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 June 30, 2014

OR

¨ 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 LONG/SHORT COMMODITY FUND;

EQUINOX FRONTIER MASTERS 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 2500

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 2, Class 3, Class 1a, Class 2a and Class 3a Units;

Equinox Frontier Select Fund Class 1, Class 2;

Equinox Frontier Winton Fund Class 1, Class 2;

Equinox Frontier Heritage Fund Class 1, Class 2

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  ¨

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  ¨

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	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 1 2b-2 of the Exchange Act).    Yes  ¨    No  x

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Statements of Financial Condition as of June 30, 2014 (Unaudited) and December 31, 2013	2
		Condensed Schedules of Investments as of June 30, 2014 (Unaudited) and December 31, 2013	5
		Statements of Operations for the three and six months ended June 30, 2014 and 2013 (Unaudited)	11
		Statements of Changes in Owners’ Capital for the six months ended June 30, 2014 (Unaudited)	17
		Statements of Cash Flows for the six months ended June 30, 2014 and 2013 (Unaudited)	21
		Notes to Financial Statements (Unaudited)	24
		Trust Financial Statements (1)
		Consolidated Statements of Financial Condition as of June 30, 2014 (Unaudited) and December 31, 2013	54
		Consolidated Condensed Schedules of Investments as of June 30, 2014 (Unaudited) and December 31, 2013	55
		Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013 (Unaudited)	57
		Consolidated Statement of Changes in Owners’ Capital for the six months ended June 30, 2014 (Unaudited)	59
		Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013 (Unaudited)	60
		Notes to Consolidated Financial Statements (Unaudited)	61
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	76
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	100
	Item 4.	Controls and Procedures	106
PART II – OTHER INFORMATION
	Item 1.	Legal Proceedings	106
	Item 1A.	Risk Factors	106
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	106
	Item 3.	Defaults Upon Senior Securities	106
	Item 4.	Mine Safety Disclosures	106
	Item 5.	Other Information	107
	Item 6.	Exhibits	107
SIGNATURES			108

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

i

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 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 JUNE 30, 2014, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

1

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

The Series of Equinox Frontier Funds

Statements of Financial Condition

June 30, 2014 and December 31, 2013

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund				Equinox Frontier Long/Short Commodity Fund
	6/30/2014 (Unaudited)			12/31/2013			6/30/2014 (Unaudited)		12/31/2013		6/30/2014 (Unaudited)		12/31/2013
ASSETS
Cash and cash equivalents	$	3,956,208		$	1,827,897		$	1,855,563	$	1,125,954	$	1,240,004	$	810,418
U.S. Treasury securities, at fair value		28,442,309			38,055,417			13,340,170		23,441,497		8,914,743		16,872,290
Open trade equity, at fair value		—			—			—		—		—		—
Options purchased, at fair value		—			—			—		—		—		98,740
Receivable from futures commission merchants		—			—			—		—		—		7,836,808
Swap contracts, at fair value		3,046,397			3,437,632			—		—		2,218,084		2,456,546
Investments in unconsolidated trading companies, at fair value		17,749,763			20,837,272			9,338,730		9,166,710		3,113,655		655,769
Prepaid service fees — Class 1		6,611			4,946			1,621		11,165		1,705		3,707
Interest receivable		489,215			521,275			229,455		321,097		153,336		231,114
Receivable from related parties		—			1,035			3,286		2,060		3,083		2,954
Other assets		—			—			—		—		—		—
Total Assets	$	53,690,503		$	64,685,474		$	24,768,825	$	34,068,483	$	15,644,610	$	28,968,346
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—		$	—		$	—	$	—	$	—	$	191,069
Options written, at fair value		—			—			—		—		—		172,650
Pending owner additions		829			2,292			1,334		1,352		—		—
Owner redemptions payable		683,808			348,441			68,086		71,188		16,833		107,888
Incentive fees payable to Managing Owner		954,829			575,550			168,094		—		—		—
Management fees payable to Managing Owner		85,886			101,504			78,094		107,027		60,708		104,883
Interest payable to Managing Owner		11,677			16,220			5,789		9,587		4,017		7,965
Service fees payable to Managing Owner		34,982			46,263			19,561		35,858		9,875		14,965
Trading fees payable to Managing Owner		110,884			136,166			51,098		72,687		20,330		34,788
Payables to related parties		—			—			—		—		—		—
Other liabilities		1,813			—			—		—		—		—
Total Liabilities		1,884,708			1,226,436			392,056		297,699		111,763		634,208
CAPITAL
Managing Owner Units — Class 1		—			23,953			—		—		—		—
Managing Owner Units — Class 2		1,914,107			1,904,660			571,539		559,668		345,811		386,171
Managing Owner Units — Class 2a		—			—			—		—		200,722		222,971
Managing Owber Units — Class 3		24,026			—			25,842		25,274		—		—
Managing Owner Units — Class 3a		—			—			—		—		9,907		10,991
Limited Owner Units — Class 1		20,901,816			28,720,094			12,926,943		23,115,495		—		—
Limited Owner Units — Class 1a		—			—			—		—		5,516,168		8,752,826
Limited Owner Units — Class 2		27,159,731			32,810,331			8,153,068		9,846,494		828,166		2,985,627
Limited Owner Units — Class 2a		—			—			—		—		1,387,689		2,880,434
Limited Owner Units — Class 3		1,806,115			—			2,699,377		223,853		6,866,592		9,619,596
Limited Owner Units — Class 3a		—			—			—		—		377,792		246,480
Total Owners’ Capital		51,805,795			63,459,038			24,376,769		33,770,784		15,532,847		25,105,096
Non-Controlling Interests		—			—			—		—		—		3,229,042
Total Capital		51,805,795			63,459,038			24,376,769		33,770,784		15,532,847		28,334,138
Total Liabilities and Capital	$	53,690,503		$	64,685,474		$	24,768,825	$	34,068,483	$	15,644,610	$	28,968,346
Units Outstanding
Class 1		240,883			330,005			139,046		251,718		N/A		N/A
Class 1a		N/A			N/A			N/A		N/A		66,657		94,391
Class 2		306,638			367,927			85,895		104,624		10,466		26,918
Class 2a		N/A			N/A			N/A		N/A		17,586		30,930
Class 3		20,947	(1)		N/A	(1)		29,001		2,711		61,198		76,774
Class 3a		N/A			N/A			N/A		N/A		4,281		2,563
Net Asset Value per Unit
Class 1	$	86.77		$	87.10		$	92.97	$	91.83		N/A		N/A
Class 1a		N/A			N/A			N/A		N/A	$	82.76	$	92.73
Class 2	$	94.81		$	94.35		$	101.57	$	99.46	$	112.17	$	125.26
Class 2a		N/A			N/A			N/A		N/A	$	90.32	$	100.34
Class 3	$	87.37	(1)		N/A	(1)	$	93.97	$	91.91	$	112.20	$	125.30
Class 3a		N/A			N/A			N/A		N/A	$	90.56	$	100.47

(1) Class 3 operations began February 25, 2014

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

2

The Series of Equinox Frontier Funds

Statements of Financial Condition

June 30, 2014 and December 31, 2013

	Equinox Frontier Balanced Fund				Equinox Frontier Select Fund
	6/30/2014 (Unaudited)		12/31/2013		6/30/2014 (Unaudited)		12/31/2013
ASSETS
Cash and cash equivalents	$	6,153,791	$	3,292,570	$	870,255	$	494,931
U.S. Treasury securities, at fair value		44,241,362		68,548,395		6,256,508		10,304,085
Receivable from futures commission merchants		12,678,075		23,466,052		—		—
Open trade equity, at fair value		2,303,797		3,935,252		—		—
Options purchased, at fair value		—		165,915		—		—
Swap contracts, at fair value		9,491,529		10,122,003		—		—
Investments in unconsolidated trading companies, at fair value		19,562,185		13,713,315		7,320,068		6,864,544
Interest receivable		760,965		939,354		107,613		141,143
Prepaid service fees		—		234		—		—
Other assets		8		53		—		—
Total Assets	$	95,191,712	$	124,183,143	$	14,554,444	$	17,804,703
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	—	$	—	$	—
Options written, at fair value		—		183,856		—		—
Pending owner additions		11,946		14,677		841		994
Owner redemptions payable		110,229		931,553		85,696		68,598
Incentive fees payable to Managing Owner		902,038		691,917		26,677		—
Management fees payable to Managing Owner		88,694		113,085		48,241		49,798
Interest payable to Managing Owner		94,464		146,282		14,204		22,398
Service fees payable to Managing Owner		146,444		190,286		31,420		39,045
Trading fees payable to Managing Owner		56,009		73,125		9,238		11,545
Payables to related parties		17,139		12,135		746		477
Other liabilities		—		—		—		—
Total Liabilities		1,426,963		2,356,916		217,063		192,855
CAPITAL
Managing Owner Units — Class 2		1,108,577		1,374,533		7,295		7,336
Managing Owner Units — Class 2a		146,599		147,003		—		—
Limited Owner Units — Class 1		64,439,345		80,801,534		12,963,579		15,852,947
Limited Owner Units — Class 2		19,631,023		25,236,584		1,366,507		1,751,565
Limited Owner Units — Class 2a		339,497		344,576		—		—
Limited Owner Units —Class 3a		2,120,414		2,322,629		—		—
Total Owners’ Capital		87,785,455		110,226,859		14,337,381		17,611,848
Non-Controlling Interests		5,979,294		11,599,368		—		—
Total Capital		93,764,749		121,826,227		14,337,381		17,611,848
Total Liabilities and Capital	$	95,191,712	$	124,183,143	$	14,554,444	$	17,804,703
Units Outstanding
Class 1		620,423		760,206		165,701		198,518
Class 2		148,835		189,411		13,267		16,890
Class 2a		4,103		4,138
Class 3a		17,957		19,615
Net Asset Value per Unit
Class 1	$	103.86	$	106.29	$	78.23	$	79.86
Class 2	$	139.35	$	140.49	$	103.56	$	104.14
Class 2a	$	118.48	$	118.80
Class 3a	$	118.09	$	118.41

The accompanying notes are an integral part of these financial statements

3

The Series of Equinox Frontier Funds

Statements of Financial Condition

June 30, 2014 and December 31, 2013

	Equinox Frontier Winton Fund				Equinox Frontier Heritage Fund
	6/30/2014 (Unaudited)		12/31/2013		6/30/2014 (Unaudited)		12/31/2013
ASSETS
Cash and cash equivalents	$	3,001,583	$	1,325,731	$	779,177	$	424,001
U.S. Treasury securities, at fair value		21,579,236		27,600,705		5,601,725		8,827,380
Investments in unconsolidated trading companies, at fair value		10,026,530		7,779,323		2,369,288		1,889,266
Swap contracts, at fair value		—		—		4,972,531		5,435,184
Interest receivable		371,169		378,069		96,353		120,916
Other assets		—		—		—		—
Total Assets	$	34,978,518	$	37,083,828	$	13,819,074	$	16,696,747
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	10,646	$	11,914	$	2,081	$	2,877
Owner redemptions payable		—		76,900		—		—
Incentive fees payable to Managing Owner		415,629		128,097		86,999		15,411
Management fees payable to Managing Owner		99,121		100,260		28,231		28,615
Interest payable to Managing Owner		49,096		59,865		12,861		19,767
Service fees payable to Managing Owner		48,141		53,054		19,446		25,485
Trading fees payable to Managing Owner		21,825		23,844		7,251		9,212
Payables to related parties		10,190		5,057		2,661		1,275
Other liabilities		—		—		3,500		—
Total Liabilities		654,648		458,991		163,030		102,642
CAPITAL
Managing Owner Units — Class 2		37,976		36,002		58,647		57,484
Limited Owner Units — Class 1		23,611,933		26,164,147		8,792,828		11,328,406
Limited Owner Units — Class 2		10,673,961		10,424,688		2,596,111		2,792,578
Total Owners’ Capital		34,323,870		36,624,837		11,447,586		14,178,468
Non-Controlling Interests		—		—		2,208,458		2,415,637
Total Capital		34,323,870		36,624,837		13,656,044		16,594,105
Total Liabilities and Capital	$	34,978,518	$	37,083,828	$	13,819,074	$	16,696,747
Units Outstanding
Class 1		162,766		187,438		85,717		111,005
Class 2		58,307		60,061		19,388		21,235
Net Asset Value per Unit
Class 1	$	145.07	$	139.59	$	102.58	$	102.05
Class 2	$	183.72	$	174.17	$	136.93	$	134.21

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

4

The Series of the Equinox Frontier Fund

Condensed Schedules of Investments (Unaudited)

June 30, 2014

	Equinox Frontier Diversified Fund					Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodity Fund
Description	Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
Swaps (1)
Frontier XXXV Diversified select swap (U.S.)	$	3,046,397		5.88	%	$	—		0.00	%	$	—		0.00	%
Frontier XXXVII L/S select swap (U.S.)		—		0.00	%		—		0.00	%		2,218,084		14.28	%
Total Swaps	$	3,046,397		5.88	%	$	—		0.00	%	$	2,218,084		14.28	%
U.S. TREASURY SECURITIES (2)
FACE VALUE		Fair Value					Fair Value					Fair Value
$75,000,000    US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)	$	22,174,098		42.80	%	$	10,400,219		42.66	%	$	6,950,082		44.74	%
$20,000,000    US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		6,268,211		12.10	%		2,939,951		12.06	%		1,964,661		12.65	%
	$	28,442,309		54.90	%	$	13,340,170		54.72	%		8,914,743		57.39	%
Additional Disclosure on U.S. Treasury Securities		Fair Value					Fair Value					Fair Value
US Treasury Note 6.000% due 02/15/2026 (2)	$	16,613,701				$	7,792,250				$	5,207,273
US Treasury Note 6.875% due 08/15/2025 (2)		4,430,320					2,077,933					1,388,606
	$	21,044,021				$	9,870,183				$	6,595,879
		Cost					Cost					Cost
US Treasury Note 6.000% due 02/15/2026 (2)	$	22,058,393				$	10,345,950				$	6,913,817
US Treasury Note 6.875% due 08/15/2025 (2)		6,273,914					2,942,626					1,966,448
	$	28,332,307				$	13,288,576				$	8,880,265

(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.

5

The Series of the Frontier Fund

Condensed Schedules of Investments (Unaudited)

June 30, 2014

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
Description	Value			% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	187,066			0.20	%	$	—		0.00	%
Various energy futures contracts (U.S.)		291,884			0.31	%		—		0.00	%
Various interest rates futures contracts (Canada)		142,543			0.15	%		—		0.00	%
Various interest rates futures contracts (Europe)		767,319			0.82	%		—		0.00	%
Various interest rates futures contracts (Far East)		212,096			0.23	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		87,308			0.09	%		—		0.00	%
Various interest rates futures contracts (U.S.)		116,933			0.12	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		274			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		54,864			0.06	%		—		0.00	%
Various stock index futures contracts (Africa)		—			0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		4,777			0.01	%		—		0.00	%
Various stock index futures contracts (Europe)		(410,047	)		-0.44	%		—		0.00	%
Various stock index futures contracts (Far East)		65,782			0.07	%		—		0.00	%
Various stock index futures contracts (Oceanic)		849			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		292,946			0.31	%		—		0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		2,462			0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		465,528			0.50	%		—		0.00	%
Various precious metal futures contracts (U.S.)		15,547			0.02	%		—		0.00	%
Total Long Futures Contracts	$	2,298,131			2.45	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	(84,886	)		-0.09	%	$	—		0.00	%
Various energy futures contracts (U.S.)		(156,420	)		-0.17	%		—		0.00	%
Various interest rates futures contracts (Canada)		(773	)		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(13,998	)		-0.01	%		—		0.00	%
Various interest rates futures contracts (Far East)		(197	)		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(12,521	)		-0.01	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		550			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		92,752			0.10	%		—		0.00	%
Various stock index futures contracts (Canada)		(33,071	)		-0.04	%		—		0.00	%
Various stock index futures contracts (Europe)		44,589			0.05	%		—		0.00	%
Various stock index futures contracts (Far East)		(9,074	)		-0.01	%		—		0.00	%
Various stock index futures contracts (Oceanic)		2,310			0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		(540,261	)		-0.58	%		—		0.00	%
Various precious metal futures contracts (U.S.)		(24,618	)		-0.03	%		—		0.00	%
Total Short Futures Contracts	$	(758,412	)		-0.82	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	764,078			0.81	%	$	—		0.00	%
Total Currency Forwards	$	764,078			0.81	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	2,303,797			2.44	%	$	—		0.00	%
Swaps (1)
Frontier XXXIV Balanced select swap (U.S.)	$	9,491,529			10.12	%	$	—		0.00	%
Total Swaps	$	9,491,529			10.12	%	$	—		0.00	%
U.S. TREASURY SECURITIES (2)
FACE VALUE		Fair Value						Fair Value
$75,000,000    US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)	$	34,491,303			36.78	%	$	4,877,678		34.02	%
$20,000,000    US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		9,750,059			10.40	%		1,378,830		9.62	%
	$	44,241,362			47.18	%	$	6,256,508		43.64	%
Additional Disclosure on U.S. Treasury Securities		Fair Value						Fair Value
US Treasury Note 6.000% due 02/15/2026 (2)	$	25,842,231					$	3,654,547
US Treasury Note 6.875% due 08/15/2025 (2)		6,891,262						974,546
	$	32,733,493					$	4,629,093
		Cost						Cost
US Treasury Note 6.000% due 02/15/2026 (2)	$	34,311,326					$	4,852,226
US Treasury Note 6.875% due 08/15/2025 (2)		9,758,930						1,380,085
	$	44,070,256					$	6,232,311

* 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.

6

The Series of the Frontier Fund

Condensed Schedules of Investments (Unaudited)

June 30, 2014

	Equinox Frontier Winton Fund					Equinox Frontier Heritage Fund
Description	Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
Swaps (1)
Frontier Brevan Howard swap (U.S.)	$	—		0.00	%	$	4,972,531		36.41	%
Total Swaps		—		0.00	%	$	4,972,531		36.41	%
U.S. TREASURY SECURITIES (2)
FACE VALUE		Fair Value					Fair Value
$75,000,000    US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)	$	16,823,532		49.01	%	$	4,367,198		31.98	%
$20,000,000    US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		4,755,704		13.86	%		1,234,527		9.04	%
	$	21,579,236		62.87	%	$	5,601,725		41.02	%
Additional Disclosure on U.S. Treasury Securities		Fair Value					Fair Value
US Treasury Note 6.000% due 02/15/2026 (2)	$	12,604,846				$	3,272,075
US Treasury Note 6.875% due 08/15/2025 (2)		3,361,292					872,553
	$	15,966,138				$	4,144,628
		Cost					Cost
US Treasury Note 6.000% due 02/15/2026 (2)	$	16,735,745				$	4,344,410
US Treasury Note 6.875% due 08/15/2025 (2)		4,760,031					1,235,650
	$	21,495,776				$	5,580,060

(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 Schedules of Investments

December 31, 2013

	Equinox Frontier Diversified Fund					Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodity Fund
Description	Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	(19,944	)		-0.07	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		219,147			0.77	%
Natural Gas Settling 3/1/2014 (Number of Contracts: 228)		—		0.00	%		—		0.00	%		(353,048	)		-1.25	%
NYH RBOB Unleaded Gas Settling 3/1/2014 (Number of Contracts: 228)		—		0.00	%		—		0.00	%		(783,703	)		-2.77	%
Crude Oil Settling 12/1/2014 (Number of Contracts: 298)		—		0.00	%		—		0.00	%		301,246			1.06	%
Natural Gas Settling 11/1/2014 (Number of Contracts: 621)		—		0.00	%		—		0.00	%		629,139			2.22	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		(202,474	)		-0.71	%
90 Day Euro Time Deposit Settling 12/1/2017 (Number of Contracts: 539)		—		0.00	%		—		0.00	%		(372,810	)		-1.32	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		(227,156	)		-0.80	%
Corn Settling 3/1/2014 (Number of Contracts: 383)		—		0.00	%		—		0.00	%		(691,458	)		-2.44	%
Wheat Settling 3/1/2014 (Number of Contracts: 269)		—		0.00	%		—		0.00	%		(296,457	)		-1.05	%
Soybean Oil Settling 3/1/2014 (Number of Contracts: 243)		—		0.00	%		—		0.00	%		(305,094	)		-1.08	%
Sugar #11 Settling 3/1/2014 (Number of Contracts: 861)		—		0.00	%		—		0.00	%		(820,016	)		-2.89	%
Cocoa Settling 5/1/2014 (Number of Contracts: 608)		—		0.00	%		—		0.00	%		(420,759	)		-1.48	%
Corn Settling 7/1/2014 (Number of Contracts: 300)		—		0.00	%		—		0.00	%		(496,709	)		-1.75	%
Sugar #11 Settling 10/1/2014 (Number of Contracts: 273)		—		0.00	%		—		0.00	%		(252,778	)		-0.89	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%		16,272			0.06	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		77,870			0.27	%
Various base metals futures contracts (U.S.)		—		0.00	%		—		0.00	%		123,274			0.44	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%		(70,059	)		-0.25	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%		(10,009	)		-0.04	%
Total Long Futures Contracts	$	—		0.00	%	$	—		0.00	%	$	(3,955,526	)		-13.97	%
SHORT FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	77,986			0.28	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		(96,753	)		-0.34	%
NYH RBOB Unleaded Gas Settling 2/1/2014 (Number of Contracts: 509)		—		0.00	%		—		0.00	%		820,130			2.89	%
Natural Gas Settling 10/1/2014 (Number of Contracts: 636)		—		0.00	%		—		0.00	%		(751,854	)		-2.65	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%		51,261			0.18	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%		45,124			0.16	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		86,363			0.30	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		419,725			1.48	%
Live Cattle Settling 2/1/2014 (Number of Contracts: 740)		—		0.00	%		—		0.00	%		(312,529	)		-1.10	%
Cocoa Settling 3/1/2014 (Number of Contracts: 616)		—		0.00	%		—		0.00	%		484,656			1.71	%
Corn Settling 5/1/2014 (Number of Contracts: 383)		—		0.00	%		—		0.00	%		1,111,467			3.92	%
Soybean Oil Settling 5/1/2014 (Number of Contracts: 243)		—		0.00	%		—		0.00	%		303,319			1.07	%
Sugar #11 Settling 5/1/2014 (Number of Contracts: 861)		—		0.00	%		—		0.00	%		752,965			2.66	%
Wheat Settling 7/1/2014 (Number of Contracts: 439)		—		0.00	%		—		0.00	%		412,861			1.46	%
Corn Settling 9/1/2014 (Number of Contracts: 217)		—		0.00	%		—		0.00	%		311,918			1.10	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%		34,183			0.12	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%		13,635			0.05	%
Total Short Futures Contracts	$	—		0.00	%	$	—		0.00	%	$	3,764,457			13.29	%
Total Open Trade Equity (Deficit)	$	—		0.00	%	$	—		0.00	%	$	(191,069	)		-0.68	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	75,490			0.27	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		23,250			0.08	%
Total Options Purchased	$	—		0.00	%	$	—		0.00	%	$	98,740			0.35	%
OPTIONS WRITTEN *
Various energy futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	(152,500	)		-0.54	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		(20,150	)		-0.07	%
Total Options Written	$	—		0.00	%	$	—		0.00	%	$	(172,650	)		-0.61	%
Swaps (1)
Frontier XXXV Diversified select swap (U.S.)	$	3,437,632		5.42	%	$	—		0.00	%	$	—			0.00	%
Frontier XXXVII L/S select swap (U.S.)		—		0.00	%		—		0.00	%		2,456,545			8.67	%
Total Swaps	$	3,437,632		5.42	%	$	—		0.00	%	$	2,456,545			8.67	%
U.S. TREASURY SECURITIES (2)
		Fair Value					Fair Value					Fair Value
U.S. Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)	$	2,132,506		3.36	%	$	1,313,588		3.89	%	$	945,470			3.34	%
U.S. Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)		2,206,296		3.48	%		1,359,041		4.02	%		978,186			3.45	%
U.S. Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)		4,707,262		7.42	%		2,899,594		8.59	%		2,087,017			7.37	%
U.S. Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)		2,470,925		3.89	%		1,522,048		4.51	%		1,095,512			3.87	%
U.S. Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)		2,434,606		3.84	%		1,499,676		4.44	%		1,079,409			3.81	%
U.S. Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		18,766,111		29.57	%		11,559,610		34.22	%		8,320,163			29.36	%
U.S. Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		5,337,711		8.41	%		3,287,940		9.74	%		2,366,533			8.35	%
	$	38,055,417		59.97	%	$	23,441,497		69.41	%		16,872,290			59.55	%
Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value					Face Value
U.S. Treasury Note 1.125% due 12/31/2019	$	2,259,609				$	1,391,881				$	1,001,823
U.S. Treasury Note 2.000% due 09/30/2020		2,259,609					1,391,881					1,001,823
U.S. Treasury Note 2.500% due 08/15/2023		4,912,193					3,025,828					2,177,875
U.S. Treasury Note 2.125% due 08/15/2021		2,554,340					1,573,431					1,132,495
U.S. Treasury Note 2.000% due 11/15/2021		2,554,340					1,573,431					1,132,495
U.S. Treasury Note 6.000% due 02/15/2026		14,736,578					9,077,484					6,533,625
U.S. Treasury Note 6.875% due 08/15/2025		3,929,754					2,420,662					1,742,300
	$	33,206,423				$	20,454,598				$	14,722,436
		Cost					Cost					Cost
U.S. Treasury Note 1.125% due 12/31/2019	$	2,196,364				$	1,352,923				$	973,782
U.S. Treasury Note 2.000% due 09/30/2020		2,281,516					1,405,376					1,011,536
U.S. Treasury Note 2.500% due 08/15/2023		4,919,035					3,030,043					2,180,909
U.S. Treasury Note 2.125% due 08/15/2021		2,567,442					1,581,501					1,138,304
U.S. Treasury Note 2.000% due 11/15/2021		2,543,616					1,566,825					1,127,740
U.S. Treasury Note 6.000% due 02/15/2026		19,566,094					12,052,384					8,674,845
U.S. Treasury Note 6.875% due 08/15/2025		5,565,047					3,427,975					2,467,325
	$	39,639,114				$	24,417,027				$	17,574,441

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 1 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.

(1) See Note 4 to the Financial Statements.

(2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

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

8

The Series of Equinox Frontier Funds

Condensed Schedules of Investments

December 31, 2013

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
Description	Value			% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	334,372			0.27	%	$	—		0.00	%
Various energy futures contracts (U.S.)		(30,732	)		-0.03	%		—		0.00	%
Various interest rates futures contracts (Canada)		(53,579	)		-0.04	%		—		0.00	%
Various interest rates futures contracts (Europe)		(610,796	)		-0.50	%		—		0.00	%
Various interest rates futures contracts (Far East)		(220,508	)		-0.18	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		59,057			0.05	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(587,594	)		-0.48	%		—		0.00	%
Various soft futures contracts (Europe)		(4,921	)		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(78,886	)		-0.06	%		—		0.00	%
Various stock index futures contracts (Africa)		2,058			0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		228,344			0.19	%		—		0.00	%
Various stock index futures contracts (Europe)		1,201,346			0.99	%		—		0.00	%
Various stock index futures contracts (Far East)		612,504			0.50	%		—		0.00	%
Various stock index futures contracts (Oceanic)		215,856			0.18	%		—		0.00	%
Various stock index futures contracts (U.S.)		1,264,903			1.04	%		—		0.00	%
Various base metals futures contracts (U.S.)		61,613			0.05	%		—		0.00	%
Various base metals futures contracts (Europe)		274,544			0.23	%		—		0.00	%
Various precious metal futures contracts (U.S.)		(1,599	)		0.00	%		—		0.00	%
Total Long Futures Contracts	$	2,665,982			2.21	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	678,490			0.56	%	$	—		0.00	%
Various energy futures contracts (U.S.)		(28,690	)		-0.02	%		—		0.00	%
Various interest rates futures contracts (Canada)		22,659			0.02	%		—		0.00	%
Various interest rates futures contracts (Europe)		180,840			0.15	%		—		0.00	%
Various interest rates futures contracts (Far East)		13,953			0.01	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(9,507	)		-0.01	%		—		0.00	%
Various interest rates futures contracts (U.S.)		202,638			0.17	%		—		0.00	%
Various soft futures contracts (Europe)		2,312			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		291,787			0.24	%		—		0.00	%
Various stock index futures contracts (Far East)		(4,464	)		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		7,197			0.01	%		—		0.00	%
Various base metals futures contracts (Europe)		(627,969	)		-0.52	%		—		0.00	%
Various precious metal futures contracts (U.S.)		80,668			0.07	%		—		0.00	%
Total Short Futures Contracts	$	809,914			0.68	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts	$	459,356			0.38	%	$	—		0.00	%
Total Currency Forwards	$	459,356			0.38	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	3,935,252			3.27	%	$	—		0.00	%
OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)	$	165,915			0.14	%	$	—		0.00	%
Total Options Purchased	$	165,915			0.14	%	$	—		0.00	%
OPTIONS WRITTEN *
Various stock index futures contracts (U.S.)	$	(183,856	)		-0.15	%	$	—		0.00	%
Total Options Written	$	(183,856	)		-0.15	%	$	—		0.00	%
Swaps (1)
Frontier XXXIV Balanced select swap (U.S.)	$	10,122,003			8.31	%	$	—		0.00	%
Total Swaps	$	10,122,003			8.31	%	$	—		0.00	%
U.S. TREASURY SECURITIES (2)
		Fair Value						Fair Value
U.S. Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)	$	3,841,258			3.15	%	$	577,408		3.28	%
U.S. Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)		3,974,175			3.26	%		597,388		3.39	%
U.S. Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)		8,479,137			9.96	%		1,274,563		7.24	%
U.S. Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)		4,450,849			3.65	%		669,041		3.80	%
U.S. Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)		4,385,427			3.60	%		659,207		3.74	%
U.S. Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		33,802,791			27.75	%		5,081,211		28.85	%
U.S. Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		9,614,758			7.89	%		1,445,267		8.21	%
	$	68,548,395			59.26	%	$	10,304,085		58.51	%
Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
U.S. Treasury Note 1.125% due 12/31/2019	$	4,070,207					$	611,824
U.S. Treasury Note 2.000% due 09/30/2020		4,070,207						611,824
U.S. Treasury Note 2.500% due 08/15/2023		8,848,276						1,330,051
U.S. Treasury Note 2.125% due 08/15/2021		4,601,103						691,627
U.S. Treasury Note 2.000% due 11/15/2021		4,601,103						691,627
U.S. Treasury Note 6.000% due 02/15/2026		26,544,827						3,990,153
U.S. Treasury Note 6.875% due 08/15/2025		7,078,621						1,064,041
	$	59,814,344					$	8,991,147
		Cost						Cost
U.S. Treasury Note 1.125% due 12/31/2019	$	3,956,284					$	594,699
U.S. Treasury Note 2.000% due 09/30/2020		4,109,669						617,755
U.S. Treasury Note 2.500% due 08/15/2023		8,860,601						1,331,904
U.S. Treasury Note 2.125% due 08/15/2021		4,624,703						695,174
U.S. Treasury Note 2.000% due 11/15/2021		4,581,786						688,723
U.S. Treasury Note 6.000% due 02/15/2026		35,244,178						5,297,818
U.S. Treasury Note 6.875% due 08/15/2025		10,024,255						1,506,821
	$	71,401,476					$	10,732,894

* 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 Schedules of Investments

December 31, 2013

	Equinox Frontier Winton Fund					Equinox Frontier Heritage Fund
Description	Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
Swaps (1)
Frontier Brevan Howard swap (U.S.)	$	—		0.00	%	$	5,435,184		32.75	%
Total Swaps	$	—		0.00	%	$	5,435,184		32.75	%
U.S. TREASURY SECURITIES (2)
		Fair Value					Fair Value
U.S. Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)	$	1,546,657		4.22	%	$	494,659		2.98	%
U.S. Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)		1,600,175		4.37	%		511,775		3.08	%
U.S. Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)		3,414,067		9.32	%		1,091,902		6.58	%
U.S. Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)		1,792,104		4.89	%		573,159		3.45	%
U.S. Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)		1,765,763		4.82	%		564,734		3.40	%
U.S. Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		13,610,622		37.17	%		4,353,009		26.24	%
U.S. Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		3,871,317		10.57	%		1,238,142		7.47	%
	$	27,600,705		75.36	%	$	8,827,380		53.20	%
Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value
U.S. Treasury Note 1.125% due 12/31/2019	$	1,638,841				$	524,142
U.S. Treasury Note 2.000% due 09/30/2020		1,638,841					524,142
U.S. Treasury Note 2.500% due 08/15/2023		3,562,699					1,139,438
U.S. Treasury Note 2.125% due 08/15/2021		1,852,603					592,508
U.S. Treasury Note 2.000% due 11/15/2021		1,852,603					592,508
U.S. Treasury Note 6.000% due 02/15/2026		10,688,096					3,418,314
U.S. Treasury Note 6.875% due 08/15/2025		2,850,159					911,550
	$	24,083,842				$	7,702,602
		Cost					Cost
U.S. Treasury Note 1.125% due 12/31/2019	$	1,592,971				$	509,471
U.S. Treasury Note 2.000% due 09/30/2020		1,654,731					529,223
U.S. Treasury Note 2.500% due 08/15/2023		3,567,661					1,141,025
U.S. Treasury Note 2.125% due 08/15/2021		1,862,105					595,547
U.S. Treasury Note 2.000% due 11/15/2021		1,844,825					590,020
U.S. Treasury Note 6.000% due 02/15/2026		14,190,831					4,538,575
U.S. Treasury Note 6.875% due 08/15/2025		4,036,199					1,290,875
	$	28,749,323				$	9,194,736

(1) See Note 4 to the Financial Statements.

(2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

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

10

The Series of Equinox Frontier Funds

Statements of Operations

For the Three Months Ended June 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013			6/30/2014			6/30/2013
Investment income:
Interest - net	$	135,499		$	462,159		$	71,429		$	224,184		$	47,605		$	288,183
Total Income		135,499			462,159			71,429			224,184			47,605			288,183
Expenses:
Incentive Fees		954,829			—			168,094			—			—			—
Management Fees		271,073			387,812			230,233			330,187			223,050			590,929
Service Fees - Class 1		125,184			290,900			76,310			176,471			30,304			88,071
Trading Fees		307,242			614,290			147,195			288,777			64,027			190,367
Total Expenses		1,658,328			1,293,002			621,832			795,435			317,381			869,367
Investment (loss) - net		(1,522,829	)		(830,843	)		(550,403	)		(571,251	)		(269,776	)		(581,184	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			(141,927	)		—			—			(144,365	)		1,784,593
Net change in open trade equity/(deficit)		—			141,927			—			—			1,767,132			(4,849,262	)
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—
Net unrealized gain/(loss) on swap contracts		188,167			—			—			—			186,322			—
Net realized gain/(loss) on U.S. Treasury securities		(17,129	)		—			(9,105	)		—			(6,059	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		535,347			—			284,576			—			192,801			—
Trading commissions		—			(1,091	)		—			—			(8,038	)		(410,672	)
Change in fair value of investments in unconsolidated trading companies		3,363,720			(7,088,208	)		1,844,351			(2,575,152	)		(466,714	)		(128,404	)
Net gain/(loss) on investments		4,070,105			(7,089,299	)		2,119,822			(2,575,152	)		1,521,079			(3,603,745	)
NET INCREASE/(DECREASE) IN CAPITAL
RESULTING FROM OPERATIONS		2,547,276			(7,920,142	)		1,569,419			(3,146,403	)		1,251,303			(4,184,929	)
Less: Operations attributable to non-controlling interests		—			—			—			—			1,139,624			(855,727	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	2,547,276		$	(7,920,142	)	$	1,569,419		$	(3,146,403	)	$	111,679		$	(3,329,202	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	4.00		$	(7.66	)	$	5.67		$	(6.90	)
Class 1a		N/A			N/A			N/A			N/A		$	0.34		$	(8.07	)
Class 2	$	4.76		$	(7.79	)	$	6.61		$	(6.89	)	$	0.69		$	(10.65	)
Class 2a		N/A			N/A			N/A			N/A		$	0.76		$	(8.15	)
Class 3	$	4.45	(2)		N/A		$	6.17	(3)		N/A		$	0.69		$	(10.65	)
Class 3a		N/A			N/A			N/A			N/A		$	0.82	(1)	$	(2.45	)

(1) Class 3a operations began June 17, 2013.

(2) Class 3 operations began December 16, 2013.

(3) Class 3 operations began February 25, 2014.

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

11

The Series of the Equinox Frontier Funds

Statements of Operations

For the Three Months Ended June 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013
Investment income:
Interest - net	$	6,543		$	75,270		$	—		$	87,463
Total Income/(loss)		6,543			75,270			—			87,463
Expenses:
Incentive Fees		902,054			397,624			26,677			—
Management Fees		264,152			421,392			140,286			138,094
Service Fees - Class 1		492,255			924,919			97,799			152,793
Trading Fees		167,758			327,556			27,150			43,541
Total Expenses		1,826,219			2,071,491			291,912			334,428
Investment (loss) - net		(1,819,676	)		(1,996,221	)		(291,912	)		(246,965	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		4,111,434			4,835,504			—			—
Net change in open trade equity/(deficit)		623,763			(879,019	)		—			—
Net realized gain/(loss) on swap contracts		—			(1,908,743	)		—			—
Net unrealized gain/(loss) on swap contracts		856,058			1,230,360			—			—
Net realized gain/(loss) on U.S. Treasury securities		(31,461	)		—			(4,607	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		967,127			—			138,584			—
Trading commissions		(345,203	)		(477,420	)		—			—
Change in fair value of investments in unconsolidated trading companies		197,789			(11,743,384	)		768,926			31,845
Net gain/(loss) on investments		6,379,507			(8,942,702	)		902,903			31,845
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		4,559,831			(10,938,923	)		610,991			(215,120	)
Less: Operations attributable to non-controlling interests		2,854,321			2,191,011			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	1,705,510		$	(13,129,934	)	$	610,991		$	(215,120	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	1.87		$	(9.31	)	$	3.22		$	(0.85	)
Class 2	$	3.54		$	(11.01	)	$	5.01		$	(0.31	)
Class 2a	$	3.30		$	(8.77	)
Class 3a	$	3.29		$	(8.74	)

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

12

The Series of the Equinox Frontier Funds

Statements of Operations

For the Three Months Ended June 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013
Investment income/(loss):
Interest - net	$	—		$	94,585		$	—		$	35,758
Total Income/(Loss)		—			94,585			—			35,758
Expenses:
Incentive Fees		415,629			—			86,999			—
Management Fees		287,648			268,121			81,966			75,144
Service Fees - Class 1		177,981			226,897			65,875			116,307
Trading Fees		64,049			76,915			21,279			36,145
Total Expenses		945,307			571,933			256,119			227,596
Investment (loss) - net		(945,307	)		(477,348	)		(256,119	)		(191,838	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			—			—			—
Net change in open trade equity/(deficit)		—			—			—			—
Net realized gain/(loss) on swap contracts		—			—			—			—
Net unrealized gain/(loss) on swap contracts		—			—			745,910			—
Net realized gain/(loss) on U.S. Treasury securities		(14,220	)		—			(4,016	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		457,602			—			122,590			—
Trading commissions		—			—			(3,500	)		—
Change in fair value of investments in unconsolidated trading companies		2,553,073			(529,952	)		557,360			(414,134	)
Net gain/(loss) on investments		2,996,455			(529,952	)		1,418,344			(414,134	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		2,051,148			(1,007,300	)		1,162,225			(605,972	)
Less: Operations attributable to non-controlling interests		—			—			329,960			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	2,051,148		$	(1,007,300	)	$	832,265		$	(605,972	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	8.14		$	(3.72	)	$	7.02		$	(3.55	)
Class 2	$	11.59		$	(3.33	)	$	10.31		$	(3.61	)

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

13

The Series of Equinox Frontier Funds

Statements of Operations

For the Six Months Ended June 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013			6/30/2014			6/30/2013
Investment income:
Interest - net	$	300,377		$	938,684		$	166,701		$	455,372		$	116,852		$	585,282
Total Income		300,377			938,684			166,701			455,372			116,852			585,282
Expenses:
Incentive Fees		1,386,913			184,498			181,806			—			—			—
Management Fees		547,629			798,238			507,313			654,910			509,680			1,229,182
Service Fees - Class 1		273,595			596,303			180,593			351,815			68,868			184,174
Trading Fees		649,807			1,250,812			323,110			581,403			146,001			402,099
Total Expenses		2,857,944			2,829,851			1,192,822			1,588,128			724,549			1,815,455
Investment (loss) - net		(2,557,567	)		(1,891,167	)		(1,026,121	)		(1,132,756	)		(607,697	)		(1,230,173	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		325,885			734,081			—			—			(2,580,860	)		(130,988	)
Net change in open trade equity/(deficit)		(83,337	)		(566,777	)		—			—			961,346			(3,390,670	)
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—
Net unrealized gain/(loss) on swap contracts		(391,235	)		—			—			—			(238,462	)		—
Net realized gain/(loss) on U.S. Treasury securities		(127,713	)		221,284			(71,630	)		107,483			(54,879	)		138,776
Net unrealized gain/(loss) on U.S. Treasury securities		1,883,962			(236,981	)		1,060,897			(115,107	)		774,729			(148,620	)
Trading commissions		(6,386	)		(5,416	)		—			—			(415,314	)		(784,182	)
Change in fair value of investments in unconsolidated trading companies		884,399			(7,348,507	)		(9,085	)		(1,684,494	)		(1,012,360	)		(659,517	)
Net gain/(loss) on investments		2,485,576			(7,202,316	)		980,182			(1,692,118	)		(2,565,800	)		(4,975,201	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(71,992	)		(9,093,483	)		(45,939	)		(2,824,874	)		(3,173,497	)		(6,205,374	)
Less: Operations attributable to non- controlling interests		325,371			—			—			—			(766,822	)		(2,681,444	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(397,362	)	$	(9,093,483	)	$	(45,939	)	$	(2,824,874	)	$	(2,406,675	)	$	(3,523,930	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(0.33	)	$	(8.85	)	$	1.14		$	(6.37	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	(9.97	)	$	(8.68	)
Class 2	$	0.46		$	(8.63	)	$	2.11		$	(5.90	)	$	(13.09	)	$	(11.19	)
Class 2a		N/A			N/A			N/A			N/A		$	(10.02	)	$	(8.31	)
Class 3	$	3.16	(2)		N/A		$	2.06	(3)		N/A		$	(13.10	)	$	(11.20	)
Class 3a		N/A			N/A			N/A			N/A		$	(9.91	)	$	(2.45	)

(1) Class 3a operations began June 17, 2013.

(2) Class 3 operations began December 16, 2013.

(3) Class 3 operations began February 25, 2014.

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

14

The Series of the Equinox Frontier Funds

Statements of Operations

For the Six Months Ended June 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013
Investment income:
Interest - net	$	15,073		$	122,551		$	—		$	178,057
Total Income/(loss)		15,073			122,551			—			178,057
Expenses:
Incentive Fees		1,453,340			657,063			26,677			—
Management Fees		554,537			916,029			278,724			347,293
Service Fees - Class 1		1,041,703			1,916,467			203,387			310,652
Trading Fees		355,157			673,471			56,552			88,324
Total Expenses		3,404,737			4,163,030			565,340			746,269
Investment (loss) - net		(3,389,664	)		(4,040,479	)		(565,340	)		(568,212	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		7,730,596			(2,875,164	)		—			—
Net change in open trade equity/(deficit)		(1,535,401	)		1,200,003			—			—
Net realized gain/(loss) on swap contracts		—			(1,908,743	)		—			—
Net unrealized gain/(loss) on swap contracts		(630,474	)		772,617			—			—
Net realized gain/(loss) on U.S. Treasury securities		(225,870	)		362,137			(34,988	)		78,233
Net unrealized gain/(loss) on U.S. Treasury securities		3,414,775			(387,826	)		496,053			(83,782	)
Trading commissions		(631,520	)		(1,146,861	)		—			—
Change in fair value of investments in unconsolidated trading companies		(3,884,435	)		(8,931,059	)		(328,501	)		1,360,285
Net gain/(loss) on investments		4,237,671			(12,914,896	)		132,564			1,354,736
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		848,007			(16,955,375	)		(432,776	)		786,524
Less: Operations attributable to non-controlling interests		3,307,859			(613,022	)		—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(2,459,849	)	$	(16,342,353	)	$	(432,776	)	$	786,524
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(2.43	)	$	(11.43	)	$	(1.63	)	$	2.35
Class 2	$	(1.14	)	$	(12.66	)	$	(0.58	)	$	4.49
Class 2a	$	(0.32	)	$	(9.67	)
Class 3a	$	(0.32	)	$	(9.65	)

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

15

The Series of the Equinox Frontier Funds

Statements of Operations

For the Six Months Ended June 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013
Investment income:
Interest - net	$	41		$	204,611		$	—		$	72,996
Total Income		41			204,611			—			72,996
Expenses:
Incentive Fees		415,629			—			86,999			—
Management Fees		568,021			520,375			161,975			214,205
Service Fees - Class 1		360,945			449,703			138,600			236,146
Trading Fees		128,644			151,657			44,378			73,328
Total Expenses		1,473,239			1,121,735			431,952			523,679
Investment (loss) - net		(1,473,198	)		(917,124	)		(431,952	)		(450,683	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			—			—			—
Net change in open trade equity/(deficit)		—			—			—			—
Net realized gain/(loss) on swap contracts		—			—			—			—
Net unrealized gain/(loss) on swap contracts		—			—			(462,653	)		—
Net realized gain/(loss) on U.S. Treasury securities		(97,349	)		115,236			(28,835	)		50,795
Net unrealized gain/(loss) on U.S. Treasury securities		1,429,792			(123,411	)		422,594			(54,398	)
Trading commissions		—			—			(3,500	)		—
Change in fair value of investments in unconsolidated trading companies		1,560,816			1,789,423			254,158			1,349,322
Net gain/(loss) on investments		2,893,259			1,781,248			181,764			1,345,719
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		1,420,061			864,124			(250,188	)		895,036
Less: Operations attributable to non-controlling interests		—			—			(208,034	)		—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	1,420,061		$	864,124		$	(42,154	)	$	895,036
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	5.48		$	2.08		$	0.53		$	3.53
Class 2	$	9.55		$	4.89		$	2.72		$	6.37

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

16

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Six Months Ended June 30, 2014

(Unaudited)

	Equinox Frontier Diversified Fund																						Equinox Frontier Masters Fund
	Class 1			Class 1			Class 2		Class 2			Class 3(2)		Class 3(2)			Non—   Controlling Interests						Class 1			Class 2		Class 2			Class 3		Class 3
	Managing Owner			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners						Total			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Total
Owners’ Capital, December 31, 2013	$	23,953		$	28,720,094		$	1,904,660	$	32,810,331		$	—	$	—		$	—		$	63,459,038			$23,115,495		$	559,668	$	9,846,494		$	25,274	$	223,853		$	33,770,784
Sale of Units		—			558,427			—		349,817			23,159		1,766,364			—			2,717,767			140,294			—		35,000			—		2,764,331			2,939,625
Redemption of Units		(23,159	)		(7,988,716	)		—		(5,909,484	)		—		(52,288	)		—			(13,973,647	)		(10,016,182)			—		(1,825,965	)		—		(445,554	)		(12,287,701	)
Change in control of ownership - Trading Companies		—			—			—		—			—		—			(325,371	)		(325,371	)		—			—		—			—		—			—
Operations attributable to non-controlling interests		—			—			—		—			—		—			—			—			—			—		—			—		—			—
Net increase/(decrease) in Owners’ Capital resulting from operations		(794	)		(387,989	)		9,447		(90,933	)		867		72,039			325,371			(71,992	)		(312,664)			11,871		97,539			568		156,747			(45,939	)
Owners’ Capital, June 30, 2014	$	—		$	20,901,816		$	1,914,107	$	27,159,731		$	24,026	$	1,806,115		$	—		$	51,805,795			$12,926,943		$	571,539	$	8,153,068		$	25,842	$	2,699,377		$	24,376,769
Owners’ Capital - Units, December 31, 2013		275			329,730			14,576		353,351			—		—									251,718			5,627		98,997			275		2,436
Sale of Units		—			6,700			—		3,853			275		21,582									1,564			—		364			—		31,308
Redemption of Units		(275	)		(95,547	)		—		(65,142	)		—		(635	)								(114,236)			—		(19,093	)		—		(5,018	)
Owners’ Capital - Units, June 30, 2014		—			240,883			14,576		292,062			275		20,947									139,046			5,627		80,268			275		28,726
					(1	)				(1	)				(1	)								(1	)				(1	)				(1	)
Net asset value per unit at December 31, 2013				$	87.10				$	94.35				$	84.21									$ 91.83				$	99.46				$	91.91
Change in net asset value per unit for the period					(0.33	)				0.46					3.16									1.14					2.11					2.06
Net asset value per unit at June 30, 2014				$	86.77				$	94.81				$	87.37									$ 92.97				$	101.57				$	93.97

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

(2) Class 3 began trading on February 24, 2014.

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

17

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Six Months Ended June 30, 2014

(Unaudited)

	Equinox Frontier Long/Short Commodity Fund
	Class 2						Class 3			Class 1a			Class 2a						Class 3a
	Managing Owner			Limited Owners			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Non-Controlling Interests			Total
Owners’ Capital, December 31, 2013	$	386,171		$	2,985,627		$	9,619,596		$	8,752,826		$	222,971		$	2,880,434		$	10,991		$	246,480		$	3,229,042		$	28,334,138
Sale of Units		—			—			—			107,716			—			—			—			294,261			—			401,977
Redemption of Units		—			(1,932,014	)		(1,796,339	)		(2,484,658	)		—			(1,228,609	)		—			(125,931	)		—			(7,567,551	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—			—			—			(2,462,220	)		(2,462,220	)
Contributions		—			—			—			—			—			—			—			—			—			—
Distributions		—			—			—			—			—			—			—			—			—			—
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			—			—
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(40,360	)		(225,447	)		(956,665	)		(859,716	)		(22,249	)		(264,136	)		(1,084	)		(37,018	)		(766,822	)		(3,173,497	)
Owners’ Capital, June 30, 2014	$	345,811		$	828,166		$	6,866,592		$	5,516,168		$	200,722		$	1,387,689		$	9,907		$	377,792		$	—		$	15,532,847
Owners’ Capital - Units, December 31, 2013		3,083			23,835			76,774			94,391			2,222			28,708			109			2,454
Sale of Units		—			—			—			1,292			—			—			—			3,075
Redemption of Units		—			(16,452	)		(15,576	)		(29,026	)		—			(13,344	)		—			(1,357	)
Owners’ Capital - Units, June 30, 2014		3,083			7,383			61,198			66,657			2,222			15,364			109			4,172
					(1	)					(1	)					(1	)					(1	)
Net asset value per unit at December 31, 2013				$	125.26		$	125.30		$	92.73					$	100.34					$	100.47
Change in net asset value per unit for the period					(13.09	)		(13.10	)		(9.97	)					(10.02	)					(9.91	)
Net asset value per unit at June 30, 2014				$	112.17		$	112.20		$	82.76					$	90.32					$	90.56

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

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

18

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Six Months Ended June 30, 2014

(Unaudited)

	Equinox Frontier Balanced Fund
	Class 1			Class 2						Class 2a						Class 3a
	Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Limited Owners			Non-Controlling Interests			Total
Owners’ Capital, December 31, 2013	$	80,801,534		$	1,374,533		$	25,236,584		$	147,003		$	344,576		$	2,322,629		$	11,599,368		$	121,826,227
Sale of Units		75,943			—			7,110			—			—			—			—			83,053
Redemption of Units		(14,334,761	)		(250,000	)		(5,284,845	)		—			(4,070	)		(190,929	)		—			(20,064,605	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—			(8,927,933	)		(8,927,933	)
Contributions		—			—			—			—			—			—			—			—
Distributions		—			—			—			—			—			—			—			—
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(2,103,371	)		(15,956	)		(327,826	)		(404	)		(1,009	)		(11,286	)		3,307,859			848,007
Owners’ Capital, June 30, 2014	$	64,439,345		$	1,108,577		$	19,631,023		$	146,599		$	339,497		$	2,120,414		$	5,979,294		$	93,764,749
Owners’ Capital - Units, December 31, 2013		760,206			9,784			179,627			1,237			2,901			19,615
Sale of Units		743			—			52			—			—			—
Redemption of Units		(140,526	)		(1,828	)		(38,800	)		—			(35	)		(1,658	)
Owners’ Capital - Units, June 30, 2014		620,423			7,956			140,879			1,237			2,866			17,957
								(1	)					(1	)
Net asset value per unit at December 31, 2013	$	106.29					$	140.49					$	118.80		$	118.41
Change in net asset value per unit for the period		(2.43	)					(1.14	)					(0.32	)		(0.32	)
Net asset value per unit at June 30, 2014	$	103.86					$	139.35					$	118.48		$	118.09

(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 Six Months Ended June 30, 2014

(Unaudited)

	Equinox Frontier Select Fund												Equinox Frontier Winton Fund											Equinox Frontier Heritage Fund
	Class 1			Class 2									Class 1			Class 2								Class 1			Class 2
	Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Managing Owner		Limited Owners			Total			Limited Owners			Managing Owner		Limited Owners			Non-Controlling Interests			Total
Owners’ Capital, December 31, 2013	$	15,852,947		$	7,336		$	1,751,565		$	17,611,848		$	26,164,147		$	36,002	$	10,424,688		$	36,624,837		$	11,328,406		$	57,484	$	2,792,578		$	2,415,637		$	16,594,105
Sale of Units		4,943			—			—			4,943			67,734			—		—			67,734			11,982			—		—			—			11,982
Redemption of Units		(2,484,851	)		—			(361,783	)		(2,846,634	)		(3,480,897	)		—		(307,865	)		(3,788,762	)		(2,465,305	)		—		(235,405	)		—			(2,700,710	)
Change in control of ownership -Trading Companies		—			—			—			—			—			—		—			—			—			—		—			855			855
Contributions		—			—			—			—			—			—		—			—			—			—		—			—			—
Distributions		—			—			—			—			—			—		—			—			—			—		—			—			—
Operations attributable to non-controlling interests		—			—			—			—			—			—		—			—			—			—		—			—			—
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(409,460	)		(41	)		(23,275	)		(432,776	)		860,949			1,974		557,138			1,420,061			(82,255	)		1,163		38,938			(208,034	)		(250,188	)
Owners’ Capital, June 30, 2014	$	12,963,579		$	7,295		$	1,366,507		$	14,337,381		$	23,611,933		$	37,976	$	10,673,961		$	34,323,870		$	8,792,828		$	58,647	$	2,596,111		$	2,208,458		$	13,656,044
Owners’ Capital - Units, December 31, 2013		198,518			70			16,820						187,438			207		59,854						111,005			428		20,807
Sale of Units		65			—			—						488			—		—						123			—		—
Redemption of Units		(32,882	)		—			(3,623	)					(25,160	)		—		(1,754	)					(25,411	)		—		(1,847	)
Owners’ Capital - Units, June 30, 2014		165,701			70			13,197						162,766			207		58,100						85,717			428		18,960
								(1	)										(1	)										(1	)
Net asset value per unit at December 31, 2013	$	79.86					$	104.14					$	139.59				$	174.17					$	102.05				$	134.21
Change in net asset value per unit for the period		(1.63	)					(0.58	)					5.48					9.55						0.53					2.72
Net asset value per unit at June 30, 2014	$	78.23					$	103.56					$	145.07				$	183.72					$	102.58				$	136.93

(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 Cash Flows For the Six Months Ended June 30, 2014 and 2013 (Unaudited)
	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013			6/30/2014			6/30/2013
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(71,992	)	$	(9,093,483	)	$	(45,939	)	$	(2,824,874	)	$	(3,173,497	)	$	(6,205,374	)
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		—			—			—			—			(191,069	)		1,887,682
Net change in options purchased, at fair value		—			—			—			—			98,740			(608,641	)
Net change in options written, at fair value		—			—			—			—			(172,650	)		—
Net change in ownership allocation of U.S. Treasury securities		(3,148,617	)		154,070			3,061,783			416,252			2,706,178			68,797
Net change in ownership allocation of custom time deposits		—			5,520,176			—			2,921,097			—			4,202,673
Net realized (gain) on swap contracts		—			—			—			—			—			—
Net unrealized (gain)/loss on swap contracts		391,235			—			—			—			238,462			—
Net unrealized (gain)/loss on U.S. Treasury securities		(1,883,962	)		236,981			(1,060,897	)		115,107			(774,729	)		148,620
Net realized (gain)/loss on U.S. Treasury securities		127,713			(221,284	)		71,630			(107,483	)		54,879			(138,776	)
(Purchases) sales of:
Sales of U.S. Treasury securities		14,517,974			3,683,233			8,028,811			4,273,276			5,971,219			5,517,416
Sales of custom time deposits					8,797,756			—			1,789,033			—			2,309,899
Increase and/or decrease in:
Receivable from futures commission merchants		—			—			—			—			7,836,808			628,467
Change in control of ownership - trading companies		(325,371	)		—			—			—			(2,462,220	)		3,006,720
Contributions to trading companies		—			—			—			—			—			533,749
Distributions from trading companies		—			—			—			—			—			(1,554,700	)
Investments in unconsolidated trading companies, at fair value		3,087,509			5,318,764			(172,000	)		(3,220,007	)		(2,457,886	)		1,827,906
Prepaid service fees - Class 1		(1,665	)		12,606			9,544			30,503			2,002			23,352
Interest receivable		32,060			53,887			91,642			30,947			77,778			33,408
Receivable from other series		—			—			—			—			—			(17,784	)
Receivable from related parties		1,035			92,070			(1,206	)		24,572			(128	)		—
Other assets		—			—			—			—			—			—
Incentive fees payable to Managing Owner		379,279			(189,903	)		168,094			—			—			—
Management fees payable to Managing Owner		(15,618	)		(28,598	)		(28,933	)		(14,008	)		(44,175	)		(88,311	)
Interest payable to Managing Owner		(4,543	)		(5,520	)		(3,798	)		(2,371	)		(3,948	)		(3,521	)
Trading fees payable to Managing Owner		(25,282	)		(35,491	)		(21,589	)		(13,931	)		(14,458	)		(21,606	)
Service fees payable to Managing Owner		(11,281	)		(16,950	)		(16,297	)		(4,734	)		(5,090	)		(700	)
Payables to related parties		—			(19,435	)		—			23,502			—			(34,037	)
Other liabilities		1,813			—			—			—			—			515
Net cash provided by (used in) operating activities		13,050,287			14,258,879			10,080,825			3,436,881			7,686,216			11,515,754
Cash Flows from Financing Activities:
Proceeds from sale of units		2,717,767			2,553,759			2,939,625			2,132,111			401,977			900,755
Payment for redemption of units		(13,973,647	)		(18,871,715	)		(12,287,701	)		(6,401,527	)		(7,567,551	)		(13,516,882	)
Pending owner additions		(1,463	)		(21,292	)		(18	)		(14,157	)		—			(62,537	)
Owner redemptions payable		335,367			411,392			(3,102	)		(96,698	)		(91,056	)		61,919
Net cash provided by (used in) financing activities		(10,921,976	)		(15,927,856	)		(9,351,196	)		(4,380,271	)		(7,256,630	)		(12,616,745	)
Net increase (decrease) in cash and cash equivalents		2,128,311			(1,668,977	)		729,629			(943,390	)		429,586			(1,100,991	)
Cash and cash equivalents, beginning of period		1,827,897			2,681,889			1,125,954			1,542,661			810,418			1,710,151
Cash and cash equivalents, end of period	$	3,956,208		$	1,012,912		$	1,855,563		$	599,271		$	1,240,004		$	609,160

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

21

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Six Months Ended June 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	848,007		$	(16,955,375	)	$	(432,776	)	$	786,524
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		1,631,455			(1,109,389	)		—			—
Net change in options purchased, at fair value		165,915			—			—			—
Net change in options written, at fair value		(183,856	)		(21,045	)		—			—
Net change in ownership allocation of U.S. Treasury securities		1,384,849			(101,758	)		551,952			(346,146	)
Net change in ownership allocation of total return swaps					5,334
Net change in ownership allocation of custom time deposits		—			(2,039,513	)		—			(3,267,434	)
Net unrealized (gain)/loss on swap contracts		630,474			(772,617	)		—			—
Net realized (gain)/loss on swap contracts		—			1,908,743			—			—
Net unrealized (gain)/loss on U.S. Treasury securities		(3,414,775	)		387,826			(496,053	)		83,782
Net realized (gain)/loss on U.S. Treasury securities		225,870			(362,137	)		34,988			(78,233	)
(Purchases) sales of:
Sales of swap contracts		—			4,341,257			—			—
Sales of custom time deposits					14,397,746			—			3,110,347
Sales of U.S. Treasury securities		26,111,089			6,027,702			3,956,690			1,302,165
Increase and/or decrease in:
Receivable from futures commission merchants		10,787,977			70,024,284			—			—
Change in control of ownership - trading companies		(8,927,933	)		(32,918,537	)		—			—
Investments in unconsolidated trading companies, at fair value		(5,848,870	)		(15,660,783	)		(455,524	)		2,274,525
Contributions to trading companies		—			28,003,136			—			—
Distributions from trading companies		—			(24,921,921	)		—			—
Prepaid service fees - Class 1		234			(612	)		—			—
Interest receivable		178,389			83,217			33,530			13,440
Receivable from other series		—			—			—			—
Receivable from related parties		—			(35,338	)		—			(6,241	)
Other assets		45			34,251			—			—
Incentive fees payable to Managing Owner		210,121			(527,306	)		26,677			—
Management fees payable to Managing Owner		(24,391	)		(63,857	)		(1,557	)		(58,180	)
Interest payable to Managing Owner		(51,818	)		(73,688	)		(8,194	)		(6,458	)
Trading fees payable to Managing Owner		(17,116	)		(35,263	)		(2,307	)		(2,431	)
Service fees payable to Managing Owner		(43,842	)		(94,147	)		(7,625	)		(11,221	)
Payables to related parties		5,004			(1,490	)		269			(47,535	)
Other liabilities		—			5,512			—			—
Net cash provided by (used in) operating activities		23,666,828			29,524,232			3,200,070			3,746,904
Cash Flows from Financing Activities:
Proceeds from sale of units		83,053			176,309			4,943			8,725
Payment for redemption of units		(20,064,605	)		(32,289,908	)		(2,846,634	)		(4,076,861	)
Pending owner additions		(2,731	)		(15,282	)		(153	)		(457	)
Owner redemptions payable		(821,324	)		239,273			17,098			(18,946	)
Net cash provided by (used in) financing activities		(20,805,607	)		(31,889,608	)		(2,824,746	)		(4,087,539	)
Net increase (decrease) in cash and cash equivalents		2,861,221			(2,365,376	)		375,324			(340,635	)
Cash and cash equivalents, beginning of period		3,292,570			4,111,855			494,931			664,310
Cash and cash equivalents, end of period	$	6,153,791		$	1,746,479		$	870,255		$	323,675

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

22

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Six Months Ended June 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	6/30/2014			6/30/2013			6/30/2014			6/30/2013
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	1,420,061		$	864,124		$	(250,188	)	$	895,036
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		—			—			—			—
Net change in ownership allocation of U.S. Treasury securities		(3,994,960	)		(117,717	)		302,509			(73,002	)
Net change in custom time deposits		—			(5,479,138	)		—			(3,230,118	)
Net unrealized (gain)/loss on swap contracts		—			—			462,653			—
Net realized (gain)/loss on swap contracts		—			—			—			—
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		(1,429,792	)		123,411			(422,594	)		54,398
Net realized (gain) loss on U.S. Treasury securities, at fair value		97,349			(115,236	)		28,835			(50,795	)
(Purchases) sale of:
Sales of custom time deposits		—			4,581,539			—			2,019,491
Sales of U.S. Treasury Securities, at fair value		11,348,872			1,918,089			3,316,905			845,472
Increase and/or decrease in:
Change in control of ownership of trading companies		—			—			855
Contributions to trading companies		—			—			—			—
Distributions from trading companies		—			—			—			—
Investments in unconsolidated trading companies, at fair value		(2,247,207	)		619,919			(480,022	)		3,511,706
Interest receivable		6,900			25,277			24,563			10,845
Receivable from other series		—			—			—			—
Receivable from related parties		—			(44,110	)		—			(3,871	)
Other assets		—			—			—			—
Incentive fees payable to Managing Owner		315,369			—			71,588			—
Management fees payable to Managing Owner		(28,976	)		(364	)		(384	)		(39,621	)
Interest payable to Managing Owner		(10,769	)		(4,778	)		(6,906	)		(5,529	)
Trading fees payable to Managing Owner		(2,019	)		(1,860	)		(1,961	)		(2,103	)
Service fees payable to Managing Owner		(4,913	)		(10,221	)		(6,039	)		(8,419	)
Payables to related parties		5,133			(563	)		1,386			(317	)
Other liabilities		—			—			3,500			—
Net cash provided by (used in) operating activities		5,475,048			2,358,372			3,044,700			3,923,173
Cash Flows from Financing Activities:
Proceeds from sale of units		67,734			91,099			11,982			23,085
Payment for redemption of units		(3,788,762	)		(3,054,563	)		(2,700,710	)		(4,188,525	)
Pending owner additions		(1,268	)		(1,512	)		(796	)		(964	)
Owner redemptions payable		(76,900	)		(22,467	)		—			(10,804	)
Net cash provided by (used in) financing activities		(3,799,196	)		(2,987,443	)		(2,689,524	)		(4,177,248	)
Net increase (decrease) in cash and cash equivalents		1,675,852			(629,071	)		355,176			(254,035	)
Cash and cash equivalents, beginning of period		1,325,731			1,249,455			424,001			536,159
Cash and cash equivalents, end of period	$	3,001,583		$	620,384		$	779,177		$	282,124

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

23

The Series of 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 (the “CFTC”) Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series, of units of beneficial interest (the “Units”) pursuant to the requirements of the Delaware Statutory Trust Act, as amended (the “Trust Act”). The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). It is managed by its Managing Owner, Equinox Fund Management, LLC.

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 (the “Trust Agreement”), unitholders in a Delaware statutory trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to the Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of the combined Series of the Trust.

The Trust, in relation to the Series, has been organized to pool assets of investor funds for the purpose of trading in the United States (“U.S.”) and international markets for currencies, interest rates, stock indices, agricultural and energy products, precious and base metals and other commodities. The Trust, in relation to the Series, may also engage in futures contracts, forwards, option contracts and other interest in derivative instruments, including swap contracts (“Swaps”).

As of December 9, 2013, the Balanced Series of the Trust became known as the Equinox Frontier Balanced Fund, the Frontier Diversified Series of the Trust became known as the Equinox Frontier Diversified Fund, the Frontier Heritage Series became known as Equinox Frontier Heritage Fund, the Frontier Long/Short Commodity Series became known as the Equinox Frontier Long/Short Commodity Fund, the Frontier Masters Series became known as the Equinox Frontier Masters Fund, the Frontier Select Series became known as the Equinox Frontier Select Fund, and the Winton Series became known as the Equinox Frontier Winton Fund.

The Trust has seven (7) separate and distinct Series of Units issued and outstanding: Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund, (each a “Series” and collectively, the “Series”). The Trust, with respect to the Series, may issue additional Series of Units.

The Trust, with respect to each Series:

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

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

• 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 (currencies);

• maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average

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daily NAV of Class 1 or Class 1a of such Series, is prepaid to Equinox Fund Management, LLC (the “Managing Owner”) by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

• all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. 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, is maintained in the books and records of each Series.

As of June 30, 2014, the Trust, with respect to the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Balanced Fund and the Equinox Frontier Long/Short Commodity Fund separates Units into six separate Classes—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of U.S. Treasury Securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

As of June 30, 2014, Equinox Frontier Winton Fund has invested a portion of its assets in a single Trading Company, and a single Trading Advisor manages 100% of the assets invested in such Trading Company. Each of the remaining series has invested a portion of its assets in several different Trading Companies and one or more Trading Advisors may manage the assets invested in such Trading Companies.

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 meets the investment company definition under ASU 2013-08—Financial Services—Investment Companies (Topic 946) and follows reporting disclosure requirements under that update.

Consolidation—The Series, through investing in the Trading Companies, 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. Trading Companies in which a Series has a controlling and majority equity interest are consolidated by such Series. Investments in Trading Companies 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. The equity interest held by Series of the Trust is shown as investments in

25

unconsolidated trading 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.

The consolidated financial statements of the Equinox Frontier Balanced Fund include the assets, liabilities and earnings of its majority-controlled trading companies; Frontier Trading Company I LLC (except for the earnings from January 31, 2014 to February 2, 2014, April 7, 2014 to April 11, 2014, and June 16, 2014 to June 30, 2014) and the assets and liabilities of its majority owned Trading Companies, the earnings of Frontier Trading Company XIV, LLC from November 1, 2013 to January 13, 2014 and from February 28, 2014 to June 30, 2014, the earnings of Frontier Trading Company XXIII, LLC from April 29, 2013 to June 30, 2014 and the earnings of Frontier Trading Company XXXIV, LLC from July 31, 2013 to June 30, 2014. Also included in the consolidated financial statements were the earnings of its majority controlled trading company, the earnings from Frontier Trading Company XIV, LLC from January 1, 2013 through May 16, 2013, and the earnings from Frontier Trading Company XVII, LLC from January 1, 2013 through April 18, 2013. Multiple Series have investment interests in Frontier Trading Company I LLC.

The consolidated financial statements of the Equinox Frontier Long/Short Commodity Fund include the assets, liabilities and earnings of its majority controlled trading companies; Frontier Trading Company VII, LLC, from September 28, 2011 to April 4, 2014, Frontier Trading Company XVIII, LLC from May 15, 2012 through June 30, 2014, and Frontier Trading Company XXXVII, LLC from July 31, 2013 through June 30, 2014.

The consolidated financial statements of the Equinox Frontier Diversified Fund include the assets, liabilities and earnings of its majority controlled trading company, Frontier Trading Company V, LLC (earnings from March 9, 2013 through August 26, 2013 (Closed)), Frontier Trading Company XXXV, LLC from July 31, 2013 through June 30, 2014 and the earnings of Trading Company I LLC from January 31, 2014 to February 2, 2014.

The consolidated financial statements of the Equinox Frontier Heritage Fund include the earnings of its majority controlled trading company, Frontier Trading Company XXXIX, LLC (earnings from November 18, 2013 through June 30, 2014).

Each of the Series has invested in Frontier Trading Company XXXVIII, LLC on the same basis as its ownership in the cash pool. Frontier Trading Company XXXVIII, LLC assets, liabilities and earnings are allocated to all the Series of the Trust based on their proportionate share of the cash pool.

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.

Interest Income—Aggregate interest income from all sources, including U.S. Treasuries and assets held at Futures Commission Merchants (“FCM”), of up to two percentage points of the aggregate percentage yield (annualized), 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 1a, Class 2a and Class 3a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Series.

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.

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.

Receivable From Futures Commission Merchants—The Series of 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, 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) 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).

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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 three or six classes of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a). 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 and Class 3a 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. 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). The value of all open contracts and cash held at clearing brokers is similarly allocated to the Series in proportion to each Series’ funds allocated to the Trading Company, or Companies.

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 basis upon daily reports from the counterparty. The Managing Owner values the investments based on the CTA’s estimated position information on a same-trading day basis. The Managing Owner reviews and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. This fair value is corroborated by valuations provided by a third party pricing service on a daily basis. The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected, the components of the model, both observable and unobservable; and quality control testing procedures in place.

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income 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 2010 through 2013 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, the Trust is not a publicly traded partnership treated as a corporation, and (ii) the discussion set forth in the Prospectus under the heading “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.

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Service Fees—The Trust may maintain each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. 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.

Recently Adopted Accounting Pronouncements—In June of 2013, FASB issued ASU 2013-08 to (i) modify Topic 946 for determining whether an entity is an investment company; (ii) update the measurement requirements for noncontrolling interests in other investment companies; and (iii) require additional disclosures for investment companies under U.S. GAAP. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance did not have a material impact on the financial positions or results of operations.

Subsequent Events—The Trust, with respect to the Series, follows the provisions of ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the financial statements are issued. No events or transactions requiring recognition or disclosure have been identified.

3. Fair Value Measurements

In connection with the valuation of investments the Series apply ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides clarification that when a quoted price in an active market for the identical asset or liability is not available, a reporting entity is required to measure fair value using certain techniques. ASC 820 also clarifies that when estimating the fair value of an asset or liability, a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of an asset or liability. ASC 820 also clarifies that both a quoted price in an active market for the identical asset or liability at the measurement date and the quoted price for the identical asset or liability when traded as an asset in an active market when no adjustments to the quoted price of the asset are required are Level 1 fair value measurements.

Level 1 Inputs

Unadjusted quoted prices in active markets for identical financial assets that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs

Inputs other than quoted prices included in Level 1 that are observable for the financial asset 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 asset or inputs that are derived principally from or corroborated by market data by correlation or other means.

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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 values the investments based on the CTA’s estimated position information on a same-trading day basis. The Managing Owner reviews and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. The fair value is corroborated through the use of a third party pricing service (“pricing service”). The valuation requires significant estimates utilizing Level 3 inputs, corroborated by management through the use of a third party pricing service (“pricing service”). The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected, the components of the model, both observable and unobservable; and quality control testing procedures in place. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each Swap and its subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by senior a financial engineer to ensure the design and function of the model is stable and performs as expected.

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The valuation committee reports to both the Managing Owner’s Investment Oversight and Risk Committee and the Trust’s Executive Committee. The committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The committee monitors daily pricing provided by the swap counterparty and daily valuation provided by the third party pricing service. The valuation committee may request a price challenge if the daily valuation provided by the counterparty valuations differs significantly from the valuation obtained by the pricing service. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provided by the pricing service.

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. The Series may redeem their investment in the trading companies on a daily basis at the stated net asset value and therefore the inputs qualify for Level 2. However, as the Series, under the same management as the Trading Companies, have access to the underlying positions of the Trading Companies, the level determination are reflected on that basis. 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.

29

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 June 30, 2014 and December 31, 2013 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

June 30, 2014	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Equinox Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	17,020,687	$	729,076	$	—	$	17,749,763
Swap Contracts		—		—		3,046,397		3,046,397
U.S. Treasury Securities		28,442,309		—		—		28,442,309
Equinox Frontier Masters Fund
Investment in Unconsolidated Trading Companies		8,556,907		781,823		—		9,338,730
U.S. Treasury Securities		13,340,170		—		—		13,340,170
Equinox Frontier Long/Short Commodity Fund
Swap Contracts		—		—		2,218,084		2,218,084
Investment in Unconsolidated Trading Companies		2,757,619		356,036		—		3,113,655
U.S. Treasury Securities		8,914,743		—		—		8,914,743
Equinox Frontier Balanced Fund
Open Trade Equity (Deficit)		1,539,719		764,078		—		2,303,797
Swap Contracts		—		—		9,491,529		9,491,529
Investment in Unconsolidated Trading Companies		18,489,568		1,072,617		—		19,562,185
U.S. Treasury Securities		44,241,362		—		—		44,241,362
Equinox Frontier Select Fund
Investment in Unconsolidated Trading Companies		4,327,679		782,375		2,210,014		7,320,068
U.S. Treasury Securities		6,256,508		—		—		6,256,508
Equinox Frontier Winton Fund
Investment in Unconsolidated Trading Companies		9,912,670		113,860		—		10,026,530
U.S. Treasury Securities		21,579,236		—		—		21,579,236
Equinox Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		2,343,812		25,476		—		2,369,288
Swap Contracts		—		—		4,972,531		4,972,531
U.S. Treasury Securities		5,601,725		—		—		5,601,725

30

December 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Equinox Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	20,167,937		$	669,335		$	—	$	20,837,272
Swap Contracts		—			—			3,437,632		3,437,632
U.S. Treasury Securities		38,055,417			—			—		38,055,417
Equinox Frontier Masters Fund
Investment in Unconsolidated Trading Companies		8,290,975			875,735			—		9,166,710
U.S. Treasury Securities		23,441,497			—			—		23,441,497
Equinox Frontier Long/Short Commodity Fund
Open Trade Equity (Deficit)		(191,069	)		—			—		(191,069	)
Options purchased		—			98,740			—		98,740
Options Written		—			(172,650	)		—		(172,650	)
Investment in Unconsolidated Trading Companies		655,769			—			—		655,769
Swap Contracts		—			—			2,456,546		2,456,546
U.S. Treasury Securities		16,872,290			—			—		16,872,290
Equinox Frontier Balanced Fund
Open Trade Equity (Deficit)		3,475,896			459,356			—		3,935,252
Options purchased		—			165,915			—		165,915
Options Written		—			(183,856	)		—		(183,856	)
Investment in Unconsolidated Trading Companies		12,953,295			760,020			—		13,713,315
Swap Contracts		—			—			10,122,003		10,122,003
U.S. Treasury Securities		68,548,395			—			—		68,548,395
Equinox Frontier Select Fund
Investment in Unconsolidated Trading Companies		3,886,810			562,097			2,415,637		6,864,544
U.S. Treasury Securities		10,304,085			—			—		10,304,085
Equinox Frontier Winton Fund
Investment in Unconsolidated Trading Companies		7,772,031			7,292			—		7,779,323
U.S. Treasury Securities		27,600,705			—			—		27,600,705
Equinox Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		1,887,631			1,635			—		1,889,266
Swap Contracts		—			—			5,435,184		5,435,184
U.S. Treasury Securities		8,827,380			—			—		8,827,380

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During the six months ended June 30, 2014 and year ended December 31, 2013, all identified Level 3 assets are 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.

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For the Six Months Ended June 30, 2014

Swaps:

	Equinox Frontier Diversified Fund			Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund
Balance of recurring Level 3 assets as of January 1, 2014	$	3,437,632		$	2,456,546		$	10,122,003
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(391,235	)		(238,462	)		(630,474	)
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 June 30, 2014	$	3,046,397		$	2,218,084		$	9,491,529

	Equinox Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2014	$	5,435,184
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(462,653	)
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 June 30, 2014	$	4,972,531

Investments in Unconsolidated Trading Companies:

	Equinox Frontier Select Fund
Balance of recurring Level 3 assets as of January 1, 2014	$	2,415,637
Change in fair value of investments in unconsolidated trading companies		(205,623	)
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 June 30, 2014	$	2,210,014

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For the Year Ended December 31, 2013

Swaps:

	Equinox Frontier Diversified Fund		Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund
Balance of recurring Level 3 assets as of January 1, 2013	$	—	$	—		$	22,289,478
Total gains or losses (realized/unrealized):
Included in earnings-realized		—		—			(3,554,723	)
Included in earnings-unrealized		37,632		(423,454	)		2,486,559
Purchases of investments		3,400,000		2,880,000			9,600,000
Sales of investments		—		—			(20,694,866	)
Change in ownership allocation of total return swaps		—		—			(4,445	)
Transfers in and/or out of Level 3		—		—			—
Balance of recurring Level 3 assets as of December 31, 2013	$	3,437,632	$	2,456,546		$	10,122,003

	Equinox Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2013	$	—
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		591,793
Purchases of investments		—
Sales of investments		—
Change in ownership allocation of total return swaps		4,843,391
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2013	$	5,435,184

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Investments in Unconsolidated Trading Companies:

	Equinox Frontier Balanced Fund			Equinox Frontier Select Fund
Balance of recurring Level 3 assets as of January 1, 2013	$	—		$	—
Change in fair value of investments in unconsolidated trading companies		(427,558	)		(1,461	)
Proceeds from sales of investments of unconsolidated trading companies		(972,442	)		—
Purchases of investments of unconsolidated trading companies		1,400,000			1,600,000
Change in ownership allocation		—			817,098
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2013	$	—		$	2,415,637

	Equinox Frontier Diversified Fund			Equinox Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2013	$	—		$	—
Change in fair value of investments in unconsolidated trading companies		(133,970	)		(1,827	)
Proceeds from sales of investments of unconsolidated trading companies		—			—
Purchases of investments of unconsolidated trading companies		1,000,000			2,000,000
Change in ownership allocation		(866,030	)		(1,998,173	)
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2013	$	—		$	—

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the six months ended June 30, 2014 and year ended December 31, 2013, the Trust did not transfer any assets between Level 1, 2 and 3.

4. Swaps

In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures and forward contracts, certain Series of the Trust will strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Total return 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

34

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 June 30, 2014 and December 31, 2013, approximately 6.7% and 7.0%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps and is recorded as cash and cash equivalents on the Statements of Financial Condition of the Trust.

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 had invested in the following Swaps as of and for the six months ended June 30, 2014:

	Equinox Frontier Balanced Fund	Equinox Frontier Diversified Fund	Equinox Frontier Long/Short Commodity Fund
	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$67,610,098	$35,500,000	$16,590,513
Termination Date	8/2/2018	8/2/2018	8/7/2018
Investee Returns	On Default	On Default	On Default
Realized Gain/(Loss)	$0	$0	$0
Unrealized Gain/(Loss)	($630,474)	($391,235)	($238,462)
Fair Value as of 6/30/14	$9,491,529	$3,046,397	$2,218,084

	Equinox Frontier Heritage Fund
	Total Return Swap
Counterparty	DeutscheBank AG
Notional Amount	$18,663,283
Termination Date	3/26/2018
Investee Returns	On Default
Realized Gain/(Loss)	$0
Unrealized Gain/(Loss)	($462,653)
Fair Value as of 6/30/2014	$4,972,531

35

The Series have invested in the following Swaps as of and for the year ended December 31, 2013:

	Equinox Frontier Balanced Fund
	Total Return Swap			Total Return Swap			Total Return Swap
Counterparty		Societe Generale			DeutscheBank			DeutscheBank AG
Notional Amount		—		$	—		$	64,000,000
Termination Date		11/21/2014			6/30/2016			8/2/2018
Investee Returns		Total Returns			On Default			On Default
Realized Gain/(Loss)	$	(1,645,980	)	$	(1,908,743	)	$	—
Unrealized Gain/(Loss)	$	212,146		$	1,749,332		$	522,003
Fair Value as of 12/31/2013	$	—		$	—		$	10,122,003

	Equinox Frontier Diversified Fund		Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Heritage Fund
	Total Return Swap		Total Return Swap			Total Return Swap
Counterparty		DeutscheBank AG		DeutscheBank AG			DeutscheBank AG
Notional Amount	$	25,500,000	$	34,400,000		$	18,663,283
Termination Date		8/2/2018		8/7/2018			3/26/2018
Investee Returns		On Default		On Default			On Default
Realized Gain/(Loss)	$	—	$	—		$	—
Unrealized Gain/(Loss)	$	37,632	$	(423,454	)	$	591,793
Fair Value as of 12/31/2013	$	3,437,632	$	2,456,546		$	5,435,184

5. Investments in Unconsolidated Trading Companies

Investments in unconsolidated trading companies represent cash and open trade equity invested in the Trading Companies by each Series and cumulative trading profits or losses allocated to each Series by the Trading Companies. Trading 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. The Trading Companies are valued using the equity method of accounting, which approximates fair value.

The following table summarizes each of the Series’ investments in unconsolidated Trading Companies as of June 30, 2014 and December 31, 2013:

	As of June 30, 2014					As of December 31, 2013
	Percentage of Series Net Assets Invested in Unconsolidated Trading Companies			Fair Value		Percentage of Series Net Assets Invested in Unconsolidated Trading Companies			Fair Value
Series
Equinox Frontier Diversified Fund —
Frontier Trading Companies I, II, VII, IX, XIV, XV, XXXIII and XXXVIII		34.26	%	$	17,749,763		32.84	%	$	20,837,272
Equinox Frontier Masters Fund —
Frontier Trading Companies I, II, XIV, XV and XXXVIII		38.31	%	$	9,338,730		27.14	%	$	9,166,710
Equinox Frontier Long/Short Commodity Fund —
Frontier Trading Company I and XXXVIII		20.05	%	$	3,113,655		2.31	%	$	655,769
Equinox Frontier Balanced Fund —
Frontier Trading Companies I, II, VII, XV and XXXVIII		20.86	%	$	19,562,185		11.26	%	$	13,713,315
Equinox Frontier Select Fund —
Frontier Trading Companies XV, XXXVIII and XXXIX		51.06	%	$	7,320,068		38.98	%	$	6,864,544
Equinox Frontier Winton Fund —
Frontier Trading Company II and XXXVIII		29.21	%	$	10,026,530		21.24	%	$	7,779,323
Equinox Frontier Heritage Fund —
Frontier Trading Companies II and XXXVIII		17.35	%	$	2,369,288		11.39	%	$	1,889,266

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The following tables summarize each of the Series; equity in earnings from unconsolidated Trading Companies for the three and six months ended June 30, 2014 and 2013.

	Three Months Ended June 30, 2014												Three Months Ended June 30, 2013
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Equinox Frontier Diversified Fund
Frontier Trading Company I LLC	$	(77,867	)	$	950,477		$	1,028,045		$	1,900,655		$	(103,240	)	$	(1,415,475	)	$	324,957		$	(1,193,758	)
Frontier Trading Company II LLC		(4,241	)		865,388			(8,894	)		852,253			(7,249	)		(303,448	)		31,245			(279,452	)
Frontier Trading Company V LLC		—			—			—			—			—			—			—			—
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company VII, LLC		(96,234	)		(663,204	)		608,781			(150,657	)		(104,230	)		1,326,190			(1,436,873	)		(214,913	)
Frontier Trading Company IX, LLC		—			—			—						—			—			—			—
Frontier Trading Company XIV, LLC		(41,516	)		249,214			263,796			471,494			(266,843	)		(4,027,108	)		(2,097,543	)		(6,391,494	)
Frontier Trading Company XV, LLC		(12,052	)		(487,276	)		155,923			(343,405	)		(31,200	)		(812,235	)		2,175,783			1,332,348
Frontier Trading Company XVIII, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXI, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXIII, LLC		(11,949	)		789,665			92,152			869,868			(1,895	)		(190,888	)		(464	)		(193,247	)
Frontier Trading Company XXXVIII, LLC		—			—						—			—			—			—			—
Frontier Trading Company XXXIX, LLC		(11,766	)		(127,320	)		(97,402	)		(236,488	)		—			—			(147,692	)		(147,692	)
Total	$	(255,625	)	$	1,576,944		$	2,042,401		$	3,363,720		$	(514,657	)	$	(5,422,964	)	$	(1,150,587	)	$	(7,088,208	)
Equinox Frontier Masters Fund
Frontier Trading Company I LLC	$	(8,994	)	$	441,002		$	166,625		$	598,633		$	—		$	—		$	—		$	—
Frontier Trading Company II LLC		(3,095	)		627,805			(8,751	)		615,959			(4,095	)		(170,489	)		16,711			(157,873	)
Frontier Trading Company XIV, LLC		(36,029	)		189,278			214,868			368,117			(106,640	)		(1,602,756	)		(841,813	)		(2,551,209	)
Frontier Trading Company XV, LLC		(24,092	)		125,464			287,803			389,175			(37,892	)		(487,520	)		659,342			133,930
Frontier Trading Company XXXVIII, LLC		(6,083	)		(78,704	)		(42,746	)		(127,533	)		—			—			—			—
Total	$	(78,293	)	$	1,304,845		$	617,779		$	1,844,351		$	(148,627	)	$	(2,260,765	)	$	(165,760	)	$	(2,575,152	)
Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	—		$	—		$	—		$	—		$	(15,290	)	$	(142,958	)	$	116,200		$	(42,048	)
Frontier Trading Companies VII, LLC		(79,249	)		(199,250	)		450,592			172,093			—			—			—			—
Frontier Trading Companies XVIII, LLC		(9,017	)		(338,735	)		(291,055	)		(638,807	)		—			—			—			—
Frontier Trading Companies XXIII, LLC		—			—			—			—			(847	)		(85,317	)		(192	)		(86,356	)
Frontier Trading Company XXXVIII, LLC		—			—			—			—			—			—			—			—
Total	$	(88,266	)	$	(537,985	)	$	159,537		$	(466,714	)	$	(16,137	)	$	(228,275	)	$	116,008		$	(128,404	)
Equinox Frontier Balanced Fund
Frontier Trading Company I LLC	$	(263,573	)	$	1,115,464		$	(362,505	)		489,386		$	—		$	—		$	—			—
Frontier Trading Company II LLC		(12,088	)		(686,492	)		1,317,845			619,265			(12,946	)		(539,578	)		62,863			(489,661	)
Frontier Trading Company V LLC											—			—			—			—			—
Frontier Trading Company VII, LLC		36,410			685,775			(1,108,643	)		(386,458	)		(159,810	)		2,081,836			(2,295,710	)		(373,684	)
Frontier Trading Company XIV, LLC		(23,141	)		99,184			(416,179	)		(340,136	)		(279,927	)		(9,105,539	)		(2,336,599	)		(11,722,065	)
Frontier Trading Company XV, LLC		22,806			(867,989	)		1,231,415			386,232			(39,203	)		(1,020,514	)		2,734,056			1,674,339
Frontier Trading Company XVI, LLC											—			—			—			—			—
Frontier Trading Company XVIII, LLC											—			(4,876	)		(189,505	)		(79,789	)		(274,170	)
Frontier Trading Company XXIII, LLC											—			(2,345	)		(207,732	)		(29,113	)		(239,190	)
Frontier Trading Company XXXVIII, LLC		(768,673	)		1,833,086			(991,089	)		73,324			—			—			—			—
Frontier Trading Company XXXIX, LLC		(75,543	)		(1,180,680	)		612,399			(643,824	)		—			—			(318,953	)		(318,953	)
Total	$	(1,083,802	)	$	998,348		$	283,243		$	197,789		$	(499,107	)	$	(8,981,032	)	$	(2,263,245	)	$	(11,743,384	)
Equinox Frontier Select Fund
Frontier Trading Company V LLC	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XV, LLC		(31,676	)		106,074			415,981			490,379			(24,461	)		(375,851	)		668,464			268,152
Frontier Trading Company XXI, LLC					—			—			—			—			—			—			—
Frontier Trading Company XXXVIII, LLC		(2,970	)		(33,431	)		(15,011	)		(51,412	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		(1,556	)		—			331,515			329,959			—			—			(236,307	)		(236,307	)
Total	$	(36,202	)	$	72,643		$	732,485		$	768,926		$	(24,461	)	$	(375,851	)	$	432,157		$	31,845
Equinox Frontier Winton Fund
Frontier Trading Company II LLC	$	(13,657	)	$	2,787,074		$	(31,073	)	$	2,742,344		$	(13,821	)	$	(576,780	)	$	60,649		$	(529,952	)
Frontier Trading Company XXXVIII ,LLC		(9,787	)		(105,773	)		(73,711	)		(189,271	)		—			—			—			—
Total	$	(23,444	)	$	2,681,301		$	(104,784	)	$	2,553,073		$	(13,821	)	$	(576,780	)	$	60,649		$	(529,952	)
Equinox Frontier Heritage Fund
Frontier Trading Company II LLC	$	(3,057	)	$	623,530		$	(6,880	)	$	613,593		$	(3,105	)	$	(129,407	)	$	13,762		$	(118,750	)
Frontier Trading Company V LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXXVIII, LLC		(2,639	)		(32,058	)		(21,536	)		(56,233	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			—			—			—			—			(295,384	)		(295,384	)
Total	$	(5,696	)	$	591,472		$	(28,416	)	$	557,360		$	(3,105	)	$	(129,407	)	$	(281,622	)	$	(414,134	)

37

	Six Months Ended June 30, 2014												Six Months Ended June 30, 2013
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Equinox Frontier Diversified Fund
Frontier Trading Company I LLC	$	(148,260	)	$	2,095,105		$	421,786		$	2,368,631		$	(231,756	)	$	(1,773,046	)	$	(347,089	)	$	(2,351,891	)
Frontier Trading Company II LLC		(8,992	)		1,132,028			(293,721	)		829,315			(13,345	)		1,007,609			(60,975	)		933,289
Frontier Trading Company V LLC		—			—			—			—			(9,571	)		1,055,495			(187,841	)		858,083
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company VII, LLC		(248,337	)		(1,280,664	)		370,672			(1,158,329	)		(192,161	)		792,098			(1,388,587	)		(788,650	)
Frontier Trading Company IX, LLC		—			—			—						—			—			—
Frontier Trading Company XIV, LLC		(101,125	)		(378,786	)		323,498			(156,413	)		(345,261	)		(5,253,059	)		(1,159,086	)		(6,757,406	)
Frontier Trading Company XV, LLC		(27,763	)		172,591			(786,997	)		(642,169	)		(49,686	)		(779,606	)		2,324,062			1,494,770
Frontier Trading Company XVIII, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXI, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXIII, LLC		(24,150	)		1,073,089			187,658			1,236,597			(15,095	)		(518,968	)		(65,447	)		(599,510	)
Frontier Trading Company XXXVIII, LLC		(24,173	)		(894,004	)		(675,056	)		(1,593,233	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			—			—			—			—			(137,192	)		(137,192	)
Total	$	(582,800	)	$	1,919,359		$	(452,160	)	$	884,399		$	(856,875	)	$	(5,469,477	)	$	(1,022,155	)	$	(7,348,507	)
Equinox Frontier Masters Fund
Frontier Trading Company I LLC	$	(14,650	)	$	84,485		$	656,689		$	726,524		$	—		$	—		$	—		$	—
Frontier Trading Company II LLC		(6,805	)		841,881			(248,924	)		586,152			(7,544	)		570,668			(34,613	)		528,511
Frontier Trading Company XIV, LLC		(95,138	)		(433,918	)		213,162			(315,894	)		(138,056	)		(2,094,361	)		(466,073	)		(2,698,490	)
Frontier Trading Company XV, LLC		(53,547	)		805,913			(875,590	)		(123,224	)		(75,581	)		(410,523	)		971,589			485,485
Frontier Trading Company XXXVIII, LLC		(13,153	)		(497,344	)		(372,146	)		(882,643	)		—			—			—			—
Total	$	(183,293	)	$	801,017		$	(626,809	)	$	(9,085	)	$	(221,181	)	$	(1,934,216	)	$	470,903		$	(1,684,494	)
Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	—		$	—		$	—		$	—		$	(31,084	)	$	(300,076	)	$	(34,052	)	$	(365,212	)
Frontier Trading Companies VII, LLC		(84,192	)		(492,410	)		202,711			(373,891	)		—			—			—			—
Frontier Trading Companies XVIII, LLC		—			—			—			—			—			—			—			—
Frontier Trading Companies XXIII, LLC		—			—			—			—			(7,155	)		(265,826	)		(21,324	)		(294,305	)
Frontier Trading Company XXXVIII, LLC		(9,017	)		(338,735	)		(290,717	)		(638,469	)		—			—			—			—
Total	$	(93,209	)	$	(831,145	)	$	(88,006	)	$	(1,012,360	)	$	(38,239	)	$	(565,902	)	$	(55,376	)	$	(659,517	)
Equinox Frontier Balanced Fund
Frontier Trading Company I LLC	$	(21,190	)	$	(40,139	)	$	887,729			826,400		$	—		$	—		$	—			—
Frontier Trading Company II LLC		(12,125	)		1,514,527			(547,779	)		954,623			(24,447	)		1,843,105			92,506			1,911,164
Frontier Trading Company V LLC		—			—			—			—			(13,876	)		1,530,384			(272,459	)		1,244,049
Frontier Trading Company VII, LLC		(237,492	)		(1,772,506	)		684,757			(1,325,241	)		(303,885	)		755,131			(2,039,158	)		(1,587,912	)
Frontier Trading Company XIV, LLC		(75,543	)		(1,180,680	)		610,861			(645,362	)		—			—			—			—
Frontier Trading Company XV, LLC		(44,315	)		(299,183	)		(581,076	)		(924,574	)		(279,928	)		(9,105,539	)		(2,336,596	)		(11,722,063	)
Frontier Trading Company XVI, LLC		—			—			—			—			(75,888	)		(928,664	)		2,989,224			1,984,672
Frontier Trading Company XVIII, LLC		—			—			—			—			(8,645	)		(141,517	)		(108,880	)		(259,042	)
Frontier Trading Company XXIII, LLC		—			—			—			—			(3,524	)		(194,695	)		546			(197,673	)
Frontier Trading Company XXXVIII, LLC		(42,486	)		(1,584,456	)		(1,141,801	)		(2,768,743	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			(1,538	)		(1,538	)		—			—			(304,254	)		(304,254	)
Total	$	(433,151	)	$	(3,362,437	)	$	(88,847	)	$	(3,884,435	)	$	(710,193	)	$	(6,241,795	)	$	(1,979,071	)	$	(8,931,059	)
Equinox Frontier Select Fund
Frontier Trading Company V LLC	$	—		$	—		$	—		$	—		$	(12,346	)	$	1,188,592		$	(78,854	)	$	1,097,392
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XV, LLC		(60,926	)		819,051			(483,409	)		274,716			(47,319	)		(244,203	)		773,923			482,401
Frontier Trading Company XXI, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXXVIII, LLC		(6,234	)		(227,323	)		(163,164	)		(396,721	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		(1,556	)		—			(204,940	)		(206,496	)		—			—			(219,508	)		(219,508	)
Total	$	(68,716	)	$	591,728		$	(851,513	)	$	(328,501	)	$	(59,665	)	$	944,389		$	475,561		$	1,360,285
Equinox Frontier Winton Fund
Frontier Trading Company II LLC	$	(27,607	)	$	3,664,132		$	(917,278	)	$	2,719,247		$	(25,474	)	$	1,927,612		$	(112,715	)	$	1,789,423
Frontier Trading Company XXXVIII ,LLC		(19,326	)		(670,668	)		(468,437	)		(1,158,431	)		—			—			—			—
Total	$	(46,933	)	$	2,993,464		$	(1,385,715	)	$	1,560,816		$	(25,474	)	$	1,927,612		$	(112,715	)	$	1,789,423
Equinox Frontier Heritage Fund
Frontier Trading Company II LLC	$	(6,182	)	$	820,288		$	(205,585	)	$	608,521		$	(5,769	)	$	425,541		$	17,831		$	437,603
Frontier Trading Company V LLC		—			—			—			—			(13,268	)		1,404,612			(205,240	)		1,186,104
Frontier Trading Company XXXVIII, LLC		(5,444	)		(199,276	)		(149,643	)		(354,363	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			—			—			—			—			(274,385	)		(274,385	)
Total	$	(11,626	)	$	621,012		$	(355,228	)	$	254,158		$	(19,037	)	$	1,830,153		$	(461,794	)	$	1,349,322

38

The statements of financial condition as of June 30, 2014 and December 31, 2013 and the Condensed Statement of Income for the three and six months ended June 30, 2014 and 2013 for the unconsolidated Trading Companies are as follows:

Statements of Financial Condition - June 30, 2014	Frontier Trading Company I LLC			Frontier Trading Company II LLC		Frontier Trading Company VII LLC			Frontier Trading Company XV LLC		Frontier Trading Company XXXVIII LLC
Receivable from commission merchants	$	13,015,321		$	18,121,232	$	1,834,790		$	11,072,355	$	4,826,699
Open trade equity/(deficit)		2,937,971			2,107,459		3,617,656			3,510,148		256,729
Interest receivable/(payable)		(2,291	)		607		(160	)		817		7
Total assets	$	15,951,001		$	20,229,298	$	5,452,286		$	14,583,320	$	5,083,435
Members’ equity	$	15,951,001		$	20,229,298	$	5,452,286		$	14,583,320	$	5,083,435

Statements of Financial Condition - December 31, 2013	Frontier Trading Company II LLC		Frontier Trading Company XV LLC		Frontier Trading Company XXXVIII LLC
Receivable from commission merchants	$	13,212,581	$	13,257,812	$	3,359,991
Open trade equity/(deficit)		4,321,293		5,990,245		3,520,515
Interest receivable/(payable)		155		657		(227	)
Total assets	$	17,534,029	$	19,248,714	$	6,880,279
Members’ equity	$	17,534,029	$	19,248,714	$	6,880,279

Condensed Statement of Income - For the Three Months Ended June 30, 2014	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company VII LLC			Frontier Trading Company XV LLC			Frontier Trading Company XXXVIII LLC
Interest income	$	12,520		$	(1,560	)	$	857		$	2,012		$	497
Net realized gain/(loss) on investments, less commissions		(4,217,338	)		(5,965,412	)		5,454,372			1,510,226			735,318
Change in open trade equity/(deficit)		(312,487	)		69,697			(1,329,358	)		(1,504,440	)		431,576
Net income/(loss)	$	(4,517,305	)	$	(5,897,275	)	$	4,125,871		$	7,798		$	1,167,391

Condensed Statement of Income - For the Three Months Ended June 30, 2013	Frontier Trading Company XIV LLC			Frontier Trading Company XXXIX LLC
Interest income	$	(5,645	)	$	—
Net realized gain/(loss) on investments, less commissions		(19,128,908	)		—
Change in open trade equity/(deficit)		(4,788,038	)		(998,336	)
Net income/(loss)	$	(23,922,591	)	$	(998,336	)

Condensed Statement of Income - For the Six Months Ended June 30, 2014	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company VII LLC			Frontier Trading Company XV LLC			Frontier Trading Company XXXVIII LLC
Interest income	$	12,520		$	(2,520	)	$	857		$	2,237		$	1,916
Net realized gain/(loss) on investments, less commissions		(4,217,338	)		(7,909,584	)		5,454,372			(1,313,834	)		4,531,142
Change in open trade equity/(deficit)		(312,487	)		2,213,834			(1,329,358	)		2,737,190			3,263,786
Net income/(loss)	$	(4,517,305	)	$	(5,698,270	)	$	4,125,871		$	1,425,593		$	7,796,844

Condensed Statement of Income - For the Six Months Ended June 30, 2013	Frontier Trading Company XIV LLC			Frontier Trading Company XXXIX LLC
Interest income	$	(5,645	)	$	—
Net realized gain/(loss) on investments, less commissions		(19,128,908	)		—
Change in open trade equity/(deficit)		(4,788,038	)		(935,339	)
Net income/(loss)	$	(23,922,591	)	$	(935,339	)

39

6. Transactions with Affiliates

The Managing Owner contributes funds to the Trust, with respect to the Series, in order to have a 1% interest in the aggregate capital, profits and losses of all Series and in return will receive units designated as general units in the Series in which the Managing Owner invests such funds. The general units may only be purchased by the Managing Owner and may be subject to no advisory fees or advisory fees at reduced rates. Otherwise, the general units hold the same rights as the limited units. The Managing Owner is required to maintain at least a 1% interest (“Minimum Purchase Commitment”) in the aggregate capital, profits and losses of all Series so long as it is acting as the Managing Owner of the Trust. Such contribution was made by the Managing Owner before trading commenced for the Trust and will be maintained throughout the existence of the Trust, and the Managing Owner will make such purchases as are

necessary to effect this requirement. Additionally, the Managing Owner agreed with certain regulatory bodies to maintain a 1% interest specifically in the Equinox Frontier Balanced Fund Class 1a 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 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.

Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a certain percentage of such Series’ assets attributable to such Series (including notional assets), calculated on a daily basis. 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 1a and Class 2a, 2.0% for the Equinox Frontier Winton Fund, Equinox Frontier Long/Short Commodity Fund Class 1a and Class 2a 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 and Class 2. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) for such Series.

Trading Fees—In connection with each Series’ trading activities, the Equinox Frontier Long/Short Commodity Fund (Classes 1, 2 and 3), Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund pays to the Managing Owner a trading fee, or FCM Fee, up to 0.75% of such Series’ NAV, calculated daily. The Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a and 2a) and Equinox Frontier Masters Fund pays to the Managing Owner a trading fee, or FCM Fee, up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

Incentive Fees—Some 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 service fees to the Managing Owner up to 3% of NAV annually, which the Managing Owner pays to selling agents of the Trust, with respect to the Series.

The following table summarizes fees earned by the Managing Owner for the three and six months ended June 30, 2014 and 2013.

40

Three Months Ended June 30, 2014	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	954,829	$	271,073	$	125,184	$	307,242
Equinox Frontier Masters Fund		168,094		230,233		76,310		147,195
Equinox Frontier Long/Short Commodity Fund		—		223,050		30,304		64,027
Equinox Frontier Balanced Fund		902,054		264,152		492,255		167,758
Equinox Frontier Select Fund		26,677		140,286		97,799		27,150
Equinox Frontier Winton Fund		415,629		287,648		177,981		64,049
Equinox Frontier Heritage Fund		86,999		81,966		65,875		21,279
Three Months Ended June 30, 2013	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	—	$	387,812	$	290,900	$	614,290
Equinox Frontier Masters Fund		—		330,187		176,471		288,777
Equinox Frontier Long/Short Commodity Fund		—		590,929		88,071		190,367
Equinox Frontier Balanced Fund		397,624		421,392		924,919		327,556
Equinox Frontier Select Fund		—		138,094		152,793		43,541
Equinox Frontier Winton Fund		—		268,121		226,897		76,915
Equinox Frontier Heritage Fund		—		75,144		116,307		36,145
Six Months Ended June 30, 2014	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	1,386,913	$	547,629	$	273,595	$	649,807
Equinox Frontier Masters Fund		181,806		507,313		180,593		323,110
Equinox Frontier Long/Short Commodity Fund		—		509,680		68,868		146,001
Equinox Frontier Balanced Fund		1,453,340		554,537		1,041,703		355,157
Equinox Frontier Select Fund		26,677		278,724		203,387		56,552
Equinox Frontier Winton Fund		415,629		568,021		360,945		128,644
Equinox Frontier Heritage Fund		86,999		161,975		138,600		44,378
Six Months Ended June 30, 2013	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	184,498	$	798,238	$	596,303	$	1,250,812
Equinox Frontier Masters Fund		—		654,910		351,815		581,403
Equinox Frontier Long/Short Commodity Fund		—		1,229,182		184,174		402,099
Equinox Frontier Balanced Fund		657,063		916,029		1,916,467		673,471
Equinox Frontier Select Fund		—		347,293		310,652		88,324
Equinox Frontier Winton Fund		—		520,375		449,703		151,657
Equinox Frontier Heritage Fund		—		214,205		236,146		73,328

The following table summarizes fees payable to the Managing Owner as of June 30, 2014 and December 31, 2013.

As of June 30, 2014	Incentive Fees		Management Fees		Service Fees		Trading Fees
Equinox Frontier Diversified Fund	$	954,808	$	85,886	$	34,982	$	110,884
Equinox Frontier Masters Fund		168,094		78,094		19,561		51,098
Equinox Frontier Long/Short Commodity Fund		—		60,708		9,875		20,330
Equinox Frontier Balanced Fund		902,038		88,694		146,444		56,009
Equinox Frontier Select Fund		26,677		48,241		31,420		9,238
Equinox Frontier Winton Fund		415,629		99,121		48,141		21,825
Equinox Frontier Heritage Fund		86,999		28,231		19,446		7,251
As of December 31, 2013	Incentive Fees		Management Fees		Service Fees		Trading Fees
Equinox Frontier Diversified Fund	$	575,550	$	101,504	$	46,263	$	136,166
Equinox Frontier Masters Fund		—		107,027		35,858		72,687
Equinox Frontier Long/Short Commodity Fund		—		104,883		14,965		34,788
Equinox Frontier Balanced Fund		691,917		113,085		190,286		73,125
Equinox Frontier Select Fund		—		49,798		39,045		11,545
Equinox Frontier Winton Fund		100,260		128,097		53,054		23,844
Equinox Frontier Heritage Fund		15,411		28,615		25,485		9,212

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.

41

For the six months ended June 30, 2014, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $($5,259) for the Equinox Frontier Balanced Fund, ($6,119) for the Equinox Frontier Long/Short Commodity Fund, $839 for the Equinox Frontier Diversified Fund, $1,888 for the Equinox Frontier Select Fund, ($77) for the Equinox Frontier Heritage Fund, $3,091 for the Equinox Frontier Winton Fund and ($2,045) for the Equinox Frontier Masters Fund.

For the year ended December 31, 2013, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were ($8,006) for the Equinox Frontier Balanced Fund, $2,379 for the Equinox Frontier Long/Short Commodity Fund, ($7,050) for the Equinox Frontier Diversified Fund, ($158) for the Equinox Frontier Select Fund, ($544) for the Equinox Frontier Heritage Fund, ($2,653) for the Equinox Frontier Winton Fund and ($2,196) for the Equinox Frontier Masters Fund.

Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), 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 1a and Class 2a only), 20% of the total interest allocated to each Series is paid to the Managing Owner.

The following table outlines the aggregate amounts paid by each Series to the Managing Owner and its ratio to average net assets for the three and six months ended June 30, 2014 and 2013:

Three Months Ended	2014		2013		2014			2013
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Equinox Frontier Diversified Fund Class 1	$	13,962	$	56,570		0.07	%		0.11	%
Equinox Frontier Diversified Fund Class 2		19,214		56,879		0.07	%		0.11	%
Equinox Frontier Diversified Fund Class 3		699		n/a		0.06	%		n/a
Equinox Frontier Masters Fund Class 1		10,192		37,982		0.07	%		0.11	%
Equinox Frontier Masters Fund Class 2		6,395		17,464		0.07	%		0.11	%
Equinox Frontier Masters Fund Class 3		1,270		n/a		0.07	%		n/a
Equinox Frontier Long/Short Commodity Fund Class 2		860		8,126		0.07	%		0.16	%
Equinox Frontier Long/Short Commodity Fund Class 3		5,172		23,134		0.07	%		0.16	%
Equinox Frontier Long/Short Commodity Fund Class 1a		4,191		25,819		0.07	%		0.16	%
Equinox Frontier Long/Short Commodity Fund Class 2a		1,393		14,712		0.07	%		0.16	%
Equinox Frontier Long/Short Commodity Fund Class 3a		286		7		0.07	%		0.00	%
Equinox Frontier Balanced Fund Class 1		214,182		613,536		0.33	%		0.50	%
Equinox Frontier Balanced Fund Class 2		69,432		231,849		0.33	%		0.50	%
Equinox Frontier Balanced Fund Class 2a		309		941		0.07	%		0.11	%
Equinox Frontier Balanced Fund Class 3a		1,355		3,097		0.07	%		0.11	%
Equinox Frontier Select Fund Class 1		39,857		101,832		0.31	%		0.50	%
Equinox Frontier Select Fund Class 2		4,400		14,237		0.31	%		0.50	%
Equinox Frontier Winton Fund Class 1		101,949		151,345		0.43	%		0.50	%
Equinox Frontier Winton Fund Class 2		44,763		53,872		0.43	%		0.50	%
Equinox Frontier Heritage Fund Class 1		30,529		77,540		0.35	%		0.50	%
Equinox Frontier Heritage Fund Class 2		8,905		18,851		0.35	%		0.50	%
Total	$	579,315	$	1,507,793

42

Six Months Ended	2014		2013		2014			2013
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Equinox Frontier Diversified Fund Class 1	$	32,290	$	190,245		0.15	%		0.37	%
Equinox Frontier Diversified Fund Class 2		41,944		190,503		0.14	%		0.37	%
Equinox Frontier Diversified Fund Class 3		860		n/a		0.08	%		n/a
Equinox Frontier Masters Fund Class 1		25,974		130,174		0.18	%		0.39	%
Equinox Frontier Masters Fund Class 2		14,025		59,917		0.16	%		0.39	%
Equinox Frontier Masters Fund Class 3		1,677		34		0.09	%		n/a
Equinox Frontier Long/Short Commodity Fund Class 2		2,856		27,809		0.24	%		0.54	%
Equinox Frontier Long/Short Commodity Fund Class 3		12,025		80,181		0.17	%		0.55	%
Equinox Frontier Long/Short Commodity Fund Class 1a		10,200		84,462		0.18	%		0.51	%
Equinox Frontier Long/Short Commodity Fund Class 2a		3,544		43,290		0.18	%		0.46	%
Equinox Frontier Long/Short Commodity Fund Class 3a		588		344		0.15	%		n/a
Equinox Frontier Balanced Fund Class 1		479,990		2,059,266		0.73	%		1.67	%
Equinox Frontier Balanced Fund Class 2		156,628		758,599		0.74	%		1.63	%
Equinox Frontier Balanced Fund Class 2a		650		3,185		0.14	%		0.36	%
Equinox Frontier Balanced Fund Class 3a		2,939		11,219		0.14	%		0.39	%
Equinox Frontier Select Fund Class 1		89,879		365,445		0.69	%		1.80	%
Equinox Frontier Select Fund Class 2		10,092		43,754		0.70	%		1.54	%
Equinox Frontier Winton Fund Class 1		213,976		547,076		0.90	%		1.81	%
Equinox Frontier Winton Fund Class 2		90,922		197,620		0.87	%		1.83	%
Equinox Frontier Heritage Fund Class 1		67,699		268,614		0.77	%		1.74	%
Equinox Frontier Heritage Fund Class 2		18,949		66,478		0.74	%		1.76	%
Total	$	1,277,706	$	5,128,216

The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $138,066 and $657,374, respectively under this agreement for the six months ended June 30, 2014 and 2013 and $66,971 and $274,246 for the three months ended June 30, 2014 and 2013, respectively.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $91,667 and $430,000, for the three months ended June 30, 2014 and 2013, and $241,667 and $680,000, respectively, for the six months ended June 30, 2014 and 2013.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $272,694 and $499,652, respectively, for the three months ended June 30, 2014 and 2013 and $581,681 and $1,047,744, respectively, for the six months ended June 30, 2014 and 2013.

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.

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the three and six months ended June 30, 2014 and 2013.

43

	Equinox Frontier Diversified Fund (5)									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 3			Class 1a			Class 2a			Class 3a
Per unit operating performance (1)
Net asset value, March 31, 2014	$	82.77		$	90.05		$	82.92		$	87.30		$	94.96		$	87.80		$	111.48		$	111.51		$	82.42		$	89.56		$	89.74
Net operating results:
Interest income		0.22			0.24			0.22			0.25			0.28			0.26			0.32			0.32			0.24			0.26			0.26
Expenses		(2.93	)		(2.66	)		(2.46	)		(2.42	)		(2.12	)		(1.97	)		(1.95	)		(1.95	)		(1.87	)		(1.57	)		(1.57	)
Net gain/(loss) on investments, net of non-controlling interests		6.71			7.18			6.69			7.84			8.45			7.88			2.32			2.32			1.97			2.07			2.13
Net income/(loss)		4.00			4.76			4.45			5.67			6.61			6.17			0.69			0.69			0.34			0.76			0.82
Net asset value, June 30, 2014	$	86.77		$	94.81		$	87.37		$	92.97		$	101.57		$	93.97		$	112.17		$	112.20		$	82.76		$	90.32		$	90.56
Ratios to average net assets (3)
Net investment income/(loss)		-7.61	%		-5.26	%		-5.26	%		-7.78	%		-5.61	%		-5.61	%		-5.80	%		-5.80	%		-7.89	%		-5.80	%		-5.80	%
Expenses before incentive fees (4)		6.82	%		4.47	%		4.47	%		8.26	%		6.09	%		6.09	%		6.96	%		6.96	%		9.04	%		6.96	%		6.96	%
Expenses after incentive fees (4)		8.65	%		6.31	%		4.47	%		8.93	%		6.77	%		6.09	%		6.96	%		6.96	%		9.04	%		6.96	%		6.96	%
Total return before incentive fees (2)		6.67	%		7.12	%		5.37	%		7.17	%		7.64	%		7.03	%		0.62	%		0.62	%		0.41	%		0.85	%		0.91	%
Total return after incentive fees (2)		4.83	%		5.29	%		5.37	%		6.49	%		6.96	%		7.03	%		0.62	%		0.62	%		0.41	%		0.85	%		0.91	%

	Equinox Frontier Balanced Fund												Equinox Frontier Select Fund
	Class 1			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, March 31, 2014	$	101.99		$	135.81		$	115.17		$	114.80		$	75.01		$	98.55
Net operating results:
Interest income		0.01			0.01			0.01			0.01			0.00			0.00
Expenses		(2.27	)		(2.02	)		(1.72	)		(1.71	)		(1.58	)		(1.34	)
Net gain/(loss) on investments, net of non-controlling interests		4.13			5.55			5.02			4.99			4.80			6.35
Net income/(loss)		1.87			3.54			3.31			3.29			3.22			5.01
Net asset value, June 30, 2014	$	103.86		$	139.35		$	118.48		$	118.09		$	78.23		$	103.56
Ratios to average net assets (3)
Net investment income/(loss)		-5.91%			-2.91%			-2.91%			-2.91%			-7.82%			-4.81%
Expenses before incentive fees (4)		4.94%			1.93%			1.93%			1.93%			7.63%			4.63%
Expenses after incentive fees (4)		5.94%			2.94%			2.94%			2.94%			7.82%			4.81%
Total return before incentive fees (2)		2.84%			3.61%			3.88%			3.87%			4.48%			5.27%
Total return after incentive fees (2)		1.83%			2.61%			2.87%			2.87%			4.29%			5.08%

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, March 31, 2014	$	136.93		$	172.12		$	95.41		$	126.41
Net operating results:
Interest income		0.00			0.00			0.00			0.00
Expenses		(4.21	)		(3.98	)		(2.38	)		(2.19	)
Net gain/(loss) on investments, net of
non-controlling interests		12.35			15.58			9.55			12.71
Net income/(loss)		8.14			11.60			7.17			10.52
Net asset value, June 30, 2014	$	145.07		$	183.72		$	102.58		$	136.93
Ratios to average net assets (3)
Net investment income/(loss)		-8.34	%		-5.34	%		-7.41	%		-4.41	%
Expenses before incentive fees (4)		7.13	%		4.12	%		6.65	%		3.64	%
Expenses after incentive fees (4)		8.34	%		5.34	%		7.41	%		4.41	%
Total return before incentive fees (2)		7.16	%		7.95	%		8.28	%		9.09	%
Total return after incentive fees (2)		5.94	%		6.74	%		7.51	%		8.32	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

(3) Annualized with the exception of incentive fees.

(4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

(5) Class 3 began operations on February 24, 2014.

44

The Frontier Fund

FiHi Summary

6/30/14

	Equinox Frontier Diversified Fund (5)									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 3			Class 1a			Class 2a			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2013	$	87.10		$	94.35		$	84.21		$	91.83		$	99.46		$	91.91		$	125.26		$	125.30		$	92.73		$	100.34		$	100.47
Net operating results:
Interest income		0.45			0.49			0.45			0.53			0.58			0.54			0.71			0.71			0.52			0.57			0.57
Expenses		(4.84	)		(4.22	)		(3.88	)		(4.17	)		(3.53	)		(3.30	)		(4.01	)		(3.97	)		(3.82	)		(3.20	)		(3.18	)
Net gain/(loss) on investments, net of non-controlling interests		4.06			4.19			6.59			4.78			5.06			4.82			(9.79	)		(9.84	)		(6.67	)		(7.39	)		(7.30	)
Net income/(loss)		(0.33	)		0.46			3.16			1.14			2.11			2.06			(13.09	)		(13.10	)		(9.97	)		(10.02	)		(9.91	)
Net asset value, June 30, 2014	$	86.77		$	94.81		$	87.37		$	92.97		$	101.57		$	93.97		$	112.17		$	112.20		$	82.76		$	90.32		$	90.56
Ratios to average net assets (3)
Net investment income/(loss)		-8.08	%		-5.75	%		-5.75	%		-7.67	%		-5.53	%		-5.53	%		-5.71	%		-5.71	%		-7.79	%		-5.71	%		-5.71	%
Expenses before incentive fees (4)		6.67	%		4.35	%		22.48	%		8.23	%		6.10	%		6.10	%		6.94	%		6.94	%		9.03	%		6.94	%		6.94	%
Expenses after incentive fees (4)		9.17	%		6.84	%		22.48	%		8.90	%		6.76	%		6.10	%		6.94	%		6.94	%		9.03	%		6.94	%		6.94	%
Total return before incentive fees (2)		2.12	%		2.98	%		3.75	%		1.90	%		2.78	%		2.24	%		-10.45	%		-10.45	%		-10.75	%		-9.99	%		-9.86	%
Total return after incentive fees (2)		-0.38	%		0.49	%		3.75	%		1.24	%		2.12	%		2.24	%		-10.45	%		-10.45	%		-10.75	%		-9.99	%		-9.86	%
	Equinox Frontier Balanced Fund																		Equinox Frontier Select Fund
	Class 1			Class 2						Class 2a			Class 3a						Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2013	$	106.29		$	140.49					$	118.80		$	118.41					$	79.86		$	104.14
Net operating results:
Interest income		0.02			0.02						0.02			0.02						0.00			0.00
Expenses		(4.05	)		(3.37	)					(2.86	)		(2.85	)					(2.93	)		(2.37	)
Net gain/(loss) on investments, net of non-controlling interests		1.60			2.21						2.52			2.51						1.30			1.79
Net income/(loss)		(2.43	)		(1.14	)					(0.32	)		(0.32	)					(1.63	)		(0.58	)
Net asset value, June 30, 2014	$	103.86		$	139.35					$	118.48		$	118.09					$	78.23		$	103.56
Ratios to average net assets (3)
Net investment income/(loss)		-6.41	%		-3.41	%					-3.41	%		-3.41	%					-7.62	%		-4.62	%
Expenses before incentive fees (4)		4.92	%		1.92	%					1.92	%		1.92	%					7.45	%		4.45	%
Expenses after incentive fees (4)		6.45	%		3.44	%					3.44	%		3.44	%					7.62	%		4.62	%
Total return before incentive fees (2)		-0.76	%		0.71	%					1.25	%		1.25	%					-1.87	%		-0.38	%
Total return after incentive fees (2)		-2.29	%		-0.81	%					-0.27	%		-0.27	%					-2.04	%		-0.56	%
	Equinox Frontier Winton Fund									Equinox Frontier Heritage Fund
	Class 1			Class 2						Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2013	$	139.59		$	174.17					$	102.05		$	134.21
Net operating results:
Interest income		0.00			0.00						0.00			0.00
Expenses		(6.51	)		(5.60	)					(3.85	)		(3.18	)
Net gain/(loss) on investments, net of non-controlling interests		11.99			15.15						4.38			5.90
Net income/(loss)		5.48			9.55						0.53			2.72
Net asset value, June 30, 2014	$	145.07		$	183.72					$	102.58		$	136.93
Ratios to average net assets (3)
Net investment income/(loss)		-8.27	%		-5.27	%					-7.22	%		-4.22	%
Expenses before incentive fees (4)		7.06	%		4.06	%					6.49	%		3.49	%
Expenses after incentive fees (4)		8.27	%		5.27	%					7.22	%		4.22	%
Total return before incentive fees (2)		5.13	%		6.69	%					1.25	%		2.76	%
Total return after incentive fees (2)		3.93	%		5.48	%					0.52	%		2.03	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

(3) Annualized with the exception of incentive fees.

(4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

(5) Class 3 began operations on February 24, 2014.

45

The Frontier Fund

FiHi Summary

6/30/13

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund (5)
	Class 1			Class 2			Class 1			Class 2			Class 2			Class 3			Class 1a			Class 2a			Class 3a
Per unit operating performance (1)
Net asset value, March 31, 2013	$	93.21		$	99.64		$	101.64		$	108.60		$	145.11		$	145.14		$	107.97		$	115.29		$	109.60
Net operating results:
Interest income		0.42			0.45			0.47			0.50			0.90			0.90			0.67			0.71			0.68
Expenses		(1.43	)		(0.97	)		(1.83	)		(1.38	)		(2.43	)		(2.43	)		(1.81	)		(1.94	)		(1.83	)
Net gain/(loss) on investments, net of non-controlling interests		(6.65	)		(7.27	)		(5.51	)		(6.01	)		(9.12	)		(9.12	)		(6.93	)		(6.92	)		(1.31	)
Net income/(loss)		(7.66	)		(7.79	)		(6.90	)		(6.89	)		(10.65	)		(10.65	)		(8.07	)		(8.15	)		(2.49	)
Net asset value, June 30, 2013	$	85.55		$	91.85		$	94.74		$	101.71		$	134.46		$	134.49		$	99.90		$	107.14		$	107.15
Ratios to average net assets (3)
Net investment income/(loss)		-4.36	%		-2.09	%		-5.37	%		-3.25	%		-4.34	%		-4.34	%		-4.34	%		-4.34	%		-4.34	%
Expenses before incentive fees (4)		6.15	%		3.89	%		7.22	%		5.10	%		6.87	%		6.87	%		6.87	%		6.87	%		6.87	%
Expenses after incentive fees (4)		6.15	%		3.89	%		7.22	%		5.10	%		6.87	%		6.87	%		6.87	%		6.87	%		6.87	%
Total return before incentive fees (2)		-8.22	%		-7.82	%		-6.79	%		-6.34	%		-7.34	%		-7.34	%		-7.47	%		-7.07	%		-2.24	%
Total return after incentive fees (2)		-8.22	%		-7.82	%		-6.79	%		-6.34	%		-7.34	%		-7.34	%		-7.47	%		-7.07	%		-2.24	%
	Equinox Frontier Balanced Fund												Equinox Frontier Select Fund
	Class 1			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, March 31, 2013	$	114.20		$	147.55		$	123.46		$	123.05		$	81.86		$	104.35
Net operating results:
Interest income		0.05			0.06			0.05			0.05			0.31			0.40
Expenses		(1.61	)		(0.98	)		(0.82	)		(0.82	)		(1.26	)		(0.82	)
Net gain/(loss) on investments, net of non-controlling interests		(7.75	)		(10.09	)		(8.00	)		(7.97	)		0.10			0.11
Net income/(loss)		(9.31	)		(11.01	)		(8.77	)		(8.74	)		(0.85	)		(0.31	)
Net asset value, June 30, 2013	$	104.89		$	136.54		$	114.69		$	114.31		$	81.01		$	104.04
Ratios to average net assets (3)
Net investment income/(loss)		-4.80	%		-1.79	%		-1.79	%		-1.79	%		-4.64	%		-1.63	%
Expenses before incentive fees (4)		4.75	%		1.73	%		1.73	%		1.73	%		6.15	%		3.14	%
Expenses after incentive fees (4)		4.98	%		1.96	%		1.96	%		1.96	%		6.15	%		3.14	%
Total return before incentive fees (2)		-7.92	%		-7.23	%		-6.87	%		-6.87	%		-1.04	%		-0.30	%
Total return after incentive fees (2)		-8.15	%		-7.46	%		-7.10	%		-7.10	%		-1.04	%		-0.30	%
		Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
		Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, March 31, 2013	$	136.53		$	166.52		$	101.63		$	130.65
Net operating results:
Interest income		0.32			0.39			0.19			0.24
Expenses		(2.20	)		(1.42	)		(1.35	)		(0.76	)
Net gain/(loss) on investments, net of non-controlling interests		(1.84	)		(2.30	)		(2.39	)		(3.09	)
Net income/(loss)		(3.72	)		(3.33	)		(3.55	)		(3.61	)
Net asset value, June 30, 2013	$	132.81		$	163.19		$	98.08		$	127.04
Ratios to average net assets (3)
Net investment income/(loss)		-5.45	%		-2.45	%		-4.59	%		-1.57	%
Expenses before incentive fees (4)		6.37	%		3.37	%		5.34	%		2.32	%
Expenses after incentive fees (4)		6.37	%		3.37	%		5.34	%		2.32	%
Total return before incentive fees (2)		-2.72	%		-2.00	%		-3.49	%		-2.76	%
Total return after incentive fees (2)		-2.72	%		-2.00	%		-3.49	%		-2.76	%

(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) Computed using average net assets outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

(3) Annualized with the exception of incentive fees.

(4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

(5) Class 3a operations bagan June 17, 2013.

46

The Frontier Fund

FiHi Summary

6/30/13

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund (5)
	Class 1			Class 2			Class 1			Class 2			Class 2			Class 3			Class 1a			Class 2a			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2012	$	94.40		$	100.48		$	101.11		$	107.61		$	145.65		$	145.69		$	108.58		$	115.45		$	109.60
Net operating results:
Interest income		0.82			0.87			0.92			0.99			1.70			1.70			1.27			1.35			1.26
Expenses		(2.97	)		(2.08	)		(3.57	)		(2.68	)		(4.75	)		(4.75	)		(3.53	)		(3.77	)		(3.53	)
Net gain/(loss) on investments, net of non-controlling interests		(6.70	)		(7.42	)		(3.72	)		(4.21	)		(8.14	)		(8.15	)		(6.42	)		(5.89	)		(0.18	)
Net income/(loss)		(8.85	)		(8.63	)		(6.37	)		(5.90	)		(11.19	)		(11.20	)		(8.68	)		(8.31	)		(2.45	)
Net asset value, June 30, 2013	$	85.55		$	91.85		$	94.74		$	101.71		$	134.46		$	134.49		$	99.90		$	107.14		$	107.15
Ratios to average net assets (3)
Net investment income/(loss)		-4.48	%		-2.26	%		-5.25	%		-3.15	%		-4.26	%		-4.26	%		-4.26	%		-4.26	%		-4.26	%
Expenses before incentive fees (4)		6.08	%		3.85	%		7.09	%		4.99	%		6.64	%		6.64	%		6.64	%		6.64	%		6.64	%
Expenses after incentive fees (4)		6.25	%		4.02	%		7.09	%		4.99	%		6.64	%		6.64	%		6.64	%		6.64	%		6.64	%
Total return before incentive fees (2)		-9.20	%		-8.42	%		-6.30	%		-5.48	%		-7.68	%		-7.69	%		-7.99	%		-7.20	%		-2.24	%
Total return after incentive fees (2)		-9.38	%		-8.59	%		-6.30	%		-5.48	%		-7.68	%		-7.69	%		-7.99	%		-7.20	%		-2.24	%
	Equinox Frontier Balanced Fund												Equinox Frontier Select Fund
	Class 1			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	116.32		$	149.20		$	124.36		$	123.96		$	78.66		$	99.55
Net operating results:
Interest income		0.08			0.10			0.08			0.08			0.60			0.77
Expenses		(3.10	)		(1.83	)		(1.53	)		(1.52	)		(2.66	)		(1.88	)
Net gain/(loss) on investments, net of non-controlling interests		(8.41	)		(10.93	)		(8.22	)		(8.21	)		4.41			5.60
Net income/(loss)		(11.43	)		(12.66	)		(9.67	)		(9.65	)		2.35			4.49
Net asset value, June 30, 2013	$	104.89		$	136.54		$	114.69		$	114.31		$	81.01		$	104.04
Ratios to average net assets (3)
Net investment income/(loss)		-4.96	%		-1.98	%		-1.98	%		-1.98	%		-5.14	%		-2.17	%
Expenses before incentive fees (4)		4.73	%		1.76	%		1.76	%		1.76	%		6.64	%		3.67	%
Expenses after incentive fees (4)		5.09	%		2.12	%		2.12	%		2.12	%		6.64	%		3.67	%
Total return before incentive fees (2)		-9.47	%		-8.12	%		-7.42	%		-7.42	%		2.99	%		4.51	%
Total return after incentive fees (2)		-9.83	%		-8.49	%		-7.78	%		-7.78	%		2.99	%		4.51	%
		Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
		Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	130.73		$	158.30		$	94.55		$	120.67
Net operating results:
Interest income		0.68			0.83			0.37			0.47
Expenses		(4.23	)		(2.71	)		(2.92	)		(1.86	)
Net gain/(loss) on investments, net of non-controlling interests		5.63			6.77			6.08			7.76
Net income/(loss)		2.08			4.78			3.53			6.37
Net asset value, June 30, 2013	$	132.81		$	163.08		$	98.08		$	127.04
Ratios to average net assets (3)
Net investment income/(loss)		-5.26	%		-2.29	%		-5.15	%		-2.18	%
Expenses before incentive fees (4)		6.26	%		3.29	%		5.89	%		2.92	%
Expenses after incentive fees (4)		6.26	%		3.29	%		5.89	%		2.92	%
Total return before incentive fees (2)		1.59	%		3.09	%		3.73	%		5.28	%
Total return after incentive fees (2)		1.59	%		3.09	%		3.73	%		5.28	%

(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) Computed using average net assets outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

(3) Annualized with the exception of incentive fees.

(4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

(5) Class 3a operations began June 17, 2013.

47

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 June 30, 2014 and December 31, 2013 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 June 30, 2014

Monthly average contracts:

	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		67		66
Equinox Frontier Balanced Fund		3,740		3,748
Equinox Frontier Diversified Fund		—		—

For the Three Months Ended June 30, 2013

Monthly average contracts:

	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		3,670		3,741
Equinox Frontier Balanced Fund		6,978		7,692

For the Six Months Ended June 30, 2014

Monthly average contracts:

	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		3,593		3,902
Equinox Frontier Balanced Fund		8,390		8,355
Equinox Frontier Diversified Fund		79		113

For the Six Months Ended June 30, 2013

Monthly average contracts:

	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		7,163		7,146
Equinox Frontier Balanced Fund		15,942		16,826
Equinox Frontier Masters Fund		8		29

48

The following tables summarize the trading revenues for the three and six months ended June 30, 2014 and 2013 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	21,000		$	(318,434	)	$	—
Currencies		—			(391,938	)		—
Energies		96,785			(96,424	)		—
Agriculturals		(257,049	)		(138,369	)		—
Interest rates		3,989			2,409,494			—
Stock indices		(9,090	)		2,647,105			—
Realized trading income/(loss)(1)	$	(144,365	)	$	4,111,434		$	—

Realized Trading Revenue from Futures, Forwards and Options

for the Three Ended June 30, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	32,204		$	7,011,103		$	(141,927	)
Currencies		(609,122	)		(1,953,068	)		—
Energies		1,049,306			(4,808,497	)		—
Agriculturals		(351,544	)		(2,116,456	)		—
Interest rates		1,441,317			2,643,275			—
Stock indices		222,432			4,059,147			—
Realized trading income/(loss)(1)	$	1,784,593		$	4,835,504		$	(141,927	)

Realized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(60,704	)	$	(988,064	)	$	(5,850	)
Currencies		(278,672	)		(191,348	)		(130,109	)
Energies		(1,920,468	)		(53,467	)		(783	)
Agriculturals		(252,807	)		159,728			(19,987	)
Interest rates		(223,175	)		5,794,195			471,687
Stock indices		154,966			3,009,552			10,927
Realized trading income/(loss)(1)	$	(2,580,860	)	$	7,730,596		$	325,885

Realized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(843,216	)	$	4,284,296		$	(630,122	)
Currencies		718,813			(2,263,103	)		1,300,655
Energies		(2,647,045	)		(4,777,890	)		(3,465	)
Agriculturals		(520,986	)		(3,589,227	)		8,936
Interest rates		1,679,296			(10,548,944	)		(88,186	)
Stock indices		1,482,150			14,019,704			146,263
Realized trading income/(loss)(1)	$	(130,988	)	$	(2,875,164	)	$	734,081

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

49

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

for the Three Months Ended June 30, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund
Metals	$	52,921		$	(4,268	)
Currencies		(14,053	)		(18,442	)
Energies		51,961			219,801
Agriculturals		1,619,030			396,753
Interest rates		24,050			1,252,653
Stock indices		33,223			(1,222,734	)
Change in unrealized trading income/(loss)(1)	$	1,767,132		$	623,763

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

for the Three Months Ended June 30, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(96,233	)	$	1,695,301		$	141,927
Currencies		95,841			(2,201,380	)		—
Energies		(3,316,552	)		(326,412	)		—
Agriculturals		(34,697	)		891,699			—
Interest rates		(1,436,420	)		(1,783,752	)		—
Stock indices		(61,201	)		845,525			—
Change in unrealized trading income/(loss)(1)	$	(4,849,262	)	$	(879,019	)	$	141,927

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

for the Six Months Ended June 30, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(162,388	)	$	(253,715	)	$	73,476
Currencies		(6,439	)		(190,539	)		(195,840	)
Energies		1,631,427			208,535			(135,932	)
Agriculturals		(574,982	)		564,384			(73,196	)
Interest rates		322,580			1,123,141			55,085
Stock indices		(248,852	)		(2,987,207	)		193,070
Change in unrealized trading income/(loss)(1)	$	961,346		$	(1,535,401	)	$	(83,337	)

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

for the Six Months Ended June 30, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	256,087		$	4,059,514		$	608,392
Currencies		(211,871	)		(2,768,785	)		(1,191,389	)
Energies		(1,720,406	)		(1,656,463	)		2,210
Agriculturals		407,787			506,151			(21,226	)
Interest rates		(1,751,060	)		(344,748	)		79,060
Stock indices		(371,297	)		1,404,334			(43,824	)
Change in unrealized trading income/(loss)(1)	$	(3,390,760	)	$	1,200,003		$	(566,777	)

(1) Amounts recorded in the Statements of Operations under Net change in open trade equity (deficit).

50

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 U.S. GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a net basis on the statements of financial condition.

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 June 30, 2014 and December 31, 2013.

As of June 30, 2014	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Equinox Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	2,352,580	$	(48,783	)	$	2,303,797
Receivable from Futures Commissions Merchants		13,137,322		(459,247	)		12,678,075
Swap Contracts		9,600,000		(108,471	)		9,491,529
Equinox Frontier Long/Short Commodity Fund
Swap Contracts	$	2,550,000	$	(331,916	)	$	2,218,084
Equinox Frontier Diversified Fund
Swap Contracts	$	3,400,000	$	(353,603	)	$	3,046,397
Equinox Frontier Heritage Fund
Swap Contracts	$	5,993,000	$	(1,020,469	)	$	4,972,531

51

Offsetting of Derivative Assets and Liabilities

As of December 31, 2013	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Equinox Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	3,935,252	$	—		$	3,935,252
Options Purchased		165,915		—			165,915
Options Written		—		(183,856	)		(183,856	)
Receivable from Futures Commissions Merchants		33,589,290		(10,123,238	)		23,466,052
Equinox Frontier Long/Short Commodity Fund
Open Trade Equity/(Deficit)	$	227,827	$	(418,896	)	$	(191,069	)
Options Purchased		98,740		—			98,740
Options Written		—		(172,650	)		(172,650	)
Receivable from Futures Commissions Merchants		14,598,699		(6,761,891	)		7,836,808
Swap Contract		2,879,910		(423,454	)		2,456,456

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 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 in 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.

52

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

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 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 as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities, the assets of the other Series will be available to UBS Securities 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.

53

Equinox Frontier Funds

Consolidated Statements of Financial Condition

June 30, 2014 (Unaudited) and December 31, 2013

	6/30/14		12/31/13
ASSETS
Cash and cash equivalents	$	17,859,695	$	9,302,857
U.S. Treasury securities, at fair value		128,398,439		193,678,360
Receivable from futures commission merchants		61,415,225		61,142,898
Open trade equity, at fair value		11,514,239		15,674,650
Options purchased, at fair value		5,120,437		3,033,870
Swap contracts, at fair value		19,733,344		21,455,529
Prepaid service fees		9,937		20,052
Interest receivable		2,208,491		2,652,967
Receivables from related parties		4,556		6,051
Other assets		7		55
Total Assets	$	246,264,370	$	306,967,289
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	—
Written options, at fair value		1,760,099		1,222,522
Pending owner additions		27,682		34,112
Owner redemptions payable		964,708		1,604,951
Incentive fees payable to Managing Owner		2,554,722		1,411,260
Management fees payable to Managing Owner		489,020		605,219
Interest payable to Managing Owner		193,178		281,562
Trading fees payable to Managing Owner		276,663		361,397
Service fees payable to Managing Owner		309,943		405,034
Payables to related parties		30,745		18,949
Other liabilities		3,500		—
Total Liabilities		6,610,260		5,945,006
CAPITAL
Managing Owner Units		4,495,455		4,246,069
Limited Owner Units		235,158,655		296,776,214
Total Capital		239,654,110		301,022,283
Total Liabilities and Capital	$	246,264,370	$	306,967,289

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

54

Equinox Frontier Fund

Consolidated Condensed Schedule of Investments

June 30, 2014 (Unaudited)

				% of Total Capital
Description	Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	7,459,041			3.11	%
Various base metals futures contracts (U.S.)		156,548			0.07	%
Various currency futures contracts (U.S.)		1,645,373			0.69	%
Various energy futures contracts (U.S.)		3,058,513			1.28	%
Various energy futures contracts (Europe)		13,112			0.01	%
Various energy futures contracts (Far East)		654			0.00	%
Various interest rates futures contracts (Canada)		187,452			0.08	%
Various interest rates futures contracts (Europe)		2,688,120			1.12	%
Various interest rates futures contracts (Far East)		537,240			0.22	%
Various interest rates futures contracts (Oceanic)		660,305			0.28	%
Various interest rates futures contracts (U.S.)		781,113			0.33	%
Various precious metal futures contracts (U.S.)		77,565			0.03	%
Various soft futures contracts (Europe)		68,880			0.03	%
Various soft futures contracts (U.S.)		(526,541	)		-0.22	%
Various stock index futures contracts (Africa)		675			0.00	%
Various stock index futures contracts (Canada)		20,131			0.01	%
Various stock index futures contracts (Europe)		(853,120	)		-0.36	%
Various stock index futures contracts (Far East)		658,010			0.27	%
Various stock index futures contracts (Mexico)		959			0.00	%
Various stock index futures contracts (Oceanic)		(12,192	)		-0.01	%
Various stock index futures contracts (U.S.)		1,553,813			0.65	%
Total Long Futures Contracts	$	18,175,651			7.59	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(6,795,374	)		-2.84	%
Various base metals futures contracts (U.S.)		(256,189	)		-0.11	%
Various currency futures contracts (Far East)		7,799			0.00	%
Various currency futures contracts (U.S.)		(804,917	)		-0.34	%
Various energy futures contracts (Europe)		(28,063	)		-0.01	%
Various energy futures contracts (U.S.)		87,378			0.04	%
Various interest rates futures contracts (Canada)		(36,278	)		-0.02	%
Various interest rates futures contracts (Europe)		(48,921	)		-0.02	%
Various interest rates futures contracts (Far East)		(36,199	)		-0.02	%
Various interest rates futures contracts (Oceanic)		(8,033	)		0.00	%
Various interest rates futures contracts (U.S.)		(286,989	)		-0.12	%
Various precious metal futures contracts (U.S.)		(483,699	)		-0.20	%
Various soft futures contracts (Canada)		304			0.00	%
Various soft futures contracts (Europe)		2,506			0.00	%
Various soft futures contracts (U.S.)		1,229,587			0.51	%
Various stock index futures contracts (Canada)		(33,088	)		-0.01	%
Various stock index futures contracts (Europe)		46,502			0.02	%
Various stock index futures contracts (Far East)		(13,368	)		-0.01	%
Various stock index futures contracts (Oceanic)		4,080			0.00	%
Various stock index futures contracts (U.S.)		79,461			0.03	%
Total Short Futures Contracts	$	(7,373,501	)		-3.10	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	712,089			0.30	%
Total Currency Forwards	$	712,089			0.30	%
Total Open Trade Equity (Deficit)	$	11,514,239			4.79	%
OPTIONS PURCHASED *
Various base metals futures contracts (Europe)	$	1,844,861			0.77	%
Various currency futures contracts (U.S.)		44,400			0.02	%
Various energy futures contracts (U.S.)		2,006,423			0.84	%
Various precious metal futures contracts (U.S.)		781,140			0.33	%
Various soft futures contracts (U.S.)		209,063			0.09	%
Various stock index futures contracts (U.S.)		234,550			0.10	%
Total Options Purchased	$	5,120,437			2.15	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	(510,762	)		-0.21	%
Various currency futures contracts (U.S.)		(14,400	)		-0.01	%
Various energy futures contracts (U.S.)		(1,116,915	)		-0.47	%
Various soft futures contracts (U.S.)		(15,469	)		-0.01	%
Various stock index futures contracts (U.S.)		(102,553	)		-0.04	%
Total Options Written	$	(1,760,099	)		-0.74	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	9,496,332			3.96	%
Frontier Brevan Howard swap (U.S.)		4,972,531			2.07	%
Frontier XXXV Diversified select swap (U.S.)		3,046,397			1.27	%
Frontier XXXVII L/S select swap (U.S.)		2,218,084			0.93	%
Total Swaps	$	19,733,344			8.23	%
U.S. TREASURY SECURITIES
FACE VALUE	Fair Value			Fair Value
$ 75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)	$	100,101,564			41.77	%
$ 20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		28,296,875			11.81	%
Total U.S. Treasury Securities	$	128,398,439			53.58	%

* 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.

55

Equinox Frontier Funds

Consolidated Condensed Schedule of Investments

December 31, 2013

Description	Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	5,652,154			1.88	%
Various base metals futures contracts (U.S.)		185,236			0.06	%
Various currency futures contracts (Far East)		—			0.00	%
Various currency futures contracts (U.S.)		1,221,239			0.41	%
Various energy futures contracts (U.S.)		121,939			0.04	%
Various energy futures contracts (Europe)		(155,110	)		-0.05	%
Various energy futures contracts (Far East)		3,805			0.00	%
Various interest rates futures contracts (Canada)		(52,871	)		-0.02	%
Various interest rates futures contracts (Europe)		(1,090,717	)		-0.36	%
Various interest rates futures contracts (Far East)		(395,361	)		-0.13	%
Various interest rates futures contracts (Oceanic)		61,708			0.02	%
Various interest rates futures contracts (U.S.)		(1,287,953	)		-0.43	%
Various precious metal futures contracts (Far East)		—			0.00	%
Various precious metal futures contracts (U.S.)		(11,609	)		0.00	%
Various soft futures contracts (Canada)		—			0.00	%
Various soft futures contracts (Europe)		(11,836	)		0.00	%
Various soft futures contracts (Far East)		—			0.00	%
Various soft futures contracts (U.S.)		(3,830,479	)		-1.27	%
Various stock index futures contracts (Africa)		38,295			0.01	%
Various stock index futures contracts (Canada)		282,928			0.09	%
Various stock index futures contracts (Europe)		2,767,531			0.92	%
Various stock index futures contracts (Far East)		1,399,122			0.46	%
Various stock index futures contracts (Mexico)		413			0.00	%
Various stock index futures contracts (Oceanic)		279,932			0.09	%
Various stock index futures contracts (U.S.)		3,224,823			1.07	%
Total Long Futures Contracts	$	8,403,189			2.79	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(4,388,603	)		-1.46	%
Various base metals futures contracts (U.S.)		(12,775	)		0.00	%
Various currency futures contracts (Far East)		(1,135	)		0.00	%
Various currency futures contracts (U.S.)		2,433,370			0.81	%
Various energy futures contracts (Europe)		172,634			0.06	%
Various energy futures contracts (U.S.)		(137,428	)		-0.05	%
Various interest rates futures contracts (Canada)		36,440			0.01	%
Various interest rates futures contracts (Europe)		686,134			0.23	%
Various interest rates futures contracts (Far East)		101,244			0.03	%
Various interest rates futures contracts (Oceanic)		(77,260	)		-0.03	%
Various interest rates futures contracts (U.S.)		1,339,742			0.45	%
Various precious metal futures contracts (U.S.)		906,216			0.30	%
Various soft futures contracts (Canada)		1,489			0.00	%
Various soft futures contracts (Europe)		5,433			0.00	%
Various soft futures contracts (U.S.)		4,912,131			1.63	%
Various stock index futures contracts (Africa)		—			0.00	%
Various stock index futures contracts (Canada)		—			0.00	%
Various stock index futures contracts (Europe)		(1,174	)		0.00	%
Various stock index futures contracts (Far East)		(1,806	)		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%
Various stock index futures contracts (U.S.)		48,849			0.02	%
Total Short Futures Contracts	$	6,023,501			2.00	%
CURRENCY FORWARDS *
Various currency forwards contracts	$	1,247,960			0.41	%
Total Currency Forwards	$	1,247,960			0.41	%
Total Open Trade Equity (Deficit)	$	15,674,650			5.21	%
OPTIONS PURCHASED *
Various base metals futures contracts (Europe)	$	1,839,592			0.61	%
Various currency futures contracts (U.S.)		386,410			0.13	%
Various energy futures contracts (U.S.)		75,490			0.03	%
Various interest rates futures contracts (U.S.)		528,751			0.18	%
Various precious metal futures contracts (U.S.)		—			0.00	%
Various soft futures contracts (U.S.)		37,644			0.01	%
Various stock index futures contracts (U.S.)		165,983			0.06	%
Total Options Purchased	$	3,033,870			1.02	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	(703,619	)		-0.23	%
Various currency futures contracts (U.S.)		(34,820	)		-0.01	%
Various energy futures contracts (U.S.)		(152,500	)		-0.05	%
Various interest rates futures contracts (U.S.)		(127,500	)		-0.04	%
Various precious metal futures contracts (U.S.)		—			0.00	%
Various soft futures contracts (U.S.)		(20,150	)		-0.01	%
Various stock index futures contracts (U.S.)		(183,933	)		-0.06	%
Total Options Written	$	(1,222,522	)		-0.40	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	10,126,168			3.36	%
Frontier Brevan Howard swap (U.S.)		5,435,184			1.81	%
Frontier XXXV Diversified select swap (U.S.)		3,437,632			1.14	%
Frontier XXXVII L/S select swap (U.S.)		2,456,545			0.82	%
Total Swaps	$	21,455,529			7.13	%
U.S. TREASURY SECURITIES
FACE VALUE	Fair Value			Fair Value
$ 11,500,000 US Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)	$	10,853,125			3.61	%
$ 11,500,000 US Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)		11,228,672			3.75	%
$ 25,000,000 US Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)		23,957,031			8.04	%
$ 13,000,000 US Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)		12,575,469			4.21	%
$ 13,000,000 US Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)		12,390,625			4.13	%
$ 75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		95,507,813			32.29	%
$ 20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		27,165,625			9.20	%
Total U.S. Treasury Securities	$	193,678,360			65.23	%

* 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.

56

Equinox Frontier Funds

Consolidated Statements of Operations

For the Three Months Ended June 30, 2014 and 2013

(Unaudited)

	2014			2013
Investment income:
Interest - net	$	261,329		$	1,264,444
Total Income		261,329			1,264,444
Expenses:
Incentive Fees		2,554,722			433,445
Management Fees		1,498,648			2,224,373
Service Fees - Class 1		1,065,882			1,979,570
Trading Fees		798,997			1,585,219
Total Expenses		5,918,249			6,222,607
Investment income/(loss) - net		(5,656,920	)		(4,958,163	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		5,361,595			(16,977,918	)
Net change in open trade equity/(deficit)		5,985,923			(3,856,110	)
Net realized gain/(loss) on swap contracts		—			(1,908,743	)
Net unrealized gain/(loss) on swap contracts		1,976,879			231,605
Net realized gain/(loss) on U.S. Treasury securities		(86,598	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		2,699,089			—
Trading commissions		(850,912	)		(1,642,520	)
Net gain/(loss) on investments		15,085,976			(24,153,686	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	$	9,429,056		$	(29,111,849	)

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

57

Equinox Frontier Funds

Consolidated Statements of Operations

For the Six Months Ended June 30, 2014 and 2013

(Unaudited)

	2014			2013
Investment income:
Interest - net	$	599,552		$	2,562,817
Total Income		599,552			2,562,817
Expenses:
Incentive Fees		3,552,049			889,025
Management Fees		3,128,333			4,727,150
Service Fees - Class 1		2,268,039			4,067,740
Trading Fees		1,704,117			3,251,764
Total Expenses		10,652,538			12,935,679
Investment income/(loss) - net		(10,052,986	)		(10,372,862	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		5,513,099			(12,672,241	)
Net change in open trade equity/(deficit)		(5,042,030	)		(1,136,263	)
Net realized gain/(loss) on swap contracts		—			(1,908,743	)
Net unrealized gain/(loss) on swap contracts		(1,722,185	)		(163,140	)
Net realized gain/(loss) on U.S. Treasury securities		(641,266	)		1,078,008
Net unrealized gain/(loss) on U.S. Treasury securities		9,484,294			(1,154,477	)
Trading commissions		(1,904,552	)		(2,897,887	)
Net gain/(loss) on investments		5,687,360			(18,854,743	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	$	(4,365,626	)	$	(29,227,605	)

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

58

Equinox Frontier Funds

Consolidated Statement of Changes in Owners’ Capital

For the Six Months Ended June 30, 2014

(Unaudited)

	Managing Owner			Limited Owners			Total
Owners’ Capital, December 31, 2013	$	4,801,516		$	296,220,767		$	301,022,283
Sale of Units		23,159			6,203,922			6,227,081
Redemption of Units		(273,159	)		(62,956,469	)		(63,229,628	)
Net increase/(decrease) in Owners’
Capital resulting from operations		(56,061	)		(4,309,565	)		(4,365,626	)
Owners’ Capital, June 30, 2014	$	4,495,455		$	235,158,655		$	239,654,110

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.

59

Equinox Frontier Funds

Consolidated Statements of Cash Flows

For the Six Months Ended March 31, 2014 and 2013 (Unaudited)

	2014			2013
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(4,365,626	)	$	(29,227,605	)
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		4,160,411			3,664,546
Net change in options purchased		(2,086,567	)		—
Net change in options written		537,577			(1,822,831	)
Net change in allocation of total return swaps		—			—
Net unrealized (gain)/loss on swap contracts		1,722,185			163,140
Net realized (gain)/loss on swap contracts		—			1,908,743
Net unrealized (gain)/loss on U.S. Treasury securities		(9,484,294	)		1,154,477
Net realized (gain)/loss on U.S. Treasuries securities		641,266			(1,078,008	)
(Purchases) sales of:
Sales of swap contracts		—			4,341,257
(Purchases) of swap contracts		—			(6,000,000	)
Sales of U.S. Treasury securities		74,122,949			17,924,853
Sales of custom time deposits		—			41,938,934
Interest rollover of custom time deposits		—			—
Increase and/or decrease in:
Receivable from futures commission merchants		(272,327	)		42,013,025
Distributions from trading companies		—			—
Prepaid service fees		10,115			66,537
Interest receivable		444,476			251,021
Receivable from related parties		1,495			(161,795	)
Other assets		48			34,993
Incentive fees payable to Managing Owner		1,143,462			(732,119	)
Management fees payable to Managing Owner		(116,199	)		(304,699	)
Interest payable to Managing Owner		(88,384	)		(105,679	)
Trading fees payable to Managing Owner		(84,734	)		(114,447	)
Service fees payable to Managing Owner		(95,091	)		(149,832	)
Payables to related parties		11,796			(5,788	)
Other liabilities		3,500			(40,073	)
Net cash provided by (used in) operating activities		66,206,058			73,718,650
Cash Flows from Financing Activities:
Proceeds from sale of capital		6,227,081			5,942,891
Payment for redemption of capital		(63,229,628	)		(92,006,038	)
Pending owner additions		(6,430	)		(119,608	)
Redemptions payable		(640,243	)		563,839
Net cash provided by (used in) financing activities		(57,649,220	)		(85,618,916	)
Net increase (decrease) in cash and cash equivalents		8,556,838			(11,900,266	)
Cash and cash equivalents, beginning of period		9,302,857			17,094,782
Cash and cash equivalents, end of period	$	17,859,695		$	5,194,516

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

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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 Commodity Futures Trading Commission (the “CFTC”) Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series, of units of beneficial interest (the “Units”) pursuant to the requirements of the Delaware Statutory Trust Act, as amended (the “Trust Act”). The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). It is managed by Equinox Fund Management, LLC (the “Managing Owner”).

Purchasers of Units are limited owners of the Trust (“Limited Owners”) with respect to beneficial interests of the Series’ Units purchased. The Trust Act provides that, except as otherwise provided in the second amended and restated declaration of trust and trust agreement dated December 9, 2013, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders, as amended from time to time (the “Trust Agreement”), unitholders in a Delaware statutory 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 Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of all Series.

The Trust has been organized to pool investor funds for the purpose of trading in the United States (“U.S.”) and international markets for currencies, interest rates, stock indices, agricultural and energy products, precious and base metals and other commodities. The Trust may also engage in futures contracts, forwards, option contracts and other interest in derivative instruments, including swap contracts (“Swaps”).

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 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, forward (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts), and may, from time to time, engage in cash and spot transactions;

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

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

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

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

• maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their

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purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

• all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

As of December 9, 2013, the Balanced Series of the Trust became known as the Equinox Frontier Balanced Fund, the Frontier Diversified Series of the Trust became known as the Equinox Frontier Diversified Fund, the Frontier Heritage Series became known as Equinox Frontier Heritage Fund, the Frontier Long/Short Commodity Series became known as the Equinox Frontier Long/Short Commodity Fund, the Frontier Masters Series became known as the Equinox Frontier Masters Fund, the Frontier Select Series became known as the Equinox Frontier Select Fund, and the Winton Series became known as the Equinox Frontier Winton Fund.

The assets of any particular Series include only those funds and other assets that are paid to, held by or distributed to the Trust on account of and for the benefit of that Series. Under the “Inter-Series Limitation on Liability” expressly provided for under Section 3804(a) of the Trust Act, separate and distinct records of the cash and equivalents, although pooled for maximizing returns, is maintained in the books and records of each Series.

As of June 30, 2014, the Trust, with respect to the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Balanced Fund and the Equinox Frontier Long/Short Commodity Fund separates Units into six separate Classes—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of U.S. Treasury Securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

Each Series of the Trust may invest a portion of its assets in a single Trading Company or in several different Trading Companies and may have multiple Trading Advisors that manage the assets invested in such Trading Companies.

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 Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, schedules of investments, results of operations, changes in capital and cash flows. The Trust meets the investment company definition under ASU 2013-08—Financial Services—Investment Companies (Topic 946) and follows reporting disclosure requirements under that update.

Consolidation—Each Series of the Trust invests in Trading Companies who 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. The Trading Companies and Series of the Trust are consolidated by the Trust.

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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.

Interest Income—Aggregate interest income from all sources, including U.S. Treasury securities and assets held at Futures Commission Merchants (“FCM”), up to the first two percentage points or 20% of the aggregate percentage yield (annualized) is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Trust.

U.S. Treasury Securities—U.S. Treasury Securities are reported at fair value as Level 1 inputs under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Trust values U.S. Treasury Securities at fair value and records the daily change in value in the consolidated statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the consolidated statements of financial condition as interest receivable.

Receivable 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. Custom time deposits are valued at face value plus accrued interest and the interest income is recognized in the period earned. 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 or six classes of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a). 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 and Class 3a Units based on each Class’ respective owners’ capital balances as applicable to the classes maintained by the Series.

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 basis upon daily reports from the counterparty. The Managing Owner values the investments of based on the CTA’s estimated position information on a same-trading day basis. The Managing Owner reviews and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. This fair value is corroborated by valuations provided by a third party pricing service on a daily basis. The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected, the components of the model, both observable and unobservable; and quality control testing procedures in place.

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Income Taxes—The Trust applies the provisions of ASC 740 Income 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 years ended December 31, 2013, 2012 and 2011. The 2010 through 2013 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, the Trust is not a publicly traded partnership treated as a corporation, and (ii) the discussion set forth in the Prospectus under the heading “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 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 or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. 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 born 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.

Pending Owner Additions—Funds received for new subscriptions and for additions to existing owner interests are recorded as capital additions at the NAV per unit of the second business day following receipt.

Recently Adopted Accounting Pronouncements—In June of 2013, FASB issued ASU 2013-08 to (i) modify Topic 946 for determining whether an entity is an investment company; (ii) update the measurement requirements for noncontrolling interests in other investment companies; and (iii) require additional disclosures for investment companies under GAAP. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance did not have a material impact on the financial position or results of operations.

Subsequent Events—The Trust follows the provisions of ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the financial statements are issued. No events or transactions requiring recognition or disclosure have been identified.

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3. Fair Value Measurements

In connection with the valuation of investments the Trust applies ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides clarification that when a quoted price in an active market for the identical asset or liability is not available, a reporting entity is required to measure fair value using certain techniques. ASC 820 also clarifies that when estimating the fair value of an asset or liability, a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of an asset or liability. ASC 820 also clarifies that both a quoted price in an active market for the identical asset or liability at the measurement date and the quoted price for the identical asset or liability when traded as an asset in an active market when no adjustments to the quoted price of the asset are required are Level 1 fair value measurements.

Level 1 Inputs

Unadjusted quoted prices in active markets for identical financial assets that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs

Inputs other than quoted prices included in Level 1 that are observable for the financial asset 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 asset 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 values the investments based on the CTA’s estimated position information on a same-trading day basis. The Managing Owner reviews and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. The fair value is corroborated through the use of a third party pricing service (“pricing service”). The valuation of swap contracts requires significant estimates utilizing Level 3 Inputs corroborated by management through the use of a third party pricing service (“pricing service”). The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner through the valuation committee charted by the Executive Committee of the Trust, engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected; the components of the model, both observable and unobservable; and quality control testing procedures in place. The valuation committee meets on a monthly basis and as needed to discuss any updates or changes in the valuation process, reporting to the Executive Committee. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and throughout the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each swap and it’s subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by senior financial engineer to ensure design and function of model is stable and perform as expected.

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The valuation committee reports to both the Managing Owner’s Investment Oversight and Risk Committee and the Trust’s Executive Committee. The committee further remains in communication with the

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Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The committee monitors daily pricing valuation provided by the swap counterparty and daily valuation provided by the third party pricing service to ensure the change in fair value is reasonable and valuations are in accordance with current regulations and best practices. The committee may request a price challenge if the daily valuation provided by the counterparty valuations differs significantly from the valuation obtained by the pricing service. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provide by the pricing service.

The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, by Series, measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

June 30, 2014	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	10,802,150	$	712,089		$	—	$	11,514,239
Swap Contracts		—		—			19,733,344		19,733,344
U.S. Treasury Securities		128,398,439		—			—		128,398,439
Purchased Options		—		5,120,437			—		5,120,437
Written Options		—		(1,760,099	)		—		(1,760,099	)
December 31, 2013	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	14,426,691	$	1,247,959		$	—	$	15,674,650
Swap Contracts		—		—			21,455,529		21,455,529
U.S. Treasury Securities		196,330,745		—			—		196,330,745
Purchased options		—		3,033,870			—		3,033,870
Written Options		—		(1,222,522	)		—		(1,222,522	)

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations.

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	For The Six Months Ended June 30, 2014
Balance of recurring Level 3 assets as of January 1, 2014	$	21,455,529
Total gains or losses (realized/unrealized):
Included in earnings-realized
Included in earnings-unrealized		(1,722,185	)
Purchases of investments
Sales of investments
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of June 30, 2014	$	19,733,344
	For the Year Ended December 31, 2013
Balance of recurring Level 3 assets as of January 1, 2013	$	22,289,479
Total gains or losses (realized/unrealized):
Included in earnings-realized		(3,555,134	)
Included in earnings-unrealized		1,539,551
Purchases of investments		21,880,000
Sales of investments		(20,698,367	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2013	$	21,455,529

The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the six months ended June 30, 2014 and year ended December 31, 2013, the Trust did not transfer any assets between Level 1, 2 and 3.

4. Swaps

In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures and forward contracts, certain Series of the Trust will strategically invest a portion or all of their assets in total return swaps, selected at the direction of the Managing Owner. Total return 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 June 30, 2014 and December 31, 2013, 8.0% and 7.0%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps and is recorded as cash and cash equivalents on the Statements of Financial Condition of the Trust.

The Trust strategically invests assets in one or more swaps linked to certain underlying investments or indices at the direction of the Managing Owner. The Trading Company in which the assets of the Trust will be invested will not own any of the investments or indices referenced by any swap entered into by the Trust. In addition, neither the swap counterparty nor any advisor referenced by any such swap is a Trading Advisor to the Trust.

The Trust had invested in the following swaps as of and for the three months ended June 30, 2014:

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	Brevan Howard Total Return Swap			XXXIV Balanced select swap Total Return Swap			XXXV Diversified select swap Total Return Swap			XXXVII L/S select swap Total Return Swap
Counterparty		DeutscheBank AG			DeutscheBank AG			DeutscheBank AG			DeutscheBank AG
Notional Amount	$	18,663,283		$	67,610,098		$	35,500,000		$	16,590,513
Termination Date		3/26/2018			8/2/2018			8/2/2018			8/7/2018
Investee Returns		On Default			On Default			On Default			On Default
Realized Gain/(Loss)	$	0		$	0		$	0		$	0
Unrealized Gain/(Loss)	($	462,017	)	($	630,471	)	($	391,235	)	($	238,462	)
Fair Value as of 03/31/2014	$	4,972,531		$	9,491,529		$	3,046,397		$	2,218,084

The Trust had invested in the following swaps as of and for the year ended December 31, 2013:

	Total Return Swap			Total Return Swap			Total Return Swap
Counterparty		Societe Generale			DeutscheBank			DeutscheBank AG
Notional Amount	$	—		$	—		$	80,591,769
Termination Date		11/21/2014			6/30/2016			8/2/2018
Investee Returns		Total Returns			On Default			On Default
Realized Gain/(Loss)	$	(1,645,980	)	$	(1,908,743	)	$	—
Unrealized Gain/(Loss)	$	215,224		$	1,746,254		$	522,003
Fair Value as of 12/31/13	$	—		$	—		$	10,122,003
	Total Return Swap			Total Return Swap			Total Return Swap
Counterparty		DeutscheBank AG			DeutscheBank AG			DeutscheBank AG
Notional Amount	$	34,400,000		$	25,500,000		$	18,663,283
Termination Date		8/7/2018			8/2/2018			3/26/2018
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(423,454	)	$	37,632		$	591,793
Fair Value as of 12/31/13	$	2,456,545		$	3,437,632		$	5,435,184

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 1a 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.

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Expenses

Management Fees—Each Series of the Trust pays to the Managing Owner a monthly management fee equal to a certain percentage of such Series’ assets attributable to such Series (including notional assets), calculated on a daily basis. The annual rate of the management fee is 0.5% for the Equinox Frontier Balanced Fund, 2.0% for the Equinox Frontier Winton Fund, Equinox Frontier Long/Short Commodity Fund Class 1a and Class 2a 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 and Class 2. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) for such Series.

Trading Fees—In connection with each Series’ trading activities of the Trust, the Equinox Frontier Long/Short Commodity Fund (Classes 1, 2 and 3), Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund pays to the Managing Owner a trading fee, or FCM Fee, up to 0.75% of such Series’ NAV, calculated daily. The Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a and 2a) and Equinox Frontier Masters Fund pays to the Managing Owner a trading fee, or FCM Fee, up to 2.25% 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 up to 3% annually, which the Managing Owner pays to selling agents of the Trust.

As of June 30, 2014, the Trust has a payable to the Managing Owner in the amounts of $2,554,722, $489,020, $193,178, $276,663 and $309,943 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2013, the Trust has a payable to the Managing Owner in the amounts of $1,411,260, $605,219, $281,562, $361,397 and $405,034 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended June 30, 2014, the Trust paid the Managing Owner $2,554,722, $1,498,648, $1,065,882 and $798,997 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended June 30, 2013, the Trust paid the Managing Owner $433,445, $2,224,373, $1,979,570 and $1,585,219 for incentive fees, management fees, service fees, and trading fees, respectively.

For the six months ended June 30, 2014, the Trust paid the Managing Owner $3,552,049, $3,128,333, $2,268,039, and $1,704,117 for incentive fees, management fees, service fees, and trading fees, respectively.

For the six months ended June 30, 2013, the Trust paid the Managing Owner $889,025, $4,727,150, $4,067,740 and $3,251,764 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 six months ended June 30, 2014 and 2013 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were ($7,682) and ($1,682), respectively.

Aggregate interest income from all sources, including assets held at clearing brokers, 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 1a and Class 2a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. During the three and six months ended June 30, 2014, the Trust paid $579,315 and $1,277,706, respectively, of such interest income to the Managing Owner. During the three and six months ended June 30, 2013, the Trust paid $1,507,793 and $5,128,216, respectively, of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations.

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The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, for investment and advisor services and 0.1% annually of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $221,095 and $251,890, respectively under this agreement for the three months ended June 30, 2014 and 2013.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $230,000 and $250,000, for the three months ended June 30, 2014 and 2013, respectively.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $208,417 and $548,092, respectively, for the three months ended June 30, 2014 and 2013.

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.

6. Financial Highlights

The following information presents the financial highlights of the Trust for the three and six months ended June 30, 2014 and 2013. This data has been derived from the information presented in the consolidated financial statements.

	2014			2013
Three Months Ended
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.06	%		-4.19	%
Expenses before incentive fees (3)		5.45	%		5.23	%
Expenses after incentive fees (3)		6.49	%		5.33	%
Total return before incentive fees (2)		4.84	%		-6.46	%
Total return after incentive fees (2)		3.81	%		-6.56	%
	2014			2013
Six Months Ended
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.28	%		-4.27	%
Expenses before incentive fees (3)		5.40	%		5.18	%
Expenses after incentive fees (3)		6.74	%		5.37	%
Total return before incentive fees (2)		-0.31	%		-6.04	%
Total return after incentive fees (2)		-1.65	%		-6.23	%

(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.

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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 June 30, 2014 and December 31, 2013 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 months June 30, 2014 and 2013, the monthly average of futures contracts bought was approximately 9,319 and 101,645, respectively and sold was approximately 9,124 and 111,301, respectively. For the six months ended June 30, 2014 and 2013, the monthly average of futures contracts bought was approximately 19,922 and 55,975, respectively and sold was approximately 19,868 and 62,543, respectively.

The following tables summarize the trading revenues for the three and six months ended June 30, 2014 and 2013 by contract type:

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

for the Three Months Ended June 30, 2014

Type of contract
Metals	$	1,029,170
Currencies		450,876
Energies		300,637
Agriculturals		749,674
Interest rates		4,544,705
Stock indices		(1,089,139	)
Change in unrealized trading income/(loss)(1)	$	5,985,923

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

for the Six Months Ended June 30, 2014

Type of contract
Metals	$	(947,051	)
Currencies		(3,956,074	)
Energies		1,967,434
Agriculturals		(471,767	)
Interest rates		4,765,842
Stock indices		(6,400,414	)
Change in unrealized trading income/(loss)(1)	$	(5,042,030	)

(1) Amounts recorded in the Consolidate Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2014

Type of contract
Metals	$	(2,663,349	)
Currencies		(786,959	)
Energies		(234,908	)
Agriculturals		(1,684,548	)
Interest rates		4,682,671
Stock indices		6,048,688
Realized trading income/(loss)(1)	$	5,361,595

Realized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2014

Type of contract
Metals	$	(3,401,979	)
Currencies		(441,730	)
Energies		(1,894,183	)
Agriculturals		(1,738,025	)
Interest rates		7,301,379
Stock indices		5,687,637
Realized trading income/(loss)(1)	$	5,513,099

(1) Amounts recorded in the Consolidated Statements of Operations under net realized gain/(loss) on futures, forwards and options

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

for the Three Months Ended June 30, 2013

Type of contract
Metals	$	12,338,949
Currencies		(1,954,682	)
Energies		(5,026,396	)
Agriculturals		368,254
Interest rates		(8,205,502	)
Stock indices		(1,376,733	)
Change in unrealized trading income/(loss)(1)	$	(3,856,110	)

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

for the Six Months Ended June 30, 2013

Type of contract
Metals	$	15,894,969
Currencies		(5,658,782	)
Energies		(4,459,698	)
Agriculturals		1,278,153
Interest rates		(6,112,416	)
Stock indices		(2,078,489	)
Change in unrealized trading income/(loss)(1)	$	(1,136,263	)

(1) Amounts recorded in the Consolidate Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2013

Type of contract
Metals	$	10,793,629
Currencies		(14,334,634	)
Energies		(5,877,152	)
Agriculturals		(1,379,232	)
Interest rates		(10,154,625	)
Stock indices		3,974,096
Realized trading income/(loss)(1)	$	(16,977,918	)

Realized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2013

Type of contract
Metals	$	5,862,091
Currencies		(6,757,507	)
Energies		(11,446,766	)
Agriculturals		(3,168,381	)
Interest rates		(26,722,152	)
Stock indices		29,560,474
Realized trading income/(loss)(1)	$	(12,672,241	)

(1) Amounts recorded in the Consolidated Statements of Operations under net realized gain/(loss) on futures, forwards and options

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 Commissions Merchants (each, an “FCM”) are

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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 June 30, 2014 and December 31, 2013:

Offsetting of Derivative Assets and Liabilities

As of June 30, 2014

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Open Trade Equity/(Deficit)	$	11,639,357	$	(125,118	)	$	11,514,239
Options Purchased		5,120,437		—			5,120,437
Options Written		—		(1,760,099	)		(1,760,099	)
Receivable from Futures Commissions Merchants		156,176,948		(94,761,723	)		61,415,225
Swap Contracts		21,543,000		(1,809,656	)		19,733,344

Offsetting of Derivative Assets and Liabilities

As of December 31, 2013

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Open Trade Equity/(Deficit)	$	16,274,437	$	(599,787	)	$	15,674,650
Options Purchased		3,033,870		—			3,033,870
Options Written		—		(1,222,522	)		(1,222,522	)
Receivable from Futures Commissions Merchants		158,747,936		(97,605,038	)		61,142,898
Swap Contracts		21,879,883		(424,354	)		21,455,529

8. Trading Activities and Related Risks

The purchase and sale of futures and options on futures contracts require margin deposits with FCMs. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property (for example, U.S. treasury bills) deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited.

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the statements of financial condition, may result in future obligation or loss in excess of the amount paid by the Series for a particular investment. Each Trading Company 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

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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 in 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. 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 as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities, the assets of the other Series will be available to UBS Securities 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.

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

Introduction

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 2013 Annual Report on Form 10-K for the year ended December 31, 2013.

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).

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The Trust, with respect to each Series of Units, engages in the speculative trading of a diversified portfolio of futures, forward (including interbank foreign currencies) and options contracts and other derivative instruments (including Swaps). The Trust allocates funds to affiliated Trading Companies, 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 assets, and make the trading decisions for the assets of each Series vested in such Trading Company. In November 2010, the Equinox Frontier Select Fund invested a portion of its assets in an unaffiliated Trading Company, Berkeley Quantitative Colorado Fund LLC which was liquidated on March 16, 2012. The assets of each Trading Company will be segregated from the assets of each other Trading Company. 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 “BUSINESS.”

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Managing Owner to adopt accounting policies and make estimates and assumptions that affect amounts reported in the Trust’s financial statements. The Trust’s most significant accounting policy, described below, includes the valuation of its futures and forward contracts, options contracts, swap contracts, U.S. treasury securities and investments in unconsolidated Trading Companies, 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 adopted Accounting 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.

Selection and Replacement of Trading Advisors

The Managing Owner is responsible for the selection, retention and termination of the trading advisors and swap reference trading 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.

In 1983, Richard Bornhoft, the Chief Investment Officer of the Managing Owner, began compiling its proprietary database of the leading United States and internationally based alternative investment programs. Trading advisors are monitored and performance data is entered on a daily, monthly, quarterly or bi-annual basis according to internal ranking systems.

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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 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.

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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
Abraham Trading Company	Systematic
BH-DG Systematic Trading LLP	Systematic
Campbell & Company, Inc.	Systematic
Cantab Capital Partners LLP	Systematic
Chesapeake Capital Corporation	Systematic
Commodity Strategies AG	Systematic
Crabel Capital Management, LLC	Systematic
Doherty Trading Advisors	Systematic
Emil Van Essen, LLC	Discretionary
Fort, L.P.	Systematic
H2O Asset Management	Systematic
J E Moody & Company	Systematic
Krom River Trading AG	Discretionary
Mesirow Financial Commodities Management, LLC	Discretionary
Quantica Capital AG	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
Skyline Management, Inc.	Discretionary
Tiverton Trading	Discretionary
Transtrend B.V.	Systematic
Winton Capital Management Ltd.	Systematic

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As of June 30, 2014, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:

Allocation as of June 30, 2014 (expressed as a percentage of aggregate notional exposure to commodity trading programs)

Advisor	Equinox Frontier Diversified Fund			Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Masters Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Winton Fund			Equinox Frontier Heritage Fund
Abraham Trading Company		—			21	%		—			—			—			—			—
BH-DG Systematic Trading LLP		8	%		—			—			—			26	%		—			43	%
Campbell &Company Inc.		—			—			—			8	%		—			—			—
Cantab Capital Partners LLP		6	%		—			19	%		9	%		—			—			—
Chesapeake Capital Corporation		8	%		—			19	%		—			—			—			—
Commodity Strategies AG		—			—			—			—			—			—			—
Crabel Capital Management, LLC		7	%		—			—			4	%		—			—			—
Doherty Trading Advisors		3	%		—			—			4	%		—			—			—
Emil Van Essen, LLC		5	%		11	%		—			4	%		—			—			—
Fort, L.P.		9	%		—			—			11	%		—			—			—
H2O Asset Management		—			—			—			8	%		—			—			—
J E Moody & Company		—			16	%		—			—			—			—			—
Krom River Trading AG		—			—			—			—			—			—			—
Mesirow Financial Commodities Management, LLC		6	%		—			—			—			—			—			—
Quantica Capital AG		—			—			—			6	%		—			—			—
Quantitative Investment Management, LLC		9	%		—			—			8	%		—			—			—
QuantMetrics Capital Management LLP		12	%		—			—			9	%		—			—			—
Quest Partners LLC		9	%		—			—			—			—			—			—
Red Oak Commodity Advisors, Inc.		—			16	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			15	%		—			—			—			—			—
Skyline Management, Inc.		—			16	%		—			8	%		—			—			—
Tarpon Trading LLC		—			—			—			—			—			—			—
Tiverton Trading		5	%		—			18	%		8	%		39	%		—			—
Transtrend B.V.		—			—			18	%		—			35	%		—			—
Winton Capital Management Ltd.		10	%		—			28	%		9	%		—			100	%		57	%

Liquidity and Capital Resources

The Trust will raise additional capital only through the sale of Units offered pursuant to the continuing offering, and does not intend to raise any capital through borrowing. Due to the nature of the Trust’s business, it makes no capital expenditures and has no capital assets that are not operating capital or assets.

The Managing Owner is responsible for the payment of all of the ordinary expenses associated with the organization of the Trust and the offering of each Series of Units, except for the initial and ongoing service fee, if any, and no Series will be required to reimburse these expenses. As a result, 100% of each Series’ offering proceeds are initially available for that Series’ trading activities.

A portion of each Trading Company’s assets is used as margin to maintain that Trading Company’s forward currency contract positions, and another portion is deposited in cash in segregated accounts in the name of each Trading Company maintained for each Trading Company at the clearing brokers in accordance with CFTC segregation requirements. At June 30, 2014, cash deposited at the clearing brokers was $61,415,225 for the Trust. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. Currently, with the Federal Funds target rate at 0.00% to 0.25%, this amount is estimated to be 0.00%. In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds and time deposits. Aggregate interest income from all sources, including assets held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Balanced Fund (Class 1a and Class 2a only), and the Equinox Frontier Long/Short Commodity Fund, 20% of the total interest allocated to each Series is paid to the Managing Owner.

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

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broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of June 30, 2014, total cash and cash equivalents held at banking institutions were $3,956,208 for the Equinox Frontier Diversified Fund, $1,240,004 the Equinox Frontier Long/Short Commodity Fund, $1,855,563 for the Equinox Frontier Masters Fund, $6,153,791 for the Equinox Frontier Balanced Fund, $870,255 for the Equinox Frontier Select Fund, $3,001,583 for the Equinox Frontier Winton Fund, and $779,177 for the Equinox Frontier Heritage Fund.

As a commodity pool, the Registrant has large cash positions. Such cash positions are used to pay margin for the trading of futures, forwards and options, and also to pay redemptions. Generally, the Registrant has not been forced to liquidate positions to fund redemptions. During the fiscal six months ended June 30, 2014, the Registrant was able to pay all redemptions.

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. Each Trading Company trades in futures, forward and swap contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions held by a Trading Company in respect of any Series at the same time, and if the Trading Advisor(s) of such Trading Company are unable to offset such futures interests positions, such Trading Company could lose all of its assets and the holders of Units of such Series would realize a 100% loss. The Managing Owner seeks to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time.

In addition to market risk, trading futures, forward and swap contracts entails credit risk which is the risk that a counterparty will not be able to meet its obligations to a Trading Company. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions. Some non-U.S. exchanges, in contrast to U.S. exchanges are principals’ markets in which performance is the responsibility only of the individual counterparty with whom the Trading Company has entered into the transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

In the case of forward contracts traded on the interbank market and swaps, neither is traded on an exchange. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus, there may be a greater counterparty credit risk. The Managing Owner expects the Trading Advisors to trade only with those counterparties which it believes to be creditworthy. All positions of each Trading Company are valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to any Trading Company.

The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, currency trading companies, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence or bad faith. The Trust has had no prior claims or payments pursuant to these agreements. The Trust’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience the Trust expects the risk of loss to be remote.

Disclosure of Contractual Obligations

The business of the Trust is the speculative trading of commodity interests. The majority of the Trust’s futures and forward positions, which may be categorized as “purchase obligations” under Item 303 of Regulation S-K, are short-term. That is, they are held for less than one year. Because the Trust does not enter into other long-term debt obligations, capital lease obligations, operating lease obligations or other long-term liabilities that would otherwise be reflected on the Trust’s Statement of Financial Condition, a table of contractual obligations has not been presented.

Results of Operations

Series Returns and Other Information

The returns for each Series and Class of Units for the three and six months ended June 30, 2014 and June 30, 2013, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2014 and 2013. 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’

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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 June 30, 2014 Compared to Three Months Ended June 30, 2013.

Equinox Frontier Diversified Fund

The Equinox Frontier Diversified Fund— Class 1 NAV gained 4.83% and lost 8.25%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV gained 5.29% and lost 7.84%, respectively for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 3 NAV gained 5.37% for the three months ended June 30, 2014. The inception date of the Equinox Frontier Diversified Fund Class 3 was February 24, 2014.

For the three months ended June 30, 2014, the Equinox Frontier Diversified Fund recorded net gain on investments of $4,070,105, net investment income of $135,499, and total expenses of $1,658,328 resulting in a net increase in Owners’ capital from operations of $2,547,276. For the three months ended June 30, 2013, the Equinox Frontier Diversified Fund recorded net loss on investments of $7,089,299, net investment income of $462,159, and total expenses of $1,293,002 resulting in a net decrease in Owners’ capital from operations of $7,920,142.

Please see additional discussion under “Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013 – Equinox Frontier Diversified Fund.”

Equinox Frontier Masters Fund

The Equinox Frontier Masters Fund—Class 1 NAV gained 6.49% and lost 6.76% for the three months ended June 30, 2014 and 2013 net of fees and expenses; the Equinox Frontier Masters Fund —Class 2 NAV gained 6.96% and lost 6.34% for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV gained 7.03% for the three months ended June 30, 2014. The inception date of the Equinox Frontier Masters Fund was December 17, 2013.

For the three months ended June 30, 2014, the Equinox Frontier Masters Fund recorded net gain on investments of $2,119,822, net investment income of $71,429, and total expenses of $621,832, resulting in a net increase in Owners’ capital from operations of $1,569,419. For the three months ended June 30, 2013, the Equinox Frontier Masters Fund recorded net loss on investments of $2,575,152, net investment income of $224,184, and total expenses of $795,435, resulting in a net decrease in Owners’ capital from operations of $3,146,403.

Please see additional discussion under “Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013 – Equinox Frontier Masters Fund.”

Equinox Frontier Long/Short Commodity Fund

The Equinox Frontier Long/Short Commodity Fund—Class 2 NAV gained 0.62% and lost 7.34%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 3 NAV gained 0.62% and lost 7.34% respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 1a NAV gained 0.41% and lost 7.47%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 2a NAV gained 0.85% and lost 7.07%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV gained 0.91% and lost 2.24%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses.

For the three months ended June 30, 2014, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $1,521,079, net investment income of $47,605, and total expenses of $317,381, resulting in a net increase in Owners’ capital from operations of $111,679, after non-controlling interests of $1,139,624. For the three months ended June 30, 2013, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $3,603,745, net investment income of $288,183, and total expenses of $869,367, resulting in a net decrease in Owners’ capital from operations of $3,329,202, after non-controlling interests of $855,727.

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Please see additional discussion under “Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013 – Equinox Frontier Long/Short Commodity Fund.”

Equinox Frontier Balanced Fund

The Equinox Frontier Balanced Fund—Class 1 NAV gained 1.83% and lost 8.15%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 2 NAV gained 2.61% and lost 7.46%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 2a NAV gained 2.87% and lost 7.10%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 3a NAV gained 2.87% and lost 6.79%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses.

For the three months ended June 30, 2014, the Equinox Frontier Balanced Fund recorded net gain on investments of $6,379,507, net investment income of $6,543, and total expenses of $1,826,219, resulting in a net increase in Owners’ capital from operations of $1,705,510, after non-controlling interests of $2,854,321. For the three months ended June 30, 2013, the Equinox Frontier Balanced Fund recorded net loss on investments of $8,942,702, net investment income of $75,270, and total expenses of $2,071,491, resulting in a net decrease in Owners’ capital from operations of $13,129,934 after non-controlling interests of $2,191,011.

Please see additional discussion under “Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013 – Equinox Frontier Balanced Fund.”

Equinox Frontier Select Fund

The Equinox Frontier Select Fund—Class 1 NAV gained 4.29% and lost 1.04%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Select Fund —Class 2 NAV gained 5.08% and lost 0.30%, respectively for the three months ended June 30, 2014 and 2013, net of fees and expenses.

For the three months ended June 30, 2014, the Equinox Frontier Select Fund recorded net gain on investments of $902,903, net investment income of $0, and total expenses of $291,912, resulting in a net increase in Owners’ capital from operations of $610,991. For the three months ended June 30, 2013, the Equinox Frontier Select Fund recorded net gain on investments of $31,845, net investment income of $87,463, and total expenses of $334,428, resulting in a net decrease in Owners’ capital from operations of $215,120.

Please see additional discussion under “Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013 – Equinox Frontier Select Fund.”

Equinox Frontier Winton Fund

The Equinox Frontier Winton Fund—Class 1 NAV gained 5.94% and lost 2.72%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Winton Fund —Class 2 NAV gained 6.74% and lost 2.00%, respectively, for the three months ended June 30, 2014 and 2013, net of fees and expenses.

For the three months ended June 30, 2014, the Equinox Frontier Winton Fund recorded net gain on investments of $2,996,455, net investment income of $0, and total expenses of $945,307, resulting in a net increase in Owners’ capital from operations of $2,051,148. For the three months ended June 30, 2013, the Equinox Frontier Winton Fund recorded net loss on investments of $529,952, net investment income of $94,585, and total expenses of $571,933, resulting in a net decrease in Owners’ capital from operations of $1,007,300.

Please see additional discussion under “Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013 – Equinox Frontier Winton Fund.”

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Equinox Frontier Heritage Fund

The Equinox Frontier Heritage Fund—Class 1 NAV gained 7.51% and lost 3.49%, respectively, for the three months ended June 30, 2014 and 2013 net of fees and expenses; the Equinox Frontier Heritage Fund —Class 2 NAV gained 8.32% and lost 2.76%, respectively for the three months ended June 30, 2014 and 2013, net of fees and expenses.

For the three months ended June 30, 2014, the Equinox Frontier Heritage Fund recorded net gain on investments of $1,418,344, net investment income of $0, and total expenses of $256,119, resulting in a net increase in Owners’ capital from operations of $832,265, after non-controlling interests of $329,960. For the three months ended June 30, 2013, the Equinox Frontier Heritage Fund recorded net loss on investments of $414,134, net investment income of $35,758, and total expenses of $227,596, resulting in a net decrease in Owners’ capital from operations of $605,972.

Please see additional discussion under “Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013 – Equinox Frontier Heritage Fund.”

Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013.

Equinox Frontier Diversified Fund

2014

The Equinox Frontier Diversified Fund—Class 1 NAV lost 0.38% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV gained 0.49% for the six months ended June 30, 2014, net of fees and expenses. The Equinox Frontier Diversified Fund—Class 3 NAV gained 3.75% for the six months ended June 30, 2014. The inception date of the Equinox Frontier Diversified Fund Class 3 was February 24, 2014.

For the six months ended June 30, 2014, the Equinox Frontier Diversified Fund recorded net gain on investments of $2,485,576, net investment income of $300,377, and total expenses of $2,857,944 resulting in a net decrease in Owners’ capital from operations of $397,362, after non-controlling interests of $325,371. The NAV per Unit, Class 1, decreased from $87.10 at December 31, 2013 to $86.77 as of June 30, 2014. The NAV per Unit, Class 2, increased from $94.35 at December 31, 2013 to $94.81 as of June 30, 2014. The NAV per Unit, Class 3 was $87.37 as of June 30, 2014. Class 3 operations began February 25, 2014. Total Class 1 subscriptions and redemptions for the period were $558,427 and $8,011,875, respectively. Total Class 2 subscriptions and redemptions for the period were $349,817 and $5,909,484, respectively. Total Class 3 subscriptions and redemptions for the period were $1,809,523 and $52,288, respectively. Ending capital at June 30, 2014 was $20,901,816 for Class 1, $29,073,838 for Class 2 and $1,830,141. Ending capital at December 31, 2013 was $28,744,047 for Class 1 and $34,714,991 for Class 2.

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

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Two of the six sectors traded in the Equinox Frontier Diversified Fund was profitable in 2Q 2014. Interest Rates and Stock Indices were profitable while Currencies, Metals, Agriculturals and Energies finished negative for the quarter.

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

In terms of major CTA performance Crabel, Doherty, Fort (GC), H20 and Quantmetrics finished positive for the quarter. Brevan Howard, Cantab, Chesapeake, Tiverton, Winton, Emil Van Essen, QIM and Quest Partners finished negative for the quarter. In terms of YTD performance Crabel, Doherty, Fort (GC) and Quantmetrics are positive YTD while Brevan Howard, Cantab,Chesapeake, H20, Tiverton, Winton, Emil Van Essen, QIM and Quest Partners are negative YTD.

2013

The Equinox Frontier Diversified Fund – Class 1 NAV lost 9.38% for the six months ended June 30, 2013, net of fees and expenses; the Frontier Diversified Series – Class 2 NAV lost 8.59% for the six months ended June 30, 2013, net of fees and expenses.

For the six months ended June 30, 2013 the Equinox Frontier Diversified Fund recorded a net loss on investments of $7,202,316, net investment income of $938,684, and total expenses of $2,829,851, resulting in a net decrease in Owners’ capital from operations of $9,093,483. The NAV per Unit, Class 1, decreased from $94.40 at December 31, 2012, to $85.55 as of June 30, 2013. The NAV per Unit, Class 2, decreased from $100.48 at December 31, 2012, to $91.85 as of June 30, 2013. Total Class 1 subscriptions and redemptions for the period were $1,276,358 and $10,253,451, respectively. Total Class 2 subscriptions and redemptions for the period were $1,277,401 and $8,618,264, respectively. Ending capital at June 30, 2013, was $45,238,450 for Class 1 and $44,531,683 for Class 2. Ending capital at December 31, 2012, was $58,999,936 for Class 1 and $56,181,636 for Class 2.

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

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Two of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q2 2013. Stock Indices and Metals were profitable while Interest Rates, Currencies, Agriculturals and Energies finished negative for the quarter.

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

In terms of major CTA performance, One of the eight major CTAs in the Equinox Frontier Diversified Fund was profitable in Q2 2013 . Tiverton was profitable while Cantab, QIM, Beach Horizon, Mesirow, Quantmetrics, Brevan Howard and Winton finished negative in the quarter. In terms of YTD performance Mesirow, Tiverton and Winton are positive YTD while Cantab, QIM, Quantmetrics, Beach Horizon and Brevan Howard are negative YTD.

Graham was replaced by Brevan Howard as a major advisor in the Diversified Series. Mesirow was added as a major advisor to the Diversified Series.

Equinox Frontier Masters Fund

2014

The Equinox Frontier Masters Fund—Class 1 NAV gained 1.24% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Masters Fund —Class 2 NAV gained 2.12% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV gained 2.24% for the six months ended June 30, 2014. The inception date of the Equinox Frontier Masters Fund Class 3 was December 17, 2013.

For the six months ended June 30, 2014, the Equinox Frontier Masters Fund recorded net gain on investments of $980,182, net investment income of $166,701, and total expenses of $1,192,822, resulting in a net decrease in Owners’ capital from operations of $45,939. For the six months ended June 30, 2013 the Equinox Frontier Masters Fund recorded a net loss on investments of $1,692,118, net investment income of $455,372, and total expenses of $1,588,128, resulting in a net decrease in Owners’ capital from operations of $2,824,874. The NAV per Unit, Class 1, increased from $91.83 at December 31, 2013 to $92.97 as of June 30, 2014. The NAV per Unit, Class 2, increased from $99.46 at December 31, 2013 to $101.57 as of June 30, 2014. The NAV per Unit, Class 3, increased from $91.91 at December 31, 2013 to $93.97 as of June 30, 2014. Total Class 1 subscriptions and redemptions for the period were $140,294 and $10,016,182, respectively. Total Class 2 subscriptions and redemptions for the period were $35,000 and $1,825,965, respectively. Total Class 3 subscriptions and redemptions for the period were $2,764,331 and $445,554, respectively. Ending capital at June 30, 2014 was $12,926,946 for Class 1, $8,724,607 for Class 2 and $2,725,219 for Class 3. Ending capital at December 31, 2013 was $23,115,495 for Class 1, $10,406,162 for Class 2 and $249,127 for Class 3.

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

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Two of the six sectors traded in Equinox Frontier Masters Fund were profitable in 2Q 2014. Stock Indices and Interest Rates were positive while Metals, Currencies, Energies and Agriculturals were negative for the quarter.

Stock Indices and Interest Rates were positive for the year while Metals, Currencies, Energies and Agriculturals were negative for the year.

In terms of major CTA performance, none of the major CTAs in the Equinox Frontier Masters Fund were profitable for the quarter . Transtrend and Winton are positive YTD, while Cantab, Chesapeake, and Tiverton are negative YTD.

2013

The Equinox Frontier Masters Fund – Class 1 NAV lost 6.30% for the six months ended June 30, 2013, net of fees and expenses; the Frontier Masters Series – Class 2 NAV gained 5.48% for the six months ended June 30, 2013, net of fees and expenses.

For the six months ended June 30, 2013 the Equinox Frontier Masters Fund recorded a net loss on investments of $1,692,118, net investment income of $455,372, and total expenses of $1,588,128, resulting in a net decrease in Owners’ capital from operations of $2,824,874. The NAV per Unit, Class 1, decreased from $101.11 at December 31, 2012, to $94.74 as of June 30, 2013. The NAV per Unit, Class 2, increased from $107.61 at December 31, 2012, to $101.71 as of June 30, 2013. Total Class 1 subscriptions and redemptions for the period were $1,650,028 and $3,488,791, respectively. Total Class 2 subscriptions and redemptions for the period were $482,028 and $2,912,736, respectively. Ending capital at June 30, 2013, was $30,720,823 for Class 1 and $13,671,045 for Class 2. Ending capital at December 31, 2012, was $34,603,499 for Class 1 and $16,882,659 for Class 2.

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

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Two of the six sectors traded in the Equinox Frontier Masters Fund were profitable in Q2 2013. Metals and Stock Indices were positive while Currencies, Interest Rates, Energies and Agriculturals were negative for the quarter.

Metals, Agriculturals and Stock Indices are positive for the year while Interest Rates, Energies and Currencies are negative for the year.

In terms of major CTA performance, Tiverton finished positive for the quarter while Cantab, Transtrend and Winton finished negative for the quarter. Tiverton and Winton are positive YTD while Cantab and Transtrend are negative YTD.

Equinox Frontier Long/Short Commodity Fund

2014

The Equinox Frontier Long/Short Commodity Fund—Class 2 NAV lost 10.45% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 3 NAV lost 10.45% for the six months ended June 30, 2014, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 1a NAV lost 10.75%, for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 2a NAV lost 9.99%, for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV lost 9.86% for the six months ended June 30, 2014, net of fees and expenses.

For the six months ended June 30, 2014, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $2,565,800, net investment income of $116,852, and total expenses of $724,549, resulting in a net decrease in Owners’ capital from operations of $2,406,675, after non-controlling interests of ($766,822). For the six months ended June 30, 2013, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $4,975,201, net investment income of $585,282, and total expenses of $1,815,455, resulting in a net decrease in Owners’ capital from operations of $3,523,930, after non-controlling interests of ($2,681,444). The NAV per Unit, Class 2, decreased from $125.26 at December 31, 2013 to $112.17 as of June 30, 2014. The NAV per Unit, Class 3, decreased from $125.30 at December 31, 2013 to $112.20 as of June 30, 2014. The NAV per Unit, Class 1a, decreased from $92.73 at December 31, 2013 to $82.76 as of June 30, 2014. The NAV per Unit, Class 2a, decreased from $100.34 at December 31, 2013 to $90.32 as of June 30, 2014. The NAV per Unit, Class 3a, decreased from $100.47 at December 31, 2013 to $90.56 as of June 30, 2014. Total Class 2 redemptions for the period were $1,932,014. Total Class 3 redemptions for the period were $1,796,339. Total Class 1a subscriptions and redemptions were $107,716 and $2,484,658 respectively. Class 2a redemptions for the

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period were $1,228,609. Class 3a subscriptions and redemptions for the period were $294,261 and $125,931, respectively. Ending capital at June 30, 2014 was $1,173,977 for Class 2, $6,866,592 for Class 3, $5,516,168 for Class 1a, $1,588,411 for Class 2a and $387,699 for Class 3a. Ending capital at December 31, 2013 was $3,371,798 for Class 2, $9,619,596 for Class 3, $8,752,826 for Class 1a, $3,103,405 for Class 2a and $257,471 for Class 3a.

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

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Four of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in 2Q 2014. Base Metals, Grains, Meat and Precious Metals finished positive for the quarter while Energies, Softs and Financials finished negative for the quarter. Grains and Softs are positive YTD while Base Metals, Energies, Meats, Precious Metals and Financials were negative YTD.

In terms of major CTA performance, one of the six major CTAs in the Equinox Frontier Long/Short Commodity Fund was profitable in 2Q 2014. Abraham was positive for the quarter and are positive YTD while Commodity Strategies, Emil Van Essen, JE Moody , Red Oak, Rosetta and Strategic Ag finished negative for the quarter and are negative YTD.

2013

The Equinox Frontier Long/Short Commodity Fund–Class 2 NAV lost 7.68% for the six months ended June 30, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 7.69% for the six months ended June 30, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 7.99% for the six months ended June 30, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 7.20% for the six months ended June 30, 2013, net of fees and expenses– Class 3a NAV lost 2.24% for the six months ended June 30, 2013, net of fees and expenses.

For the six months ended June 30, 2013, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $4,975,201, net investment income of $585,282, and total expenses of $1,815,455, resulting in a net decrease in Owners’ capital from operations of $3,523,930, after non-controlling interests of $2,681,444. The NAV per Unit, Class 2, decreased from $145.65 at December 31, 2012, to $134.46 as of June 30, 2013. The NAV per Unit, Class 3, decreased from $145.69 at December 31, 2012, to $134.49 as of June 30, 2012. The NAV per Unit, Class 1a, decreased from $108.58 at December 31, 2012, to $99.90 as of June 30, 2013. The NAV per Unit, Class 2a decreased from $115.45 at December 31, 2012, to $107.15 as of June 30, 2013. The NAV per Unit, Class 3a, decreased from $109.60 at June 17, 2013 (Inception), to $107.15 as of June 30, 2013. Total Class 2 redemptions for the period were $1,741,073. There were no subscriptions. Total Class 3 redemptions for the period were $5,482,870, respectively. There were no subscriptions. Total Class 1a subscriptions and redemptions for the period were $639,187 and $3,357,302, respectively. Total Class 2a subscriptions and redemptions for the period were $226,400 and $2,935,637, respectively. Total Class 3a subscriptions for the period were $35,168. There were no Class 3a redemptions. Ending capital at June 30, 2013, was $4,750,431 for Class 2, $13,159,058 for Class 3, $14,941,599 for Class 1a, $7,499,957 for Class 2a and $34,379 for Class 3a. Ending capital at December 31, 2012, was $6,898,785 for Class 2, $19,761,047 for Class 3, $18,983,538 for Class 1a and $10,882,111 for Class 2a.

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The Equinox Frontier Long/Short Commodity Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors, although the majority of the exposure will typically be in the Energies, Metals, and Commodities sectors.

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One of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund was profitable in Q2 2013. Base Metals finished positive for the quarter while Energies, Financials, Grains, Meats, Precious Metals and Softs finished negative for the quarter.

Financials are positive YTD while Energies, Base Metals, Grains, Meats, Precious Metals and Softs are negative YTD.

In terms of major CTA performance, one of the six major CTAs in the Equinox Frontier Long/Short Commodity Fund was profitable in Q2 2013. Red Oak finished positive for the quarter while Global Advisors, Beach Horizon, Rosetta, Strategic Ag and Mesirow were negative for the quarter.

Global Advisors, Mesirow and Red Oak are positive YTD while Beach Horizon, Rosetta and Strategic Ag are negative YTD.

Equinox Frontier Balanced Fund

2014

The Equinox Frontier Balanced Fund—Class 1 NAV lost 2.29% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 2 NAV lost 0.81% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 2a NAV lost 0.27%, for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund —Class 3a NAV lost 0.27% for the three months ended June 30, 2014, net of fees and expenses.

For the six months ended June 30, 2014, the Equinox Frontier Balanced Fund recorded net gain on investments of $4,237,674, net investment income of $15,073, and total expenses of $3,404,734, resulting in a net increase in Owners’ capital from operations of $1,705,510, after non-controlling interests of $2,854,321. For the six months ended June 30, 2013, the Equinox Frontier Balanced Fund recorded net loss on investments of $12,914,896, net investment income of $122,551, and total expenses of $4,163,030, resulting in a net decrease in Owners’ capital from operations of $16,342,353 after non- controlling interests of $613,022. The NAV per Unit, Class 1, decreased from $106.29 at December 31, 2013 to $103.86 as of June 30, 2014. The NAV per Unit, Class 2, decreased from $140.49 at December 31, 2013 to $139.35 as of June 30, 2014. The NAV per Unit, Class 2a, increased from $118.80 at December 31, 2013 to $118.48 as of June 30, 2014. The NAV per Unit, Class 3a, decreased from $118.41 at December 31, 2013 to $118.09 as of June 30, 2014. Total Class 1 subscriptions and redemptions for the period were $75,943 and $14,334,761, respectively. Total Class 2 subscriptions and redemptions for the period were $7,110 and $5,534,845, respectively. Total Class 2a, redemptions for the period was $4,070. Total Class 3a redemptions for the period were $190,929. Ending capital at June 30, 2014 was $64,439,345 for Class 1, $20,739,600 for Class 2, $486,096 for Class 2a, and $2,120,414 for Class 3a. Ending capital at December 31, 2013 was $80,801,534 for Class 1, $26,611,117 for Class 2, $491,579 for Class 2a and $2,322,629 for Class 3a.

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

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Two of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in 2Q 2014. Stock Indices and Interest Rate sectors were profitable while Metals, Currencies, Energies, and Agriculturals finished negative for the quarter.

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

In terms of major CTA performance, nine of the fifteen major CTAs in the Equinox Frontier Balanced Fund were profitable in 2Q 2014. Beach Horizon, Crabel, Doherty, Fort (GC), Fort (GD), H2O AM, Quantica, Quantmetrics and Winton were positive for the quarter and are positive YTD while Campbell, Cantab, Emil Van Essen, QIM, Systematic Alpha, and Tiverton finished negative for the quarter and are negative YTD.

2013

The Equinox Frontier Balanced Fund – Class 1 NAV lost 9.83% for the six months ended June 30, 2013, net of fees and expenses; the Balanced Series – Class 2 NAV lost 8.49% for the six months ended June 30, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV lost 8.02% for the six months ended June 30, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV lost 7.78% for the six months ended June 30, 2013, net of fees and expenses.

For the six months ended June 30, 2013, the Equinox Frontier Balanced Fund recorded net loss on investments of $12,914,896, net investment income of $122,551, and total expenses of $4,163,030, resulting in a net decrease in Owners’ capital from operations of $16,342,353 after non- controlling interests of $613,022. The NAV per Unit, Class 1, decreased from $116.32 at December 31, 2012, to $104.89 at June 30, 2013. The NAV per Unit, Class 2, decreased from $149.20 at December 31, 2012, to $136.54 at June 30, 2013. For Class 2a, the NAV per Unit increased from $124.36 at December 31, 2012, to $114.69 at June 30, 2013. For Class 3a, the NAV per Unit decreased from $123.96 at December 31, 2012, to $114.31 at June 30, 2013. Total Class 1 subscriptions and redemptions for the period were $168,617 and $23,762,099, respectively. Total Class 2 subscriptions and redemptions for the period were $7,692 and $7,401,144, respectively. Total Class 2a redemptions for the period were $172,020. There were no subscriptions. Total Class 3a redemptions for the period were $954,645. There were no subscriptions. Ending capital at June 30, 2013, was $108,082,752 for Class 1, $40,246,655 for Class 2, $769,852 for Class 2a and $2,597,739 for Class 3a. At December 31, 2012, ending capital was $143,906,872 for Class 1, $51,459,568 for Class 2, $1,009,520 for Class 2a, and $3,776,790 for Class 3a.

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

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Three of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q2 2013. The Stock Indices, Metals and Agriculturals were profitable while Interest Rates, Currencies and Energies finished negative for the quarter.

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

In terms of major CTA performance, Tiverton was positive for the quarter. Tiverton and Winton are positive YTD. Beach, Cantab, QIM and Winton finished negative for the quarter. QIM, Cantab and Beach Horizon are negative YTD.

Equinox Frontier Select Fund

2014

The Equinox Frontier Select Fund—Class 1 NAV lost 2.04% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Select Fund —Class 2 NAV lost 0.56% for the six months ended June 30, 2014, net of fees and expenses.

For the six months ended June 30, 2014, the Equinox Frontier Select Fund recorded net gain on investments of $132,564, net investment income of $0, and total expenses of $565,340, resulting in a net decrease in Owners’ capital from operations of $432,776. For the six months ended June 30, 2013, the Equinox Frontier Select Fund (formerly Tiverton/Graham/Transtrend Series) recorded net gain on investments of $1,354,736, net investment income of $178,057, and total expenses of $746,269, resulting in a net increase in Owners’ capital from operations of $786,524. The NAV per Unit, Class 1, decreased from $79.86 at December 31, 2013 to $78.23 as of June 30, 2014. The NAV per Unit, Class 2, decreased from $104.14 at December 31, 2013 to $103.56 as of June 30, 2014. Total Class 1 subscriptions and redemptions for the period were $4,943 and $2,484,851, respectively. Total Class 2 redemptions for the period were $361,783. Ending capital at June 30, 2014 was $12,963,579 for Class 1 and $1,373,802 for Class 2. Ending capital at December 31, 2013 was $15,852,947 for Class 1 and $1,758,901 for Class 2.

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

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Three of the six sectors traded in the Select Series were profitable in 2Q 2014. Energies, Stock Indices and Interest Rates were positive while Currencies, Agriculturals, and Metals were negative for the quarter.

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

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

2013

The Equinox Frontier Select Fund – Class 1 NAV gained 2.99% for the six months ended June 30, 2013, net of fees and expenses; the Equinox Frontier Select Fund – Class 2 NAV gained 4.51% for the six months ended June 30, 2013, net of fees and expenses.

For the six months ended June 30, 2013, the Equinox Frontier Select Fund recorded net gain on investments of $1,354,736, net investment income of $178,057, and total expenses of $746,269, resulting in a net increase in Owners’ capital from operations of $786,524. The NAV per Unit, Class 1, increased from $78.66 at December 31, 2012, to $81.01 as of June 30, 2013. The NAV per Unit, Class 2, increased from $99.55 at December 31, 2012, to $104.04 as of June 30, 2013. Total Class 1 subscriptions and redemptions for the period were $8,725 and $3,608,609, respectively. Total Class 2 redemptions for the period were $468,252. There were no subscriptions. Ending capital at June 30, 2013, was $19,323,354 for Class 1 and $2,739,675 for Class 2. Ending capital at December 31, 2012, was $22,266,758 for Class 1 and $3,077,883 for Class 2.

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

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Three of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q2 2013. Metals, Agriculturals and Stock Indices were positive while Interest Rates, Currencies and Energies were negative for the quarter.

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

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

Equinox Frontier Winton Fund

2014

The Equinox Frontier Winton Fund—Class 1 NAV gained 3.93% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Winton Fund —Class 2 NAV gained 5.48% for the six months ended June 30, 2014, net of fees and expenses.

For the six months ended June 30, 2014, the Equinox Frontier Winton Fund recorded net gain on investments of $2,893,259, net investment income of $41, and total expenses of $1,473,239, resulting in a net increase in Owners’ capital from operations of $1,420,061. For the six months ended June 30, 2013, the Equinox Frontier Winton Fund recorded net gain on investments of $1,781,248, net investment income of $204,611, and total expenses of $1,121,735, resulting in a net increase in Owners’ capital from operations of $864,124. The NAV per Unit, Class 1, increased from $139.59 at December 31, 2013 to $145.07 as of June 30, 2014. The NAV per Unit, Class 2, increased from $174.17 at December 31, 2013 to $183.72 as of June 30, 2014. Total Class 1 subscriptions and redemptions for the period were $67,734 and $3,480,897, respectively. Total Class 2 redemptions for the period were $307,865. Ending capital at June 30, 2014 was $23,611,933 for Class 1 and $10,711,937 for Class 2. Ending capital at December 31, 2013 was $26,164,147 for Class 1 and $10,460,690 for Class 2.

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

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Three of the six sectors traded in the Winton Series were profitable in 2Q 2014. Stock Indices, Energies and Interest Rates were positive while Metals, Currencies and Agriculturals were negative for the quarter.

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

2013

The Equinox Frontier Winton Fund – Class 1 NAV gained 1.59% for the six months ended June 30, 2013, net of fees and expenses; the Equinox Frontier Winton Fund – Class 2 NAV gained 3.09% for the six months ended June 30, 2013, net of fees and expenses.

For the six months ended June 30, 2013, the Equinox Frontier Winton Fund recorded net gain on investments of $1,781,248, net investment income of $204,611, and total expenses of $1,121,735, resulting in a net increase in Owners’ capital from operations of $864,124. The NAV per Unit, Class 1, decreased from $130.73 at December 31, 2012, to $132.81 as of June 30, 2013. The NAV per Unit, Class 2, decreased from $158.30 at December 31, 2012, to $163.19 as of June 30, 2013. Total Class 1 subscriptions for the period were $91,099 and redemptions were $2,768,291. Total Class 2 redemptions for the period were $286,272. There were no subscriptions. Ending capital at June 30, 2013, was $28,506,866 for Class 1 and $10,353,328 for Class 2. Ending capital at December 31, 2012, was $30,645,208 for Class 1 and $10,314,326 for Class 2.

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

Two of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q2 2013. Metals and Stock Indices were positive while Currencies, Agriculturals, Energies and Interest Rates were negative for the quarter.

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

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Equinox Frontier Heritage Fund

2014

The Equinox Frontier Heritage Fund—Class 1 NAV gained 0.52% for the six months ended June 30, 2014, net of fees and expenses; the Equinox Frontier Heritage Fund —Class 2 NAV gained 2.03% for the six months ended June 30, 2014, net of fees and expenses.

For the six months ended June 30, 2014, the Equinox Frontier Heritage Fund recorded net gain on investments of $181,764, net investment income of $0, and total expenses of $431,952, resulting in a net decrease in Owners’ capital from operations of $42,154, after non-controlling interests of ($208,034). For the six months ended June 30, 2013, the Equinox Frontier Heritage Fund (formerly Winton/Graham Series) recorded net gain on investments of $1,345,719, net investment income of $72,996, and total expenses of $523,679, resulting in a net increase in Owners’ capital from operations of $895,036. The NAV per Unit, Class 1, increased from $102.05 at December 31, 2013 to $102.58 as of June 30, 2014. The NAV per Unit, Class 2, increased from $134.21 at December 31, 2013 to $136.93 as of June 30, 2014. Total Class 1 subscriptions and redemptions for the period were $11,982 and $2,465,305, respectively. Total Class 2 redemptions for the period were $235,405. Ending capital at June 30, 2014 was $8,792,828 for Class 1 and $2,654,758 for Class 2. Ending capital at December 31, 2013 was $11,328,406 for Class 1 and $2,850,062 for Class 2.

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

Three of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in 2Q 2014. Energies, Stocke Indices and Interest Rates were positive while Metals, Currencies and Agriculturals were negative for the quarter.

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

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

2013

The Equinox Frontier Heritage Fund – Class 1 NAV gained 3.73% for the six months ended June 30, 2013, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 2 NAV gained 5.28% for the six months ended June 30, 2013, net of fees and expenses.

For the six months ended June 30, 2013, the Equinox Frontier Heritage Fund recorded net gain on investments of $1,345,719, net investment income of $72,996, and total expenses of $523,679, resulting in a net increase in Owners’ capital from operations of $895,036. The NAV per Unit, Class 1, increased from $94.55 at December 31, 2012, to $98.08 as of June 30, 2013. The NAV per

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Unit, Class 2, increased from $120.67 at December 31, 2012, to $127.04 as of June 30, 2013. Total Class 1 subscriptions for the period were $23,085 and redemptions were $3,512,281. Total Class 2 redemptions for the period were $676,244. There were no subscriptions. Ending capital at June 30, 2013, was $13,877,265 for Class 1 and $3,605,870 for Class 2. Ending capital at December 31, 2012, was $16,680,498 for Class 1 and $4,073,041 for Class 2.

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

Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q2 2013. Metals and Stock Indices were positive while Agriculturals, Interest Rates, Currencies and Energies were negative for the quarter.

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

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

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.

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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.

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 table presents the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of June 30, 2014 and December 31, 2013. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

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Equinox Frontier Diversified Fund:

	June 30, 2014					December 31, 2013
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	2,151,015		4.15	%	$	2,684,511		4.23	%
Currencies		1,275,285		2.46	%		2,625,909		4.14	%
Stock Indices		4,866,616		9.39	%		4,211,080		6.64	%
Metals		222,377		0.43	%		178,413		0.28	%
Agriculturals/Softs		1,005,472		1.94	%		1,217,457		1.92	%
Energy		762,507		1.47	%		1,062,838		1.67	%
Total:	$	10,283,272		19.85	%	$	11,980,208		18.88	%

Equinox Frontier Long/Short Commodity Fund:

	June 30, 2014					December 31, 2013
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	52,167		0.34	%	$	2,575,510		9.10	%
Currencies		172,750		1.11	%		1,705,311		6.02	%
Stock Indices		302,158		1.95	%		822,430		2.90	%
Metals		78,008		0.50	%		193,564		0.68	%
Agriculturals/Softs		309,767		1.99	%		1,643,667		5.80	%
Energy		1,185,723		7.63	%		1,717,759		6.06	%
Total:	$	2,100,573		30.56	%	$	8,658,241		30.56	%

Equinox Frontier Masters Fund:

	June 30, 2014					December 31, 2013
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	1,054,129		4.32	%	$	573,362		1.70	%
Currencies		493,969		2.03	%		963,844		2.85	%
Stock Indices		1,737,155		7.13	%		1,111,165		3.30	%
Metals		99,022		0.41	%		81,177		0.24	%
Agriculturals/Softs		488,949		2.01	%		386,098		1.14	%
Energy		115,680		0.47	%		132,211		0.39	%
Total:	$	3,988,904		9.62	%	$	3,247,857		9.62	%

Equinox Frontier Balanced Fund:

	June 30, 2014					December 31, 2013
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	3,026,321		3.23	%	$	3,727,565		3.06	%
Currencies		1,680,181		1.79	%		5,007,811		4.11	%
Stock Indices		6,495,585		6.93	%		5,699,614		4.68	%
Metals		327,547		0.35	%		219,954		0.18	%
Agriculturals/Softs		1,512,214		1.61	%		1,327,718		1.09	%
Energy		1,122,928		1.20	%		843,206		0.69	%
Total:	$	14,164,776		15.11	%	$	16,825,868		13.81	%

Equinox Frontier Select Fund:

	June 30, 2014						December 31, 2013
	VALUE			% OF TOTAL			VALUE		% OF TOTAL
	AT RISK			CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	167,365			1.17	%	$	123,314		0.70	%
Currencies		(16,244	)		-0.11	%		323,054		1.83	%
Stock Indices		600,223			4.19	%		484,794		2.76	%
Metals		24,057			0.17	%		29,599		0.17	%
Agriculturals/Softs		163,784			1.14	%		142,065		0.81	%
Energy		48,497			0.34	%		60,734		0.34	%
Total:	$	987,682			6.89	%	$	1,163,560		6.61	%

Equinox Frontier Winton Fund:

	June 30, 2014					December 31, 2013
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	1,761,735		5.13	%	$	877,871		2.40	%
Currencies		1,531,964		4.46	%		1,560,714		4.26	%
Stock Indices		1,581,331		4.61	%		1,135,804		3.10	%
Metals		150,737		0.44	%		76,415		0.21	%
Agriculturals/Softs		558,096		1.63	%		405,696		1.11	%
Energy		139,549		0.41	%		81,046		0.22	%
Total:	$	5,723,412		16.67	%	$	4,137,546		11.30	%

Equinox Frontier Heritage Fund:

	June 30, 2014					December 31, 2013
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	401,432		2.94	%	$	196,699		1.19	%
Currencies		348,073		2.55	%		349,699		2.11	%
Stock Indices		414,265		3.03	%		254,492		1.53	%
Metals		38,977		0.29	%		17,122		0.10	%
Agriculturals/Softs		137,544		1.01	%		90,901		0.55	%
Energy		31,234		0.23	%		18,159		0.11	%
Total:	$	1,371,525		10.04	%	$	927,072		5.59	%

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(1) As of June 30, 2014, a portion of the assets of the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Heritage Fund are invested in Swap contracts (Please refer to Note 4 in the Series Financial Statements). Margin information is not available for these contracts therefore no value at risk calculations were included in the table for these investments.

Material Limitations on Value at Risk as an Assessment of Market Risk

The face value of the market sector instruments held on behalf of the Series is typically many times the applicable maintenance margin requirement, which generally ranges between approximately 1% and 10% of contract face value, as well as many times the capitalization of the Series. The magnitude of each Series’ open positions creates a risk of ruin not typically found in most other investment vehicles. Because of the size of their positions, certain market conditions, although unusual, but historically recurring from time to time, could cause a Series to incur severe losses over a short period of time. The value at risk table above, as well as the past performance of the Series, gives no indication of this risk of severe losses.

Non-Trading Risk

The Series have non-trading market risk on their foreign cash balances not needed for margin. However, these balances, as well as the market risk they represent, are immaterial. The Series also have non-trading market risk as a result of investing a portion of their available assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress of the U.S. or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds, certificates of deposit (under nine months) and time deposits. The market risk represented by these investments is also immaterial.

Qualitative Market Risk

The following are the primary trading risk exposures of the Series of the Trust as of June 30, 2014, by market sector.

Interest Rates

Interest rate risk is one of the principal market exposures of each Series. Interest rate movements directly affect the price of interest rate futures positions held and indirectly the value of a Trading Company’s stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact profitability. The primary interest rate exposure is to interest rate fluctuations in the U.S. and the other G-7 countries. However, the Trading Companies 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 (formerly Balanced Series) (Class 1 and Class 2 only), Equinox Frontier Winton Fund (formerly Frontier Winton Series), Equinox Frontier Select Fund (formerly Frontier Select Series), and Equinox Frontier Heritage Fund (formerly Frontier Heritage Series). For the Equinox Frontier Diversified Fund (formerly Frontier Diversified Series), Equinox Frontier Long/Short Commodity Fund (formerly Frontier Long/Short Commodity Series), Equinox Frontier Masters Fund (formerly Frontier Masters Series) and Equinox Frontier Balanced Fund (formerly Balanced Series) (Class 1a and Class 2a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. 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.

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

103

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.

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

104

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.

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.

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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 Chief 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 June 30, 2014 (the “Evaluation Date”). Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Based upon our evaluation, the Chief Executive Officer and Chief Financial Officer of the Managing Owner concluded that, as of the Evaluation Date, the disclosure controls and procedures for the Trust and each Series were effective to provide reasonable assurance that they are timely alerted to the material information relating to the Trust and each Series required to be included in the Trust’s periodic SEC filings.

Changes in Internal Control Over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting during the six months ended June 30, 2014, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Scope of Exhibit 31 Certifications

The certifications of the Chief Executive Officer and the Chief Financial Officer of the Managing Owner included as Exhibits 31.1 and 31.2, respectively, to this Form 10-Q apply not only to the Trust as a whole but also to each Series individually.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None

ITEM 1A. RISK FACTORS.

The section entitled “Risk Factors” beginning on page 20 of the Prospectus filed pursuant to Rule 424(b)(3) (File No. 333-185695) is 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 Registrant for the six months ended June 30, 2014. 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 Registrant claims an exemption from registration of each of the transactions listed below under Section 4(2) of the Securities Act, 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.

106

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS.

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

4.1	Declaration of Trust and Amended and Restated Trust Agreement of the Registrant (annexed to the prospectus as Exhibit A) ****
31.1	Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 1 3a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934 (furnished herewith)
31.2	Certification of Principal Financial Officer of the Managing Owner pursuant to Rules 1 3a-14(a) and 1 5(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

**** Previously filed and incorporated by reference from the Prospectus filed pursuant to Rule 424(b)(3) filed May 2, 2013.

107

SIGNATURES

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

	Equinox Frontier Funds
	(Registrant)
Date: August 14, 2014
	By:	/s/ ROBERT J. ENCK
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

108

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: August 14, 2014
	By:	/s/ ROBERT J. ENCK
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

109

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: August 14, 2014	By:	/s/ ROBERT J. ENCK
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

110

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: August 14, 2014
	By:	/s/ ROBERT J. ENCK
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

111

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: August 14, 2014	By:	/s/ ROBERT J. ENCK
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

112

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: August 14, 2014	By:	/s/ ROBERT J. ENCK
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

113

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: August 14, 2014
	By:	/s/ ROBERT J. ENCK
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

114

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: August 14, 2014
	By:	/s/ ROBERT J. ENCK
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

115