	%
Energy		62,929		0.10	%		1,558,897		2.80	%
Total:	$	7,515,707		12.04	%	$	8,643,645		15.51	%

Equinox Frontier Long/Short Commodity Fund: 

	September 30, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	—		0.00	%	$	308,877		2.36	%
Currencies		4,258,423		33.86	%		593,315		4.53	%
Stock Indices		—		0.00	%		176,530		1.35	%
Metals		—		0.00	%		27,511		0.21	%
Agriculturals/Softs		—		0.00	%		343,977		2.63	%
Energy		—		0.00	%		1,795,669		13.71	%
Total:	$	4,258,423		33.86	%	$	3,245,879		30.56	%

Equinox Frontier Masters Fund: 

	September 30, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	47,575		0.25	%	$	745,322		3.26	%
Currencies		164,369		0.85	%		1,116,000		4.89	%
Stock Indices		162,090		0.84	%		1,155,610		5.06	%
Metals		38,227		0.20	%		120,696		0.53	%
Agriculturals/Softs		122,125		0.63	%		581,297		2.55	%
Energy		117,565		0.61	%		828,577		3.63	%
Total:	$	651,952		3.38	%	$	4,547,502		9.62	%

Equinox Frontier Balanced Fund:

	September 30, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	44,823		0.04	%	$	2,770,118		3.07	%
Currencies		16,759,628		15.60	%		2,793,664		3.10	%
Stock Indices		121,108		0.11	%		3,101,604		3.44	%
Metals		126,023		0.12	%		452,392		0.50	%
Agriculturals/Softs		320,200		0.30	%		2,343,248		2.60	%
Energy		105,635		0.10	%		2,470,484		2.74	%
Total:	$	17,477,417		16.26	%	$	13,931,510		15.46	%

Equinox Frontier Select Fund:

	September 30, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	42,831		0.25	%	$	501,177		2.52	%
Currencies		4,263,708		24.97	%		667,887		3.35	%
Stock Indices		147,427		0.86	%		949,390		4.77	%
Metals		14,118		0.08	%		60,331		0.30	%
Agriculturals/Softs		129,017		0.76	%		326,993		1.64	%
Energy		94,109		0.55	%		115,282		0.58	%
Total:	$	4,691,210		27.48	%	$	2,621,060		13.16	%

Equinox Frontier Winton Fund:  

	September 30, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	75,523		0.17	%	$	783,573		1.90	%
Currencies		292,440		0.66	%		1,718,649		4.16	%
Stock Indices		248,428		0.56	%		706,493		1.71	%
Metals		180,884		0.41	%		273,910		0.66	%
Agriculturals/Softs		80,940		0.18	%		691,213		1.67	%
Energy		256,107		0.58	%		347,931		0.84	%
Total:	$	1,134,321		2.58	%	$	4,521,769		10.95	%

Equinox Frontier Heritage Fund:  

	September 30, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	13,239		0.09	%	$	181,696		1.17	%
Currencies		4,430,076		29.26	%		343,190		2.22	%
Stock Indices		43,547		0.29	%		133,965		0.87	%
Metals		31,707		0.21	%		52,162		0.34	%
Agriculturals/Softs		14,188		0.09	%		132,697		0.86	%
Energy		44,894		0.30	%		63,333		0.41	%
Total:	$	4,577,652		30.23	%	$	907,043		5.86	%

117

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 September 30, 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 affect 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 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 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 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, 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. [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.

118

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.

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 may lose more than their initial margin deposits on a trade.

The Trading Companies’ 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 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 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.

119

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.

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.

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.

ITEM 4. 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 September 30, 2016 (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 their 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 filing.

Changes in Internal Control Over Financial Reporting 

There were changes in the Trust’s internal control over financial reporting for the quarter ended September 30, 2016 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial 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 certification of the Chief Executive Officer and the Principal Financial Officer of the Managing Owner included as Exhibit 31.1 to this Form 10-Q applies not only to the Trust as a whole but also to each Series individually.

120

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

There are no material legal proceedings pending against the Trust, or any of the Series.

ITEM 1A. RISK FACTORS.

The sections each entitled “Risk Factors” in the Prospectuses filed pursuant to Rule 424(b)(3) (File Nos. 333-210313 and 333-155800) are incorporated by reference into this section.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding the sale of unregistered Units by the Trust for the nine months ended September 30, 2016. The number of Units listed below for each transaction is the aggregate number of Units in the particular Series of the Trust purchased in such transaction. The consideration listed below for each transaction is, except as otherwise noted, the aggregate amount of cash paid for the Units purchased. For each transaction reported below, the price per Unit was NAV per Unit at the time of the transaction and the Managing Owner of the Trust was the purchaser of the Units. No underwriting discount or sales commission was paid or received with respect to any of the transactions reported below. The Trust claims an exemption from registration of each of the transactions listed below under Section 4(a)(2) of the Securities Act of 1933, as amended, as a sale by an issuer not involving a public offering.

SERIES	DATE	UNITS	CONSIDERATION
NONE

One hundred percent of the offering proceeds from the sale of Units are initially available for the Series’ trading activities.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS.

Exhibits (numbered in accordance with Item 601 of Regulation S-K)

31.1	Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934 (furnished herewith)
32.1	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.2	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.3	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.4	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.5	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.6	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.7	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.8	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
101	Financials in XBRL format

121

SIGNATURES

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

	Equinox Frontier Funds
	(Registrant)
Date: November 15, 2016	By:	/s/ Robert J. Enck
		Robert J. Enck
		Principal Financial Officer of Equinox Frontier Funds and President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

122

SIGNATURES

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

	Equinox Frontier Balanced Fund,
	a Series of Equinox Frontier Funds
	(Registrant)
Date: November 15, 2016	By:	/s/ Robert J. Enck
		Robert J. Enck
		Principal Financial Officer of Equinox Frontier Funds and President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

123

SIGNATURES

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

	Equinox Frontier Heritage Fund,
	a Series of Equinox Frontier Funds
	(Registrant)
Date: November 15, 2016	By:	/s/ Robert J. Enck
		Robert J. Enck
		Principal Financial Officer of Equinox Frontier Funds and President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

124

SIGNATURES

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

	Equinox Frontier Winton Fund,
	a Series of Equinox Frontier Funds
	(Registrant)
Date: November 15, 2016	By:	/s/ Robert J. Enck
		Robert J. Enck
		Principal Financial Officer of Equinox Frontier Funds and President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

125

SIGNATURES

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

	Equinox Frontier Select Fund,
	a Series of Equinox Frontier Funds (Registrant)
Date: November 15, 2016	By:	/s/ Robert J. Enck
		Robert J. Enck
		Principal Financial Officer of Equinox Frontier Funds and President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

126

SIGNATURES

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

	Equinox Frontier Long/Short Commodity Fund, a Series of Equinox Frontier Funds (Registrant)
Date: November 15, 2016	By:	/s/ Robert J. Enck
		Robert J. Enck
		Principal Financial Officer of Equinox Frontier Funds and President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

127

SIGNATURES

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

	Equinox Frontier Diversified Fund,
	a Series of Equinox Frontier Funds
	(Registrant)
Date: November 15, 2016	By:	/s/ Robert J. Enck
		Robert J. Enck
		Principal Financial Officer of Equinox Frontier Funds and President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

128

SIGNATURES

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

	Equinox Frontier Masters Fund,
	a Series of Equinox Frontier Funds
	(Registrant)
Date: November 15, 2016	By:	/s/ Robert J. Enck
		Robert J. Enck
		Principal Financial Officer of Equinox Frontier Funds and President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

129