UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the Period Ended September 30, 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 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a Units;

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

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

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

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

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

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

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 12b-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 September 30, 2014 (Unaudited) and December 31, 2013	4
	Condensed Schedules of Investments as of September 30, 2014 (Unaudited) and December 31, 2013	9
	Statements of Operations for the three and nine months ended September 30, 2014 and 2013 (Unaudited)	13
	Statements of Changes in Owners’ Capital for the nine months ended September 30, 2014 (Unaudited)	19
	Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 (Unaudited)	23
	Notes to Financial Statements (Unaudited)	26
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of September 30, 2014 (Unaudited) and December 31, 2013	59
	Consolidated Condensed Schedules of Investments as of September 30, 2014 (Unaudited) and December 31, 2013	60
	Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2013 (Unaudited)	62
	Consolidated Statement of Changes in Owners’ Capital for the nine months ended September 30, 2014 (Unaudited)	64
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 (Unaudited)	65
	Notes to Consolidated Financial Statements (Unaudited)	66
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	81
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	108
Item 4.	Controls and Procedures	114
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	114
Item 1A.	Risk Factors	114
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	114
Item 3.	Defaults Upon Senior Securities	114
Item 4.	Mine Safety Disclosures	114
Item 5.	Other Information	115
Item 6.	Exhibits	115
SIGNATURES		116

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

2

Special Note About Forward-Looking Statements

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

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

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS AS OF SEPTEMBER 30, 2014, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

3

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

The Series of Equinox Frontier Funds

Statements of Financial Condition

September 30, 2014 and December 31, 2013

	Equinox Frontier						Equinox Frontier				Equinox Frontier
	Diversified Fund						Masters Fund				Long/Short Commodity Fund
	9/30/2014 (Unaudited)			12/31/2013			9/30/2014 (Unaudited)		12/31/2013		9/30/2014 (Unaudited)		12/31/2013
ASSETS
Cash and cash equivalents	$	2,317,415		$	1,827,897		$	1,061,158	$	1,125,954	$	1,046,506	$	810,418
U.S. Treasury securities, at fair value		25,748,218			38,055,417			11,790,258		23,441,497		11,627,470		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		5,194,086			3,437,632			—		—		2,838,837		2,456,546
Investments in unconsolidated trading companies, at fair value		20,706,353			20,837,272			10,407,686		9,166,710		3,009,123		655,769
Prepaid service fees—Class 1		4,532			4,946			216		11,165		988		3,707
Interest receivable		150,631			521,275			68,976		321,097		68,019		231,114
Receivable from related parties		—			1,035			3,330		2,060		2,819		2,954
Other assets		—			—			—		—		—		—
Total Assets	$	54,121,235		$	64,685,474		$	23,331,624	$	34,068,483	$	18,593,762	$	28,968,346
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—		$	—		$	—	$	—	$	—	$	191,069
Options written, at fair value		—			—			—		—		—		172,650
Pending owner additions		919			2,292			1,427		1,352		—		—
Owner redemptions payable		76,752			348,441			64,033		71,188		35,310		107,888
Incentive fees payable to Managing Owner		686,052			575,550			219,695		—		94,519		—
Management fees payable to Managing Owner		90,602			101,504			82,231		107,027		52,145		104,883
Interest payable to Managing Owner		11,259			16,220			5,028		9,587		4,400		7,965
Service fees payable to Managing Owner		28,551			46,263			17,255		35,858		10,085		14,965
Trading fees payable to Managing Owner		115,117			136,166			48,510		72,687		23,820		34,788
Payables to related parties		2,229			—			—		—		—		—
Other liabilities		—			—			—		—		—		—
Total Liabilities		1,011,481			1,226,436			438,179		297,699		220,279		634,208
CAPITAL
Managing Owner Units—Class 1		—			23,953			—		—		—		—
Managing Owner Units—Class 2		2,124,639			1,904,660			624,210		559,668		436,240		386,171
Managing Owner Units—Class 2a		—			—			—		—		253,368		222,971
Managing Owner Units—Class 3		26,686			—			28,242		25,274		—		—
Managing Owner Units—Class 3a		—			—			—		—		12,513		10,991
Limited Owner Units—Class 1		18,014,062			28,720,094			11,547,846		23,115,495		—		—
Limited Owner Units—Class 1a		—			—			—		—		6,299,225		8,752,826
Limited Owner Units—Class 2		28,089,465			32,810,331			7,330,350		9,846,494		1,009,615		2,985,627
Limited Owner Units—Class 2a		—			—			—		—		1,667,891		2,880,434
Limited Owner Units—Class 3		4,854,902			—			3,362,797		223,853		8,013,583		9,619,596
Limited Owner Units—Class 3a		—			—			—		—		681,048		246,480
Total Owners’ Capital		53,109,754			63,459,038			22,893,445		33,770,784		18,373,483		25,105,096
Non-Controlling Interests		—			—			—		—		—		3,229,042
Total Capital		53,109,754			63,459,038			22,893,445		33,770,784		18,373,483		28,334,138
Total Liabilities and Capital	$	54,121,235		$	64,685,474		$	23,331,624	$	34,068,483	$	18,593,762	$	28,968,346
Units Outstanding
Class 1		187,616			330,005			114,234		251,718		N/A		N/A
Class 1a		N/A			N/A			N/A		N/A		60,569		94,391
Class 2		287,088			367,927			71,706		104,624		10,218		26,918
Class 2a		N/A			N/A			N/A		N/A		16,851		30,930
Class 3		50,544	(1)		N/A	(1)		33,020		2,711		56,616		76,774
Class 3a		N/A			N/A			N/A		N/A		6,064		2,563
Net Asset Value per Unit
Class 1	$	95.89		$	87.10		$	101.09	$	91.83		N/A		N/A
Class 1a		N/A			N/A			N/A		N/A	$	104.00	$	92.73
Class 2	$	105.24		$	94.35		$	110.93	$	99.46	$	141.50	$	125.26
Class 2a		N/A			N/A			N/A		N/A	$	114.02	$	100.34
Class 3	$	97.04	(1)		N/A	(1)	$	102.70	$	91.91	$	141.54	$	125.30
Class 3a		N/A			N/A			N/A		N/A	$	114.38	$	100.47

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

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

4

The Series of Equinox Frontier Funds

Statements of Financial Condition

September 30, 2014 and December 31, 2013

	Equinox Frontier Balanced Fund				Equinox Frontier Select Fund
	9/30/2014 (Unaudited)		12/31/2013		9/30/2014 (Unaudited)		12/31/2013
ASSETS
Cash and cash equivalents	$	3,655,959	$	3,292,570	$	412,711	$	494,931
U.S. Treasury securities, at fair value		40,620,441		68,548,395		4,585,526		10,304,085
Receivable from futures commission merchants		10,808,735		23,466,052		—		—
Open trade equity, at fair value		—		3,935,252		—		—
Options purchased, at fair value		—		165,915		—		—
Swap contracts, at fair value		14,749,414		10,122,003		—		—
Investments in unconsolidated trading companies, at fair value		24,832,724		13,713,315		9,395,702		6,864,544
Interest receivable		237,634		939,354		26,824		141,143
Prepaid service fees		—		234		—		—
Other assets		11		53		—		—
Total Assets	$	94,904,918	$	124,183,143	$	14,420,763	$	17,804,703
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	348,841	$	—	$	—	$	—
Options written, at fair value		—		183,856		—		—
Pending owner additions		13,228		14,677		930		994
Owner redemptions payable		204,831		931,553		102,071		68,598
Incentive fees payable to Managing Owner		373,778		691,917		150,674		—
Management fees payable to Managing Owner		92,622		113,085		50,523		49,798
Interest payable to Managing Owner		88,174		146,282		12,039		22,398
Service fees payable to Managing Owner		144,881		190,286		30,123		39,045
Trading fees payable to Managing Owner		58,239		73,125		9,254		11,545
Payables to related parties		18,956		12,135		860		477
Other liabilities		—		—		—		—
Total Liabilities		1,343,550		2,356,916		356,474		192,855
CAPITAL
Managing Owner Units—Class 2		1,228,734		1,374,533		8,016		7,336
Managing Owner Units—Class 2a		162,888		147,003		—		—
Limited Owner Units—Class 1		64,997,945		80,801,534		12,621,614		15,852,947
Limited Owner Units—Class 1AP		689,161		—		42,322		—
Limited Owner Units—Class 2		19,775,495		25,236,584		1,392,337		1,751,565
Limited Owner Units—Class 2a		377,219		344,576		—		—
Limited Owner Units—Class 3a		2,200,883		2,322,629		—		—
Total Owners’ Capital		89,432,325		110,226,859		14,064,289		17,611,848
Non-Controlling Interests		4,129,043		11,599,368		—		—
Total Capital		93,561,368		121,826,227		14,064,289		17,611,848
Total Liabilities and Capital	$	94,904,918	$	124,183,143	$	14,420,763	$	17,804,703
Units Outstanding
Class 1		568,890		760,206		147,932		198,518
Class 1AP (1)		6,002		N/A		494		N/A
Class 2		135,994		189,411		12,307		16,890
Class 2a		4,103		4,138
Class 3a		16,774		19,615
Net Asset Value per Unit
Class 1	$	114.25	$	106.29	$	85.32	$	79.86
Class 1AP (1)	$	114.83		N/A	$	85.75		N/A
Class 2	$	154.45	$	140.49	$	113.79	$	104.14
Class 2a	$	131.64	$	118.80		N/A		N/A
Class 3a	$	131.21	$	118.41		N/A		N/A

(1) Class 1AP began operations July 31, 2014

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

5

The Series of Equinox Frontier Funds

Statements of Financial Condition

September 30, 2014 and December 31, 2013

	Equinox Frontier Winton Fund				Equinox Frontier Heritage Fund
	9/30/2014 (Unaudited)		12/31/2013		9/30/2014 (Unaudited)		12/31/2013
ASSETS
Cash and cash equivalents	$	2,010,973	$	1,325,731	$	463,964	$	424,001
U.S. Treasury securities, at fair value		22,343,415		27,600,705		5,154,987		8,827,380
Investments in unconsolidated trading companies, at fair value		10,332,322		7,779,323		2,439,714		1,889,266
Swap contracts, at fair value		—		—		5,836,843		5,435,184
Interest receivable		130,711		378,069		30,157		120,916
Other assets		33,200		—		—		—
Total Assets	$	34,850,621	$	37,083,828	$	13,925,665	$	16,696,747
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	10,922	$	11,914	$	2,455	$	2,877
Owner redemptions payable		72,152		76,900		74,502		—
Incentive fees payable to Managing Owner		206,495		128,097		44,124		15,411
Management fees payable to Managing Owner		103,244		100,260		29,367		28,615
Interest payable to Managing Owner		49,355		59,865		11,705		19,767
Service fees payable to Managing Owner		44,910		53,054		18,238		25,485
Trading fees payable to Managing Owner		22,467		23,844		7,355		9,212
Payables to related parties		15,054		5,057		2,926		1,275
Other liabilities		—		—		—		—
Total Liabilities		524,599		458,991		190,672		102,642
CAPITAL
Managing Owner Units—Class 2		39,346		36,002		62,760		57,484
Limited Owner Units—Class 1		23,146,188		26,164,147		8,380,887		11,328,406
Limited Owner Units—Class 1AP		81,651		—		48,450		—
Limited Owner Units—Class 2		11,058,837		10,424,688		2,648,678		2,792,578
Total Owners’ Capital		34,326,022		36,624,837		11,140,775		14,178,468
Non-Controlling Interests		—		—		2,594,218		2,415,637
Total Capital		34,326,022		36,624,837		13,734,993		16,594,105
Total Liabilities and Capital	$	34,850,621	$	37,083,828	$	13,925,665	$	16,696,747
Units Outstanding
Class 1		155,172		187,438		76,925		111,005
Class 1AP		545		N/A		443		N/A
Class 2		58,307		60,061		18,504		21,235
Net Asset Value per Unit
Class 1	$	149.17	$	139.59	$	108.95	$	102.05
Class 1AP	$	149.92		N/A	$	109.50		N/A
Class 2	$	190.34	$	174.17	$	146.53	$	134.21

(1) Class 1AP began operations July 31, 2014

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

6

The Series of the Equinox Frontier Fund

Condensed Schedules of Investments (Unaudited)

September 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.)	$	5,194,086		9.78	%	$	—		0.00	%	$	—		0.00	%
Frontier XXXVII L/S select swap (U.S.)		—		0.00	%		—		0.00	%		2,838,837		15.45	%
Total Swaps		5,194,086		9.78	%	$	—		0.00	%	$	2,838,837		15.45	%
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)	$	19,773,741		37.23	%	$	9,054,511		39.55	%	$	8,929,495		48.60	%
$20,000,000  US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		5,974,477		11.25	%		2,735,747		11.95	%		2,697,975		14.68	%
	$	25,748,218		48.48	%	$	11,790,258		51.50	%		11,627,470		63.28	%
Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value					Face Value
US Treasury Note 6.000% due 02/15/2026 (2)	$	15,845,666				$	7,255,822				$	7,155,641
US Treasury Note 6.875% due 08/15/2025 (2)		4,225,511					1,934,886					1,908,171
	$	20,071,177				$	9,190,708				$	9,063,812
	Cost					Cost					Cost
US Treasury Note 6.000% due 02/15/2026 (2)	$	21,038,656				$	9,633,722				$	9,500,710
US Treasury Note 6.875% due 08/15/2025 (2)		5,983,878					2,740,052					2,702,220
	$	27,022,534				$	12,373,774				$	12,202,930

(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 the Equinox Frontier Fund

Condensed Schedules of Investments (Unaudited)

September 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.)	$	(360,965	)		-0.39	%	$	—		0.00	%
Various energy futures contracts (U.S.)		(622,415	)		-0.67	%		—		0.00	%
Various interest rates futures contracts (Canada)		(13,355	)		-0.01	%		—		0.00	%
Various interest rates futures contracts (Europe)		297,238			0.32	%		—		0.00	%
Various interest rates futures contracts (Far East)		66,667			0.07	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		45,470			0.05	%		—		0.00	%
Various interest rates futures contracts (U.S.)		15,313			0.02	%		—		0.00	%
Various soft futures contracts (Europe)		20			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(66,012	)		-0.07	%		—		0.00	%
Various stock index futures contracts (Canada)		(104,485	)		-0.11	%		—		0.00	%
Various stock index futures contracts (Europe)		(110,737	)		-0.12	%		—		0.00	%
Various stock index futures contracts (Far East)		26,133			0.03	%		—		0.00	%
Various stock index futures contracts (Oceanic)		(10,673	)		-0.01	%		—		0.00	%
Various stock index futures contracts (U.S.)		(369,486	)		-0.39	%		—		0.00	%
Various base metals futures contracts (Europe)		(563,440	)		-0.60	%		—		0.00	%
Various precious metal futures contracts (U.S.)		(18,370	)		-0.02	%		—		0.00	%
Total Long Futures Contracts	$	(1,789,097	)		-1.91	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	432,409			0.46	%	$	—		0.00	%
Various energy futures contracts (U.S.)		657,895			0.70	%		—		0.00	%
Various interest rates futures contracts (Canada)		(949	)		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(24,946	)		-0.03	%		—		0.00	%
Various interest rates futures contracts (Far East)		(1,254	)		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(2,959	)		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		24,304			0.03	%		—		0.00	%
Various soft futures contracts (Europe)		(221	)		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		281,523			0.30	%		—		0.00	%
Various stock index futures contracts (Europe)		10,706			0.01	%		—		0.00	%
Various stock index futures contracts (Oceanic)		25,610			0.03	%		—		0.00	%
Various stock index futures contracts (U.S.)		20,743			0.02	%		—		0.00	%
Various base metals futures contracts (U.S.)		28,913			0.03	%		—		0.00	%
Various base metals futures contracts (Europe)		420,517			0.45	%		—		0.00	%
Various precious metal futures contracts (U.S.)		173,285			0.19	%		—		0.00	%
Total Short Futures Contracts	$	2,045,576			2.19	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	(605,320	)		-0.65	%	$	—		0.00	%
Total Currency Forwards		(605,320	)		-0.65	%		—		0.00	%
Total Open Trade Equity (Deficit)	$	(348,841	)		-0.37	%	$	—		0.00	%
Swaps (1)
Frontier XXXIV Balanced select swap (U.S.)	$	14,749,414			15.76	%	$	—		0.00	%
Total Swaps	$	14,749,414			15.76	%	$	—		0.00	%
	Fair Value						Fair Value
U.S. TREASURY SECURITIES (2) FACE VALUE
$75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)	$	31,195,095			33.34	%	$	3,521,525		25.04	%
$20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		9,425,346			10.07	%		1,064,001		7.57	%
	$	40,620,441			43.41	%	$	4,585,526		32.61	%
	Face Value						Face Value
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.000% due 02/15/2026 (2)	$	24,998,156					$	2,821,971
US Treasury Note 6.875% due 08/15/2025 (2)		6,666,175						752,526
	$	31,664,331					$	3,574,497
	Cost						Cost
US Treasury Note 6.000% due 02/15/2026 (1)	$	33,190,627					$	3,746,795
US Treasury Note 6.875% due 08/15/2025 (1)		9,440,177						1,065,675
	$	42,630,804					$	4,812,470

* 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 the Equinox Frontier Fund

Condensed Schedules of Investments (Unaudited)

September 30, 2014

	Equinox Frontier Winton Fund					Equinox Frontier Heritage Fund
			% of Total Capital					% of Total Capital
Description	Value		(Net Asset Value)			Value		(Net Asset Value)
Swaps (1)
Frontier Brevan Howard swap (U.S.)	$	—		0.00	%	$	5,836,843		42.50	%
Total Swaps		—		0.00	%	$	5,836,843		42.50	%
	Fair Value					Fair Value
U.S. TREASURY SECURITIES (2) FACE VALUE
$75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)	$	17,158,971		49.99	%	$	3,958,852		28.82	%
$20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		5,184,444		15.10	%		1,196,135		8.71	%
	$	22,343,415		65.09	%	$	5,154,987		37.53	%
	Face Value					Face Value
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.000% due 02/15/2026 (2)	$	13,750,322				$	3,172,422
US Treasury Note 6.875% due 08/15/2025 (2)		3,666,752					845,979
	$	17,417,074				$	4,018,401
	Cost					Cost
US Treasury Note 6.000% due 02/15/2026 (2)	$	18,256,619				$	4,212,098
US Treasury Note 6.875% due 08/15/2025 (2)		5,192,602					1,198,017
	$	23,449,221				$	5,410,115

(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 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	%
	Fair Value					Fair Value					Fair Value
U.S. TREASURY SECURITIES (2)
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	%
	Face Value					Face Value					Face Value
Additional Disclosure on U.S. Treasury Securities
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.

10

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	%
	Fair Value						Fair Value
U.S. TREASURY SECURITIES (2)
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	%
	Face Value						Face Value
Additional Disclosure on U.S. Treasury Securities
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.

11

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	%
	Fair Value					Fair Value
U.S. TREASURY SECURITIES (2)
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	%
	Face Value					Face Value
Additional Disclosure on U.S. Treasury Securities
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.

12

The Series of Equinox Frontier Funds

Statements of Operations

For the Three Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/ Short Commodity Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			9/30/2014			9/30/2013
Investment income:
Interest—net	$	134,263		$	399,992		$	62,263		$	192,004		$	51,721		$	249,355
Total Income		134,263			399,992			62,263			192,004			51,721			249,355
Expenses:
Incentive Fees		686,627			—			219,695			—			94,518			—
Management Fees		258,715			333,759			233,608			315,200			176,097			518,079
Service Fees—Class 1		113,027			225,937			64,776			156,560			31,049			71,049
Trading Fees		305,002			475,785			136,886			252,770			65,769			146,883
Total Expenses		1,363,371			1,035,481			654,965			724,530			367,433			736,011
Investment (loss)—net		(1,229,108	)		(635,489	)		(592,702	)		(532,526	)		(315,712	)		(486,656	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			—			—			—			—			(6,125,553	)
Net change in open trade equity/(deficit)		—			—			—			—			—			3,443,127
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—
Net unrealized gain/(loss) on swap contracts		2,147,690			(986,342	)		—			—			620,752			(60,503	)
Net realized gain/(loss) on U.S. Treasury securities		42,934			—			20,359			—			18,266			—
Net unrealized gain/(loss) on U.S. Treasury securities		134,076			—			66,727			—			54,026			—
Trading commissions		—			—			—			—			—			(309,658	)
Change in fair value of investments in unconsolidated trading companies		4,165,902			(5,709,980	)		2,470,823			(2,509,310	)		3,524,528			(350,898	)
Net gain/(loss) on investments		6,490,602			(6,696,322	)		2,557,909			(2,509,310	)		4,217,572			(3,403,485	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		5,261,494			(7,331,811	)		1,965,207			(3,041,836	)		3,901,860			(3,890,141	)
Less: Operations attributable to non-controlling interests		—			—			—			—			—			(1,606,510	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	5,261,494		$	(7,331,811	)	$	1,965,207		$	(3,041,836	)	$	3,901,860		$	(2,283,631	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	9.12		$	(7.42	)	$	8.12		$	(6.87	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	21.24		$	(6.30	)
Class 2	$	10.43		$	(7.59	)	$	9.36		$	(6.96	)	$	29.33		$	(8.37	)
Class 2a		N/A			N/A			N/A			N/A		$	23.70		$	(6.30	)
Class 3	$	9.67	(2)		N/A		$	8.73	(3)		N/A		$	29.34		$	(8.37	)
Class 3a		N/A			N/A			N/A			N/A		$	23.82	(1)	$	(6.24	)(1)

(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.

13

The Series of the Equinox Frontier Funds

Statements of Operations

For the Three Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013
Investment income:
Interest—net	$	6,458		$	123,819		$	—		$	68,662
Total Income/(loss)		6,458			123,819			—			68,662
Expenses:
Incentive Fees		373,778			—			150,674			—
Management Fees		265,015			334,849			143,102			140,444
Service Fees—Class 1		479,441			741,647			94,517			141,965
Trading Fees		164,674			261,429			26,340			40,356
Total Expenses		1,282,908			1,337,925			414,633			322,765
Investment (loss)—net		(1,276,450	)		(1,214,106	)		(414,633	)		(254,103	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		4,434,404			1,183,617			—			—
Net change in open trade equity/(deficit)		(2,653,804	)		(1,457,328	)		—			—
Net realized gain/(loss) on swap contracts		—			(1,645,980	)		—			—
Net unrealized gain/(loss) on swap contracts		5,253,082			(998,324	)		—			—
Net realized gain/(loss) on U.S. Treasury securities		73,182			—			9,208			—
Net unrealized gain/(loss) on U.S. Treasury securities		199,352			—			21,973			—
Trading commissions		(375,773	)		(214,905	)		—			—
Change in fair value of investments in unconsolidated trading companies		3,535,154			(6,903,390	)		1,588,195			(1,021,631	)
Net gain/(loss) on investments		10,465,597			(10,036,310	)		1,619,376			(1,021,631	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		9,189,147			(11,250,416	)		1,204,743			(1,275,734	)
Less: Operations attributable to non-controlling interests		711,053			(1,528,637	)		—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	8,478,094		$	(9,721,779	)	$	1,204,743		$	(1,275,734	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	10.39		$	(7.17	)	$	7.09		$	(4.99	)
Class 1AP (1)	$	12.20			N/A		$	10.22			N/A
Class 2	$	15.10		$	(8.34	)	$	12.23		$	(5.65	)
Class 2a	$	13.16		$	(6.58	)		N/A			N/A
Class 3a	$	13.12		$	(6.56	)		N/A			N/A

(1) Class 1AP began trading July 31, 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 Three Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013
Investment income/(loss):
Interest—net	$	—		$	66,992		$	—		$	29,602
Total Income/(Loss)		—			66,992			—			29,602
Expenses:
Incentive Fees		206,495			—			44,124			—
Management Fees		294,474			264,894			83,810			74,121
Service Fees—Class 1		174,044			211,612			63,543			101,377
Trading Fees		63,974			72,271			21,020			31,828
Total Expenses		738,987			548,777			212,497			207,326
Investment (loss)—net		(738,987	)		(481,785	)		(212,497	)		(177,724	)
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		38,217			—			867,812			—
Net realized gain/(loss) on U.S. Treasury securities		107,247			—			9,465			—
Net unrealized gain/(loss) on U.S. Treasury securities		—			—			27,787			—
Trading commissions		—			—			—			—
Change in fair value of investments in unconsolidated trading companies		1,605,937			(380,598	)		370,678			(249,447	)
Net gain/(loss) on investments		1,751,401			(380,598	)		1,275,742			(249,447	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		1,012,414			(862,383	)		1,063,245			(427,171	)
Less: Operations attributable to non-controlling interests		—			—			385,694			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	1,012,414		$	(862,383	)	$	677,551		$	(427,171	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	4.10		$	(3.19	)	$	6.37		$	(2.53	)
Class 1AP (1)	$	10.99			N/A		$	10.70			N/A
Class 2	$	6.62		$	(2.68	)	$	9.60		$	(2.32	)

(1) Class 1AP began trading July 31, 2014

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

15

The Series of Equinox Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/ Short Commodity Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			9/30/2014			9/30/2013
Investment income:
Interest—net	$	434,640		$	1,338,676		$	228,964		$	647,376		$	168,573		$	834,637
Total Income		434,640			1,338,676			228,964			647,376			168,573			834,637
Expenses:
Incentive Fees		2,073,540			184,498			401,501			—			94,518			—
Management Fees		806,344			1,131,997			740,921			970,110			685,777			1,747,261
Service Fees—Class 1		386,622			822,240			245,369			508,375			99,917			255,223
Trading Fees		954,809			1,726,597			459,996			834,173			211,770			548,982
Total Expenses		4,221,315			3,865,332			1,847,787			2,312,658			1,091,982			2,551,466
Investment (loss)—net		(3,786,675	)		(2,526,656	)		(1,618,823	)		(1,665,282	)		(923,409	)		(1,716,829	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		325,885			734,081			—			—			(2,580,860	)		(6,256,541	)
Net change in open trade equity/(deficit)		(83,337	)		(566,777	)		—			—			961,346			52,457
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—
Net unrealized gain/(loss) on swap contracts		1,756,454			(986,342	)		—			—			382,291			(60,503	)
Net realized gain/(loss) on U.S. Treasury securities		(84,779	)		221,284			(51,271	)		107,483			(36,613	)		138,776
Net unrealized gain/(loss) on U.S. Treasury securities		2,018,038			(236,981	)		1,127,624			(118,107	)		828,755			(148,620	)
Trading commissions		(6,385	)		(5,416	)		—			—			(415,314	)		(1,093,840	)
Change in fair value of investments in unconsolidated trading companies		5,050,301			(13,058,787	)		2,461,737			(4,193,804	)		2,512,168			(1,010,415	)
Net gain/(loss) on investments		8,976,177			(13,898,938	)		3,538,090			(4,204,428	)		1,651,773			(8,378,686	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		5,189,502			(16,425,594	)		1,919,267			(5,869,710	)		728,364			(10,095,515	)
Less: Operations attributable to non-controlling interests		325,371			—			—			—			(766,822	)		(4,287,954	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	4,864,131		$	(16,425,594	)	$	1,919,267		$	(5,869,710	)	$	1,495,186		$	(5,807,561	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	8.79		$	(16.27	)	$	9.26		$	(13.24	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	11.27		$	(14.98	)
Class 2	$	10.89		$	(16.22	)	$	11.47		$	(12.86	)	$	16.24		$	(19.56	)
Class 2a		N/A			N/A			N/A			N/A		$	13.68		$	(14.61	)
Class 3	$	12.83	(2)		N/A		$	10.79	(3)		N/A		$	16.24		$	(19.57	)
Class 3a		N/A			N/A			N/A			N/A		$	13.91		$	(8.69	)

(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.

16

The Series of the Equinox Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013
Investment income:
Interest—net	$	21,531		$	246,370		$	—		$	246,719
Total Income/(loss)		21,531			246,370			—			246,719
Expenses:
Incentive Fees		1,827,118			657,063			177,351			—
Management Fees		819,552			1,250,878			421,826			487,737
Service Fees—Class 1		1,521,144			2,658,114			297,904			452,617
Trading Fees		519,831			934,900			82,892			128,680
Total Expenses		4,687,645			5,500,955			979,973			1,069,034
Investment (loss)—net		(4,666,114	)		(5,254,585	)		(979,973	)		(822,315	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		12,165,000			(1,691,547	)		—			—
Net change in open trade equity/(deficit)		(4,189,205	)		(257,325	)		—			—
Net realized gain/(loss) on swap contracts		—			(3,554,723	)		—			—
Net unrealized gain/(loss) on swap contracts		4,627,411			(225,707	)		—			—
Net realized gain/(loss) on U.S. Treasury securities		(152,688	)		362,137			(25,780	)		78,233
Net unrealized gain/(loss) on U.S. Treasury securities		3,614,127			(387,826	)		518,026			(83,782	)
Trading commissions		(1,012,206	)		(1,361,766	)		—			—
Change in fair value of investments in unconsolidated trading companies		(349,281	)		(15,834,449	)		1,259,694			338,654
Net gain/(loss) on investments		14,703,158			(22,951,206	)		1,751,940			333,105
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		10,037,044			(28,205,791	)		771,967			(489,210	)
Less: Operations attributable to non-controlling interests		4,018,912			(2,141,659	)		—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	6,018,132		$	(26,064,132	)	$	771,967		$	(489,210	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	7.96		$	(18.60	)	$	5.46		$	(2.64	)
Class 1AP (1)	$	12.21			N/A		$	10.22			N/A
Class 2	$	13.96		$	(21.00	)	$	9.65		$	(1.16	)
Class 2a	$	12.84		$	(16.25	)		N/A			N/A
Class 3a	$	12.80		$	(16.21	)		N/A			N/A

(1) Class 1AP began trading July 31, 2014

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

17

The Series of the Equinox Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013
Investment income:
Interest—net	$	41		$	271,603		$	—		$	102,598
Total Income		41			271,603			—			102,598
Expenses:
Incentive Fees		622,124			—			131,123			—
Management Fees		862,495			785,269			245,785			288,326
Service Fees—Class 1		534,989			661,315			202,143			337,523
Trading Fees		192,618			223,928			65,398			105,156
Total Expenses		2,212,226			1,670,512			644,449			731,005
Investment (loss)—net		(2,212,185	)		(1,398,909	)		(644,449	)		(628,407	)
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		—			—			401,659			—
Net realized gain/(loss) on U.S. Treasury securities		(59,132	)		115,236			(19,370	)		50,795
Net unrealized gain/(loss) on U.S. Treasury securities		1,537,039			(123,411	)		450,381			(54,398	)
Trading commissions		—			—			—			—
Change in fair value of investments in unconsolidated trading companies		3,166,754			1,408,825			624,835			1,099,875
Net gain/(loss) on investments		4,644,661			1,400,650			1,457,505			1,096,272
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		2,432,476			1,741			813,056			467,865
Less: Operations attributable to non-controlling interests		—			—			177,660			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	2,432,476		$	1,741		$	635,396		$	467,865
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	9.58		$	(1.11	)	$	6.90		$	1.00
Class 1AP (1)	$	10.99			N/A		$	10.70			N/A
Class 2	$	16.17		$	2.21		$	12.32		$	4.05

(1) Class 1AP began trading July 31, 2014

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 Nine Months Ended September 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)									Class 1			Class 2		Class 2			Class 3		Class 3
	Managing Owner			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Non- Controlling Interests			Total			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			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		—			581,038			—		357,647			23,159		4,927,643			—			5,889,487			186,801			—		35,000			—		3,708,418			3,930,219
Redemption of Units		(23,159	)		(12,732,767	)		—		(7,801,018	)		—		(545,958	)		—			(21,102,902	)		(12,386,749	)		—		(3,314,357	)		—		(1,025,719	)		(16,726,825	)
Change in control of ownership—Trading Companies		—			—			—		—			—		—			(325,371	)		(325,371	)		—			—		—			—		—			—
Operations attributable to non-controlling interests		—			—			—		—			—		—			325,371			325,371			—			—		—			—		—			—
Net increase/(decrease) in Owners’ Capital resulting from operations		(794	)		1,445,697			219,979		2,722,505			3,527		473,217			—			4,864,131			632,299			64,542		763,213			2,968		456,245			1,919,267
Owners’ Capital, September 30, 2014	$	—		$	18,014,062		$	2,124,639	$	28,089,465		$	26,686	$	4,854,902		$	—		$	53,109,754		$	11,547,846		$	624,210	$	7,330,350		$	28,242	$	3,362,797		$	22,893,445
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		—			6,939			—		3,934			—		56,677									2,062			—		364			—		41,383
Redemption of Units		(275	)		(149,053	)		—		(84,773	)		—		(6,133	)								(139,546	)		—		(33,282	)		—		(11,074	)
Owners’ Capital—Units, September 30, 2014		—			187,616			14,576		272,512			—		50,544									114,234			5,627		66,079			275		32,745
					(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					8.79					10.89					12.83									9.26					11.47					10.79
Net asset value per unit at September 30, 2014				$	95.89				$	105.24				$	97.04								$	101.09				$	110.93				$	102.70

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

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

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

19

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 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			—		—			—		491,199			—			598,915
Redemption of Units		—		(1,963,131	)		(2,366,748	)		(3,048,190	)		—		(1,304,679	)		—		(142,966	)		—			(8,825,714	)
Change in control of ownership—Trading Companies		—		—			—			—			—		—			—		—			(2,462,220	)		(2,462,220	)
Contributions		—		—			—			—			—		—			—		—			—			—
Distributions		—		—			—			—			—		—			—		—			—			—
Operations attributable to non-controlling interests		—		—			—			—			—		—			—		—			(766,822	)		(766,822	)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		50,069		(12,881	)		760,735			486,873			30,397		92,136			1,522		86,335			—			1,495,186
Owners’ Capital, September 30, 2014	$	436,240	$	1,009,615		$	8,013,583		$	6,299,225		$	253,368	$	1,667,891		$	12,513	$	681,048		$	—		$	18,373,483
Owners’ Capital—Units, December 31, 2013		3,083		23,835			76,774			94,391			2,222		28,708			109		2,454
Sale of Units		—		—			—			1,292			—		—			—		5,024
Redemption of Units		—		(16,700	)		(20,158	)		(35,114	)		—		(14,079	)		—		(1,523	)
Owners’ Capital—Units, September 30, 2014		3,083		7,135			56,616			60,569			2,222		14,629			109		5,955
				(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				16.24			16.24			11.27					13.68					13.91
Net asset value per unit at September 30, 2014			$	141.50		$	141.54		$	104.00				$	114.02				$	114.38

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

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

20

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2014

(Unaudited)

	Equinox Frontier Balanced Fund
	Class 1			Class 1AP (2)			Class 2						Class 2a					Class 3a
	Limited Owners			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		112,701			1,011,652			—			10,664			—		—			—			—			1,135,017
Redemption of Units		(19,830,046	)		(408,022	)		(250,000	)		(7,120,029	)		—		(4,070	)		(335,516	)		—			(27,947,683	)
Change in control of ownership—Trading Companies		—			—			—			—			—		—			—			(11,489,237	)		(11,489,237	)
Contributions		—			—			—			—			—		—			—			—			—
Distributions		—			—			—			—			—		—			—			—			—
Operations attributable to non-controlling interests		—			—			—			—			—		—			—			4,018,912			4,018,912
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		3,913,756			85,531			104,201			1,648,276			15,885		36,713			213,770			—			6,018,132
Owners’ Capital, September 30, 2014	$	64,997,945		$	689,161		$	1,228,734		$	19,775,495		$	162,888	$	377,219		$	2,200,883		$	4,129,043		$	93,561,368
Owners’ Capital—Units, December 31, 2013		760,206			—			9,784			179,627			1,237		2,901			19,615
Sale of Units		1,088			9,858			—			77			—		—			—
Redemption of Units		(192,404	)		(3,856	)		(1,828	)		(51,666	)		—		(35	)		(2,841	)
Owners’ Capital—Units, September 30, 2014		568,890			6,002			7,956			128,038			1,237		2,866			16,774
Net asset value per unit at December 31, 2013	$	106.29		$	102.62					$	140.49	(1)			$	118.80	(1)	$	118.41
Change in net asset value per unit for the period		7.96			12.21						13.96					12.84			12.80
Net asset value per unit at September 30, 2014	$	114.25		$	114.83					$	154.45				$	131.64		$	131.21

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

(2) Class 1AP began operations July 31, 2014

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

21

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2014

(Unaudited)

	Equinox Frontier Select Fund														Equinox Frontier Winton Fund														Equinox Frontier Heritage Fund
	Class 1			Class 1AP (2)			Class 2								Class 1			Class 1AP (2)			Class 2								Class 1			Class 1AP (2)			Class 2
	Limited Owners			Limited Owners			Managing Owner		Limited Owners			Total			Limited Owners			Limited Owners			Managing Owner		Limited Owners			Total			Limited Owners			Limited Owners			Managing Owner		Limited Owners			Non- Controlling Interests		Total
Owners’ Capital, December 31, 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		7,439			194,475			—		—			201,914			133,316			288,379			—		—			421,695			18,384			244,674			—		—			—		263,058
Redemption of Units		(3,896,176	)		(156,681	)		—		(468,583	)		(4,521,440	)		(4,632,817	)		(212,304	)		—		(307,865	)		(5,152,986	)		(3,369,362	)		(202,374	)		—		(364,411	)		—		(3,936,147	)
Change in control of ownership—Trading Companies		—			—			—		—			—			—			—			—		—			—			—			—			—		—			921		921
Contributions		—			—			—		—			—			—			—			—		—			—			—			—			—		—			—		—
Distributions		—			—			—		—			—			—			—			—		—			—			—			—			—		—			—		—
Operations attributable to non-controlling interests		—			—			—		—			—			—			—			—		—			—			—			—			—		—			177,660		177,660
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		657,404			4,528			680		109,355			771,967			1,481,542			5,576			3,344		942,014			2,432,476			403,459			6,150			5,276		220,511			—		635,396
Owners’ Capital, September 30, 2014	$	12,621,614		$	42,322		$	8,016	$	1,392,337		$	14,064,289		$	23,146,188		$	81,651		$	39,346	$	11,058,837		$	34,326,022		$	8,380,887		$	48,450		$	62,760	$	2,648,678		$	2,594,218	$	13,734,993
Owners’ Capital—Units, December 31, 2013		198,518			—			70		16,820						187,438			—			207		59,854						111,005			—			428		20,807
Sale of Units		97			2,575			—		—						936			2,076			—		—						185			2,477			—		—
Redemption of Units		(50,683	)		(2,081	)		—		(4,583	)					(33,202	)		(1,531	)		—		(1,754	)					(34,265	)		(2,034	)		—		(2,731	)
Owners’ Capital—Units, September 30, 2014		147,932			494			70		12,237						155,172			545			207		58,100						76,925			443			428		18,076
Net asset value per unit at December 31, 2013	$	79.86		$	75.53				$	104.14	(1)				$	139.59		$	138.93				$	174.17	(1)				$	102.05		$	98.80				$	134.21	(1)
Change in net asset value per unit for the period		5.46			10.22					9.65						9.58			10.99					16.17						6.90			10.70					12.32
Net asset value per unit at September 30, 2014	$	85.32		$	85.75				$	113.79					$	149.17		$	149.92				$	190.34					$	108.95		$	109.50				$	146.53

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

(2) Class 1AP began trading July 31, 2014

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

22

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Nine Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/ Short Commodity Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			9/30/2014			9/30/2013
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	5,189,502		$	(16,425,594	)	$	1,919,267		$	(5,869,710	)	$	728,364		$	(10,095,515	)
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	)		(619,244	)
Net change in options purchased, at fair value		—			—			—			—			98,740			—
Net change in options written, at fair value		—			—			—			—			(172,650	)		(899,388	)
Net change in ownership allocation of U.S. Treasury securities		(1,680,901	)		154,070			4,042,114			413,252			(526,726	)		68,797
Net change in ownership allocation of custom time deposits		—			5,897,177			—			2,331,811			—			7,690,645
Net realized (gain) on swap contracts		—			—			—			—			—			—
Net unrealized (gain)/loss on swap contracts		(1,756,454	)		986,342			—			—			(382,291	)		60,503
Net unrealized (gain)/loss on U.S. Treasury securities		(2,018,038	)		236,981			(1,127,624	)		118,107			(828,755	)		148,620
Net realized (gain)/loss on U.S. Treasury securities		84,779			(221,284	)		51,271			(107,483	)		36,613			(138,776	)
(Purchases) sales of:
Purchases of swap contracts					(3,400,000	)											(2,880,000	)
Sales of U.S. Treasury securities		15,921,359			3,683,233			8,685,478			1,789,033			6,563,688			2,309,899
Sales of custom time deposits		—			16,009,441			—			7,776,160			—			10,040,146
Increase and/or decrease in:
Receivable from futures commission merchants		—			—			—			—			7,836,808			7,848,932
Change in control of ownership—trading companies		(325,371	)		—			—			—			(2,462,220	)		1,574,902
Contributions to trading companies		—			—			—			—			—			5,619,753
Distributions from trading companies		—			—			—			—			—			(5,143,244	)
Investments in unconsolidated trading companies, at fair value		130,919			22,862,088			(1,240,976	)		844,519			(2,353,354	)		3,675,238
Prepaid service fees—Class 1		414			30,322			10,949			37,176			2,719			34,133
Interest receivable		370,644			53,818			252,121			30,899			163,095			33,380
Receivable from other series		—			—			(1,270	)		—			—			(1,483	)
Receivable from related parties		1,035			113,093			—			38,735			137			—
Other assets		—			—			—			—			1			—
Incentive fees payable to Managing Owner		110,502			(189,903	)		219,695			—			94,519			—
Management fees payable to Managing Owner		(10,902	)		(48,724	)		(24,796	)		(19,398	)		(52,738	)		(125,332	)
Interest payable to Managing Owner		(4,961	)		(10,934	)		(4,559	)		(5,145	)		(3,565	)		(7,092	)
Trading fees payable to Managing Owner		(21,049	)		(78,397	)		(24,177	)		(24,044	)		(10,968	)		(36,780	)
Service fees payable to Managing Owner		(17,712	)		(34,538	)		(18,603	)		(7,710	)		(4,880	)		(6,369	)
Payables to related parties		2,229			(19,435	)		—			(8,274	)		—			(34,037	)
Other liabilities		—			—			—			—			—			356
Net cash provided by (used in) operating activities		15,975,995			29,597,756			12,738,890			7,337,928			8,535,468			19,118,044
Cash Flows from Financing Activities:
Proceeds from sale of units		5,889,487			4,172,537			3,930,219			3,139,507			598,915			1,061,453
Payment for redemption of units		(21,102,902	)		(34,946,093	)		(16,726,825	)		(11,195,145	)		(8,825,714	)		(20,842,807	)
Pending owner additions		(1,373	)		38,160			75			(14,160	)		(2	)		(62,537	)
Owner redemptions payable		(271,689	)		(163,166	)		(7,155	)		17,107			(72,579	)		(291,074	)
Net cash provided by (used in) financing activities		(15,486,477	)		(30,898,562	)		(12,803,686	)		(8,052,691	)		(8,299,380	)		(20,134,965	)
Net increase (decrease) in cash and cash equivalents		489,518			(1,300,806	)		(64,796	)		(714,763	)		236,088			(1,016,921	)
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	$	2,317,415		$	1,381,083		$	1,061,158		$	827,898		$	1,046,506		$	693,230

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

23

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Nine Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	10,037,044		$	(28,205,791	)	$	771,967		$	(489,210	)
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		4,284,093			(474,837	)		—			—
Net change in options purchased, at fair value		165,915			—			—			—
Net change in options written, at fair value		(183,056	)		302,428			—			—
Net change in ownership allocation of U.S. Treasury securities		2,882,510			(101,758	)		1,955,964			(346,146	)
Net change in ownership allocation of total return swaps		—			3,911			—			—
Net change in ownership allocation of custom time deposits		—			(6,231,481	)		—			(3,672,345	)
Net unrealized (gain)/loss on swap contracts		(4,627,411	)		225,707			—			—
Net realized (gain)/loss on swap contracts		—			3,554,723			—			—
Net unrealized (gain)/loss on U.S. Treasury securities		(3,614,127	)		387,826			(518,026	)		83,782
Net realized (gain)/loss on U.S. Treasury securities		152,688			(362,137	)		25,780			(78,233	)
(Purchases) sales of:
Purchases of swap contracts					(9,600,000	)
Sales of swap contracts		—			20,694,866			—			—
Sales of custom time deposits		—			26,199,849			—			5,659,957
Sales of U.S. Treasury securities		28,506,883			6,027,702			4,254,841			1,302,165
Increase and/or decrease in:
Receivable from futures commission merchants		12,657,317			71,095,325			—			—
Change in control of ownership—trading companies		(11,489,237	)		(51,747,039	)		—			—
Investments in unconsolidated trading companies, at fair value		(11,119,409	)		2,604,968			(2,531,158	)		3,029,814
Contributions to trading companies		—			56,807,054			—			—
Distributions from trading companies		—			(39,448,498	)		—			—
Prepaid service fees—Class 1		234			(423	)		—			—
Interest receivable		701,720			83,074			114,319			13,417
Receivable from other series		—			17,313			—			—
Receivable from related parties		—			—			—			—
Other assets		42			34,251			—			—
Incentive fees payable to Managing Owner		(318,139	)		(527,306	)		150,674			—
Management fees payable to Managing Owner		(20,463	)		(100,845	)		725			(57,543	)
Interest payable to Managing Owner		(58,108	)		(123,285	)		(10,359	)		(8,927	)
Trading fees payable to Managing Owner		(14,886	)		(53,247	)		(2,291	)		(3,376	)
Service fees payable to Managing Owner		(45,405	)		(130,289	)		(8,922	)		(12,469	)
Payables to related parties		6,821			4,778			383			(47,213	)
Other liabilities		—			1,387			—			—
Net cash provided by (used in) operating activities		27,904,226			50,938,226			4,203,897			5,373,673
Cash Flows from Financing Activities:
Proceeds from sale of units		1,135,017			234,538			201,914			12,067
Payment for redemption of units		(27,947,683	)		(53,244,347	)		(4,521,440	)		(5,594,062	)
Pending owner additions		(1,449	)		(20,031	)		(64	)		(582	)
Owner redemptions payable		(726,722	)		418,418			33,473			(25,021	)
Net cash provided by (used in) financing activities		(27,540,837	)		(52,611,422	)		(4,286,117	)		(5,607,598	)
Net increase (decrease) in cash and cash equivalents		363,389			(1,673,196	)		(82,220	)		(233,925	)
Cash and cash equivalents, beginning of period		3,292,570			4,111,855			494,931			664,310
Cash and cash equivalents, end of period	$	3,655,959		$	2,438,659		$	412,711		$	430,385

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

24

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Nine Months Ended September 30, 2014 and 2013

(Unaudited)

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	9/30/2014			9/30/2013			9/30/2014			9/30/2013
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	2,432,476		$	1,741		$	813,056		$	467,865
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		(5,844,640	)		(117,717	)		481,524			(73,002	)
Net change in custom time deposits		—			(6,257,558	)		—			(2,059,790	)
Net unrealized (gain)/loss on swap contracts		—			—			(401,659	)		—
Net realized (gain)/loss on swap contracts		—			—			—			—
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		(1,537,039	)		123,411			(450,381	)		54,398
Net realized (gain) loss on U.S. Treasury securities, at fair value		59,132			(115,236	)		19,370			(50,795	)
(Purchases) sale of:
Sales of custom time deposits		—			8,337,112			—			3,674,906
Sales of U.S. Treasury Securities, at fair value		12,579,837			1,918,089			3,621,880			845,472
Increase and/or decrease in:
Change in control of ownership of trading companies		—			—			921			—
Contributions to trading companies		—			—			—			—
Distributions from trading companies		—			—			—			—
Investments in unconsolidated trading companies, at fair value		(2,552,999	)		153,336			(550,448	)		3,216,059
Interest receivable		247,358			25,228			90,759			10,829
Receivable from other series		—			—			—			—
Receivable from related parties		—			—			—			—
Other assets		(33,200	)		—			—			—
Incentive fees payable to Managing Owner		106,235			—			28,713			—
Management fees payable to Managing Owner		(24,853	)		875			752			(39,305	)
Interest payable to Managing Owner		(10,510	)		(7,317	)		(8,062	)		(8,775	)
Trading fees payable to Managing Owner		(1,377	)		(2,736	)		(1,857	)		(3,301	)
Service fees payable to Managing Owner		(8,144	)		(10,407	)		(7,247	)		(10,500	)
Payables to related parties		9,997			1,507			1,651			544
Other liabilities		—			—			—			—
Net cash provided by (used in) operating activities		5,422,273			4,050,328			3,638,972			6,024,605
Cash Flows from Financing Activities:
Proceeds from sale of units		421,695			134,791			263,058			32,332
Payment for redemption of units		(5,152,986	)		(4,717,899	)		(3,936,147	)		(6,247,787	)
Pending owner additions		(992	)		(1,764	)		(422	)		(1,244	)
Owner redemptions payable		(4,748	)		143,303			74,502			2,974
Net cash provided by (used in) financing activities		(4,737,031	)		(4,441,569	)		(3,599,009	)		(6,213,725	)
Net increase (decrease) in cash and cash equivalents		685,242			(391,241	)		39,963			(189,120	)
Cash and cash equivalents, beginning of period		1,325,731			1,249,455			424,001			536,159
Cash and cash equivalents, end of period	$	2,010,973		$	858,214		$	463,964		$	347,039

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

25

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 (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 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.

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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;

• maintains each Series of Units with between two to six sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1, Class 1AP 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, Class 1AP or Class 1a of such Series, is prepaid to 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, are maintained in the books and records of each Series.

As of September 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 a maximum of seven separate Classes—Class 1, Class 1AP, 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

27

Series has invested monies into pooled cash management assets which have included purchases of U.S. Treasury Securities and custom time deposits. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

As of September 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 is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946.

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 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.

As of September 30, 2014, the consolidated balance sheet of Equinox Frontier Balanced Fund included the assets and liabilities of its majority owned Trading Companies. These Trading Companies include Frontier Trading Company XIV, LLC, Frontier Trading Company XXIII, LLC, and Frontier Trading Company XXXIV, LLC.

For the nine months ended September 30, 2014, the consolidated income statement of Equinox Frontier Balanced Fund included the earnings of its majority owned Trading Companies. These Trading Companies include 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 September 30, 2014), Frontier Trading Company XIV, LLC (except for the earnings from January 14, 2014 to February 27, 2014), Frontier Trading Company XXIII, LLC (except for the earnings from January 1, 2014 to April 28, 2014), and Frontier Trading Company XXXIV, LLC (except for the earnings from January 1, 2014 to July 30, 2014).

As of September 30, 2014, the consolidated balance sheet of Equinox Frontier Long/Short Commodity Fund included the assets and liabilities of its majority owned Trading Company, Frontier Trading Company XXXVII, LLC.

For the nine months ended September 30, 2014, the consolidated income statement of Equinox Frontier Long/Short Commodity Fund included the earnings of its majority owned Trading Companies. These Trading Companies include Frontier Trading Company VII, LLC (except for the earnings from April 5, 2014 to September 30, 2014), Frontier Trading Company XVIII, LLC (except for the earnings from September 5, 2014 to September 30, 2014) and Frontier Trading Company XXXVII, LLC.

As of September 30, 2014, the consolidated balance sheet of Equinox Frontier Diversified Fund included the assets and liabilities of its majority owned Trading Company, Frontier Trading Company XXXV, LLC.

For the nine months ended September 30, 2014, the consolidated income statement of Equinox Frontier Diversified Fund included the earnings of its majority owned Trading Companies. These Trading Companies include Frontier Trading Company I, LLC (except for the earnings from January 1, 2014 to January 30, 2014 and from February 3, 2014 to September 30, 3014) and Frontier Trading Company XXXV, LLC.

As of and for the nine months ended September 30, 2014, the consolidated balance sheet and income statement of Equinox Frontier Heritage Fund included the assets, liabilities and earnings of its majority owned Trading Company, Frontier Trading Company XXXIX, LLC.

28

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 a 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, Class 1AP 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).

Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts is based on third party quoted dealer values on the interbank market. For U.S. Treasury securities, interest is recognized in the period earned and the instruments are marked-to-market daily based on third party information. Transaction costs are recognized as incurred and reflected separately in the statements of operations.

Foreign currency transactions—The Series’ functional currency is the U.S. dollar, however, they transact business in currencies other than the U.S. dollar. The Series do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments.

Allocation of Earnings—Each Series of the Trust may maintain between two or seven classes of Units—Class 1, Class 1AP, 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 1AP, 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.

29

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.

Service Fees—The Trust may maintain each Series of Units in between two to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of 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, Class 1AP 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, Class 1AP 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.

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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 September 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.

Recently Issued Accounting Pronouncements— In May 2014 the FASB issued a final standard on revenue from contracts with customers. The standard, issued as FASB ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. A full retrospective or modified retrospective approach may be taken to adopt the guidance in the ASU. The Trust is currently evaluating the impact of the provisions of ASU 2014-09 on its consolidated financial position, results of operations and related disclosures.

Subsequent Events—The Trust, 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.

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

31

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. The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected, the components of the model, both observable and unobservable, and quality control testing procedures in place. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each Swap and its subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by a senior a financial engineer to ensure the design and function of the model is stable and performs as expected.

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

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

September 30, 2014	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Equinox Frontier Diversified Fund
Investments in Unconsolidated Trading Companies	$	20,642,260	$	64,093		$	—	$	20,706,353
Swap Contracts		—		—			5,194,086		5,194,086
U.S. Treasury Securities		25,748,218		—			—		25,748,218
Equinox Frontier Masters Fund
Investments in Unconsolidated Trading Companies		10,035,957		371,729			—		10,407,686
U.S. Treasury Securities		11,790,258		—			—		11,790,258
Equinox Frontier Long/Short Commodity Fund
Investments in Unconsolidated Trading Companies		2,994,026		15,097			—		3,009,123
Swap Contracts		—		—			2,838,837		2,838,837
U.S. Treasury Securities		11,627,470		—			—		11,627,470
Equinox Frontier Balanced Fund
Open Trade Equity (Deficit)		256,479		(605,320	)		—		(348,841	)
Investments in Unconsolidated Trading Companies		24,199,902		632,822			—		24,832,724
Swap Contracts		—		—			14,749,414		14,749,414
U.S. Treasury Securities		40,620,441		—			—		40,620,441
Equinox Frontier Select Fund
Investments in Unconsolidated Trading Companies		6,027,269		774,215			2,594,218		9,395,702
U.S. Treasury Securities		4,585,526		—			—		4,585,526
Equinox Frontier Winton Fund
Investments in Unconsolidated Trading Companies		10,737,129		(404,807	)		—		10,332,322
U.S. Treasury Securities		22,343,415		—			—		22,343,415
Equinox Frontier Heritage Fund
Investments in Unconsolidated Trading Companies		2,530,178		(90,464	)		—		2,439,714
Swap Contracts		—		—			5,836,843		5,836,843
U.S. Treasury Securities		5,154,987		—			—		5,154,987

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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 nine months ended September 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 Nine Months Ended September 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		1,756,454		382,291		4,627,411
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 September 30, 2014	$	5,194,086	$	2,838,837	$	14,749,414

	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		401,659
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 September 30, 2014	$	5,836,843

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		178,581
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		—
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2014	$	2,594,218

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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 nine months ended September 30, 2014 and year ended December 31, 2013, the Trust did not transfer any assets between Level 1, 2 or 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.

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Each Series’ investment in Swaps will likely differ substantially over time due to cash flows, portfolio management decisions and market movements. The Swaps serve to diversify the investment holdings of each Series and to provide access to programs and advisors that would not be otherwise available to the Series, and are not used for hedging purposes.

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of September 30, 2014 and December 31, 2013, approximately 11.4% 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 nine months ended September 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)	$	4,627,411	$	1,756,454	$	382,291
Fair Value as of 9/30/14	$	14,749,414	$	5,194,086	$	2,838,837
	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)	$	401,659
Fair Value as of 9/30/14	$	5,836,843

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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.

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

	As of September 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, IX, XIV, XV, XXIII and XXXVIII		38.99	%	$	20,706,353		32.84	%	$	20,837,272
Equinox Frontier Masters Fund —
Frontier Trading Companies I, II, XIV, XV and XXXVIII		45.46	%	$	10,407,686		27.14	%	$	9,166,710
Equinox Frontier Long/Short Commodity Fund —
Frontier Trading Company VII and XXXVIII		16.38	%	$	3,009,123		2.31	%	$	655,769
Equinox Frontier Balanced Fund —
Frontier Trading Companies I, II, VII, XV and XXXVIII		26.54	%	$	24,832,724		11.26	%	$	13,713,315
Equinox Frontier Select Fund —
Frontier Trading Companies XV, XXXVIII and XXXIX		66.81	%	$	9,395,702		38.98	%	$	6,864,544
Equinox Frontier Winton Fund —
Frontier Trading Company II and XXXVIII		30.10	%	$	10,332,322		21.24	%	$	7,779,323
Equinox Frontier Heritage Fund —
Frontier Trading Companies II and XXXVIII		17.76	%	$	2,439,714		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 nine months ended September 30, 2014 and 2013.

	Three Months Ended September 30, 2014												Three Months Ended September 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	$	(77,165	)	$	2,064,671		$	313,955		$	2,301,461		$	(82,715	)	$	(95,717	)	$	(814,937	)	$	(993,369	)
Frontier Trading Company II LLC											—			(5,469	)		(310,367	)		140,441			(175,395	)
Frontier Trading Company V LLC		—			—			—			—			—			—			—			—
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company VII, LLC					(841,020	)		24,571			(816,449	)		(91,413	)		(1,364,053	)		1,202,102			(253,364	)
Frontier Trading Company IX, LLC		—			—			—						—			(6	)		—			(6	)
Frontier Trading Company XIV, LLC		(75,438	)		831,185			(522,722	)		233,025			(163,648	)		(4,745,349	)		2,016,387			(2,892,610	)
Frontier Trading Company XV, LLC		(7,559	)		175,911			77,675			246,027			(25,366	)		244,658			(1,593,532	)		(1,374,240	)
Frontier Trading Company XVIII, LLC		—			—			—			—									—			—
Frontier Trading Company XXI, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXIII, LLC		(14,139	)		536,312			(237,308	)		284,865			(1,893	)		7,569			(29,894	)		(24,218	)
Frontier Trading Company XXXVIII, LLC		(10,805	)		1,506,182			421,596			1,916,973			—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			—			—						—			3,222			3,222
Total	$	(185,106	)	$	4,273,241		$	77,767		$	4,165,902		$	(370,504	)	$	(6,263,265	)	$	923,789		$	(5,709,980	)
Equinox Frontier Masters Fund
Frontier Trading Company I LLC	$	(6,769	)	$	561,435		$	353,566		$	908,232		$	—		$	—		$	—		$	—
Frontier Trading Company II LLC		(3,169	)		304,028			(123,993	)		176,866			(3,449	)		(197,161	)		87,980			(112,630	)
Frontier Trading Company XIV, LLC		(62,524	)		688,864			(433,176	)		193,164			(72,982	)		(2,210,977	)		1,025,721			(1,258,238	)
Frontier Trading Company XV, LLC		(25,631	)		355,855			436,277			766,501			(35,063	)		99,114			(1,202,493	)		(1,138,442	)
Frontier Trading Company XXXVIII, LLC		(4,893	)		229,712			201,241			426,060			—			—			—			—
Total	$	(102,986	)	$	2,139,894		$	433,915		$	2,470,823		$	(111,494	)	$	(2,309,024	)	$	(88,792	)	$	(2,509,310	)
Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	—		$	—		$	—		$	—		$	(4,748	)	$	(478,294	)	$	132,144		$	(350,898	)
Frontier Trading Companies VII, LLC		(90,599	)		3,535,545			(308,854	)		3,136,092			—			—			—			—
Frontier Trading Companies XVIII, LLC		(4,016	)		188,184			204,268			388,436			—			—			—			—
Frontier Trading Companies XXIII, LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XXXVIII, LLC		—			—			—			—			—			—			—			—
Total	$	(94,615	)	$	3,723,729		$	(104,586	)	$	3,524,528		$	(4,748	)	$	(478,294	)	$	132,144		$	(350,898	)
Equinox Frontier Balanced Fund
Frontier Trading Company I LLC	$	(65,685	)	$	1,397,918		$	113,481			1,445,714		$	(9,318	)	$	(560,883	)	$	223,628			(346,573	)
Frontier Trading Company II LLC		(5,526	)		529,926			(215,316	)		309,084			—			—			—			—
Frontier Trading Company VII, LLC		(19,578	)		137,102			201,186			318,710			(92,999	)		(3,300,304	)		2,074,995			(1,318,308	)
Frontier Trading Company XIV, LLC		(88,814	)		933,958			(952,064	)		(106,920	)		(192,816	)		(5,398,107	)		2,531,471			(3,059,452	)
Frontier Trading Company XV, LLC		—			—			—			—			(33,508	)		371,848			(2,216,125	)		(1,877,785	)
Frontier Trading Company XVIII, LLC		(17,299	)		855,349			730,516			1,568,566			(1,048	)		(33,791	)		—			(34,839	)
Frontier Trading Company XXXIX, LLC		—			—			—			—			(1,468	)		—			(264,965	)		(266,433	)
Total	$	(196,902	)	$	3,854,253		$	(122,197	)	$	3,535,154		$	(331,157	)	$	(8,921,237	)	$	2,349,004		$	(6,903,390	)
Equinox Frontier Select Fund
Frontier Trading Company XV, LLC	$	(33,732	)	$	459,981		$	572,640		$	998,889		$	(24,262	)	$	85,305		$	(951,521	)	$	(890,478	)
Frontier Trading Company XXXVIII, LLC		(2,304	)		120,391			85,525			203,612			—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			385,694			385,694			(903	)		—			(130,250	)		(131,153	)
Total	$	(36,036	)	$	580,372		$	1,043,859		$	1,588,195		$	(25,165	)	$	85,305		$	(1,081,771	)	$	(1,021,631	)
Equinox Frontier Winton Fund
Frontier Trading Company II LLC	$	(14,106	)	$	1,352,944		$	(551,808	)	$	787,030		$	(11,655	)	$	(666,174	)	$	297,231		$	(380,598	)
Frontier Trading Company XXXVIII ,LLC		(9,079	)		482,453			345,533			818,907			—			—			—			—
Total	$	(23,185	)	$	1,835,397		$	(206,275	)	$	1,605,937		$	(11,655	)	$	(666,174	)	$	297,231		$	(380,598	)
Equinox Frontier Heritage Fund
Frontier Trading Company II LLC	$	(3,154	)	$	302,460		$	(123,396	)	$	175,910		$	(2,614	)	$	(149,499	)	$	66,609		$	(85,504	)
Frontier Trading Company XXXVIII, LLC		(2,218	)		110,045			86,941			194,768			—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			—			—			(1,129	)		(162,814	)		—			(163,943	)
Total	$	(5,372	)	$	412,505		$	(36,455	)	$	370,678		$	(3,743	)	$	(312,313	)	$	66,609		$	(249,447	)

41

	Nine Months Ended September 30, 2014												Nine Months Ended September 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	$	(225,425	)	$	4,159,776		$	735,741		$	4,670,092		$	(314,471	)	$	(1,868,764	)	$	(1,162,025	)	$	(3,345,260	)
Frontier Trading Company II LLC		(8,992	)		1,132,028			(293,721	)		829,315			(18,815	)		697,242			79,465			757,892
Frontier Trading Company V LLC		—			—			—			—			(380,661	)		(10,547,784	)		281,573			(10,646,872	)
Frontier Trading Company VII, LLC		(248,337	)		(2,121,684	)		400,248			(1,969,773	)		(283,574	)		(571,954	)		(186,485	)		(1,042,013	)
Frontier Trading Company IX, LLC		—			—			—						—			—			—
Frontier Trading Company XIV, LLC		(176,563	)		452,399			(194,219	)		81,617			(137,819	)		1,604,571			387,887			1,854,639
Frontier Trading Company XV, LLC		(35,322	)		348,502			(719,332	)		(406,152	)		(75,052	)		(534,948	)		730,530			120,530
Frontier Trading Company XXIII, LLC		(38,289	)		1,609,401			(49,650	)		1,521,462			(16,989	)		(511,401	)		(95,340	)		(623,730	)
Frontier Trading Company XXXVIII, LLC		(34,978	)		612,178			(253,460	)		323,740			—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			—			—			—			—			(133,973	)		(133,973	)
Total	$	(767,906	)	$	6,192,600		$	(374,393	)	$	5,050,301		$	(1,227,381	)	$	(11,733,038	)	$	(98,368	)	$	(13,058,787	)
Equinox Frontier Masters Fund
Frontier Trading Company I LLC	$	(21,419	)	$	645,920		$	1,011,560		$	1,636,061		$	—		$	—		$	—		$	—
Frontier Trading Company II LLC		(9,974	)		1,145,909			(374,223	)		761,712			(10,993	)		373,507			53,367			415,881
Frontier Trading Company XIV, LLC		(157,662	)		254,946			(220,014	)		(122,730	)		(211,038	)		(4,305,339	)		559,649			(3,956,728	)
Frontier Trading Company XV, LLC		(79,178	)		1,161,768			(439,313	)		643,277			(110,645	)		(311,409	)		(230,903	)		(652,957	)
Frontier Trading Company XXXVIII, LLC		(18,046	)		(267,632	)		(170,905	)		(456,583	)		—			—			—			—
Total	$	(286,279	)	$	2,940,911		$	(192,895	)	$	2,461,737		$	(332,676	)	$	(4,243,241	)	$	382,113		$	(4,193,804	)
Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	—		$	—		$	—		$	—		$	(35,831	)	$	(778,371	)	$	98,091		$	(716,111	)
Frontier Trading Companies VII, LLC		(174,791	)		3,043,135			(105,805	)		2,762,539			—			—			—			—
Frontier Trading Companies XXIII, LLC		—			—			—			—			(7,153	)		(263,068	)		(24,083	)		(294,304	)
Frontier Trading Company XXXVIII, LLC		(13,033	)		(150,551	)		(86,787	)		(250,371	)		—			—			—			—
Total	$	(187,824	)	$	2,892,584		$	(192,592	)	$	2,512,168		$	(42,984	)	$	(1,041,439	)	$	74,008		$	(1,010,415	)
Equinox Frontier Balanced Fund
Frontier Trading Company I LLC	$	(86,875	)	$	1,357,779		$	1,003,695			2,274,599		$	—		$	—		$	—			—
Frontier Trading Company II LLC		(17,651	)		2,044,453			(763,095	)		1,263,707			(33,765	)		1,282,222			316,134			1,564,591
Frontier Trading Company V LLC		—			—			—			—			(13,876	)		1,530,384			(272,459	)		1,244,049
Frontier Trading Company VII, LLC		(326,306	)		(838,548	)		(267,307	)		(1,432,161	)		(396,883	)		(2,545,172	)		35,837			(2,906,218	)
Frontier Trading Company XIV, LLC		(75,543	)		(1,180,680	)		610,861			(645,362	)		—			—			—			—
Frontier Trading Company XV, LLC		(63,893	)		(162,081	)		(379,890	)		(605,864	)		(472,744	)		(14,503,646	)		194,875			(14,781,515	)
Frontier Trading Company XVI, LLC		—			—			—			—			(109,397	)		(556,817	)		773,099			106,885
Frontier Trading Company XVIII, LLC		—			—			—			—			(9,693	)		(192,512	)		(91,675	)		(293,880	)
Frontier Trading Company XXIII, LLC		—			—			—			—			(3,526	)		(194,695	)		546			(197,675	)
Frontier Trading Company XXXVIII, LLC		(59,785	)		(729,107	)		(413,770	)		(1,202,662	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			(1,538	)		(1,538	)		(1,468	)		—			(569,218	)		(570,686	)
Total	$	(630,053	)	$	491,816		$	(211,044	)	$	(349,281	)	$	(1,041,352	)	$	(15,180,236	)	$	387,139		$	(15,834,449	)
Equinox Frontier Select Fund
Frontier Trading Company V LLC	$	—		$	—		$	—		$	—		$	(12,346	)	$	1,188,592		$	(78,854	)	$	1,097,392
Frontier Trading Company XV, LLC		(94,658	)		1,279,032			89,125			1,273,499			(71,581	)		(158,898	)		(177,597	)		(408,076	)
Frontier Trading Company XXXVIII, LLC		(8,538	)		(106,932	)		(77,639	)		(193,109	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		(1,556	)		—			180,860			179,304			(903	)		—			(349,759	)		(350,662	)
Total	$	(104,752	)	$	1,172,100		$	192,346		$	1,259,694		$	(84,830	)	$	1,029,694		$	(606,210	)	$	338,654
Equinox Frontier Winton Fund
Frontier Trading Company II LLC	$	(41,713	)	$	5,017,076		$	(1,469,085	)	$	3,506,278		$	(37,129	)	$	1,261,438		$	184,516		$	1,408,825
Frontier Trading Company XXXVIII ,LLC		(28,405	)		(188,215	)		(122,904	)		(339,524	)		—			—			—			—
Total	$	(70,118	)	$	4,828,861		$	(1,591,989	)	$	3,166,754		$	(37,129	)	$	1,261,438		$	184,516		$	1,408,825
Equinox Frontier Heritage Fund
Frontier Trading Company II LLC	$	(9,336	)	$	1,122,748		$	(328,982	)	$	784,430		$	(8,383	)	$	276,041		$	84,440		$	352,098
Frontier Trading Company V LLC		—			—			—			—			(13,268	)		1,404,612			(205,240	)		1,186,104
Frontier Trading Company XXXVIII, LLC		(7,662	)		(89,231	)		(62,702	)		(159,595	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			—			—			(1,129	)		—			(437,198	)		(438,327	)
Total	$	(16,998	)	$	1,033,517		$	(391,684	)	$	624,835		$	(22,780	)	$	1,680,653		$	(557,998	)	$	1,099,875

42

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

Statements of Financial Condition -September 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	$	19,449,588		$	19,867,807		$	3,777,424		$	15,204,830		$	3,084,999
Open trade equity/(deficit)		3,514,736			922,053			1,893,494			4,354,398			2,332,347
Interest receivable/(payable)		(2,582	)		343			(164	)		1,216			(125	)
Total assets	$	22,961,742		$	20,790,203		$	5,670,754		$	19,560,444		$	5,417,221
Members’ equity	$	22,961,742		$	20,229,298		$	5,670,754		$	19,560,444		$	5,417,221
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 September 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	$	4,768		$	(1,779	)	$	520		$	(11	)	$	299
Net realized gain/(loss) on investments, less		(3,871,073	)		(2,894,702	)		(5,132,095	)		(898,453	)		(2,487,366	)
Change in open trade equity/(deficit)		(784,337	)		1,200,574			2,083,107			(1,308,660	)		(2,071,467	)
Net income/(loss)	$	(4,650,642	)	$	(1,695,907	)	$	(3,048,468	)	$	(2,207,124	)	$	(4,558,534	)
Condensed Statement of Income - For the Three Months Ended September 30, 2013				Frontier Trading Company XIV LLC						Frontier Trading Company XXXIX LLC
Interest income				$	(6,289	)				$	—
Net realized gain/(loss) on investments, less					(12,615,137	)					(3,500	)
Change in open trade equity/(deficit)					5,229,959						(554,809	)
Net income/(loss)				$	(7,391,467	)				$	(558,309	)
Condensed Statement of Income - For the Nine Months Ended September 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	$	17,288		$	(4,299	)	$	1,377		$	2,226		$	2,215
Net realized gain/(loss) on investments, less		(8,088,411	)		(10,804,286	)		322,277			(2,212,287	)		2,043,776
Change in open trade equity/(deficit)		(1,096,824	)		3,414,408			753,749			1,428,530			1,192,319
Net income/(loss)	$	(9,167,947	)	$	(7,394,177	)	$	1,077,403		$	(781,531)		$	3,238,310
Condensed Statement of Income - For the Nine Months Ended September 30, 2013				Frontier Trading Company XIV LLC						Frontier Trading Company XXXIX LLC
Interest income				$	(11,934	)				$	—
Net realized gain/(loss) on investments, less					(31,744,045	)					(3,500	)
Change in open trade equity/(deficit)					441,921						(1,490,149	)
Net income/(loss)				$	(31,314,058	)				$	(1,493,649	)

43

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 and 2a Units, aggregated, and each of the Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund. The 1% interest in these specific Series is included in computing the Minimum Purchase Commitment in aggregate capital. In addition to the General Units the Managing Owner receives in respect of its Minimum Purchase Commitment, the Managing Owner may purchase Limited Units in any Series as a Limited Owner. Principals of the Managing Owner or affiliates are allowed to own beneficial interests in the Trust, with respect to the Series, as well. All Units purchased by the Managing Owner are held for investment purposes only and not for resale. The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates.

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 1AP, 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, 1AP, 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, Class 1AP and Class 1a Units of each Series, as applicable, the Series pays monthly or service fees to the Managing Owner of up to 3% of NAV annually, which the Managing Owner pays to selling agents of the Trust, with respect to the Series.

44

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

Three Months Ended September 30, 2014	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	686,627	$	258,715	$	113,027	$	305,002
Equinox Frontier Masters Fund		219,695		233,608		64,776		136,886
Equinox Frontier Long/Short Commodity Fund		94,518		176,097		31,049		65,769
Equinox Frontier Balanced Fund		373,778		265,015		479,441		164,674
Equinox Frontier Select Fund		150,674		143,102		94,517		26,340
Equinox Frontier Winton Fund		206,495		294,474		174,044		63,974
Equinox Frontier Heritage Fund		44,124		83,810		63,543		21,020
Three Months Ended September 30, 2013	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	—	$	333,759	$	225,937	$	475,785
Equinox Frontier Masters Fund		—		315,200		156,560		252,770
Equinox Frontier Long/Short Commodity Fund		—		518,079		71,049		146,883
Equinox Frontier Balanced Fund		—		334,849		741,647		261,429
Equinox Frontier Select Fund		—		140,444		141,965		40,356
Equinox Frontier Winton Fund		—		264,894		211,612		72,271
Equinox Frontier Heritage Fund		—		74,121		101,377		31,828
Nine Months Ended September 30, 2014	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	2,073,540	$	806,344	$	386,622	$	954,809
Equinox Frontier Masters Fund		401,501		740,921		245,369		459,996
Equinox Frontier Long/Short Commodity Fund		94,518		685,777		99,917		211,770
Equinox Frontier Balanced Fund		1,827,118		819,552		1,521,144		519,831
Equinox Frontier Select Fund		177,351		421,826		297,904		82,892
Equinox Frontier Winton Fund		622,124		862,495		534,989		192,618
Equinox Frontier Heritage Fund		131,123		245,785		202,143		65,398
Nine Months Ended September 30, 2013	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	184,498	$	1,131,997	$	822,240	$	1,726,597
Equinox Frontier Masters Fund		—		970,110		508,375		834,173
Equinox Frontier Long/Short Commodity Fund		—		1,747,261		255,223		548,982
Equinox Frontier Balanced Fund		657,063		1,250,878		2,658,114		934,900
Equinox Frontier Select Fund		—		487,737		452,617		128,680
Equinox Frontier Winton Fund		—		785,269		661,315		223,928
Equinox Frontier Heritage Fund		—		288,326		337,523		105,156

45

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

As of September 30, 2014	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Equinox Frontier Diversified Fund	$	686,052	$	90,602	$	11,259	$	28,551	$	115,117
Equinox Frontier Masters Fund		219,695		82,231		5,028		17,255		48,510
Equinox Frontier Long/Short Commodity Fund		94,519		52,145		4,400		10,085		23,820
Equinox Frontier Balanced Fund		373,778		92,622		88,174		144,881		58,239
Equinox Frontier Select Fund		150,674		50,523		12,039		30,123		9,254
Equinox Frontier Winton Fund		206,495		103,244		49,355		44,910		22,467
Equinox Frontier Heritage Fund		44,124		29,367		11,705		18,238		7,355
As of December 31, 2013	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Equinox Frontier Diversified Fund	$	575,550	$	101,504	$	16,220	$	46,263	$	136,166
Equinox Frontier Masters Fund		—		107,027		9,587		35,858		72,687
Equinox Frontier Long/Short Commodity Fund		—		104,883		7,965		14,965		34,788
Equinox Frontier Balanced Fund		691,917		113,085		146,282		190,286		73,125
Equinox Frontier Select Fund		—		49,798		22,398		39,045		11,545
Equinox Frontier Winton Fund		128,097		100,260		59,865		53,054		23,844
Equinox Frontier Heritage Fund		15,411		28,615		19,767		25,485		9,212

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

For the nine months ended September 30, 2014, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were ($6,816) for the Equinox Frontier Balanced Fund, ($139) for the Equinox Frontier Long/Short Commodity Fund, ($2,689) for the Equinox Frontier Diversified Fund, ($383) for the Equinox Frontier Select Fund, ($1,650) for the Equinox Frontier Heritage Fund, ($9,996) for the Equinox Frontier Winton Fund and $1,270 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 , Class 1AP 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.

46

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

Three Months Ended

	9/30/2014		9/30/2013		9/30/2014			9/30/2013
	Gross Amount		Gross Amount
	Paid to the		Paid to the		Ratio to			Ratio to
	Managing		Managing		Average Net			Average Net
	Owner		Owner		Assets			Assets
Equinox Frontier Diversified Fund Class 1	$	12,432	$	247,020		0.07	%		0.64	%
Equinox Frontier Diversified Fund Class 2		18,915		246,797		0.07	%		0.64	%
Equinox Frontier Diversified Fund Class 3		2,219		N/A		0.06	%		N/A
Equinox Frontier Masters Fund Class 1		8,047		174,876		0.07	%		0.61	%
Equinox Frontier Masters Fund Class 2		5,519		76,390		0.07	%		0.61	%
Equinox Frontier Masters Fund Class 3		2,000		N/A		0.07	%		N/A
Equinox Frontier Long/Short Commodity Fund Class 2		1,002		38,682		0.08	%		0.88	%
Equinox Frontier Long/Short Commodity Fund Class 3		5,647		107,733		0.08	%		0.88	%
Equinox Frontier Long/Short Commodity Fund Class 1a		4,527		115,053		0.08	%		0.88	%
Equinox Frontier Long/Short Commodity Fund Class 2a		1,346		49,232		0.08	%		0.89	%
Equinox Frontier Long/Short Commodity Fund Class 3a		408		763		0.08	%		0.00	%
Equinox Frontier Balanced Fund Class 1		194,396		571,954		0.31	%		0.60	%
Equinox Frontier Balanced Fund Class 1AP		1,554		N/A		0.01	%		N/A
Equinox Frontier Balanced Fund Class 2		62,990		215,843		0.31	%		0.60	%
Equinox Frontier Balanced Fund Class 2a		309		4,207		0.06	%		0.60	%
Equinox Frontier Balanced Fund Class 3a		1,302		14,467		0.06	%		0.60	%
Equinox Frontier Select Fund Class 1		32,917		160,498		0.26	%		0.88	%
Equinox Frontier Select Fund Class 1AP		120		N/A		0.01	%		N/A
Equinox Frontier Select Fund Class 2		3,642		21,982		0.26	%		0.88	%
Equinox Frontier Winton Fund Class 1		97,703		190,492		0.42	%		0.70	%
Equinox Frontier Winton Fund Class 1AP		293		N/A		0.00	%		N/A
Equinox Frontier Winton Fund Class 2		45,639		69,713		0.42	%		0.70	%
Equinox Frontier Heritage Fund Class 1		26,825		91,250		0.32	%		0.70	%
Equinox Frontier Heritage Fund Class 1AP		177		N/A		0.01	%		N/A
Equinox Frontier Heritage Fund Class 2		8,490		23,344		0.32	%		0.70	%
Total	$	538,419	$	2,420,296

47

Nine Months Ended

	9/30/2014		9/30/2013		9/30/2014			9/30/2013
	Gross Amount		Gross Amount
	Paid to the		Paid to the		Ratio to			Ratio to
	Managing		Managing		Average Net			Average Net
	Owner		Owner		Assets			Assets
Equinox Frontier Diversified Fund Class 1	$	44,722	$	437,265		0.24	%		1.13	%
Equinox Frontier Diversified Fund Class 2		60,858		437,300		0.21	%		1.13	%
Equinox Frontier Diversified Fund Class 3		3,079		N/A		0.09	%		N/A
Equinox Frontier Masters Fund Class 1		34,021		305,050		0.29	%		1.06	%
Equinox Frontier Masters Fund Class 2		19,543		136,307		0.24	%		1.09	%
Equinox Frontier Masters Fund Class 3		3,677		N/A		0.12	%		N/A
Equinox Frontier Long/Short Commodity Fund Class 2		3,858		66,491		0.29	%		1.52	%
Equinox Frontier Long/Short Commodity Fund Class 3		17,673		187,914		0.24	%		1.54	%
Equinox Frontier Long/Short Commodity Fund Class 1a		14,727		199,515		0.25	%		1.53	%
Equinox Frontier Long/Short Commodity Fund Class 2a		4,891		92,522		0.28	%		1.67	%
Equinox Frontier Long/Short Commodity Fund Class 3a		995		1,107		0.18	%		N/A
Equinox Frontier Balanced Fund Class 1		674,385		2,631,220		1.06	%		2.75	%
Equinox Frontier Balanced Fund Class 1AP		1,554		N/A		0.01	%		N/A
Equinox Frontier Balanced Fund Class 2		219,618		974,442		1.07	%		2.70	%
Equinox Frontier Balanced Fund Class 2a		959		7,392		0.19	%		1.05	%
Equinox Frontier Balanced Fund Class 3a		4,241		25,686		0.20	%		1.06	%
Equinox Frontier Select Fund Class 1		122,796		525,943		0.98	%		2.87	%
Equinox Frontier Select Fund Class 1AP		120		N/A		0.00	%		N/A
Equinox Frontier Select Fund Class 2		13,734		65,736		0.99	%		2.62	%
Equinox Frontier Winton Fund Class 1		311,680		737,568		1.36	%		2.70	%
Equinox Frontier Winton Fund Class 1AP		293		N/A		0.01	%		N/A
Equinox Frontier Winton Fund Class 2		136,562		267,333		1.27	%		2.67	%
Equinox Frontier Heritage Fund Class 1		94,524		359,864		1.13	%		2.75	%
Equinox Frontier Heritage Fund Class 1AP		177		N/A		0.01	%		N/A
Equinox Frontier Heritage Fund Class 2		27,439		89,822		1.03	%		2.68	%
Total	$	1,816,126	$	7,548,478

The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, and $300,000 for the third and final year for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $518,736 and $889,524, respectively under this agreement for the nine months ended September 30, 2014 and 2013 and $139,003 and $232,150, respectively, for the three months ended September 30, 2014 and 2013, respectively.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $285,000 and $115,000, respectively, for the three months ended September 30, 2014 and 2013, and $850,000 and $795,000, respectively, for the nine months ended September 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, $268,448 and $412,265, respectively, for the three months ended September 30, 2014 and 2013 and $849,510 and $1,460,009, respectively, for the nine months ended September 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.

48

7. Financial Highlights

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

	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, 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
Net operating results:
Interest income		0.24			0.26			0.24			0.26			0.28			0.26			0.39			0.39			0.29			0.31			0.32
Expenses		(2.74	)		(2.41	)		(2.25	)		(2.93	)		(2.65	)		(2.46	)		(2.53	)		(2.53	)		(2.35	)		(2.04	)		(2.06	)
Net gain/(loss) on investments, net of non-controlling interests		11.62			12.58			11.68			10.81			11.73			10.93			31.48			31.48			23.31			25.42			25.56
Net income/(loss)		9.12			10.43			9.67			8.12			9.36			8.73			29.33			29.34			21.24			23.70			23.82
Net asset value, September 30, 2014	$	95.89		$	105.24		$	97.04		$	101.09		$	110.93		$	102.70		$	141.50		$	141.54		$	104.00		$	114.02		$	114.38
Ratios to average net assets (3)
Net investment income/(loss)		-7.08	%		-4.69	%		-4.69	%		-8.48	%		-6.31	%		-6.31	%		-5.00	%		-5.00	%		-7.08	%		-5.00	%		-4.95	%
Expenses before incentive fees (4)		6.77	%		4.39	%		4.39	%		8.60	%		6.43	%		6.43	%		5.66	%		5.66	%		7.73	%		5.66	%		5.58	%
Expenses after incentive fees (4)		8.12	%		5.73	%		5.73	%		9.56	%		7.39	%		7.39	%		6.21	%		6.21	%		8.29	%		6.21	%		6.16	%
Total return before incentive fees (2)		11.86	%		12.35	%		12.41	%		9.69	%		10.18	%		10.25	%		26.70	%		26.71	%		26.22	%		26.80	%		26.88	%
Total return after incentive fees (2)		10.51	%		11.00	%		11.07	%		8.73	%		9.21	%		9.29	%		26.15	%		26.15	%		25.66	%		26.24	%		26.30	%
	Equinox Frontier Balanced Fund (6)																		Equinox Frontier Select Fund (6)
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2014	$	103.86		$	102.62		$	139.35		$	118.48		$	118.09					$	78.23		$	75.53		$	103.56
Net operating results:
Interest income		0.01			0.01			0.01			0.01			0.01						0.00			0.00			0.00
Expenses		(1.80	)		(0.99	)		(1.33	)		(1.13	)		(1.13	)					(2.41	)		(1.79	)		(2.41	)
Net gain/(loss) on investments, net of non-controlling interests		12.18			13.20			16.42			14.28			14.24						9.50			12.01			12.64
Net income/(loss)		10.39			12.21			15.10			13.16			13.12						7.09			10.22			10.23
Net asset value, September 30, 2014	$	114.25		$	114.83		$	154.45		$	131.64		$	131.21					$	85.32		$	85.75		$	113.79
Ratios to average net assets (3)
Net investment income/(loss)		-5.36	%		-2.35	%		-2.35	%		-2.35	%		-2.35	%					-8.91	%		-5.90	%		-5.90	%
Expenses before incentive fees (4)		4.96	%		1.95	%		1.95	%		1.95	%		1.95	%					7.83	%		4.82	%		4.82	%
Expenses after incentive fees (4)		5.39	%		2.38	%		2.38	%		2.38	%		2.38	%					8.91	%		5.90	%		5.90	%
Total return before incentive fees (2)		10.43	%		12.33	%		11.26	%		11.54	%		11.54	%					10.14	%		14.61	%		10.96	%
Total return after incentive fees (2)		10.00	%		11.90	%		10.84	%		11.11	%		11.11	%					9.06	%		13.53	%		9.88	%
	Equinox Frontier Winton Fund (6)									Equinox Frontier Heritage Fund (6)
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2014	$	145.07		$	138.93		$	183.72		$	102.58		$	98.80		$	136.93
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(3.52	)		(2.41	)		(3.08	)		(2.17	)		(1.37	)		(1.86	)
Net gain/(loss) on investments, net of non-controlling interests		7.62			13.40			9.70			8.54			12.07			11.46
Net income/(loss)		4.10			10.99			6.62			6.37			10.70			9.60
Net asset value, September 30, 2014	$	149.17		$	149.92		$	190.34		$	108.95		$	109.50		$	146.53
Ratios to average net assets (3)
Net investment income/(loss)		-7.81	%		-4.81	%		-4.81	%		-7.14	%		-4.13	%		-4.13	%
Expenses before incentive fees (4)		7.20	%		4.20	%		4.20	%		6.74	%		3.74	%		3.74	%
Expenses after incentive fees (4)		7.81	%		4.81	%		4.81	%		7.14	%		4.13	%		4.13	%
Total return before incentive fees (2)		3.44	%		8.52	%		4.21	%		6.61	%		11.23	%		7.41	%
Total return after incentive fees (2)		2.83	%		7.91	%		3.60	%		6.21	%		10.83	%		7.01	%

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

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

(3) Annualized with the exception of incentive fees.

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

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

(6) Class 1AP began operations on July 31, 2014.

49

	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		0.68			0.75			0.72			0.79			0.86			0.82			1.10			1.09			0.81			0.88			0.89
Expenses		(7.51	)		(6.58	)		(6.31	)		(6.96	)		(6.04	)		(5.73	)		(6.45	)		(6.43	)		(6.12	)		(5.16	)		(5.23	)
Net gain/(loss) on investments, net of non-controlling interests		15.62			16.72			18.42			15.43			16.65			15.70			21.59			21.58			16.58			17.96			18.25
Net income/(loss)		8.79			10.89			12.83			9.26			11.47			10.79			16.24			16.24			11.27			13.68			13.91
Net asset value, September 30, 2014	$	95.89		$	105.24		$	97.04		$	101.09		$	110.93		$	102.70		$	141.50		$	141.54		$	104.00		$	114.02		$	114.38
Ratios to average net assets (3)
Net investment income/(loss)		-9.44	%		-7.09	%		-7.09	%		-8.71	%		-6.56	%		-6.56	%		-5.82	%		-5.82	%		-7.91	%		-5.82	%		-5.82	%
Expenses before incentive fees (4)		6.69	%		4.34	%		4.34	%		8.34	%		6.19	%		6.19	%		6.52	%		6.52	%		8.61	%		6.52	%		6.52	%
Expenses after incentive fees (4)		10.51	%		8.17	%		8.17	%		9.89	%		7.74	%		7.74	%		7.05	%		7.05	%		9.14	%		7.05	%		7.05	%
Total return before incentive fees (2)		13.92	%		15.37	%		19.06	%		11.63	%		13.08	%		13.29	%		13.49	%		13.49	%		12.68	%		14.16	%		14.37	%
Total return after incentive fees (2)		10.09	%		11.54	%		15.24	%		10.08	%		11.53	%		11.74	%		12.96	%		12.96	%		12.15	%		13.63	%		13.84	%
	Equinox Frontier Balanced Fund (6)																		Equinox Frontier Select Fund (6)
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2013	$	106.29		$	102.62		$	140.49		$	118.80		$	118.41					$	79.86		$	75.53		$	104.14
Net operating results:
Interest income		0.02			0.02			0.03			0.03			0.03						0.00			0.00			0.00
Expenses		(5.85	)		(3.67	)		(4.71	)		(4.01	)		(3.99	)					(5.25	)		(0.17	)		(4.65	)
Net gain/(loss) on investments, net of non-controlling interests		13.79			15.85			18.64			16.82			16.76						10.71			10.39			14.30
Net income/(loss)		7.96			12.21			13.96			12.84			12.80						5.46			10.22			9.65
Net asset value, September 30, 2014	$	114.25		$	114.83		$	154.45		$	131.64		$	131.21					$	85.32		$	85.75		$	113.79
Ratios to average net assets (3)
Net investment income/(loss)		-6.85	%		-3.85	%		-3.85	%		-3.85	%		-3.85	%					-8.75	%		-5.75	%		-5.75	%
Expenses before incentive fees (4)		4.92	%		1.92	%		1.92	%		1.92	%		1.92	%					7.55	%		4.55	%		4.55	%
Expenses after incentive fees (4)		6.88	%		3.88	%		3.88	%		3.88	%		3.88	%					8.75	%		5.75	%		5.75	%
Total return before incentive fees (2)		9.45	%		13.86	%		11.90	%		12.77	%		12.77	%					8.03	%		14.73	%		10.46	%
Total return after incentive fees (2)		7.49	%		11.90	%		9.94	%		10.81	%		10.81	%					6.84	%		13.53	%		9.27	%
	Equinox Frontier Winton Fund (6)									Equinox Frontier Heritage Fund (6)
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2013	$	139.59		$	138.93		$	174.17		$	102.05		$	98.80		$	134.21
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(10.00	)		(8.66	)		(5.25	)		(5.98	)		(3.86	)		(4.99	)
Net gain/(loss) on investments, net of non-controlling interests		19.58			19.65			21.42			12.88			14.56			17.31
Net income/(loss)		9.58			10.99			16.17			6.90			10.70			12.32
Net asset value, September 30, 2014	$	149.17		$	149.92		$	190.34		$	108.95		$	109.50		$	146.53
Ratios to average net assets (3)
Net investment income/(loss)		-8.91	%		-5.91	%		-5.91	%		-7.67	%		-4.67	%		-4.67	%
Expenses before incentive fees (4)		7.10	%		4.10	%		4.10	%		6.55	%		3.55	%		3.55	%
Expenses after incentive fees (4)		8.91	%		5.91	%		5.91	%		7.67	%		4.67	%		4.67	%
Total return before incentive fees (2)		8.67	%		9.72	%		11.09	%		7.88	%		11.95	%		10.30	%
Total return after incentive fees (2)		6.86	%		7.91	%		9.28	%		6.76	%		10.83	%		9.18	%

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

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

(3) Annualized with the exception of incentive fees.

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

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

(6) Class 1AP began operations on July 31, 2014.

50

	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, June 30, 2013	$	85.55		$	91.85		$	94.74		$	101.71		$	134.46		$	134.49		$	99.90		$	107.14		$	107.15
Net operating results:
Interest income		0.41			0.45			0.43			0.46			0.92			0.92			0.68			0.74			0.73
Expenses		(1.31	)		(0.90	)		(1.76	)		(1.36	)		(2.45	)		(2.45	)		(1.82	)		(1.96	)		(1.94	)
Net gain/(loss) on investments, net of non-controlling interests		(6.52	)		(7.14	)		(5.54	)		(6.06	)		(6.84	)		(6.84	)		(5.16	)		(5.08	)		(5.03	)
Net income/(loss)		(7.42	)		(7.59	)		(6.87	)		(6.96	)		(8.37	)		(8.37	)		(6.30	)		(6.30	)		(6.24	)
Net asset value, September 30, 2013	$	78.13		$	84.26		$	87.87		$	94.75		$	126.09		$	126.12		$	93.60		$	100.84		$	100.91
Ratios to average net assets (3)
Net investment income/(loss)		-4.41	%		-2.10	%		-5.77	%		-3.61	%		-4.68	%		-4.68	%		-4.68	%		-4.68	%		-4.68	%
Expenses before incentive fees (4)		6.45	%		4.14	%		7.62	%		5.46	%		7.48	%		7.48	%		7.48	%		7.48	%		7.48	%
Expenses after incentive fees (4)		6.45	%		4.14	%		7.62	%		5.46	%		7.48	%		7.48	%		7.48	%		7.48	%		7.48	%
Total return before incentive fees (2)		-8.67	%		-8.26	%		-7.25	%		-6.84	%		-6.22	%		-6.22	%		-6.31	%		-5.88	%		-5.82	%
Total return after incentive fees (2)		-8.67	%		-8.26	%		-7.25	%		-6.84	%		-6.22	%		-6.22	%		-6.31	%		-5.88	%		-5.82	%
	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, June 30, 2013	$	104.89		$	136.54		$	114.69		$	114.31		$	81.01		$	104.04
Net operating results:
Interest income		0.09			0.12			0.10			0.10			0.26			0.34
Expenses		(1.22	)		(0.58	)		(0.49	)		(0.48	)		(1.30	)		(0.89	)
Net gain/(loss) on investments, net of non-controlling interests		(6.05	)		(7.88	)		(6.20	)		(6.18	)		(3.95	)		(5.10	)
Net income/(loss)		(7.17	)		(8.34	)		(6.58	)		(6.56	)		(4.99	)		(5.65	)
Net asset value, September 30, 2013	$	97.72		$	128.20		$	108.11		$	107.75		$	76.02		$	98.39
Ratios to average net assets (3)
Net investment income/(loss)		-4.47	%		-1.39	%		-1.39	%		-1.39	%		-5.20	%		-2.13	%
Expenses before incentive fees (4)		4.83	%		1.76	%		1.76	%		1.76	%		6.51	%		3.44	%
Expenses after incentive fees (4)		4.83	%		1.76	%		1.76	%		1.76	%		6.51	%		3.44	%
Total return before incentive fees (2)		-6.84	%		-6.11	%		-5.74	%		-5.74	%		-6.16	%		-5.43	%
Total return after incentive fees (2)		-6.84	%		-6.11	%		-5.74	%		-5.74	%		-6.16	%		-5.43	%
	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2013	$	132.81		$	163.19		$	98.08		$	127.04
Net operating results:
Interest income		0.23			0.29			0.17			0.23
Expenses		(2.18	)		(1.44	)		(1.37	)		(0.81	)
Net gain/(loss) on investments, net of non-controlling interests		(1.24	)		(1.52	)		(1.34	)		(1.74	)
Net income/(loss)		(3.19	)		(2.68	)		(2.53	)		(2.32	)
Net asset value, September 30, 2013	$	129.62		$	160.51		$	95.55		$	124.72
Ratios to average net assets (3)
Net investment income/(loss)		-5.94	%		-2.87	%		-4.92	%		-1.84	%
Expenses before incentive fees (4)		6.65	%		3.58	%		5.63	%		2.56	%
Expenses after incentive fees (4)		6.65	%		3.58	%		5.63	%		2.56	%
Total return before incentive fees (2)		-2.40	%		-1.64	%		-2.58	%		-1.83	%
Total return after incentive fees (2)		-2.40	%		-1.64	%		-2.58	%		-1.83	%

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

(2) 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.

51

	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		1.23			1.32			1.35			1.45			2.61			2.61			1.94			2.09			1.92
Expenses		(4.30	)		(3.00	)		(5.32	)		(4.05	)		(7.17	)		(7.19	)		(7.00	)		(5.75	)		(5.29	)
Net gain/(loss) on investments, net of non-controlling interests		(13.20	)		(14.54	)		(9.27	)		(10.26	)		(15.00	)		(14.99	)		(9.92	)		(10.95	)		(5.32	)
Net income/(loss)		(16.27	)		(16.22	)		(13.24	)		(12.86	)		(19.56	)		(19.57	)		(14.98	)		(14.61	)		(8.69	)
Net asset value, September 30, 2013	$	78.13		$	84.26		$	87.87		$	94.75		$	126.09		$	126.12		$	93.60		$	100.84		$	100.91
Ratios to average net assets (3)
Net investment income/(loss)		-4.53	%		-2.28	%		-5.41	%		-3.29	%		-4.36	%		-4.36	%		-6.50	%		-4.36	%		-4.36	%
Expenses before incentive fees (4)		6.17	%		3.93	%		7.25	%		5.13	%		6.86	%		6.86	%		8.99	%		6.86	%		6.86	%
Expenses after incentive fees (4)		6.36	%		4.12	%		7.25	%		5.13	%		6.86	%		6.86	%		8.99	%		6.86	%		6.86	%
Total return before incentive fees (2)		-17.05	%		-15.95	%		-13.09	%		-11.95	%		-13.43	%		-13.43	%		-13.80	%		-12.65	%		-7.93	%
Total return after incentive fees (2)		-17.24	%		-16.14	%		-13.09	%		-11.95	%		-13.43	%		-13.43	%		-13.80	%		-12.65	%		-7.93	%
	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		0.16			0.21			0.18			0.18			0.87			1.11
Expenses		(4.36	)		(2.44	)		(2.05	)		(2.04	)		(3.97	)		(2.77	)
Net gain/(loss) on investments, net of non-controlling interests		(14.40	)		(18.77	)		(14.38	)		(14.35	)		0.46			0.50
Net income/(loss)		(18.60	)		(21.00	)		(16.25	)		(16.21	)		(2.64	)		(1.16	)
Net asset value, September 30, 2013	$	97.72		$	128.20		$	108.11		$	107.75		$	76.02		$	98.39
Ratios to average net assets (3)
Net investment income/(loss)		-4.96	%		-1.95	%		-1.95	%		-1.95	%		-5.16	%		-2.16	%
Expenses before incentive fees (4)		4.76	%		1.76	%		1.76	%		1.76	%		6.60	%		3.60	%
Expenses after incentive fees (4)		5.15	%		2.15	%		2.15	%		2.15	%		6.60	%		3.60	%
Total return before incentive fees (2)		-15.59	%		-13.68	%		-12.67	%		-12.68	%		-3.36	%		-1.17	%
Total return after incentive fees (2)		-15.99	%		-14.07	%		-13.07	%		-13.08	%		-3.36	%		-1.17	%
	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		0.91			1.12			0.54			0.70
Expenses		(6.41	)		(4.15	)		(4.30	)		(2.68	)
Net gain/(loss) on investments, net of non-controlling interests		4.39			5.24			4.76			6.03
Net income/(loss)		(1.11	)		2.21			1.00			4.05
Net asset value, September 30, 2013	$	129.62		$	160.51		$	95.55		$	124.72
Ratios to average net assets (3)
Net investment income/(loss)		-5.47	%		-2.47	%		-5.08	%		-2.08	%
Expenses before incentive fees (4)		6.38	%		3.38	%		5.81	%		2.81	%
Expenses after incentive fees (4)		6.38	%		3.38	%		5.81	%		2.81	%
Total return before incentive fees (2)		-0.85	%		1.40	%		1.06	%		3.36	%
Total return after incentive fees (2)		-0.85	%		1.40	%		1.06	%		3.36	%

(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.

8. Derivative Instruments and Hedging Activities

The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of September 30, 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.

52

The following tables summarize the monthly averages of futures contracts bought and sold for each respective Series of the Trust:

For the Three Months Ended September 30, 2014

Monthly average contracts:

	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		—		—
Equinox Frontier Balanced Fund		1,944		1,998
Equinox Frontier Diversified Fund		—		—

For the Three Months Ended September 30, 2013

Monthly average contracts:

	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		2,500		2,879
Equinox Frontier Balanced Fund		3,338		3,090

For the Nine Months Ended September 30, 2014

Monthly average contracts:

	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		5,537		5,900
Equinox Frontier Balanced Fund		10,334		10,353
Equinox Frontier Diversified Fund		79		113

For the Nine Months Ended September 30, 2013

Monthly average contracts:

	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		9,663		10,026
Equinox Frontier Balanced Fund		19,280		19,916
Equinox Frontier Diversified Fund		8		29

53

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

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund		Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	—	$	165,590		$	—
Currencies		—		1,517,734			—
Energies		—		(218,021	)		—
Agriculturals		—		1,186,853			—
Interest rates		—		2,543,096			—
Stock indices		—		(760,848	)		—
Realized trading income/(loss)(1)	$	—	$	4,434,404		$	—

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(578,871	)	$	(510,734	)	$	—
Currencies		(107,754	)		(763,525	)		—
Energies		(4,807,731	)		143,757			—
Agriculturals		(235,520	)		(602,859	)		—
Interest rates		(933,919	)		2,847,561			—
Stock indices		538,242			69,417			—
Realized trading income/(loss)(1)	$	(6,125,553	)	$	1,183,617		$	—

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(60,704	)	$	(822,474	)	$	(5,850	)
Currencies		(278,672	)		1,326,386			(130,109	)
Energies		(1,920,468	)		(271,488	)		(783	)
Agriculturals		(252,807	)		1,346,581			(19,987	)
Interest rates		(223,175	)		8,337,291			471,687
Stock indices		154,966			2,248,704			10,927
Realized trading income/(loss)(1)	$	(2,580,860	)	$	12,165,000		$	325,885

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(1,422,087	)	$	3,773,562		$	(630,122	)
Currencies		611,059			(3,026,628	)		1,300,655
Energies		(7,454,776	)		(4,634,133	)		(3,465	)
Agriculturals		(756,506	)		(4,192,086	)		8,936
Interest rates		745,377			(7,701,383	)		(88,186	)
Stock indices		2,020,392			14,089,121			146,263
Realized trading income/(loss)(1)	$	(6,256,541	)	$	(1,691,547	)	$	734,081

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

54

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

for the Three Months Ended September 30, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund		Equinox Frontier Balanced Fund
Metals	$	—	$	127,144
Currencies		—		(1,400,572	)
Energies		—		(100,053	)
Agriculturals		—		66,795
Interest rates		—		(888,638	)
Stock indices		—		(458,480	)
Change in unrealized trading income/(loss)(1)	$	—	$	(2,653,804	)

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

for the Three Months Ended September 30, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	11,852		$	(782,565	)	$	—
Currencies		(79,163	)		47,821			—
Energies		3,968,251			(249,184	)		—
Agriculturals		(485,107	)		(314,017	)		—
Interest rates		193,720			660,515			—
Stock indices		(166,426	)		(819,898	)		—
Change in unrealized trading income/(loss)(1)	$	3,443,127		$	(1,457,328	)	$	—

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

for the Nine Months Ended September 30, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(162,388	)	$	(126,571	)	$	73,476
Currencies		(6,439	)		(1,591,111	)		(195,840	)
Energies		1,631,427			108,482			(135,932	)
Agriculturals		(574,982	)		631,179			(73,196	)
Interest rates		322,580			234,503			55,085
Stock indices		(248,852	)		(3,445,687	)		193,070
Change in unrealized trading income/(loss)(1)	$	961,346		$	(4,189,205	)	$	(83,337	)

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

for the Nine Months Ended September 30, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	267,939		$	3,276,949		$	608,392
Currencies		(290,944	)		(2,720,964	)		(1,191,389	)
Energies		2,247,845			(1,905,647	)		2,210
Agriculturals		(77,320	)		192,134			(21,226	)
Interest rates		(1,557,340	)		315,767			79,060
Stock indices		(537,723	)		584,436			(43,824	)
Change in unrealized trading income/(loss)(1)	$	52,457		$	(257,325	)	$	(566,777	)

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

55

Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under GAAP. The Series’ open trade equity/(deficit), options written, and receivables from Futures Commissions Merchants (each, an “FCM”) are subject to master netting arrangements and collateral arrangements and meet the GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a net basis on the statements of financial condition.

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of September 30, 2014 and December 31, 2013.

As of September 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)	$	444,441	$	(793,282	)	$	(348,841	)
Receivable from Futures Commissions Merchants		11,014,345		(205,610	)		10,808,735
Swap Contracts		14,749,414	$	—			14,749,414
Equinox Frontier Diversified Fund
Swap Contracts	$	5,194,086	$	—		$	5,194,086
Equinox Frontier Long/Short Commodity Fund
Swap Contracts	$	2,838,837	$	—		$	2,838,837
Equinox Frontier Heritage Fund
Swap Contracts	$	5,993,000	$	(156,157	)	$	5,836,843

56

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 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.

57

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.

58

Equinox Frontier Funds

Consolidated Statements of Financial Condition

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

	9/30/14		12/31/13
ASSETS
Cash and cash equivalents	$	10,968,686	$	9,302,857
U.S. Treasury securities, at fair value		121,870,315		193,678,360
Receivable from futures commission merchants		72,053,733		61,142,898
Open trade equity, at fair value		10,512,091		15,674,650
Options purchased, at fair value		6,341,561		3,033,870
Swap contracts, at fair value		28,619,180		21,455,529
Prepaid service fees		5,736		20,052
Interest receivable		712,952		2,652,967
Receivables from related parties		6,149		6,051
Other assets		33,214		55
Total Assets	$	251,123,617	$	306,967,289
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	—
Written options, at fair value		4,045,815		1,222,522
Pending owner additions		29,881		34,112
Owner redemptions payable		629,651		1,604,951
Incentive fees payable to Managing Owner		1,775,337		1,411,260
Management fees payable to Managing Owner		500,734		605,219
Interest payable to Managing Owner		183,273		281,562
Trading fees payable to Managing Owner		284,765		361,397
Service fees payable to Managing Owner		294,043		405,034
Payables to related parties		40,025		18,949
Other liabilities		—		—
Total Liabilities		7,783,524		5,945,006
CAPITAL
Managing Owner Units		5,007,641		4,246,069
Limited Owner Units		238,332,452		296,776,214
Total Capital		243,340,093		301,022,283
Total Liabilities and Capital	$	251,123,617	$	306,967,289

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

59

Equinox Frontier Funds

Consolidated Condensed Schedule of Investments

September 30, 2014

(Unaudited)

Description	Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(9,601,371	)		-3.95	%
Various base metals futures contracts (U.S.)		(47,616	)		-0.02	%
Various currency futures contracts (U.S.)		(34,219	)		-0.01	%
Various energy futures contracts (U.S.)		(4,005,213	)		-1.65	%
Various energy futures contracts (Europe)		4,168			0.00	%
Various interest rates futures contracts (Canada)		(61,306	)		-0.03	%
Various interest rates futures contracts (Europe)		1,931,516			0.79	%
Various interest rates futures contracts (Far East)		96,332			0.04	%
Various interest rates futures contracts (Oceanic)		144,354			0.06	%
Various interest rates futures contracts (U.S.)		(959,628	)		-0.39	%
Various precious metal futures contracts (U.S.)		(198,675	)		-0.08	%
Various soft futures contracts (Europe)		190,395			0.08	%
Various soft futures contracts (U.S.)		(1,456,014	)		-0.60	%
Various stock index futures contracts (Africa)		(10,758	)		0.00	%
Various stock index futures contracts (Canada)		(141,097	)		-0.06	%
Various stock index futures contracts (Europe)		(203,025	)		-0.08	%
Various stock index futures contracts (Far East)		70,107			0.03	%
Various stock index futures contracts (Mexico)		(1,859	)		0.00	%
Various stock index futures contracts (Oceanic)		(55,638	)		-0.02	%
Various stock index futures contracts (U.S.)		(76,405	)		-0.03	%
Total Long Futures Contracts	$	(14,415,952	)		-5.92	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	9,617,844			3.95	%
Various base metals futures contracts (U.S.)		150,504			0.06	%
Various currency futures contracts (Far East)		(15,709	)		-0.01	%
Various currency futures contracts (U.S.)		5,337,389			2.19	%
Various energy futures contracts (Europe)		1,699			0.00	%
Various energy futures contracts (Far East)		(301	)		0.00	%
Various energy futures contracts (U.S.)		6,249,937			2.57	%
Various interest rates futures contracts (Canada)		(1,116	)		0.00	%
Various interest rates futures contracts (Europe)		(172,565	)		-0.07	%
Various interest rates futures contracts (Far East)		(5,481	)		0.00	%
Various interest rates futures contracts (Oceanic)		(104,700	)		-0.04	%
Various interest rates futures contracts (U.S.)		(69,602	)		-0.03	%
Various precious metal futures contracts (U.S.)		2,154,435			0.89	%
Various soft futures contracts (Africa)		(1,227	)		0.00	%
Various soft futures contracts (Canada)		11,893			0.00	%
Various soft futures contracts (Europe)		112,418			0.05	%
Various soft futures contracts (Far East)		30,634			0.01	%
Various soft futures contracts (U.S.)		2,767,414			1.14	%
Various stock index futures contracts (Canada)		250			0.00	%
Various stock index futures contracts (Europe)		11,981			0.00	%
Various stock index futures contracts (Far East)		33,889			0.01	%
Various stock index futures contracts (Oceanic)		25,610			0.01	%
Various stock index futures contracts (U.S.)		235,375			0.10	%
Total Short Futures Contracts	$	26,370,571			10.83	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	(1,442,528	)		-0.59	%
Total Currency Forwards	$	(1,442,528	)		-0.59	%
Total Open Trade Equity (Deficit)	$	10,512,091			4.32	%
OPTIONS PURCHASED *
Various base metals futures contracts (Europe)	$	1,503,233			0.62	%
Various currency futures contracts (U.S.)		362,450			0.15	%
Various energy futures contracts (U.S.)		2,369,070			0.97	%
Various interest rates futures contracts (U.S.)		90,000			0.04	%
Various precious metal futures contracts (U.S.)		839,955			0.35	%
Various soft futures contracts (U.S.)		830,220			0.34	%
Various stock index futures contracts (U.S.)		346,633			0.14	%
Total Options Purchased	$	6,341,561			2.61	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	(439,292	)		-0.18	%
Various currency futures contracts (U.S.)		(77,475	)		-0.03	%
Various energy futures contracts (U.S.)		(1,202,230	)		-0.49	%
Various interest rates futures contracts (U.S.)		(53,000	)		-0.02	%
Various precious metal futures contracts (U.S.)		(628,865	)		-0.26	%
Various soft futures contracts (U.S.)		(1,342,305	)		-0.55	%
Various stock index futures contracts (U.S.)		(302,648	)		-0.12	%
Total Options Written	$	(4,045,815	)		-1.65	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	14,749,414			6.06	%
Frontier Brevan Howard swap (U.S.)		5,836,843			2.40	%
Frontier XXXV Diversified select swap (U.S.)		5,194,086			2.13	%
Frontier XXXVII L/S select swap (U.S.)		2,838,837			1.17	%
Total Swaps	$	28,619,180			11.76	%
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)	$	93,592,190			38.46	%
$20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		28,278,125			11.62	%
Total U.S. Treasury Securities	$	121,870,315			50.08	%

* 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.

60

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.

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Equinox Frontier Funds

Consolidated Statements of Operations

For the Three Months Ended September 30, 2014 and 2013

(Unaudited)

	2014			2013
Investment income:
Interest—net	$	254,705		$	1,140,637
Total Income		254,705			1,140,637
Expenses:
Incentive Fees		1,775,911			—
Management Fees		1,454,821			1,981,543
Service Fees—Class 1		1,020,397			1,650,323
Trading Fees		783,665			1,281,476
Total Expenses		5,034,794			4,913,342
Investment income/(loss)—net		(4,780,089	)		(3,772,705	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		20,316,456			(18,537,056	)
Net change in open trade equity/(deficit)		(1,796,746	)		2,716,062
Net realized gain/(loss) on swap contracts		—			(1,646,391	)
Net unrealized gain/(loss) on swap contracts		8,889,336			(2,600,517	)
Net realized gain/(loss) on U.S. Treasury securities		211,628			—
Net unrealized gain/(loss) on U.S. Treasury securities		611,190			—
Trading commissions		(950,412	)		(1,106,569	)
Net gain/(loss) on investments		27,281,452			(21,174,471	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	$	22,501,363		$	(24,947,176	)

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

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Equinox Frontier Funds

Consolidated Statements of Operations

For the Nine Months Ended September 30, 2014 and 2013

(Unaudited)

	2014			2013
Investment income:
Interest—net	$	854,257		$	3,703,455
Total Income		854,257			3,703,455
Expenses:
Incentive Fees		5,327,960			889,025
Management Fees		4,583,154			6,708,693
Service Fees—Class 1		3,288,436			5,718,063
Trading Fees		2,487,782			4,533,240
Total Expenses		15,687,332			17,849,021
Investment income/(loss)—net		(14,833,075	)		(14,145,566	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		25,829,555			(31,209,297	)
Net change in open trade equity/(deficit)		(6,838,776	)		1,579,799
Net realized gain/(loss) on swap contracts		—			(3,555,134	)
Net unrealized gain/(loss) on swap contracts		7,163,651			(2,763,657	)
Net realized gain/(loss) on U.S. Treasury securities		(429,638	)		1,078,008
Net unrealized gain/(loss) on U.S. Treasury securities		10,095,484			(1,157,776	)
Trading commissions		(2,851,464	)		(4,004,456	)
Net gain/(loss) on investments		32,968,812			(40,032,513	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	$	18,135,737		$	(54,178,079	)

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

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Equinox Frontier Funds

Consolidated Statement of Changes in Owners’ Capital

For the Nine Months Ended September 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			12,417,146			12,440,305
Redemption of Units		(317,674	)		(87,940,558	)		(88,258,232	)
Net increase/(decrease) in Owners’ Capital resulting from operations		500,640			17,635,097			18,135,737
Owners’ Capital, September 30, 2014	$	5,007,641		$	238,332,452		$	243,340,093

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.

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Equinox Frontier Funds

Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2014 and 2013 (Unaudited)

	2014			2013
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	18,135,737		$	(54,178,079	)
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		5,162,559			5,173,457
Net change in options purchased		(3,307,691	)		—
Net change in options written		2,823,293			(2,612,290	)
Net change in allocation of total return swaps		—			3,501
Net unrealized (gain)/loss on swap contracts		(7,163,651	)		2,763,657
Net realized (gain)/loss on swap contracts		—			3,555,134
Net unrealized (gain)/loss on U.S. Treasury securities		(10,095,484	)		1,157,776
Net realized (gain)/loss on U.S. Treasuries securities		429,638			(1,078,008	)
(Purchases) sales of:
Sales of swap contracts		—			20,694,866
(Purchases) of swap contracts		—			(21,880,000	)
Sales of U.S. Treasury securities		81,473,891			17,921,554
Sales of custom time deposits		—			76,007,675
Interest rollover of custom time deposits		—			—
Increase and/or decrease in:
Receivable from futures commission merchants		(10,910,835	)		81,288,822
Distributions from trading companies		—			—
Prepaid service fees		14,316			101,896
Interest receivable		1,940,015			250,645
Receivable from related parties		(98	)		(3,420	)
Other assets		(33,159	)		34,993
Incentive fees payable to Managing Owner		364,077			(732,119	)
Management fees payable to Managing Owner		(104,485	)		(402,038	)
Interest payable to Managing Owner		(98,289	)		(175,293	)
Trading fees payable to Managing Owner		(76,632	)		(203,645	)
Service fees payable to Managing Owner		(110,991	)		(215,722	)
Payables to related parties		21,076			(28,041	)
Other liabilities		—			(50,070	)
Net cash provided by (used in) operating activities		78,463,287			127,395,251
Cash Flows from Financing Activities:
Proceeds from sale of capital		12,440,305			8,844,273
Payment for redemption of capital		(88,258,232	)		(146,394,197	)
Pending owner additions		(4,231	)		(65,566	)
Redemptions payable		(975,300	)		102,802
Net cash provided by (used in) financing activities		(76,797,458	)		(137,512,688	)
Net increase (decrease) in cash and cash equivalents		1,665,829			(10,117,437	)
Cash and cash equivalents, beginning of period		9,302,857			17,094,782
Cash and cash equivalents, end of period	$	10,968,686		$	6,977,345

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 its managing owner, Equinox Fund Management, LLC (the “Managing Owner”).

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

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

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 between two to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of 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

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of their Class 1, Class 1AP 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.

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 September 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 a maximum of seven separate Classes—Class 1, Class 1AP, 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, certificates of deposit and custom time deposits. 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 follow U.S. Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, condensed schedules of investments, results of operations, changes in capital and cash flows. The Trust is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946.

Consolidation—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 (each, an “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 between two to seven classes of Units—Class 1, Class 1AP, 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 1AP, 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 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 between two to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1, Class 1AP 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, Class 1AP 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, Class 1AP 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 September 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.

Recently Issued Accounting Pronouncements— In May 2014 the FASB issued a final standard on revenue from contracts with customers. The standard, issued as FASB ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. A full retrospective or modified retrospective approach may be taken to adopt the guidance in the ASU. The Trust is currently evaluating the impact of the provisions of ASU 2014-09 on its consolidated financial position, results of operations and related disclosures.

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

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

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of

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

September 30, 2014	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	11,954,619	$	(1,442,528	)	$	—	$	10,512,091
Swap Contracts		—		—			28,619,180		28,619,180
U.S. Treasury Securities		121,870,315		—			—		121,870,315
Purchased Options		—		6,341,561			—		6,341,561
Written Options		—		(4,045,815	)		—		(4,045,815	)
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 Nine Months Ended September 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		7,163,651
Purchases of investments		—
Sales of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2014	$	28,619,180
	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 nine months ended September 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 September 30, 2014 and December 31, 2013, 11.4% 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.

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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 nine months ended September 30, 2014:

	Brevan Howard Total Return Swap		XXXIV Balanced select swap Total Return Swap		XXXV Diversified select swap Total Return Swap		XXXVII L/S select swap Total Return Swap
Counterparty		DeutscheBank AG		DeutscheBank AG		DeutscheBank AG		DeutscheBank AG
Notional Amount	$	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)	$	867,812	$	5,253,082	$	2,147,690	$	620,752
Fair Value as of 9/30/2014	$	5,836,843	$	14,749,414	$	5,194,086	$	2,838,837

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

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may purchase limited units in any Series as a Limited Owner. Principals of the Managing Owner or affiliates are allowed to own beneficial interests in the Trust, as well. All units purchased by the Managing Owner are held for investment purposes only and not for resale. The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates.

Expenses

Management Fees—Each Series of 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, 1AP, 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, of 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, of 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, Class 1AP and Class 1a Units of each Series of the Trust, as applicable, the Series pays monthly or quarterly to the Managing Owner a service fee of up to 3% annually, which the Managing Owner pays to selling agents of the Trust.

As of September 30, 2014, the Trust has a payable to the Managing Owner in the amounts of $1,775,337, $500,734, $183,273, $284,765, and $294,043 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 September 30, 2014, the Trust paid the Managing Owner $1,775,911, $1,454,821, $1,020,397 and $783,665 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended September 30, 2013, the Trust paid the Managing Owner $0, $1,981,543, $1,650,323, and $1,281,476 for incentive fees, management fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2014, the Trust paid the Managing Owner $5,327,960, $4,583,154, $3,288,436, and $2,487,782 for incentive fees, management fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2013, the Trust paid the Managing Owner $889,025, $6,708,693, $5,718,063, and $4,533,240 for incentive fees, management fees, service fees, and trading fees, respectively.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the nine months ended September 30, 2014 and year ended December 31, 2013 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were ($18,753) and ($18,228), 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

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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 nine months ended September 30, 2014, the Trust paid $538,419 and $1,816,125, respectively, of such interest income to the Managing Owner. During the three and nine months ended September 30, 2013, the Trust paid $2,420,296 and $7,548,478, respectively, of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations.

The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, and $300,000 for the third and final year for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $518,736 and $889,524, respectively under this agreement for the nine months ended September 30, 2014 and 2013 and $139,003 and $232,150, respectively, for the three months ended September 30, 2014 and 2013.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $285,000 and $115,000, for the three months ended September 30, 2014 and 2013, and $850,000 and $795,000, respectively, for the nine months ended September 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, $268,448 and $412,265, respectively, for the three months ended September 30, 2014 and 2013 and $849,510 and $1,460,009, respectively, for the nine months ended September 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.

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6. Financial Highlights

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

Three Months Ended
	2014			2013
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-5.67	%		-4.08	%
Expenses before incentive fees (3)		-5.35	%		-5.32	%
Expenses after incentive fees (3)		-6.09	%		-5.32	%
Total return before incentive fees (2)		10.05	%		-6.81	%
Total return after incentive fees (2)		9.32	%		-6.81	%
Nine Months Ended
	2014			2013
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.94	%		-4.29	%
Expenses before incentive fees (3)		-5.33	%		-5.23	%
Expenses after incentive fees (3)		-7.38	%		-5.43	%
Total return before incentive fees (2)		9.03	%		-12.28	%
Total return after incentive fees (2)		6.98	%		-12.48	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

(3) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Consolidated Statements of Operations of the Trust. See footnote 5.

The Trust financial highlights are calculated based upon the Trust’s consolidated financial statements. The consolidated Trust does not issue units and therefore the financial highlights do not disclose any unitized data.

7. Derivative Instruments and Hedging Activities

The Trust’s primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust’s derivatives by instrument types as of September 30, 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 September 30, 2014 and 2013, the monthly average of futures contracts bought was approximately 9,077 and 101,645, respectively and sold was approximately 9,092 and 111,301, respectively. For the nine months ended September 30, 2014 and 2013, the monthly average of futures contracts bought was approximately 28,999 and 55,975, respectively and sold was approximately 28,961 and 62,543, respectively.

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

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

for the Three Months Ended September 30, 2014

Type of contract
Metals	$	1,537,673
Currencies		2,480,952
Energies		(1,492,743	)
Agriculturals		788,201
Interest rates		(3,643,772	)
Stock indices		(1,467,057	)
Change in unrealized trading income/(loss)(1)	$	(1,796,746	)

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

for the Nine Months Ended September 30, 2014

Type of contract
Metals	$	590,622
Currencies		(1,475,122	)
Energies		474,691
Agriculturals		316,434
Interest rates		1,122,070
Stock indices		(7,867,471	)
Change in unrealized trading income/(loss)(1)	$	(6,838,776	)

(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 September 30, 2014

Type of contract
Metals	$	779,630
Currencies		6,559,987
Energies		(833,448	)
Agriculturals		5,092,270
Interest rates		8,323,148
Stock indices		394,869
Realized trading income/(loss)(1)	$	20,316,456

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2014

Type of contract
Metals	$	(2,622,349	)
Currencies		6,118,257
Energies		(2,727,631	)
Agriculturals		3,354,245
Interest rates		15,624,527
Stock indices		6,082,506
Realized trading income/(loss)(1)	$	25,829,555

(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 September 30, 2013

Type of contract
Metals	$	(9,845,278	)
Currencies		5,886,547
Energies		4,049,891
Agriculturals		(189,046	)
Interest rates		4,704,003
Stock indices		(1,890,055	)
Change in unrealized trading income/(loss)(1)	$	2,716,062

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

for the Nine Months Ended September 30, 2013

Type of contract
Metals	$	6,049,692
Currencies		227,765
Energies		(409,807	)
Agriculturals		1,089,106
Interest rates		(1,408,414	)
Stock indices		(3,968,543	)
Change in unrealized trading income/(loss)(1)	$	1,579,799

(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 September 30, 2013

Type of contract
Metals	$	(1,256,538	)
Currencies		(12,540,668	)
Energies		(4,070,454	)
Agriculturals		(525,818	)
Interest rates		(7,030,426	)
Stock indices		6,886,848
Realized trading income/(loss)(1)	$	(18,537,056	)

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2013

Type of contract
Metals	$	4,605,553
Currencies		(19,298,175	)
Energies		(15,517,220	)
Agriculturals		(3,694,199	)
Interest rates		(33,752,578	)
Stock indices		36,447,322
Realized trading income/(loss)(1)	$	(31,209,297	)

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

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

The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the consolidated statements of financial condition as of September 30, 2014 and December 31, 2013:

Offsetting of Derivative Assets and Liabilities

As of September 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)	$	13,679,493	$	(3,167,402	)	$	10,512,091
Options Purchased		6,341,561		—			6,341,561
Options Written		—		(4,045,815	)		(4,045,815	)
Receivable from Futures Commissions Merchants		170,168,191		(98,114,458	)		72,053,733
Swap Contracts		28,775,337		(156,157	)		28,619,180

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.

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

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

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

The Managing Owner has established procedures to actively monitor and minimize market and credit risks. The Limited Owners bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

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).

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 “Financial Statements.”

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.

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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.

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

Allocation as of September 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		—			24	%		—			—			—			—			—
BH-DG Systematic Trading LLP		10	%		—			—			—			42	%		—			44	%
Campbell &Company Inc.		—			—			—			9	%		—			—			—
Cantab Capital Partners LLP		—			—			—			8	%		—			—			—
Chesapeake Capital Corporation		9	%		—			30	%		—			—			—			—
Commodity Strategies AG		—			—			—			—			—			—			—
Crabel Capital Management, LLC		8	%		—			—			4	%		—			—			—
Doherty Trading Advisors		4	%		—			—			4	%		—			—			—
Emil Van Essen, LLC		6	%		13	%		—			4	%		—			—			—
Fort, L.P.		10	%		—			—			11	%		—			—			—
H2O Asset Management		—			—			—			9	%		—			—			—
J E Moody & Company		—			18	%		—			—			—			—			—
Krom River Trading AG		—			—			—			—			—			—			—
Mesirow Financial Commodities Management, LLC		—			—			—			—			—			—			—
Quantica Capital AG		—			—			—			6	%		—			—			—
Quantitative Investment Management, LLC		10	%		—			—			8	%		—			—			—
QuantMetrics Capital Management LLP		14	%		—			—			8	%		—			—			—
Quest Partners LLC		10	%		—			—			—			—			—			—
Red Oak Commodity Advisors, Inc.		—			20	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			20	%		—			—			—			—			—
Skyline Management, Inc.		—			—			—			8	%		—			—			—
Tarpon Trading LLC		—			—			—			—			—			—			—
Tiverton Trading		—			—			—			8	%		—			—			—
Transtrend B.V.		—			—			28	%		—			58	%		—			—
Winton Capital Management Ltd.		12	%		—			42	%		9	%		—			100	%		56	%

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 September 30, 2014, cash deposited at the clearing brokers was $72,053,733 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

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commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining approximately 64% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of September 30, 2014, total cash and cash equivalents held at banking institutions were $2,317,415 for the Equinox Frontier Diversified Fund, $1,046,506 the Equinox Frontier Long/Short Commodity Fund, $1,061,158 for the Equinox Frontier Masters Fund, $3,655,959 for the Equinox Frontier Balanced Fund, $412,711 for the Equinox Frontier Select Fund, $2,010,973 for the Equinox Frontier Winton Fund, and $463,964 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 nine months ended September 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 nine months ended September 30, 2014 and September 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.

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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’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For certain of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the periods presented.

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

Equinox Frontier Diversified Fund

The Equinox Frontier Diversified Fund—Class 1 NAV gained 10.51% and lost 8.67%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV gained 11.00% and lost 8.26%, respectively for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 3 NAV gained 11.07% for the three months ended September 30, 2014. The inception date of the Equinox Frontier Diversified Fund Class 3 was February 24, 2014.

For the three months ended September 30, 2014, the Equinox Frontier Diversified Fund recorded net gain on investments of $6,490,602, net investment income of $134,263, and total expenses of $1,363,371 resulting in a net increase in Owners’ capital from operations of $5,261,494. For the three months ended September 30, 2013, the Equinox Frontier Diversified Fund recorded net loss on investments of $6,696,322, net investment income of $399,992, and total expenses of $1,035,481 resulting in a net decrease in Owners’ capital from operations of $7,331,811.

Please see additional discussion under “Nine months Ended September 30, 2014 Compared to Nine months Ended September 30, 2013 – Equinox Frontier Diversified Fund.”

Equinox Frontier Masters Fund

The Equinox Frontier Masters Fund—Class 1 NAV gained 8.73% and lost 7.25%, respectively, for the three months ended September 30, 2014 and 2013 net of fees and expenses; the Equinox Frontier Masters Fund—Class 2 NAV gained 9.21% and lost 6.84% for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV gained 9.29% for the three months ended September 30, 2014. The inception date of the Equinox Frontier Masters Fund was December 17, 2013.

For the three months ended September 30, 2014, the Equinox Frontier Masters Fund recorded net gain on investments of $2,557,909, net investment income of $62,263, and total expenses of $654,965, resulting in a net increase in Owners’ capital from operations of $1,965,207. For the three months ended September 30, 2013, the Equinox Frontier Masters Fund recorded net loss on investments of $2,509,310, net investment income of $192,004, and total expenses of $724,530, resulting in a net decrease in Owners’ capital from operations of $3,041,836.

Please see additional discussion under “Nine months Ended September 30, 2014 Compared to Nine months Ended September 30, 2013 – Equinox Frontier Masters Fund.”

Equinox Frontier Long/Short Commodity Fund

The Equinox Frontier Long/Short Commodity Fund—Class 2 NAV gained 26.15% and lost 6.22%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 3 NAV gained 26.15% and lost 6.22% respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 1a NAV gained 25.66% and lost 6.31%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund —Class 2a NAV gained 26.24% and lost 5.88%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV gained 26.30% and lost 5.82%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses.

For the three months ended September 30, 2014, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $4,217,572, net investment income of $51,721, and total expenses of $367,433, resulting in a net increase in Owners’ capital from operations of $3,901,860. For the three months ended September 30, 2013, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $3,403,485, net investment income of $249,355, and total expenses of $736,011, resulting in a net decrease in Owners’ capital from operations of $2,283,631, after non-controlling interests of $1,606,510.

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Please see additional discussion under “Nine months Ended September 30, 2014 Compared to Nine months Ended September 30, 2013 – Equinox Frontier Long/Short Commodity Fund.”

Equinox Frontier Balanced Fund

The Equinox Frontier Balanced Fund—Class 1 NAV gained 10.00% and lost 6.84%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2 NAV gained 10.84% and lost 6.11%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2a NAV gained 11.11% and lost 5.74%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 3a NAV gained 11.11% and lost 5.74%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 1AP NAV gained 11.89% for the three months ended September 30, 2014. The inception date of the Equinox Frontier Balanced Fund Class 1AP was July 31, 2014.

For the three months ended September 30, 2014, the Equinox Frontier Balanced Fund recorded net gain on investments of $10,465,597, net investment income of $6,458, and total expenses of $1,282,908, resulting in a net increase in Owners’ capital from operations of $8,478,094, after non-controlling interests of $711,053. For the three months ended September 30, 2013, the Equinox Frontier Balanced Fund recorded net loss on investments of $10,036,310, net investment income of $123,819, and total expenses of $1,337,925, resulting in a net decrease in Owners’ capital from operations of $9,721,779 after non-controlling interests of $1,528,637.

Please see additional discussion under “Nine months Ended September 30, 2014 Compared to Nine months Ended September 30, 2013 – Equinox Frontier Balanced Fund.”

Equinox Frontier Select Fund

The Equinox Frontier Select Fund—Class 1 NAV gained 9.06% and lost 6.16%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Select Fund—Class 2 NAV gained 9.88% and lost 5.43%, respectively for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Select Fund—Class 1AP NAV gained 13.53% for the three months ended September 30, 2014. The inception date of the Equinox Frontier Select Fund Class 1AP was July 31, 2014.

For the three months ended September 30, 2014, the Equinox Frontier Select Fund recorded net gain on investments of $1,619,376, net investment income of $0, and total expenses of $414,633, resulting in a net increase in Owners’ capital from operations of $1,204,743. For the three months ended September 30, 2013, the Equinox Frontier Select Fund recorded net loss on investments of $1,021,631, net investment income of $68,662, and total expenses of $322,765, resulting in a net decrease in Owners’ capital from operations of $1,275,734.

Please see additional discussion under “Nine months Ended September 30, 2014 Compared to Nine months Ended September 30, 2013 – Equinox Frontier Select Fund.”

Equinox Frontier Winton Fund

The Equinox Frontier Winton Fund—Class 1 NAV gained 2.83% and lost 2.40%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Winton Fund—Class 2 NAV gained 3.60% and lost 1.64%, respectively, for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Winton Fund—Class 1AP NAV gained 7.91% for the three months ended September 30, 2014. The inception date of the Equinox Frontier Winton Fund Class 1AP was July 31, 2014.

For the three months ended September 30, 2014, the Equinox Frontier Winton Fund recorded net gain on investments of $1,751,104, net investment income of $0, and total expenses of $738,987, resulting in a net increase in Owners’ capital from operations of $1,012,414. For the three months ended September 30, 2013, the Equinox Frontier Winton Fund recorded net loss on investments of $380,598, net investment income of $66,992, and total expenses of $548,777, resulting in a net decrease in Owners’ capital from operations of $862,383.

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Please see additional discussion under “Nine months Ended September 30, 2014 Compared to Nine months Ended September 30, 2013 – Equinox Frontier Winton Fund.”

Equinox Frontier Heritage Fund

The Equinox Frontier Heritage Fund—Class 1 NAV gained 6.21% and lost 2.58%, respectively, for the three months ended September 30, 2014 and 2013 net of fees and expenses; the Equinox Frontier Heritage Fund —Class 2 NAV gained 7.01% and lost 1.83%, respectively for the three months ended September 30, 2014 and 2013, net of fees and expenses; the Equinox Frontier Heritage Fund—Class 1AP NAV gained 10.83% for the three months ended September 30, 2014. The inception date of the Equinox Frontier Heritage Fund Class 1AP was July 31, 2014.

For the three months ended September 30, 2014, the Equinox Frontier Heritage Fund recorded net gain on investments of $1,275,742, net investment income of $0, and total expenses of $212,497, resulting in a net increase in Owners’ capital from operations of $677,551, after non-controlling interests of $385,694. For the three months ended September 30, 2013, the Equinox Frontier Heritage Fund recorded net loss on investments of $249,447, net investment income of $29,602, and total expenses of $207,326, resulting in a net decrease in Owners’ capital from operations of $427,171.

Please see additional discussion under “Nine months Ended September 30, 2014 Compared to Nine months Ended September 30, 2013 – Equinox Frontier Heritage Fund.”

Nine months Ended September 30, 2014 Compared to Nine months Ended September 30, 2013.

Equinox Frontier Diversified Fund

2014

The Equinox Frontier Diversified Fund—Class 1 NAV gained 10.09% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV gained 11.54% for the nine months ended September 30, 2014, net of fees and expenses. The Equinox Frontier Diversified Fund—Class 3 NAV gained 15.24% for the nine months ended September 30, 2014. The inception date of the Equinox Frontier Diversified Fund Class 3 was February 24, 2014.

For the nine months ended September 30, 2014, the Equinox Frontier Diversified Fund recorded net gain on investments of $8,976,177, net investment income of $434,640, and total expenses of $4,221,315 resulting in a net increase in Owners’ capital from operations of $4,864,131, after non-controlling interests of $325,371. The NAV per Unit, Class 1, increased from $87.10 at December 31, 2013 to $95.89 as of September 30, 2014. The NAV per Unit, Class 2, increased from $94.35 at December 31, 2013 to $105.24 as of September 30, 2014. The NAV per Unit, Class 3 was $97.04 as of September 30, 2014. Class 3 operations began February 25, 2014. Total Class 1 subscriptions and redemptions for the period were $581,038 and $12,755,926, respectively. Total Class 2 subscriptions and redemptions for the period were $357,647 and $7,801,018, respectively. Total Class 3 subscriptions and redemptions for the period were $4,950,802 and $545,958, respectively. Ending capital at September 30, 2014 was $18,014,062 for Class 1, $30,214,104 for Class 2 and $4,881,588 for Class 3. Ending capital at December 31, 2013 was $28,744,047 for Class 1 and $34,714,991 for Class 2.

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

Five of the six sectors traded in the Equinox Frontier Diversified Fund was profitable in 3Q 2014. Interest Rates, Stock Indices, Metals, Agriculturals and Currencies were profitable while and Energies finished negative for the quarter.

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

In terms of major CTA performance Brevan Howard, Chesapeake, Crabel, Doherty, Emil Van Essen, Fort (GC), H20, Quantmetrics, Quest and Winton finished positive for the quarter. QIM finished negative for the quarter. In terms of YTD performance Chesapeake, Crabel, Doherty, Fort (GC), H2O, Quantmetrics, Quest and Winton are positive YTD while Brevan Howard, Emil Van Essen, and QIM are negative YTD.

2013

The Equinox Frontier Diversified Fund – Class 1 NAV lost 17.24% for the nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Diversified Fund – Class 2 NAV lost 16.14% for the nine months ended September 30, 2013, net of fees and expenses.

For the nine months ended September 30, 2013 the Equinox Frontier Diversified Fund recorded a net loss on investments of $13,898,938, net investment income of $1,338,676, and total expenses of $3,865,332, resulting in a net decrease in Owners’ capital from operations of $16,425,594. The NAV per Unit, Class 1, decreased from $94.40 at December 31, 2012, to $78.13 as of September 30, 2013. The NAV per Unit, Class 2, decreased from $100.48 at December 31, 2012, to $84.26 as of September 30, 2013. Total Class 1 subscriptions and redemptions for the period were $1,463,020 and $18,058,110, respectively. Total Class 2 subscriptions and redemptions for the period were $2,709,517 and $16,887,983, respectively. Ending capital at September 30, 2013, was $33,842,947 for Class 1 and $34,139,475 for Class 2. Ending capital at December 31, 2012, was $58,999,936 for Class 1 and $56,181,636 for Class 2.

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The Equinox Frontier Diversified 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 Diversified Fund were profitable in 3Q 2013. Stock Indices, Agriculturals and Energies were profitable while Interest Rates, Currencies and Metals finished negative for the quarter.

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

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

Equinox Frontier Masters Fund

2014

The Equinox Frontier Masters Fund—Class 1 NAV gained 10.08% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Masters Fund—Class 2 NAV gained 11.53% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV gained 11.74% for the nine months ended September 30, 2014. The inception date of the Equinox Frontier Masters Fund Class 3 was December 17, 2013.

For the nine months ended September 30, 2014, the Equinox Frontier Masters Fund recorded net gain on investments of $3,538,090, net investment income of $228,964, and total expenses of $1,847,787, resulting in a net increase in Owners’ capital from operations of $1,919,267. The NAV per Unit, Class 1, increased from $91.83 at December 31, 2013 to $101.09 as of September 30, 2014. The NAV per Unit, Class 2, increased from $99.46 at December 31, 2013 to $110.93 as of September 30, 2014. The NAV per Unit, Class 3, increased from $91.91 at December 31, 2013 to $102.70 as of September 30, 2014. Total Class 1 subscriptions and

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redemptions for the period were $186,801 and $12,386,749, respectively. Total Class 2 subscriptions and redemptions for the period were $35,000 and $3,314,357, respectively. Total Class 3 subscriptions and redemptions for the period were $3,708,418 and $1,025,719, respectively. Ending capital at September 30, 2014 was $11,547,846 for Class 1, $7,954,560 for Class 2 and $3,391,039 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 Equinox Frontier Masters Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors.

Four of the six sectors traded in Equinox Frontier Masters Fund were profitable in 3Q 2014. Metals, Currencies, Agriculturals, and Interest Rates were positive while, Energies and Stock Indices were negative for the quarter.

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

In terms of major CTA performance, all of the major CTAs in the Equinox Frontier Masters Fund were profitable for the quarter. All are also positive YTD.

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2013

The Equinox Frontier Masters Fund – Class 1 NAV lost 13.09% for the nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV lost 11.95% for the nine months ended September 30, 2013, net of fees and expenses.

For the nine months ended September 30, 2013 the Equinox Frontier Masters Fund recorded a net loss on investments of $4,204,428, net investment income of $647,376, and total expenses of $2,312,658, resulting in a net decrease in Owners’ capital from operations of $5,869,710. The NAV per Unit, Class 1, decreased from $101.11 at December 31, 2012, to $87.87 as of September 30, 2013. The NAV per Unit, Class 2, increased from $107.61 at December 31, 2012, to $94.75 as of September 30, 2013. Total Class 1 subscriptions and redemptions for the period were $2,545,424 and $6,636,880, respectively. Total Class 2 subscriptions and redemptions for the period were $594,083 and $4,558,265, respectively. Ending capital at September 30, 2013, was $26,310,277 for Class 1 and $11,250,533 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.

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 gained 12.96% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 3 NAV gained 12.96% for the nine months ended September 30, 2014, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 1a NAV

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gained 12.15%, for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 2a NAV gained 13.63%, for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV gained 13.84% for the nine months ended September 30, 2014, net of fees and expenses.

For the nine months ended September 30, 2014, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $1,651,773, net investment income of $168,573, and total expenses of $1,091,982, resulting in a net increase in Owners’ capital from operations of $1,495,186, after non-controlling interests of ($766,822). The NAV per Unit, Class 2, increased from $125.26 at December 31, 2013 to $141.50 as of September 30, 2014. The NAV per Unit, Class 3, increased from $125.30 at December 31, 2013 to $141.54 as of September 30, 2014. The NAV per Unit, Class 1a, increased from $92.73 at December 31, 2013 to $104.00 as of September 30, 2014. The NAV per Unit, Class 2a, increased from $100.34 at December 31, 2013 to $114.02 as of September 30, 2014. The NAV per Unit, Class 3a, increased from $100.47 at December 31, 2013 to $114.38 as of September 30, 2014. Total Class 2 redemptions for the period were $1,963,131. Total Class 3 redemptions for the period were $2,366,748. Total Class 1a subscriptions and redemptions were $107,716 and $3,048,190 respectively. Class 2a redemptions for the period were $1,304,679. Class 3a subscriptions and redemptions for the period were $491,199 and $142,966, respectively. Ending capital at September 30, 2014 was $1,445,855 for Class 2, $8,013,583 for Class 3, $6,299,225 for Class 1a, $1,921,259 for Class 2a and $693,561 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 3Q 2014. Grains, Meat, Softs and Financials finished positive for the quarter while Base Metals, Energies, and Precious Metals finished negative for the quarter. Grains, Meats, Financials and Softs are positive YTD while Base Metals, Energies, and Precious Metals were negative YTD.

In terms of major CTA performance, all five major CTAs in the Equinox Frontier Long/Short Commodity Fund was profitable in 3Q 2014. Abraham, Emil Van Essen, Red Oak and Rosetta were positive for the quarter and are positive YTD while JE Moody finished positive for the quarter and is negative YTD.

2013

The Equinox Frontier Long/Short Commodity Fund–Class 2 NAV lost 13.43% for the nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 13.43% for the nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 13.80% for the

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nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 12.65% for the nine months ended September 30, 2013, net of fees and expenses– Class 3a NAV lost 7.93% for the nine months ended September 30, 2013, net of fees and expenses.

For the nine months ended September 30, 2013, the Frontier Long/Short Commodity Series recorded net loss on investments of $8,378,686, net investment income of $834,637, and total expenses of $2,551,466, resulting in a net decrease in Owners’ capital from operations of $5,807,561, after non-controlling interests of $4,287,954. The NAV per Unit, Class 2, decreased from $145.65 at December 31, 2012, to $126.09 as of September 30, 2013. The NAV per Unit, Class 3, decreased from $145.69 at December 31, 2012, to $126.12 as of September 30, 2012. The NAV per Unit, Class 1a, decreased from $108.58 at December 31, 2012, to $93.60 as of September 30, 2013. The NAV per Unit, Class 2a decreased from $115.45 at December 31, 2012, to $100.84 as of September 30, 2013. The NAV per Unit, Class 3a, decreased from $109.60 at September 17, 2013 (Inception), to $100.91 as of September 30, 2013. Total Class 2 redemptions for the period were $2,265,262. There were no subscriptions. Total Class 3 redemptions for the period were $6,530,834. There were no subscriptions. Total Class 1a subscriptions and redemptions for the period were $676,187 and $6,223,643, respectively. Total Class 2a subscriptions and redemptions for the period were $251,400 and $5,811,078, respectively. Total Class 3a subscriptions for the period were $133,866. There were no Class 3a redemptions. Ending capital at September 30, 2013, was $3,936,336 for Class 2, $11,321,675 for Class 3, $11,243,674 for Class 1a, $4,306,663 for Class 2a and $128,218 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.

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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Two of the seven sectors traded in the Frontier Long/Short Commodity Series was profitable in 3Q 2013. Energies and Meats finished positive for the quarter while Base Metals, Financials, Grains, Precious Metals and Softs finished negative for the quarter.

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

In terms of major CTA performance Abraham and JE Moody finished positive for the quarter while Global Advisors, Mesirow, Red Oak, Rosetta, Strategic Ag, Commodity Strategies, Emil Van Essen and Krom River were negative for the quarter.

In terms of YTD performance Mesirow, Red Oak, Abraham, and JE Moody are positive YTD while Global Advisors, Rosetta, Strategic Ag, Commodity Strategies, Emil Van Essen and Krom River are negative YTD.

Equinox Frontier Balanced Fund

2014

The Equinox Frontier Balanced Fund—Class 1 NAV gained 7.49% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 1AP NAV gained 11.89% for the two months ended September 30, 2014, net of fees and expenses. The inception date of the Equinox Frontier Balanced Fund Class 1AP was July 31, 2014. The Equinox Frontier Balanced Fund—Class 2 NAV gained 9.94% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2a NAV gained 10.81%, for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 3a NAV gained 10.81% for the nine months ended September 30, 2014, net of fees and expenses;

For the nine months ended September 30, 2014, the Equinox Frontier Balanced Fund recorded net gain on investments of $14,703,158, net investment income of $21,531, and total expenses of $4,687,645, resulting in a net increase in Owners’ capital from operations of $6,018,132, after non-controlling interests of $4,018,912. The NAV per Unit, Class 1, increased from $106.29 at December 31, 2013 to $114.25 as of September 30, 2014. The

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NAV per Unit, Class 1AP was 114.82 as of September 30, 2014. The NAV per Unit, Class 2, increased from $140.49 at December 31, 2013 to $154.45 as of September 30, 2014. The NAV per Unit, Class 2a, increased from $118.80 at December 31, 2013 to $131.64 as of September 30, 2014. The NAV per Unit, Class 3a, increased from $118.41 at December 31, 2013 to $131.21 as of September 30, 2014. Total Class 1 subscriptions and redemptions for the period were $112,701 and $19,830,046, respectively. Total Class 1AP subscriptions and redemptions for the period were $1,011,652 and $408,022, respectively. Total Class 2 subscriptions and redemptions for the period were $10,664 and $7,370,029, respectively. Total Class 2a, redemptions for the period was $4,070. Total Class 3a redemptions for the period were $335,516. Ending capital at September 30, 2014 was $64,997,945 for Class 1, $689,161 for Class 1AP, $21,004,229 for Class 2, $540,107 for Class 2a, and $2,200,883 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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Three of the five sectors traded in the Equinox Frontier Balanced Fund were profitable in 3Q 2014. Currencies, Agriculturals and Interest Rate sectors were profitable while Metals and Energies finished negative for the quarter.

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

In terms of major CTA performance, fourteen of the fifteen major CTAs in the Equinox Frontier Balanced Fund were profitable in 3Q 2014. Beach Horizon, Campbell, Cantab, Crabel, Doherty, Emil Van Essen, Fort (GC), Fort (GD), H2O AM, QIM, Quantica, Quantmetrics, Tiverton and Winton were positive for the quarter. All except Emil Van Essen, QIM and Tiverton are positive YTD as well, while Systematic Alpha finished negative for the quarter and is negative YTD.

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2013

The Equinox Frontier Balanced Fund – Class 1 NAV lost 15.99% for the nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV lost 14.07% for the nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV lost 13.07% for the nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV lost 13.08% for the nine months ended September 30, 2013, net of fees and expenses.

For the nine months ended September 30, 2013, the Equinox Frontier Balanced Fund recorded net loss on investments of $22,951,206, net investment income of $246,370, and total expenses of $5,500,955, resulting in a net decrease in Owners’ capital from operations of $26,064,132 after non- controlling interests of $2,141,659. The NAV per Unit, Class 1, decreased from $116.32 at December 31, 2012, to $97.72 at September 30, 2013. The NAV per Unit, Class 2, decreased from $149.20 at December 31, 2012, to $128.20 at September 30, 2013. For Class 2a, the NAV per Unit increased from $124.36 at December 31, 2012, to $108.11 at September 30, 2013. For Class 3a, the NAV per Unit decreased from $123.96 at December 31, 2012, to $107.75 at September 30, 2013. Total Class 1 subscriptions and redemptions for the period were $223,025 and $38,380,811, respectively. Total Class 2 subscriptions and redemptions for the period were $11,513 and $13,500,845, respectively. Total Class 2a redemptions for the period were $257,150. There were no subscriptions. Total Class 3a redemptions for the period were $1,105,541. There were no subscriptions. Ending capital at September 30, 2013, was $86,381,929 for Class 1, $31,757,424 for Class 2, $640,531 for Class 2a and $2,298,925 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 Q3 2013. Energies, Stock Indices and Agriculturals were profitable while Metals, Interest Rates, and Currencies 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, QIM, Fort (GC), Fort (GD), Quantica and Quantmetrics were positive for the quarter. Tiverton, Winton, Campbell, Fort LP (GC), Fort LP (GD), Quantica and Quantmetrics are positive YTD. Cantab, Tiveton, Beach Horizon, Winton, Campbell, and Brevan Howard finished negative for the quarter. QIM, Cantab, Beach Horizon, Brevan Howard and Fort LP (GD) are negative YTD.

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Equinox Frontier Select Fund

2014

The Equinox Frontier Select Fund—Class 1 NAV gained 6.84% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Select Fund—Class 1AP gained 13.53% for the two months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Select Fund—Class 2 NAV gained 9.27% for the nine months ended September 30, 2014, net of fees and expenses; The inception date of the Equinox Frontier Select Fund Class 1AP was July 31, 2014.

For the nine months ended September 30, 2014, the Equinox Frontier Select Fund recorded net gain on investments of $1,751,940, net investment income of $0, and total expenses of $979,973, resulting in a net increase in Owners’ capital from operations of $771.967. The NAV per Unit, Class 1, increased from $79.86 at December 31, 2013 to $85.32 as of September 30, 2014. The NAV per Unit, Class 1AP was $85.75 as of September 30, 2014. The NAV per Unit, Class 2, increased from $104.14 at December 31, 2013 to $113.79 as of September 30, 2014. Total Class 1 subscriptions and redemptions for the period were $7,439 and $3,896,176, respectively. Total Class 1AP subscriptions and redemptions for the period were $194,475 and $156,681, respectively. Total Class 2 redemptions for the period were $468,583. Ending capital at September 30, 2014 was $12,621,614 for Class 1, $$42,322 for Class 1AP and 1,400,353 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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Four of the six sectors traded in the Equinox Frontier Select Fund were profitable in 3Q 2014. Metals, Currencies, Agriculturals and Interest Rates were positive while Enegies, and Stock Indices were negative for the quarter.

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

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

2013

The Equinox Frontier Select Fund – Class 1 NAV lost 3.36% for the nine months ended September 30, 2013, net of fees and expenses; the Equinox Frontier Select Fund – Class 2 NAV lost 1.17% for the nine months ended September 30, 2013, net of fees and expenses.

For the nine months ended September 30, 2013, the Equinox Frontier Select Fund recorded net gain on investments of $333,105, net investment income of $246,719, and total expenses of $1,069,034, resulting in a net decrease in Owners’ capital from operations of $489,210. The NAV per Unit, Class 1, decreased from $78.66 at December 31, 2012, to $76.02 as of September 30, 2013. The NAV per Unit, Class 2, decreased from $99.55 at December 31, 2012, to $98.39 as of September 30, 2013. Total Class 1 subscriptions and redemptions for the period were $12,067 and $4,788,445, respectively. Total Class 2 redemptions for the period were $805,617. There were no subscriptions. Ending capital at September 30, 2013, was $17,006,881 for Class 1 and $2,266,555 for Class 2. Ending capital at December 31, 2012, was $22,266,758 for Class 1 and $3,077,883 for Class 2.

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

One of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q3 2013. Stock Indices were positive while Metals, Currencies, Energies, Agriculturals, Interest Rates were negative for the quarter.

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

In terms of major CTA performance Brevan Howard, Tiverton 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 6.86% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Winton Fund—Class 1AP NAV gained 7.91% for the two months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Winton Fund—Class 2 NAV gained 9.28% for the nine months ended September 30, 2014, net of fees and expenses. The inception date of the Equinox Frontier Winton Fund Class 1AP was July 31, 2014.

For the nine months ended September 30, 2014, the Equinox Frontier Winton Fund recorded net gain on investments of $4,644,661, net investment income of $41, and total expenses of $2,212,226, resulting in a net increase in Owners’ capital from operations of $2,432,476. The NAV per Unit, Class 1, increased from $139.59 at December 31, 2013 to $149.17 as of September 30, 2014. The NAV per Unit, The NAV per Unit, Class 1AP was 149.92 as of September 30, 2014. Class 2, increased from $174.17 at December 31, 2013 to $190.34 as of September 30, 2014. Total Class 1 subscriptions and redemptions for the period were $133,316 and $4,632,817, respectively. Total Class 1AP subscriptions and redemptions for the period were $288,379 and $212,304, respectively. Total Class 2 redemptions for the period were $307,865. Ending capital at September 30, 2014 was $23,146,188 for Class 1, $81,651 for Class 1AP, and $11,098,183 for Class 2. Ending capital at December 31, 2013 was $26,164,147 for Class 1 and $10,460,690 for Class 2.

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

Five of the six sectors traded in the Winton Series were profitable in 3Q 2014. Metals, Currencies, Energies, Interest Rates and Stock Indices were positive while Agriculturals were negative for the quarter.

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

2013

The Winton Series – Class 1 NAV lost .85% for the nine months ended September 30, 2013, net of fees and expenses; the Winton Series – Class 2 NAV gained 1.40% for the nine months ended September 30, 2013, net of fees and expenses.

For the nine months ended September 30, 2013, the Winton Series recorded net gain on investments of $1,400,650, net investment income of $271,603, and total expenses of $1,670,512, resulting in a net increase in Owners’ capital from operations of $1,741. The NAV per Unit, Class 1, decreased from $130.73 at December 31, 2012, to $129.62 as of September 30, 2013. The NAV per Unit, Class 2, increased from $158.30 at December 31, 2012, to $160.51 as of September 30, 2013. Total Class 1 subscriptions for the period were $134,791 and redemptions were $4,031,879. Total Class 2 redemptions for the period were $686,020. There were no subscriptions. Ending capital at September 30, 2013, was $26,594,221 for Class 1 and $9,783,946 for Class 2. Ending capital at December 31, 2012, was $30,645,208 for Class 1 and $10,314,326 for Class 2.

The Winton 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 the Winton Series were profitable in 3Q 2013. Agriculturals and Stock Indices were positive while Currencies, Metals, 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.

Equinox Frontier Heritage Fund

2014

The Equinox Frontier Heritage Fund—Class 1 NAV gained 6.76% for the nine months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Heritage Fund —Class 1AP NAV gained 10.83% for the two months ended September 30, 2014, net of fees and expenses; the Equinox Frontier Heritage Fund —Class 2 NAV gained 9.18% for the nine months ended September 30, 2014, net of fees and expenses. The inception date of the Equinox Frontier Heritage Fund Class 1AP was July 31, 2014.

For the nine months ended September 30, 2014, the Equinox Frontier Heritage Fund recorded net gain on investments of $1,457,505, net investment income of $0, and total expenses of $644,449, resulting in a net increase in Owners’ capital from operations of $635,396, after non-controlling interests of 177,660. For the nine months ended September 30, 2013, the Equinox Frontier Heritage Fund (formerly Winton/Graham Series) recorded net gain on investments of $1,096,272, net investment income of $102,598, and total expenses of $731,005, resulting in a net increase in Owners’ capital from operations of $467,865. The NAV per Unit, Class 1, increased from $102.05 at December 31, 2013 to $108.95 as of September 30, 2014. The NAV per Unit, Class 1AP, was 109.50 as of September 30, 2014. The NAV per Unit, Class 2, increased from $134.21 at December 31, 2013 to $146.53 as of September 30, 2014. Total Class 1 subscriptions and redemptions for the period were $18,384 and $3,369,362, respectively. Total Class 1AP subscriptions and redemptions were $244,674 and $202,374, respectively. Total Class 2 redemptions for the period were $364,411. Ending capital at September 30, 2014 was $8,380,887 for Class 1, $48,450 for Class 1AP and $2,711,438 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.

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Four of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q3 2014. Metals, Currencies, Interest Rates and Stock Indices were positive while Agriculturals and Energies were negative for the quarter.

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

In terms of major CTA performance, both Brevan Howard and Winton finished positive for the quarter. Both are positive YTD.

2013

The Frontier Heritage Series (formerly Winton/Graham Series) – Class 1 NAV gained 1.06% for the nine months ended September 30, 2013, net of fees and expenses; the Frontier Heritage Series (formerly Winton/Graham Series) – Class 2 NAV gained 3.36% for the nine months ended September 30, 2013, net of fees and expenses.

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For the nine months ended September 30, 2013, the Frontier Heritage Series (formerly Winton/Graham Series) recorded net loss on investments of $1,096,272, net investment income of $102,598, and total expenses of $731,005, resulting in a net increase in Owners’ capital from operations of $467,865. The NAV per Unit, Class 1, increased from $94.55 at December 31, 2012, to $95.55 as of September 30, 2013. The NAV per Unit, Class 2, increased from $120.67 at December 31, 2012, to $124.72 as of September 30, 2013. Total Class 1 subscriptions for the period were $32,332 and redemptions were $5,066,082. Total Class 2 redemptions for the period were $1,181,705. There were no subscriptions. Ending capital at September 30, 2013, was $11,974,513 for Class 1 and $3,031,436 for Class 2. Ending capital at December 31, 2012, was $16,680,498 for Class 1 and $4,073,041 for Class 2.

The Frontier Heritage Series (formerly Winton/Graham Series) 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 Heritage Series were profitable in 3Q 2013. Agriculturals and Stock Indices were positive while Metals, 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, Brevan Howard and Winton finished negative for the quarter. Winton is positive YTD and 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.

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Market movements result in frequent changes in the fair market value of each Trading Company’s open positions and, consequently, in each Series of the Trust’s earnings and cash flow. The Trading Companies’ and consequently the Series’ market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the open positions and the liquidity of the markets in which trades are made.

Each Trading Company rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the past performance for any Series is not necessarily indicative of the future results of such Series.

Additional risk of trading loss from investment in an unaffiliated Trading Company may result from the Managing Owner’s inability to directly control or stop trading in the event of exercise of certain withdrawal provisions in the investment agreement.

The Trading Companies’ and consequently the Series’ primary market risk exposures as well as the strategies used and to be used by the Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Trust’s and the Managing Owner’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Trading Companies and consequently the Trust. There can be no assurance that the Trading Companies’ current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in a Series.

Quantitative Market Risk

Trading Risk

The Series’ approximate risk exposure in the various market sectors traded by its trading advisors is quantified below in terms of value at risk. Due to the Series’ mark-to-market accounting, any loss in the fair value of the Series’ (through the Trading Companies) open positions is directly reflected in the Series’ earnings, realized or unrealized.

Exchange maintenance margin requirements have been used by the Trust as the measure of its value at risk. Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95% to 99% of any one-day interval. The maintenance margin levels are established by brokers, dealers and exchanges using historical price studies as well as an assessment of current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation. Maintenance margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component that is not relevant to value at risk.

In the case of market sensitive instruments that are not exchange-traded, including currencies and some energy products and metals, the margin requirements for the equivalent futures positions have been used as value at risk. In those cases in which a futures-equivalent margin is not available, dealers’ margins have been used.

In the case of contracts denominated in foreign currencies, the value at risk figures include foreign currency margin amounts converted into U.S. dollars with an incremental adjustment to reflect the exchange rate risk inherent to the Series, which is valued in U.S. dollars, in expressing value at risk in a functional currency other than U.S. dollars.

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 September 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:

	September 30, 2014					December 31, 2013
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	1,844,351		3.47	%	$	2,684,511		4.23	%
Currencies		2,283,309		4.30	%		2,625,909		4.14	%
Stock Indices		4,220,100		7.95	%		4,211,080		6.64	%
Metals		169,339		0.32	%		178,413		0.28	%
Agriculturals/Softs		1,695,850		3.19	%		1,217,457		1.92	%
Energy		661,761		1.25	%		1,062,838		1.67	%
Total:	$	10,874,710		20.48	%	$	11,980,208		18.88	%

Equinox Frontier Long/Short Commodity Fund:

	September 30, 2014					December 31, 2013
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	88,920		0.48	%	$	2,575,510		9.10	%
Currencies		373,562		2.03	%		1,705,311		6.02	%
Stock Indices		249,773		1.36	%		822,430		2.90	%
Metals		40,923		0.22	%		193,564		0.68	%
Agriculturals/Softs		1,012,708		5.51	%		1,643,667		5.80	%
Energy		907,254		4.94	%		1,717,759		6.06	%
Total:	$	2,673,140		30.56	%	$	8,658,241		30.56	%

Equinox Frontier Masters Fund:

	September 30, 2014					December 31, 2013
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	953,880		4.17	%	$	573,362		1.70	%
Currencies		1,863,362		8.14	%		963,844		2.85	%
Stock Indices		1,540,308		6.73	%		1,111,165		3.30	%
Metals		84,306		0.37	%		81,177		0.24	%
Agriculturals/Softs		593,098		2.59	%		386,098		1.14	%
Energy		96,002		0.42	%		132,211		0.39	%
Total:	$	5,130,956		9.62	%	$	3,247,857		9.62	%

Equinox Frontier Balanced Fund:

	September 30, 2014					December 31, 2013
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	2,600,820		2.78	%	$	3,727,565		3.06	%
Currencies		4,050,852		4.33	%		5,007,811		4.11	%
Stock Indices		5,428,045		5.80	%		5,699,614		4.68	%
Metals		245,530		0.26	%		219,954		0.18	%
Agriculturals/Softs		2,422,091		2.59	%		1,327,718		1.09	%
Energy		963,828		1.03	%		843,206		0.69	%
Total:	$	15,711,166		16.79	%	$	16,825,868		13.81	%

Equinox Frontier Select Fund:

	September 30, 2014					December 31, 2013
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	227,032		1.61	%	$	123,314		0.70	%
Currencies		1,880,648		13.37	%		323,054		1.83	%
Stock Indices		720,369		5.12	%		484,794		2.76	%
Metals		25,381		0.18	%		29,599		0.17	%
Agriculturals/Softs		203,696		1.45	%		142,065		0.81	%
Energy		34,814		0.25	%		60,734		0.34	%
Total:	$	3,091,940		21.98	%	$	1,163,560		6.61	%

Equinox Frontier Winton Fund:

	September 30, 2014					December 31, 2013
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	1,664,996		4.85	%	$	877,871		2.40	%
Currencies		913,640		2.66	%		1,560,714		4.26	%
Stock Indices		1,663,319		4.85	%		1,135,804		3.10	%
Metals		139,127		0.41	%		76,415		0.21	%
Agriculturals/Softs		814,226		2.37	%		405,696		1.11	%
Energy		195,912		0.57	%		81,046		0.22	%
Total:	$	5,391,220		15.71	%	$	4,137,546		11.30	%

Equinox Frontier Heritage Fund:

	September 30, 2014					December 31, 2013
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	386,895		2.82	%	$	196,699		1.19	%
Currencies		254,682		1.85	%		349,699		2.11	%
Stock Indices		393,569		2.87	%		254,492		1.53	%
Metals		32,775		0.24	%		17,122		0.10	%
Agriculturals/Softs		185,104		1.35	%		90,901		0.55	%
Energy		46,633		0.34	%		18,159		0.11	%
Total:	$	1,299,658		9.46	%	$	927,072		5.59	%

(1) As of September 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 September 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

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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

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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 September 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 nine months ended September 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.

From time to time, the Managing Owner receives requests for information, inquires and subpoenas from regulatory agencies with respect to the firm, investment products it operates or its business partners. Beginning in April and May 2013, the Managing Owner was required by the SEC and CFTC, respectively, to produce certain documents and certain employees were called to provide testimony relating to the valuation of certain, previously-held, financial instruments entered into between a bank and certain commodity pools operated by the Managing Owner. The Managing Owner has responded to subsequent inquiries from the SEC and CFTC.

ITEM 1A. RISK FACTORS.

The section entitled “Risk Factors” beginning on page 22 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 nine months ended September 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(a)(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.

114

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS.

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

4.1	Second Amended and Restated Declaration of Trust and Trust Agreement of the Registrant
31.1	Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934 (furnished herewith)
31.2	Certification of Principal Financial Officer of the Managing Owner pursuant to Rules 13a-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 Form 8-K filed December 11, 2013.

115

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: November 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

116

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: November 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

117

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: November 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

118

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: November 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

119

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: November 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

120

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: November 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

121

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: November 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

122

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: November 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

123