UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

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

For the fiscal year ended December 31, 2014

or

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

For the transition period from             to            

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 or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)
c/o Equinox Fund Management, LLC 1775 Sherman Street, Suite 2500, Denver, Colorado	80203
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (303) 837-0600

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

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

Title of Each Class

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

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

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

Equinox Frontier Heritage Fund Class 1, and Class 2 Units

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  x

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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

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. (Check One):

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

The Equinox Frontier Funds’ units of beneficial interest are not traded on any market and, accordingly, do not have an aggregate market value. Units outstanding as of December 31, 2014 were: 500,842 for the Equinox Frontier Diversified Fund, 139,604 for the Equinox Frontier Long/Short Commodity Fund, 212,533 for the Equinox Frontier Masters Fund, 705,682 for the Equinox Frontier Balanced Fund, 155,534 for the Equinox Frontier Select Fund, 211,024 for the Equinox Frontier Winton Fund and 93,534 for the Equinox Frontier Heritage Fund.

Documents Incorporated by Reference

Portions of the Prospectus filed by the registrant on May 7, 2014 pursuant to rule 424(b)(3) of the Securities Act (File No. 333-185695) are incorporated by reference into Part I and Part II of this report.

Special Note About Forward-Looking Statements

THIS ANNUAL 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 DECEMBER 31, 2014, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

OATH AND AFFIRMATION

Equinox Frontier Funds

AFFIRMATION OF THE COMMODITY POOL OPERATOR

To the best of the knowledge and belief of the undersigned, the information contained in the attached financial statements for the years ended December 31, 2014 and 2013 is accurate and complete.

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer

Equinox Fund Management, LLC, commodity pool

operator for Equinox Frontier Funds

Table of Contents

			Page
PART I
	Item 1.	Business		1
	Item 1A.	Risk Factors		6
	Item 1B.	Unresolved Staff Comments		22
	Item 2.	Properties		22
	Item 3.	Legal Proceedings		22
	Item 4.	Mine Safety Disclosures		22
PART II
	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		23
	Item 6.	Selected Financial Data		25
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		34
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk		79
	Item 8.	Financial Statements and Supplementary Data		86
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		86
	Item 9A	Controls and Procedures		86
	Item 9B.	Other Information		87
PART III
	Item 10.	Directors, Executive Officers and Corporate Governance		88
	Item 11.	Executive Compensation		90
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		91
	Item 13.	Certain Relationships and Related Transactions		91
	Item 14.	Principal Accountant Fees and Services		91
PART IV
	Item 15.	Exhibits and Financial Statement Schedules		93
		Index to Financial Statements		F-1
		Signatures

Part I

Item 1. BUSINESS.

Overview

Equinox Frontier Funds, which is referred to in this report as “the Trust”, was formed on August 8, 2003, as a Delaware statutory trust. The Trust is a multi-advisor commodity pool, as described in Commodity Futures Trading Commission (the “CFTC”) Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series, of units of beneficial interest (the “Units”) pursuant to the requirements of the Delaware Statutory Trust Act, as amended (the “Trust Act”). The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). It is managed by Equinox Fund Management, LLC (the “Managing Owner”).

Purchasers of Units are limited owners of the Trust (“Limited Owners”) with respect to beneficial interests of the Series’ Units purchased. The Trust Act provides that, except as otherwise provided in the second amended and restated declaration of trust and trust agreement dated December 9, 2013, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders, as amended from time to time (the “Trust Agreement”), unitholders in a Delaware statutory trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of all Series.

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

The Trust has six (6) 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, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts), and may, from time to time, engage in cash and spot transactions;

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

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

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

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

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

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

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

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

As of December 31, 2014, the total Units outstanding of each Series of the Trust was 500,842 with respect to the Equinox Frontier Diversified Fund, 139,604 with respect to the Equinox Frontier Long/Short Commodity Fund, 212,533 with respect to the Equinox Frontier Masters Fund, 705,682 with respect to the Equinox Frontier Balanced Fund, 155,534 with respect to the Equinox Frontier Select Fund, 211,024 with respect to the Equinox Frontier Winton Fund and 93,534 with respect to the Equinox Frontier Heritage Fund.

Each of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund has invested a portion of its assets in several different Trading Companies and has multiple Trading Advisors that manage the assets invested in such Trading Companies.

During July 2012, Equinox Frontier Long/Short Commodity Fund Class 1 Units and Equinox Frontier Balanced Fund Class 1a Units ceased trading operations and all remaining Units were exchanged for Class 3 Units and Class 3a Units, respectively.

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.

Trading Advisors are responsible for the trading decisions of the respective Trading Companies for which they trade. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions but from time to time these percentages may be substantially more or less. The remainder of each Series’ assets is maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of, U.S. Treasury securities and credit default swaps. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

The Trading Advisors were selected based upon the Managing Owner’s evaluation of each Trading Advisor’s past performance, trading portfolios and strategies, as well as how each Trading Advisor’s performance, portfolio and strategies complement and differ from those of the other Trading Advisors. As of December 31, 2014, none of the Trading Advisors or any of their principals had any beneficial interest in the Trust, but any of them are free to acquire such beneficial interest.

Equinox Fund Management, LLC, a Delaware limited liability company formed in June 2003, is the managing owner of the Trust (the “Managing Owner”). The Managing Owner became registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator (“CPO”), as of August 6, 2003, and has been a member of the National Futures Association (the “NFA”) in such capacity since that date. The Managing Owner’s main business office is located at 1775 Sherman Street, Suite 2500, Denver, Colorado 80203, telephone (303) 837-0600. A description of the Managing Owner’s responsibilities to the Trust is contained in a

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Prospectus dated April 30, 2014, filed with the SEC on May 7, 2014 pursuant to Rule 424(b)(3) of the Securities Act of 1933, as amended (File No. 333-185695), which is referred to herein as the “Prospectus,” under the section captioned “The Managing Owner,” and such description is incorporated herein by reference from the Prospectus.

Regulation

Under the Commodity Exchange Act, as amended, (the “Commodity Exchange Act”) commodity exchanges and commodity futures trading are subject to regulation by the CFTC. The NFA, a registered futures association under the Commodity Exchange Act, is the only non-exchange self-regulatory organization for commodity industry professionals. The CFTC has delegated responsibility to the NFA for the registration of “commodity trading advisors,” “commodity pool operators,” “futures commission merchants,” “introducing brokers” and their respective “associated persons” and “floor brokers.” The Commodity Exchange Act requires “commodity pool operators,” such as the Managing Owner, “commodity trading advisors,” and commodity brokers or “futures commission merchants,” such as the Trust’s commodity brokers, to be registered and to comply with various reporting and recordkeeping requirements. The Managing Owner and the Trust’s commodity brokers are members of the NFA. The CFTC may suspend a commodity pool operator’s or a commodity trading advisor’s registration if it finds that its trading practices tend to disrupt orderly market conditions, or as the result of violations of the Commodity Exchange Act or rules and regulations promulgated thereunder. In the event that the Managing Owner’s registration as a commodity pool operator were terminated or suspended, the Managing Owner would be unable to continue to manage the business of the Trust. Should the Managing Owner’s registration be suspended, termination of the Trust may result.

In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long and net short positions that any person, including the Trust, may hold or control in particular commodities. Most exchanges also limit the maximum changes in futures contract prices that may occur during a single trading day. The Trust also trades in dealer markets for forward and swap contracts, which are not regulated by the CFTC. Federal and state banking authorities also do not regulate forward trading or forward dealers. In addition, the Trust trades on foreign commodity exchanges, which are not subject to regulation by any U.S. government agency.

Operations

A description of the business of the Trust, including trading approaches for each Series of Units, rights and obligations of the limited owners, compensation arrangements and fees and expenses is contained in the Prospectus, under the sections captioned “Risk Disclosure Statement,” “Summary,” “Risk Factors,” “Equinox Funds Trust,” “The Offering,” “Trading Limitations, Policies and Swaps,” “The Trustee,” “The Managing Owner,” “Actual and Potential Conflicts of Interest,” “Fees and Expenses” and the appendix attached to the Prospectus for each Series of Units, and such description is incorporated herein by reference from the Prospectus.

The Trading Companies for each Series of Units engage in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including Swaps) and may, from time to time, engage in cash and spot transactions. A brief description of the Trust’s main types of investments is set forth below:

• A futures contract is a standardized contract traded on an exchange that calls for the future delivery of a specified quantity of a commodity at a specified time and place.

• A forward contract is an individually negotiated contract between principals, not traded on an exchange, to buy or sell a specified quantity of a commodity at or before a specified date at a specified price.

• An option on a futures contract, forward contract or a commodity gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract, forward contract or a commodity, as applicable, at a specified price on or before a specified date. Options on futures contracts are standardized contracts traded on an exchange, while options on forward contracts and commodities, referred to collectively in this prospectus as over-the-counter options, generally are individually negotiated, principal-to-principal contracts not traded on an exchange.

• A swap contract generally involves an exchange of a stream of payments between the contracting parties. Swap contracts generally are not uniform and not exchange-traded.

Certain of the Trading Companies have entered into contractual arrangements with independent commodity trading advisors that will manage all or a portion of such Trading Company’s assets and make the trading decisions with respect to the assets of such Trading Company.

Selection and Replacement of Trading Advisors

The managing owner is responsible for the selection, retention and termination of the trading advisors and reference programs on behalf of each series. The actual allocation among trading advisors for each series will vary based upon the relative trading

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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 a proprietary database of the leading United States and internationally based alternative investment programs. Trading advisors are monitored and performance data is entered on a daily, monthly, quarterly or bi-annual basis according to internal ranking systems.

The managing owner’s research department is continually refining ways to assimilate vast amounts of trading advisor performance data and due-diligence information. The proprietary and commercial database of alternative investment programs is always increasing. Research team members regularly interact with trading advisors throughout the due diligence and monitoring process. Only those programs that have met strict quantitative and qualitative review are considered as potential managers of client assets.

Following is a summary of the quantitative and qualitative analysis:

Quantitative Analysis

The managing owner’s analytical software system applies a variety of statistical measures towards the evaluation of current and historical advisor performance data. Statistical measures include but are not limited to: (1) risk/reward analysis, (2) time window analysis, (3) risk analysis, (4) correlation analysis, (5) statistical overlays and (6) performance cycle analysis.

Qualitative Analysis

Although quantitative analysis statistically identifies the top performing trading advisors, qualitative analysis plays a major role in the trading advisor evaluation and final selection process. Each trading advisor in the managing owner’s top decile universe initially undergoes extensive qualitative review by the managing owner’s research department, as well as continual monitoring. This analysis generally includes, but is not limited to: (1) preliminary information and due diligence, (2) background review, (3) onsite due diligence, (4) extensive due diligence questionnaires and (5) written review and periodic updates. This information allows a thorough review of each trading advisor’s trading philosophy, trading systems and corporate structure.

Multi-Manager Approach

A multi-manager approach to portfolio management provides diversification of trading advisors and access to broader global markets. Multiple trading advisors can provide diversification across trading methodologies, trading time horizons, and markets traded. Additionally, multi-manager portfolios tend to provide a greater level of professional management with ongoing risk management and review. The result can be more consistent returns with lower volatility.

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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
Brandywine Asset Management	Discretionary
Campbell & Company, Inc.	Systematic
Cantab Capital Partners LLP	Systematic
Chesapeake Capital Corporation	Systematic
Commodity Strategies AG	Systematic
Crabel Capital Management, LLC	Systematic
Emil Van Essen, LLC	Discretionary
Fort, L.P.	Systematic
H2O Asset Management	Systematic
J E Moody & Company	Systematic
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

A commodity trading advisor (“CTA”) that may be allocated at least 10% of the assets of any Series is referred to herein as a major CTA. A non-major CTA in respect of any Series is a CTA whose allocation will be less than 10% of such Series’ assets.

As of December 31, 2014, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:

	Allocation as of December 31, 2014 (expressed as a percentage of aggregate notional exposure to commodity trading  programs)
Advisor	Equinox Frontier Diversified Fund			Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Masters Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Winton Fund			Equinox Frontier Heritage Fund
Abraham Trading Company		—			21	%		—			—			—			—			—
Brandywine Asset Management		—			—			—			3			—			—			—
BH- DG Systematic Trading LLP		10	%		—			—			—			43	%		—			46	%
Campbell &Company Inc.		—			—			—			9	%		—			—			—
Cantab Capital Partners LLP		—			—			—			8	%		—			—			—
Chesapeake Capital Corporation		10	%		—			27	%		—			—			—			—
Commodity Strategies AG		—			—			—			—			—			—			—
Crabel Capital Management, LLC		8	%		—			—			4	%		—			—			—
Emil Van Essen, LLC		6	%		22	%		17			4	%		—			—			—
Fort, L.P.		10	%		—			—			10	%		—			—			—
H2O Asset Management		7	%		—			—			8	%		—			—			—
J E Moody & Company		—			16	%		—			—			—			—			—
Quantica Capital AG		—			—			—			6	%		—			—			—
Quantitative Investment		9	%		—			—			7	%		—			—			—
Management, LLC QuantMetrics Capital		14	%		—			—			8	%		—			—			—
Management LLP Quest Partners LLC		11	%		—			—			—			—			—			—
Red Oak Commodity Advisors, Inc.		—			20	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			16	%		—			—			—			—			—
Skyline Management, Inc.		—			—			—			7	%		—			—			—
Tiverton Trading		—			—			—			7	%		—			—			—
Transtrend B.V.		—			—			26	%		—			57	%		—			—
Winton Capital Management Ltd.		12	%		—			30	%		9	%		—			100	%		54	%

A description of the trading strategies of the major commodity trading advisors, including general trading focus and registration as a commodity pool operator and/or an investment adviser, and a description of the advisory agreements with the commodity trading advisors is contained in the Prospectus, under the section captioned “Summary of Agreements—Advisory Agreements” and the appendix attached to the Prospectus for each Series of Units, containing a description of each major commodity trading advisor and its trading program, and such description is incorporated herein by reference from the Prospectus.

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Financial Information about Geographic Areas

Although the Trust trades in the global futures and forward markets, it does not have operations outside of the U.S.

Employees

The Trust has no employees. The Trust is managed solely by the Managing Owner in its capacity as the managing owner of the Trust pursuant to the Trust Agreement.

Available Information

The Trust files quarterly, annual and current reports with the Securities and Exchange Commission (“SEC”). These reports are posted at http://equinoxfunds.com, and are also available to read and copy at the SEC’s Public Reference Facilities in Washington, D.C. at 450 Fifth Street, N.W., Washington, D.C. 20549. Please call the SEC’s toll free number, 1-800-SEC-0330, for further information or visit http://www.sec.gov.

Additional Information

None.

Item 1A. RISK FACTORS.

The Trust is a venture in a high-risk business. An investment in the Units of each Series is very speculative. You should make an investment in one or more of the Series only after consulting with independent, qualified sources of investment and tax advice and only if your financial condition will permit you to bear the risk of a total loss of your investment. You should consider an investment in the Units only as a long-term investment. Moreover, to evaluate the risks of this investment properly, you must familiarize yourself with the relevant terms and concepts relating to commodities trading and the regulation of commodities trading, which are discussed in the Prospectus in the Statement of Additional Information below, in the section captioned “The Futures Markets,” which is incorporated herein by reference.

You should carefully consider all the information we have included or incorporated by reference in this Form 10-K and our subsequent periodic filings with the SEC. In particular, you should carefully consider the risk factors described below and read the risks and uncertainties as set forth in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” Section of this Form 10-K. Any of the following risks and uncertainties could materially adversely affect the Trust, its trading activities, operating results, financial condition and NAV and therefore could negatively impact the value of your investment. The information contained herein does not constitute investment, legal or tax advice. You should not invest in the Units unless you can afford to lose all of your investment.

Market Risks

The commodity interest markets in which the Trading Advisors trade are highly volatile, which could cause substantial losses and may cause you to lose your entire investment.

Commodity interest contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Consequently, you could lose all or substantially all of your investment in the Units of any Series should such Series’ trading positions suddenly turn unprofitable. The profitability of any Series depends primarily on the ability of its Trading Advisor(s) to predict these fluctuations accurately. Price movements for commodity interests are influenced by, among other things:

• changes in interest rates;

• governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies;

• weather and climate conditions;

• natural disasters, such as hurricanes;

• changing supply and demand relationships;

• changes in balances of payments and trade;

• U.S. and international rates of inflation;

• currency devaluations and revaluations;

• U.S. and international political and economic events; and

• changes in philosophies and emotions of market participants.

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The Trading Advisors’ technical trading methods may not take account of these factors except as they may be reflected in the technical input data analyzed by the Trading Advisors.

In addition, governments from time to time intervene, directly and by regulation, in certain markets, often with the intent to influence prices directly. The effects of governmental intervention may be particularly significant at certain times in the financial instrument and currency markets, and this intervention may cause these markets to move rapidly.

Futures, forward and options trading is volatile and may cause large losses.

A principal risk in futures, forward and options trading is volatile performance. Because the trading decisions for the Equinox Frontier Winton Fund will be made by a single Trading Advisor, the trading for Equinox Frontier Winton Fund is similar to a single advisor fund in which one trading advisor makes all the trading decisions. In single advisor funds, volatility may increase as compared to a fund with several trading advisors who, collectively, can diversify risk to a greater extent (assuming those advisors are non-correlated with each other).

Options trading can be more volatile and expensive than futures trading.

Certain Trading Advisors may trade options on futures. Although successful options trading requires many of the same skills as successful futures trading, the risks involved are somewhat different. Successful options trading requires a trader to accurately assess near-term market volatility because that volatility is immediately reflected in the price of outstanding options. Correct assessment of market volatility can therefore be of much greater significance in trading options than it is in many long-term futures strategies. If market volatility is incorrectly predicted, the use of options can be extremely expensive.

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The Trading Advisors’ trading is subject to execution risks.

Although each Series generally will purchase and sell actively traded contracts, orders may not be executed at or near the desired price, particularly in thinly traded markets, in markets that lack trading liquidity, or because of applicable “daily price fluctuation limits,” “speculative position limits” or market disruptions. If market illiquidity or disruptions occur, major losses could result.

Futures Interests trading is speculative and volatile.

The rapid fluctuations in the market prices of futures, forwards, and options make an investment in any of the series volatile. Volatility is caused by, among other things: changes in supply and demand relationships; weather; agriculture, trade, fiscal, monetary and exchange control programs; domestic and foreign political and economic events and policies; and changes in interest rates. The Trading Advisors’ technical trading methods may not take account of these factors except as they may be reflected in the technical input data analyzed by the trading advisors. In addition, governments from time to time intervene, directly and by regulation, in certain markets, often with the intent to influence prices directly. The effects of governmental intervention may be particularly significant at certain times in the financial instrument and currency markets, and this intervention may cause these markets to move rapidly.

Each Series’ performance will be volatile, and a Series could lose all or substantially all of its assets. The multi-advisor feature of each Series, except for Equinox Frontier Winton Fund, may reduce the return volatility relative of the performance of single-advisor investment funds.

Options are volatile and inherently leveraged, and sharp movements in prices could cause the Trust to incur large losses.

Certain Trading Advisors may trade options on futures. Although successful options trading requires many of the same skills as successful futures trading, the risks involved are somewhat different. Successful options trading requires a trader to accurately assess near-term market volatility, because that volatility is immediately reflected in the price of outstanding options. Correct assessment of market volatility can therefore be of much greater significance in trading options than it is in many long-term futures strategies. If market volatility is incorrectly predicted, the use of options can be extremely expensive.

Exchanges of futures for physicals may adversely affect performance.

Certain Trading Advisors may engage in exchanges of futures for physicals for client accounts. An exchange of futures for physicals is a transaction permitted under the rules of many futures exchanges in which two parties holding futures positions may close out their positions without making an open, competitive trade on the exchange. Generally, the holder of a short futures position buys the physical commodity, while the holder of a long futures position sells the physical commodity. The prices at which such transactions are executed are negotiated between the parties. If a Trading Advisor engaging in exchanges of futures for physicals were prevented from such trading as a result of regulatory changes, the performance of client accounts of such Trading Advisor could be adversely affected.

Cash flow needs may cause positions to be closed which may cause substantial losses.

Certain Trading Advisors may trade options on futures. Futures contract gains and losses are marked-to-market daily for purposes of determining margin requirements. Option positions generally are not marked-to-market daily, although short option positions will require additional margin if the market moves against the position. Due to these differences in margin treatment between futures and options, there may be periods in which positions on both sides must be closed down prematurely due to short term cash flow needs. If this occurs during an adverse move in a spread or straddle relationship, then a substantial loss could occur.

The Trading Companies and Trust may enter into Swap and similar transactions which may create risks.

Swaps are not traded on exchanges and are not subject to the same type of government regulation as exchange markets. As a result, many of the protections afforded to participants on organized exchanges and in a regulated environment are not available in connection with these transactions.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, will affect the manner in which OTC swap transactions are traded and the credit risk associated with such trading. Any changes will likely impact the way swaps are traded and could impact the trading strategy of the trust, as well as make it more expensive to trade swaps.

There are no limitations on daily price movements in swaps. Speculative position limits are not applicable to swaps, although the counterparties to swaps may limit the size or duration of positions as a consequence of credit considerations. Participants in the swap markets are not required to make continuous markets in the swaps they trade. Participants could refuse to quote prices for swaps or quote prices with an unusually wide spread between the price at which they are prepared to buy and the price at which they are prepared to sell. In the case of any swap that references a fund or program managed by a trading advisor, certain or all of the risks disclosed in this report in relation to the trading advisors also may apply, indirectly, in relation to the relevant series’ investment in such swap.

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The trading on behalf of each Series will be margined, which means that sharp declines in prices could lead to large losses.

Because the amount of margin funds necessary to be deposited with a futures clearing broker to enter into a futures, forward contract or option position is typically about 2% to 10% of the total value of the contract, each Trading Advisor may take positions on behalf of a Series with face values equal to several times such Series’ NAV. These low margin requirements provide a large amount of leverage. As a result of margining, even a small movement in the price of a contract can cause major losses. Any purchase or sale of a futures or forward contract or option position may result in losses that substantially exceed the amount invested. If severe short-term price declines occur, such declines could force the liquidation of open positions with large losses. Margin is normally monitored through the margin-to-equity ratio employed by each trading advisor. Under normal circumstances, the Trading Advisors will vary between a 10% to 30% margin-to-equity ratio. In addition, OTC transactions present risks in addition to those associated with exchange-traded contracts, as discussed immediately below.

OTC transactions are subject to little, if any, regulation and may be subject to the risk of counterparty default.

A portion of each Series’ assets may be used to trade OTC derivative contracts, such as forward contracts, option contracts, or swaps, or spot contracts. OTC contracts are typically traded on a principal-to-principal basis through dealer markets that are dominated by major money center and investment banks and other institutions and are essentially unregulated by the CFTC. You therefore do not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act in connection with this trading activity. The markets for OTC contracts rely upon the integrity of market participants in lieu of the additional regulation imposed by the CFTC on participants in the futures markets. The lack of regulation in these markets could expose a Series in certain circumstances to significant losses in the event of trading abuses or financial failure by participants.

Each Series also faces the risk of non-performance by the counterparties to the OTC contracts. Unlike in futures contracts, the counterparty to these contracts is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, there will be greater counterparty credit risk in these transactions. The clearing member, clearing organization or other counterparty may not be able to meet its obligations, in which case the applicable Series could suffer significant losses on these contracts.

The Dodd-Frank Act will affect the manner in which OTC swap transactions are traded and the credit risk associated with such trading. Depending upon actions taken by regulatory authorities, these changes may also affect the manner of trading of OTC foreign currency transactions. Transactions that have been entered into prior to implementation of the provisions of the Dodd-Frank Act will remain in effect. Accordingly, even after the new regulatory framework is fully implemented, the risks of OTC foreign exchange transactions will continue to exist with respect to transactions entered into prior to the implementation of the provisions of the Dodd-Frank Act. Additionally, any changes will likely impact the way swaps are traded and could impact the trading strategy of the trust, as well as make it more expensive to trade swaps.

Assets Held in Accounts at U.S. Banks May Not Be Fully Insured.

The assets of each trading company that are deposited with commodity brokers or their affiliates may be placed in deposit accounts at U.S. banks. The Federal Deposit Insurance Corporation (FDIC) insures deposit accounts at insured banks for up to $250,000 for each accountholder, and, if the funds in an account can be traced back to multiple individual co-owners, then each co-owner may be entitled to $250,000 in coverage. This amount of deposit insurance coverage was made permanent by the Dodd-Frank Act. Uninsured depositors also may receive funds in the event of a receivership of the bank holding the deposit accounts, but uninsured depositors have a lower priority in respect of payment than insured depositors or certain other creditors, and frequently there are insufficient funds in a receivership estate to pay off uninsured depositors fully or at all. If the FDIC were to become receiver of an insured U.S. bank holding deposit accounts that were established by a commodity broker or one of its affiliates, then it is uncertain whether the commodity broker, the affiliate involved, the trading company, the Series involved, or the investor would be able to reclaim cash in the deposit accounts in the full amount.

Your investment could be illiquid.

A Trading Advisor may not always be able to liquidate its commodity interest positions at the desired time or price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as a foreign government taking political actions that disrupt the market in its currency or in a major export, can also make it difficult to liquidate a position. Alternatively, limits imposed by futures exchanges or other regulatory organizations, such as speculative position limits and daily price fluctuation limits, may contribute to a lack of liquidity with respect to some commodity interests. There is no secondary market for the Units and none is expected to develop.

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Certain Restrictions on Redemption and Transfer of the Units Will Apply.

Investors may redeem units daily on one business day notice, but certain restrictions on redemption and transfer will apply. For example, if you invest in Class 1 or 1a Units and redeem all or a portion of such Units on or before the end of the 12 full months following the purchase of such Units, you will be charged a redemption fee of up to 2.0% of the purchase price of any such units being redeemed. Also, transfers of Units are permitted only with the prior written consent of the managing owner and provided that conditions specified in the trust agreement are satisfied. There is no secondary market for the Units and none is expected to develop.

Redemptions may be temporarily suspended.

The Managing Owner may temporarily suspend redemptions for some or all of the Series for up to 30 days if the effect of any redemption, either alone or in conjunction with other redemptions, would be to impair the Trust’s ability to operate in pursuit of its objectives (for example, if the Managing Owner believes a redemption, if allowed, would materially advantage one investor over another investor). The Managing Owner anticipates suspending redemptions only under extreme circumstances, such as a natural disaster, force majeure, act of war, terrorism or other event which results in the closure of financial markets. During any suspension of redemptions, a redeeming Limited Owner invested in a Series for which redemptions were suspended would remain subject to market risk with respect to such Series.

An investment in Units may not diversify an overall portfolio.

Historically, managed futures have performed in a manner largely independent from the general equity and debt markets. If, however, a Series does not perform in a non-correlated manner with respect to the general financial markets or does not perform successfully, you will obtain little or no diversification benefits by investing in the Units. An investment in any Series of the Trust could increase, rather than reduce your overall portfolio losses during periods when the Trust and the equity and debt markets decline in value. There is no way of predicting whether the Trust will lose more or less than stocks and bonds in declining markets. You should therefore not consider the Units to be a hedge against losses in your core stock and bond portfolios. Past performance is not indicative of future results.

Trading Risks

There are disadvantages to making trading decisions based on technical analysis.

Many of the Trading Advisors except certain Trading Advisors trading for the Equinox Frontier Long/Short Commodity Fund may base their trading decisions on trading strategies that use mathematical analyses of technical factors relating to past market performance rather than fundamental analysis. The buy and sell signals generated by a technical, trend-following trading strategy are derived from a study of actual daily, weekly and monthly price fluctuations, volume variations and changes in open interest in the markets. The profitability of any technical, trend-following trading strategy depends upon the occurrence in the future of significant, sustained price moves in some of the markets traded. A danger for trend-following traders is whip-saw markets, that is, markets in which a potential price trend may start to develop but reverses before an actual trend is realized. A pattern of false starts may generate repeated entry and exit signals in technical systems, resulting in unprofitable transactions. In the past, there have been prolonged periods without sustained price moves. Presumably these periods will continue to occur. Periods without sustained price moves may produce substantial losses for trend-following trading strategies. Further, any factor that may lessen the prospect of these types of moves in the future, such as increased governmental control of, or participation in, the relevant markets, may reduce the prospect that any trend- following trading strategy will be profitable in the future.

There are disadvantages to making trading decisions based on fundamental analysis.

Certain Trading Advisors will base their decisions on trading strategies which utilize in whole or in part fundamental analysis of underlying market forces. Fundamental analysis attempts to examine factors external to the trading market which affect the supply and demand for a particular commodity interest in order to predict future prices. Such analysis may not result in profitable trading because certain Trading Advisors may not have knowledge of all factors affecting supply and demand or may incorrectly interpret the information they do have. Furthermore, prices may often be affected by unrelated or unexpected factors and fundamental analysis may not enable the Trading Advisor to determine whether its previous decisions were incorrect in sufficient time to avoid substantial losses. In addition, fundamental analysis assumes that commodity markets are inefficient—i.e., that commodity prices do not always reflect all available information—which some market analysts dispute.

Increased competition from other systematic traders could reduce the Trading Advisors’ profitability.

There has been a dramatic increase over the past 15 to 25 years in the amount of assets managed pursuant to trading systems like those that some of the Trading Advisors may employ. This means increased trading competition among a larger number of market

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participants for transactions at favorable prices, which could operate to the detriment of some or all Series by preventing the Trading Advisors from effecting transactions at the desired prices. It may become more difficult for the Trading Advisors to implement their trading strategies if other commodity trading advisors using technical systems are attempting to initiate or liquidate commodity interest positions at the same time as the Trading Advisors. The more competition there is for the same positions, the more costly and harder they will be to acquire.

Discretionary decision-making may result in missed opportunities or losses.

Because each of the Trading Advisors’ strategies involves some discretionary aspects in addition to analysis of technical factors, certain Trading Advisors may occasionally use discretion in investing the assets of a Series. For example, the Trading Advisors often use discretion in selecting contracts and markets to be followed. In exercising such discretion, such Trading Advisor may take positions opposite to those recommended by the Trading Advisor’s trading system or signals. Discretionary decision making may also result in a Trading Advisor’s failing to capitalize on certain price trends or making unprofitable trades in a situation where another trader relying solely on a systematic approach might not have done so. Furthermore, such use of discretion may not enable the Series to avoid losses, and in fact, such use of discretion may cause the Series to forego profits which it may have otherwise earned had such discretion not been used.

The Trading Companies are subject to speculative position limits.

The U.S. futures exchanges have established speculative position limits (referred to as “position limits”) on the maximum net long or net short position which any person or group of persons may hold or control in particular futures and options on futures. Most exchanges also limit the amount of fluctuation in commodity futures contract prices on a single trading day. Therefore, a Trading Advisor may have to modify its trading instructions or reduce the size of its positions in one or more futures or options contracts in order to avoid exceeding such position limits, which could adversely affect the profitability of the Trading Companies. The futures exchange may amend or adjust these position limits or the interpretation of how such limits are applied, adversely affecting the profitability of the Trading Companies.

In addition, in October 2011, the CFTC adopted rules governing position limits on futures (and options on futures) on a number of agricultural, energy and metals commodities, as well as on swaps that perform a significant price discovery function with respect to those futures and options. In September 2012, the CFTC’s rules were vacated by the United States District Court for the District of Columbia and remanded to the CFTC for further consideration. The CFTC proposed revised position limits rules late in 2013. The comment period for the rules closed in February 2014, and the CFTC subsequently reopened comment periods for comments about certain issues related to futures and options contracts on agricultural commodities only. Those comment periods have also closed. The comment period for the rules has closed, and the date for the CFTC’s final rules is unknown. It is possible that these rules may take effect in some form. If so, these rules could have an adverse effect on the Trading Advisors’ trading for the Trading Companies.

Increases in assets under management of any of the Trading Advisors could lead to diminished returns.

We believe that none of the Trading Advisors intends to limit the amount of additional equity that it may manage, and each will continue to seek major new accounts. However, the rates of returns achieved by a Trading Advisor often diminish as the assets under its management increase. This can occur for many reasons, including the inability of the Trading Advisor to execute larger position sizes at desired prices and because of the need to adjust the Trading Advisor’s trading program to avoid exceeding speculative position limits. These limits are established by the CFTC and the exchanges on the number of speculative futures and options contracts in a commodity that one trader may own or control. Furthermore, if the Trading Advisors for a Series cannot manage any additional allocation from the Trust, the Managing Owner may add additional Trading Advisors for such Series who may have less experience or less favorable performance than the existing Trading Advisors.

The use of multiple Trading Advisors may result in offsetting or opposing trading positions and may also require one Trading Advisor to fund the margin requirements of another Trading Advisor.

The use of multiple Trading Advisors for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may result in developments or positions that adversely affect the respective Series’ NAV. For example, because the Trading Advisors trading for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund will be acting independently, such Series could buy and sell the same futures contract, thereby incurring additional expenses but with no net change in its holdings. The Trading Advisors also may compete, from time to time, for the same trades or other transactions, increasing the cost to such Series of making trades or transactions or causing some of them to be foregone altogether. Even though the margin requirements resulting from each Trading Advisor’s trading for any such Series ordinarily will be met from that Trading Advisor’s allocated net assets of such Series, a Trading Advisor for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, or Equinox Frontier Long/Short Commodity Fund may incur losses of such magnitude that such Series is unable to meet margin calls from the allocated net assets of that Trading Advisor. If losses of such magnitude were to occur, the Clearing Brokers for the Trading Company or Trading Companies in which such Series invests its assets may require liquidations and contributions from the allocated net assets of another Trading Advisor for such Series.

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The Trading Advisors’ trading programs bear some similarities and, therefore, may lessen the benefits to the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund of having multiple Trading Advisors.

Each Trading Advisor has, over time, developed and modified the program it will use in trading. Nevertheless, the Trading Advisors’ trading programs have some similarities. These similarities may, in fact, mitigate the positive effect of having multiple Trading Advisors for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund and Equinox Frontier Long/Short Commodity Fund. For example, in periods where one Trading Advisor experiences a draw-down, it is possible that these similarities will cause the other Trading Advisors to also experience a draw-down.

Each Series relies on its Trading Advisor(s) for success, and if a Trading Advisor’s trading is unsuccessful, the Series may incur losses.

The Trading Advisor(s) for each Series will make the commodity trading decisions for that Series. Therefore, the success of each Series depends on the judgment and ability of the Trading Advisors. A Trading Advisor’s trading for any Series may not prove successful under all or any market conditions. If a Trading Advisor’s trading is unsuccessful, the applicable Series may incur losses. Similarly, the success of each Series that invests in swaps largely depends on the judgment and ability of the commodity trading advisors whose trading programs are referenced by swaps in which such Series invests.

There are disadvantages associated with terminating or replacing Trading Advisors.

A Trading Advisor generally is required to recoup previous trading losses before it can earn performance-based compensation. However, the Managing Owner may elect to replace a Trading Advisor that has a “loss carryforward.” In that case, the Trust would lose the “free ride” of any potential recoupment of the prior losses of such Trading Advisor. In addition, the new Trading Advisor would earn the same type of performance-based compensation on the first dollars of investment profits.

It is also possible that (i) the advisory agreement with any Trading Advisor, once it expires, will not be renewed on the same terms as the current advisory agreement for that Trading Advisor, (ii) if assets of any Series allocated to a particular Trading Advisor are reallocated to a new or different Trading Advisor, the new or different Trading Advisor will not manage the assets on terms as favorable to the Series as those negotiated with the previous Trading Advisor, (iii) the addition of a new Trading Advisor and/or the removal of one of the current Trading Advisors may cause disruptions in trading as assets are reallocated or (iv) the services of a replacement trading advisor may not be available. There is severe competition for the services of qualified trading advisors, and the Managing Owner may not be able to retain replacement or additional trading advisors on acceptable terms. The effect of the replacement of, or the reallocation of assets away, from a Trading Advisor therefore could be significant.

Each Trading Advisor advises other clients and may achieve more favorable results for its other accounts.

Each of the Trading Advisors currently manages other trading accounts, and each will remain free to manage additional accounts, including its own accounts, in the future. A Trading Advisor may vary the trading strategies applicable to the Series for which it trades from those used for its other managed accounts, or its other managed accounts may impose a different cost structure than that of the Series for which it trades. Consequently, the results any Trading Advisor achieves for the Series for which it trades may not be similar to those achieved for other accounts managed by the Trading Advisor or its affiliates at the same time. Moreover, it is possible that those other accounts managed by the Trading Advisor or its affiliates may compete with the Series for which it trades for the same or similar positions in the commodity interest markets and that those other accounts may make trades at better prices than the Series for which it trades.

A Trading Advisor may also have a financial incentive to favor other accounts because the compensation received from those other accounts exceeds, or may in the future exceed, the compensation that it receives from managing the account of the Series for which it trades. Because records with respect to other accounts are not accessible to investors in the Units, investors will not be able to determine if any Trading Advisor is favoring other accounts.

The Trading Advisors’ positions may be concentrated from time to time, which may render each Series susceptible to larger losses than if the positions were more diversified.

One or more of the Trading Advisors may from time to time cause a Series to hold a few, relatively large positions in relation to its assets. Consequently, a loss in any such position could result in a proportionately greater loss to such Series than if the Series’ assets had been spread among a wider number of instruments.

Markets or positions may be correlated and may expose a Series to significant risk of loss.

Different markets traded or individual positions held by a Series of Units may be highly correlated to one another at times. Accordingly, a significant change in one such market or position may affect other such markets or positions. The Trading Advisors

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cannot always predict correlation. Correlation may expose such Series of Units both to significant risk of loss and significant potential for profit.

Turnover in each Series’ portfolio may be high which could result in higher brokerage commissions and transaction fees and expenses.

Each Trading Advisor will make certain trading decisions on the basis of short-term market considerations. The portfolio turnover rate may be substantial at times, either due to such decisions or to market conditions, and this could result in one or more Series incurring substantial brokerage commissions and other transaction fees and expenses.

Stop-loss Orders May Not Prevent Large Losses.

Certain of the Trading Advisors may use stop-loss orders. Such stop-loss orders may not effectively prevent substantial losses, and depending on market factors at the time, may not be able to be executed at such stop-loss levels. No risk control technique can assure that large losses will be avoided.

Trading Swaps Creates Distinctive Risks.

The series may trade in certain swaps. Unlike futures and options on futures contracts, most swap contracts currently are not traded on or cleared by an exchange or clearinghouse. The CFTC currently requires only a limited class of swap contracts (certain interest rate and credit default swaps) to be cleared and executed on an exchange or other organized trading platform. In accordance with the Dodd-Frank Act, the CFTC will determine in the future which other classes of swap contracts will be required to be cleared and executed on an exchange or other organized trading platform. Until such time as these transactions are cleared, the series will be subject to a greater risk of counterparty default on its swaps. Because swaps do not generally involve the delivery of underlying assets or principal, the amount payable upon default and early termination is usually calculated by reference to the current market value of the contract. Swap dealers and major swap participants require the series to deposit initial margin and variation margin as collateral to support such series’ obligation under the swap agreement but may not themselves provide collateral for the benefit of any series. If the counterparty to such a swap defaults, the series would be a general unsecured creditor for any termination amounts owed by the counterparty to the series as well as for any collateral deposits in excess of the amounts owed by the series to the counterparty, which would result in losses to the series.

There are no limitations on daily price movements in swaps. Speculative position limits are not currently applicable to swaps, but in the future may be applicable for swaps on certain commodities. In addition, participants in the swap markets are not required to make continuous markets in the swaps they trade, and determining a market value for calculation of termination amounts can lead to uncertain results.

Trading of swaps has been and will continue to be subject to substantial change under the Dodd-Frank Act and related regulatory action. Under the Dodd-Frank Act, many commodity swaps will be required to be cleared through central clearing parties and executed on exchanges or other organized trading platforms. Security-based swaps will be subject to similar requirements. Additional regulatory requirements will apply to all swaps, whether subject to mandatory clearing or not. These include margin, collateral and capital requirements, reporting obligations, speculative position limits for certain swaps, and other regulatory requirements. Swaps which are not offered for clearing by a clearinghouse will continue to be traded bi-laterally. Such bi-lateral transactions will remain subject to many of the risks discussed in the preceding paragraphs.

Swap counterparties may hold collateral in U.S. or non-U.S. depositories. Non-U.S. depositories are not subject to U.S. regulation. The series’ assets held in these depositories are subject to the risk that events could occur which would hinder or prevent the availability of these funds for distribution to customers, including the series. Such events may include actions by the government of the jurisdiction in which the depository is located including expropriation, taxation, moratoria and political or diplomatic events.

The Unregulated Nature of Uncleared Trades in the OTC Markets Creates Counterparty Risks that Do Not Exist in Futures Trading on Exchanges or in Cleared Swaps.

Unlike futures contracts and cleared swaps, uncleared trades, such as forward contracts, some swaps and some OTC “spot” contracts, are entered into between private parties off an exchange or other trading platform and are not subject to clearing. As a result, the performance of those contracts is not guaranteed by an exchange or its clearinghouse and the series is at risk with respect to the ability of the counterparty to perform on the contract, including the creditworthiness of the counterparty. Trading of foreign exchange spot contracts of foreign exchange forwards and foreign exchange swaps (as such terms are defined in the Dodd-Frank Act), and of uncleared swaps is not regulated or is subject to limited regulation; therefore, there are limited or no specific standards or regulatory supervision of trade pricing and other trading activities that occur in those markets.

Foreign Currency and Spot Contracts Historically Were Not Regulated When Traded Between Certain “Eligible Contract Participants” and Are Subject to Credit Risk.

Each series may trade forward contracts in foreign currencies and may engage in spot commodity transactions (transactions in physical commodities). These contracts, unlike futures contracts and options on futures, historically were not regulated by the CFTC when traded between certain “eligible contract participants,” as defined in the Commodity Exchange Act. On July 21, 2010, the President signed into law major financial services reform legislation in the form of the Dodd-Frank Act. The Dodd-Frank Act includes foreign currency forwards and foreign currency swaps (as such terms are defined in the Dodd-Frank Act) in the definition of “swap.” The CFTC has been granted authority to regulate all swaps, but grants the U.S. Treasury Department the discretion to exempt foreign currency forwards and foreign currency swaps from all aspects of the Dodd-Frank Act other than reporting, recordkeeping and business conduct rules for swap dealers and major swap participants. In November 2012, Treasury determined that those transactions can be carved out of the swap category, and they are subject only to the noted categories of the Dodd-Frank Act requirements. Therefore, the series will not receive the full benefit of CFTC regulation for certain of their foreign currency trading activities.

The percentage of each Series’ positions that are expected to constitute foreign currency forwards and foreign currency swaps can vary substantially from month to month.

Trading on Foreign Exchanges Presents Greater Risks to the Series than Trading on U.S. Exchanges.

Each series trades on exchanges located outside the United States. Trading on U.S. exchanges is subject to CFTC regulation and oversight, including, for example, minimum capital requirements for commodity brokers, segregation of customer funds, regulation of trading practices on the exchanges, prohibitions against trading ahead of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements, testing and licensing of industry sales personnel and other industry professionals, and recordkeeping requirements, and other requirements and restrictions for the purpose of preventing price manipulation and other disruptions to market integrity, avoiding systemic risk, preventing fraud and promoting innovation, competition and financial integrity of transactions. Trading on foreign exchanges is not regulated by the CFTC or any other U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchange trading is subject, provide less protection to investors than trading on U.S. exchanges, and may be less vigorously enforced than regulations in the U.S. The CFTC has no power to compel the enforcement of the rules of a foreign exchange or applicable foreign laws. Therefore, the series will not receive any benefit of U.S. government regulation for these trading activities.

Trading on foreign exchanges involves some risks that trading on U.S. exchanges does not, such as:

Lack of Investor Protection Regulation

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The rights of the series in the event of the insolvency or bankruptcy of a non-U.S. market or broker are likely to differ from rights that the series would have in the United States and these rights may be more limited than in the case of failures of U.S. markets or brokers.

Possible Governmental Intervention

Generally, foreign brokers are not subject to the jurisdiction of the CFTC or any other U.S. regulator. In addition, the series’ assets held outside of the United States to margin transactions on foreign exchanges are held in accordance with the client assets protection regime and the insolvency laws of the applicable jurisdiction. A foreign government might halt trading in a market and/or take possession of the series’ assets maintained in its country in which case the assets may never be recovered. The managing owner and the series might have little or no notice that such events were happening. In such circumstances, the managing owner may not be able to obtain the series’ assets.

Relatively New Markets

Some foreign exchanges on which the series trade may be in developmental stages so that prior price histories may not be indicative of current price patterns.

Exchange-Rate Exposure

The series are valued in U.S. dollars. Contracts on foreign exchanges are usually traded in the local currency. The series’ assets held in connection with contracts priced and settled in a foreign currency may be held in a foreign depository in accounts denominated in a foreign currency. Changes in the value of the local currency relative to the U.S. dollar could cause losses to the series even if the contract traded is profitable.

Investments in Reference Programs Through a Swap or Other Derivative Instrument May Not Always Replicate Exactly Performance of the Relevant CTA Trading Program(s).

Certain Series invest in reference programs through total return swaps with Deutsche Bank AG. Such swaps reference an index comprised of shares in segregated investment portfolios directed by CTAs selected by the managing owner. It is possible that the underlying index in respect of any swap owned by a series may not fully replicate the performance of the relevant CTA programs in respect of other accounts traded by such CTAs. Further, the calculation of the underlying index for such swaps will include a deduction for a fee payable to the swap counterparty. Each of these deductions will mean that the return of such investment will be less than would be the case if no fees were deducted.

There Are Certain Risks Associated with the Trust’s Investment in U.S. Government Debt Securities.

With respect to the portion of the Trust’s assets apportioned for cash management, the Trust may invest in U.S. government securities which include any security issued or guaranteed as to principal or interest by the United States, or by a person controlled by or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by Congress of the United States or any certificate of deposit for any of the foregoing, including U.S. Treasury bonds, U.S. Treasury bills and issues of agencies of the U.S. government (such as Ginnie Mae, Fannie Mae, or Freddie Mac). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Trust. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government would provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future.

The Trust’s Investment in U.S. Government Debt Securities Will Be Subject to Interest Rate Risk.

The Trust’s cash management pool includes investments in U.S. government debt securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. On the other hand, if rates fall, the value of these investments generally increases. U.S. government securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Usually, the changes in the value of fixed income securities will not affect cash income generated, but may affect the value of your investment. Given the current low interest rate environment, the risk associated with rising rates is heightened.

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Operating Risks

Past performance is not necessarily indicative of future performance.

The Managing Owner has selected each Trading Advisor to manage the assets of each Series because each Trading Advisor performed well through the date of its selection. You must consider, however, the uncertain significance of past performance, and you should not rely to a substantial degree on the Trading Advisors’ or the Managing Owner’s records to date for predictive purposes. You should not assume that any Trading Advisor’s future trading decisions will create profit, avoid substantial losses or result in performance for the Series comparable to that Trading Advisor’s or to the Managing Owner’s past performance. In fact, as a significant amount of academic study has shown, futures funds more frequently than not under-perform the past performance records included in their prospectuses. The managing owner believes that the past performance of the trading advisors may be of interest to prospective investors, but encourages you to look at such information as an example of the respective objectives of the managing owner and each trading advisor rather than as any indication that the investment objectives of any series will be achieved.

Because you and other investors will acquire, exchange and redeem Units at different times, you may experience a loss on your Units even though the Series in which you have invested as a whole is profitable and even though other investors in that Series experience a profit. The past performance of any Series may not be representative of each investor’s investment experience in it.

Likewise, you and other investors will invest in different Series managed by different Trading Advisors. Each Series’ assets are valued and accounted for separately from every other Series. Consequently, the past performance of one Series has no bearing on the past performance of another Series. You cannot, for example, consider the Equinox Frontier Balanced Fund’s past performance in deciding whether to invest in any other Series.

You have limited performance information on which to evaluate an investment in a Series.

Certain of the Series have limited performance histories upon which to evaluate your investment in such Series. Although past performance is not necessarily indicative of future results, if any such Series had a longer performance history, such performance history might provide you with more information on which to base your investment decision for such Series. As such Series have limited performance histories, you will have to make your decision to invest in any such Series without such possibly useful information.

The Managing Owner may allocate nominal assets in respect of a Series that are in excess of the NAV of such Series.

At any given time, the nominal assets, which are the total amount of assets of a series allocated to trading advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisors and any reference programs, of a Series may exceed the NAV of such Series depending on the amount of notional equity that is being utilized. The Managing Owner expects that the nominal assets of each Series will generally be maintained at a level in excess of the NAV of such Series and such excess may be substantial to the extent the Managing Owner deems necessary to achieve the desired level of volatility. To the extent that nominal assets of a Series are in excess of NAV, investors should understand that the applicable Series will experience greater volatility as measured by NAV than it would if the nominal assets were maintained at a level equal to NAV. In such case, any losses to the Series will be greater as measured by a percentage of NAV, as compared to the percentage loss incurred in respect of nominal assets. Consequently, the allocation of nominal assets in excess of a Series’ NAV will magnify exposure to the swings in market prices of futures, forwards, options or other assets held by a trading company or referenced by a swap or other derivative instrument and result in increased volatility, and potentially greater losses. You may lose all or substantially all of your investment in a Series.

Each Series is charged substantial fees and expenses regardless of profitability.

Each Series is charged brokerage charges, over-the-counter (or OTC) dealer spreads and related transaction fees and expenses and management fees in all cases regardless of whether any Series’ activities are profitable. In addition, the Managing Owner charges each Series an incentive fee based on a percentage of the trading profits generated by each trading advisor for such Series, and the Managing Owner pays all or a portion of such incentive fees to the Trading Advisor(s) for such Series. Because the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, it is possible that such Series could pay substantial incentive fees out of the net assets of any such Series with respect to one or more Trading Advisors in a year in which such Series has no net trading profits or in which such Series actually loses money. In addition, each Series must earn trading profits and interest income sufficient to cover these fees and expenses in order for it to be profitable.

Investors should note that the management fee payable to the Managing Owner is based on nominal assets rather than NAV. Therefore, the management fee will be greater as a percentage of a Series’ NAV to the extent that the nominal assets of such Series exceed its NAV. The Managing Owner expects that the nominal assets of each Series will generally be maintained at a level in excess of the net asset value for such Series and such excess may be substantial to the extent the Managing Owner deems necessary to achieve the desired level of volatility.

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There are certain risks associated with investments in trading companies.

Certain of the trading companies may be organized as series limited liability companies. This means that, under the Delaware Limited Liability Company Act, the assets of one Series are not available to pay the liabilities of another Series or the trading company as a whole. This statute has not been tested in a court of law in the United States. In the event series limited liability is not enforceable, a segregated Series could be obligated to pay the liabilities of another Series or the trading company. 

Each of the Series except for Equinox Frontier Winton Fund invests in trading companies that, although they are organized as series limited liability companies, allocate assets to more than one commodity trading advisor without the establishment of separate series with segregated liabilities. For these trading companies, losses incurred by one commodity trading advisor may negatively impact the trading company as a whole, as the assets allocated to a different commodity trading advisor may be made available to pay the liabilities of the commodity trading advisor that has incurred the loss. Since the Series currently invest in such trading companies, this could indirectly cause the assets of one Series to be used to pay the liabilities of another Series. For trading companies that allocate assets to more than one commodity trading advisor, a Series may be allowed to allocate a portion of its assets to a particular commodity trading advisor accessed by the trading company, rather than to the trading company as a whole.

Differing levels of fees received may create an incentive for the Managing Owner to favor certain Series over others.

The Managing Owner charges the various Series differing levels of fees. This may create an incentive for the Managing Owner to favor certain Series over other Series in, among other things, the amount of time and effort spent managing any given Series and the selection of Trading Advisors for a given Series.

Each Series may incur higher fees and expenses upon renewing existing or entering into new contractual relationships.

The clearing agreements between the Clearing Brokers and the Trading Companies generally are terminable by the Clearing Brokers once the Clearing Broker has given the Trading Company the required notice. Upon termination of a clearing agreement, the Managing Owner may be required to renegotiate that agreement or make other arrangements for obtaining clearing. The services of the Clearing Brokers may not be available, or even if available, these services may not be available on the terms as favorable as those contained in the expired or terminated clearing agreements.

The Series may be obligated to make payments under guarantee agreements.

Each of the Series has guaranteed the obligations of the trading companies under the customer agreements with UBS Securities as Clearing Broker. In the event that one Series 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. As such, even if you are not invested in the defaulting Series, your investment could be impacted. The Trust, or any Series of the Trust, may enter into similar guarantees in the future.

The incentive fees could be an incentive to the Trading Advisors to make riskier investments.

The Managing Owner pays each Trading Advisor incentive fees based on the trading profits earned by it for the applicable Series, including unrealized appreciation on open positions. Accordingly, it is possible that the Managing Owner will pay an incentive fee on trading profits that do not become realized. Also, because the Trading Advisors are compensated based on the trading profits earned, each of the Trading Advisors has a financial incentive to make investments that are riskier than might be made if a Series’ assets were managed by a Trading Advisor that did not receive performance-based compensation.

You have limited rights, and you cannot prevent the Trust from taking actions which could cause losses.

You will exercise no control over the Trust’s day-to-day business. Therefore, the Trust will take certain actions and enter into certain transactions or agreements without your approval. For example, the Trust may retain a Trading Advisor for a Series in which you are invested, and such Trading Advisor may ultimately incur losses for the Series. As a Limited Owner, you will have no ability to influence the hiring, retention or firing of such Trading Advisor. However, certain actions, such as termination or dissolution of a Series, may only be taken upon the affirmative vote of Limited Owners holding Units representing at least a majority (over 50%) of the NAV of the Series (excluding Units owned by the Managing Owner and its affiliates).

You may not be able to establish a basis for liability against a Trading Advisor, a Clearing Broker or the Swap Counterparty.

Each Trading Advisor, Clearing Broker and Swap counterparty acts only as a trading advisor, clearing broker or swap counterparty, respectively, to the applicable Series and/or Trading Company. These parties do not act as trading advisors, clearing brokers, or swap counterparties to you. Therefore, you have no contractual privity with the Trading Advisors, the Clearing Brokers or any Swap counterparty. Due to this lack of contractual privity, you may not be able to establish a basis for liability against a Trading Advisor, Clearing Broker or Swap counterparty.

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An unanticipated number of redemption requests over a short period of time could result in losses.

Substantial redemptions of units could require a Series to liquidate investments more rapidly than otherwise desirable in order to raise the necessary cash to fund the redemptions, which could result in losses. Illiquidity in the markets could make it difficult to liquidate positions on favorable terms, which could result in additional losses. It may also be difficult for the Series to achieve a market position appropriately reflecting a smaller equity base.

Reserves for contingent liabilities may be established upon redemption, and the Trust may withhold a portion of your redemption amount.

When you redeem your units, the Trust may find it necessary to set up a reserve for undetermined or contingent liabilities and withhold a certain portion of your redemption amount. This could occur, for example, if (i) some of the positions of the Series in which you were invested were illiquid, (ii) there are any assets which cannot be properly valued on the redemption date, or (iii) there is any pending transaction or claim by or against the Trust involving or which may affect your capital account or your obligations.

Conflicts of interest exist in the structure and operation of the Trust.

A number of actual and potential conflicts of interest exist in the operation of the Trust’s business. The Managing Owner, the Trading Advisors and their respective principals are all engaged in other investment activities, and are not required to devote substantially all of their time to the Trust’s business.

The failure or bankruptcy of one of its Futures Clearing Brokers, central clearing brokers, banks, counterparties or other custodians could result in a substantial loss of one or more Series’ assets.

The Trust is subject to the risk of insolvency of an exchange, clearinghouse, central clearing broker, commodity broker, and counterparties with whom the trading companies trade. Trust assets could be lost or impounded in such an insolvency during lengthy bankruptcy proceedings. Were a substantial portion of the Trust’s capital tied up in a bankruptcy, the Managing Owner might suspend or limit trading, perhaps causing a Series to miss significant profit opportunities. The Trust is subject to the risk of the inability or refusal to perform on the part of the counterparties with whom contracts are traded. In the event that the Clearing Brokers are unable to perform their obligations, the Trust’s assets are at risk and investors may only recover a pro rata share of their investment, or nothing at all.

Exchange-traded futures and futures-styled option contracts are marked to market on a daily basis, with variations in value credited or charged to the Trust’s account on a daily basis. The Clearing Brokers, as futures commission merchants for the Trust’s exchange-traded contracts, are required, pursuant to CFTC regulations, to segregate from their own assets, and for the sole benefit of their commodity customers, all funds held by such clients with respect to exchange-traded futures and futures-styled options contracts, including an amount equal to the net unrealized gain on all open futures and futures-styled options contracts. Similar requirements apply with respect to funds held in connection with cleared swap contracts. Bankruptcy law applicable to all U.S. futures brokers requires that, in the event of the bankruptcy of such a broker, all property held by the broker, including certain property specifically traceable to the Trust, will be returned, transferred, or distributed to the broker’s customers only to the extent of each customer’s pro rata share of the assets held by such futures broker. The Managing Owner will attempt to limit the Trust’s deposits and transactions to well-capitalized institutions in an effort to mitigate such risks, but there can be no assurance that even a well-capitalized, major institution will not become bankrupt.

In the event of a shortfall in segregated customer funds held by the futures commission merchant, the series’ assets on account with the futures commission merchant may be at risk in the event of the futures commission merchant’s bankruptcy or insolvency, and in such event, the series may only recover a portion of the available customer funds. If no property is available for distribution, the series would not recover any of its assets. With respect to a series’ OTC uncleared swaps, prior to the implementation of the Dodd-Frank Act’s provisions, there was no requirement to segregate funds held with respect to such contracts. There is still no requirement to segregate funds held as variation margin posted by a party engaging in uncleared swaps with a swap dealer or major swap participant; however, a party engaging in uncleared swaps with a swap dealer or major swap participant can ask that the initial margin posted by such party be held with an independent third party custodian. Generally, the party requesting segregation will pay the costs of such custodial arrangement. There may also be costs and delays involved in negotiating the custodial arrangement and related contractual terms.

With respect to transactions a Series enters into that are not traded on an exchange, there are no daily settlements of variations in value and there is no requirement to segregate funds held with respect to such accounts. Thus, the funds that a Series invests in such transactions may not have the same protections as funds used as margin or to guarantee exchange-traded futures and options contracts. If the counterparty becomes insolvent and a Series has a claim for amounts deposited or profits earned on transactions with the counterparty, the Series’ claim may not receive a priority. Without a priority, the Trust is a general creditor and its claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even funds of the Trust that the counterparty keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors. There are no limitations on the amount of allocated assets a portfolio manager can trade on foreign exchanges or in forward contracts.

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You will not be able to review any Series’ holdings on a daily basis, and you may suffer unanticipated losses.

The Trading Advisors make trading decisions on behalf of the assets of each Series. While the Trading Advisors receive daily trade confirmations from the Clearing Brokers of each transaction entered into on behalf of each Series for which they manage the trading, each Series’ trading results are only reported to investors monthly in summary fashion. Accordingly, an investment in the Units does not offer investors the same transparency that a personal trading account offers. As a result, you may suffer unanticipated losses.

You Will Not Be Aware of Changes to Trading Programs.

Because of the proprietary nature of each Trading Advisor’s trading programs, you generally will not be advised if adjustments are made to a trading program in order to accommodate additional assets under management or for any other reason.

The Trust could terminate before you achieve your investment objective causing potential loss of your investment or upsetting your investment portfolio.

Unforeseen circumstances, including substantial losses or withdrawal of the Trust’s Managing Owner, could cause the Trust to terminate before its stated termination date of December 31, 2053. The Trust’s termination would cause the liquidation and potential loss of your investment and could upset the overall maturity and timing of your investment portfolio.

Neither the Trust nor any of the trading companies is a registered investment company.

Neither the Trust nor any of the trading companies is an investment company subject to the Investment Company Act. Accordingly, you do not have the protections afforded by that statute. For example, the Investment Company Act requires investment companies to have a majority of disinterested directors and regulates the relationship between the investment company and its investment adviser. Since neither the Trust nor the trading companies is a registered investment company, you will not benefit from such protections.

The Managing Owner is leanly staffed and relies heavily on its key personnel to manage the Trust’s trading activities. The loss of such personnel could adversely affect the Trust.

In managing and directing the day-to-day activities and affairs of the Trust, the Managing Owner relies heavily on its principals. The Managing Owner is leanly staffed, although there are back-up personnel for every key function. If any of its key persons were to leave or be unable to carry out his or her present responsibilities, it may have an adverse effect on the management of the Trust.

In addition, under the operating agreement of the Managing Owner, Mr. Bornhoft’s ability to serve as the Chief Investment Officer of the Managing Owner is dependent upon certain factors. If Mr. Bornhoft ceases to be the Chief Investment Officer of the Managing Owner, the Trust may be adversely affected.

The Managing Owner places significant reliance on the Trading Advisors and their key personnel; the loss of such personnel could adversely affect a Series.

The Managing Owner relies on the Trading Advisors to achieve trading gains for each Series, entrusting each of them with the responsibility for, and discretion over, the investment of their allocated portions of the Trust’s assets. The Trading Advisors, in turn, are dependent on the services of a limited number of persons to develop and refine their trading approaches and strategies and execute the trading transactions. The loss of the services of any Trading Advisor’s principals or key employees, or the failure of those principals or key employees to function effectively as a team, may have an adverse effect on that Trading Advisor’s ability to manage its trading activities successfully or may cause the Trading Advisor to cease operations entirely. This, in turn, could negatively impact one or more Series’ performance. Each of the Trading Advisors is wholly- (or majority-) owned and controlled, directly or indirectly, by single individuals who have major roles in developing, refining and implementing the Trading Advisor’s trading strategies and operating its business. The death, incapacity or other prolonged unavailability of such individuals likely would greatly hinder these Trading Advisors’ operations, and could result in their ceasing operations entirely, which could adversely affect the value of your investment.

The Managing Owner may terminate, replace and/or add Trading Advisors in its sole discretion which may disrupt trading, adversely affecting the Net Asset Value of a Series.

The Managing Owner may terminate, substitute or retain Trading Advisors on behalf of each Series in its sole discretion. The addition of a new Trading Advisor and/or the removal of one of the current Trading Advisors may cause disruptions in trading as assets are reallocated and new Trading Advisors transition over, which may have an adverse effect on the NAV of the affected Series.

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The Managing Owner’s allocation of the Trust’s assets among Trading Advisors may result in less than optimal performance by the Trust.

The Managing Owner may reallocate assets among the Trading Advisors for the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund or Equinox Frontier Long/Short Commodity Fund upon termination of a Trading Advisor or retention of a new Trading Advisor or at the commencement of any month. Consequently, the net assets for such Series may be allocated among the Trading Advisors in a different manner than the currently anticipated allocations. The Managing Owner’s allocation of assets of any such Series may adversely affect the profitability of the trading of the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund and Equinox Frontier Long/Short Commodity Fund, possibly in an adverse manner. For example, a Trading Advisor for a Series may experience a high rate of return but may be managing only a small percentage of the net assets of such Series. In this case, the Trading Advisor’s performance could have a minimal effect on the NAV of such Series.

The success of each Series depends on the ability of the personnel of its Trading Advisor(s) to accurately implement their trading systems, and any failure to do so could subject a Series to losses.

The Trading Advisors’ computerized trading systems rely on the Trading Advisors’ personnel to accurately process the systems’ outputs and execute the transactions called for by the systems. In addition, each Trading Advisor relies on its staff to properly operate and maintain the computer and communications systems upon which its trading systems rely. Execution and operation of each Trading Advisor’s systems is therefore subject to human errors. Any failure, inaccuracy or delay in implementing any of the Trading Advisors’ systems and executing transactions could impair the trading advisor’s ability to identify profit opportunities and benefit from them. It could also result in decisions to undertake transactions based on inaccurate or incomplete information. This could cause substantial losses.

Regulation of the commodity interest markets is extensive and constantly changing; future regulatory developments are impossible to predict and may significantly, but adversely affect the Trust.

The futures, options on futures and security futures markets are subject to comprehensive statutes, regulations and margin requirements. With respect to traditional futures exchanges, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily limits and the suspension of trading. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. In addition, various national governments have expressed concern regarding the disruptive effects of speculative trading in the currency markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change is impossible to predict, but could be substantial and adverse.

The Risk Management Approaches of One or All of the Trading Advisors May Not Be Fully Effective, and a Series May Incur Losses.

The mechanisms employed by each Trading Advisor to monitor and manage the risks associated with its trading activities on behalf of the Series for which it trades may not succeed in mitigating all identified risks. Even if a Trading Advisor’s risk management approaches are fully effective, it cannot anticipate all risks that it may face. If one or more of the Trading Advisors fails to identify and adequately monitor and manage all of the risks associated with its trading activities, the Series for which it trades may suffer losses.

The Managing Owner May Adjust the Leverage Employed by a Trading Advisor to Maintain the Target Rate of Volatility.

In its sole discretion, the managing owner may modify the allocations between the trading advisors used by a particular series at any time, including adding new trading advisors or terminating current trading advisor relationships, and the managing owner may also increase or decrease the amount of leverage employed by a specific trading advisor by allocating notional funds to a particular trading advisor in accordance with the managing owner’s proprietary management program. The managing owner may increase or decrease the notional equity allocated to one or more individual trading advisors over time in order to adjust the annual volatility for a series within the target volatility range disclosed for such series.

To the extent that the managing owner increases the leverage employed by a particular trading advisor to maintain the target volatility of a series, either by increasing the actual funds which are traded by the trading advisor at a leverage of greater than 1x or by allocating notional amounts to one or more trading advisors, the specific risks associated with the relevant trading advisors will be greater for the affected series. As the notional equity under management of a specific trading advisor increases, the diversification benefits attributable to a multi-advisor pool will be decreased to an extent, since the trading advisor will manage a greater percentage of the notional exposure of the series. Since the managing owner may change the applicable leverage used by a particular trading advisor at any time, the diversification of risks between the trading advisors is variable.

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Tax and ERISA Risks

You are strongly urged to consult your own tax advisor and counsel about the possible tax consequences to you of an investment in the Trust. Tax consequences may differ for different investors, and you could be affected by changes in the tax laws.

You May Have Tax Liability Attributable to Your Investment in a Series Even if You Have Received No Distributions and Redeemed No Units, and Even if the Series Generated an Economic Loss.

If a Series has profit for a taxable year (as determined for federal income tax purposes), the profit will be includible in your taxable income, whether or not cash or other property is actually distributed to you by the Series. The Managing Owner does not intend to make any distributions from any Series. Accordingly, it is anticipated that federal income taxes on your allocable share of a Series’ profits will exceed the amount of distributions to you, if any, for a taxable year. As such, you must be prepared to satisfy any tax liability from redemptions of Units or other sources. In addition, a Series may have capital losses from trading activities that cannot be deducted against the Series’ interest income, so that you may have to pay taxes on interest income even if the Series generates a net economic loss for a taxable year.

You may be taxed on gains that the Trust never realizes.

Because a substantial portion of the Trust’s open positions are “marked-to-market” at the end of each year, some of your tax liability for each year may be based on unrealized gains that the Trust may never actually realize.

Partnership treatment is not assured, and if the Trust is not treated as a Partnership, you could suffer adverse tax consequences.

The Managing Owner believes that the Trust and each Series will be treated as a partnership for Federal income tax purposes and, assuming that at least 90% of the gross income of the Trust, and each Series, has always constituted and will continue to constitute “qualifying income” within the meaning of Section 7704(d) of the Code, neither the Trust nor any Series will be treated as a publicly traded partnership treated as a corporation. The Managing Owner believes it is likely, but not certain, that the Trust, and each Series, will meet this income test. The Trust has not requested, and does not intend to request, a ruling from the Internal Revenue Service (the “IRS”), concerning its tax treatment or the tax treatment of any Series.

If the Trust, or any Series, were to be treated as a corporation for Federal income tax purposes: the net income of the Trust, or the Series, would be taxed at corporate income tax rates, thereby substantially reducing its distributable cash; you would not be allowed to deduct losses of the Trust, or a Series; and distributions to you, other than liquidating distributions, would constitute dividends to the extent of the current or accumulated earnings and profits of the Trust, or a Series, and would be taxable as such.

There is the possibility of a tax audit which could result in additional taxes to you.

The Trust’s tax returns may be audited by a taxing authority, and such an audit could result in adjustments to the Trust’s returns. If an audit results in an adjustment, you may be compelled to file amended returns and to pay additional taxes plus interest and penalties.

You will likely recognize short-term capital gain.

Profits on futures contracts traded in regulated U.S. and some foreign exchanges, foreign currency contracts traded in the interbank market, and U.S. and some foreign exchange-traded options on commodities are generally taxed as short-term capital gain to the extent of 40% of gains with respect to section 1256 contracts. Special rules apply in the case of mixed straddles (generally, offsetting positions where some, but not all, of the positions are marked-to-market). These special rules could have the effect of limiting the amount of gain treated as long-term capital gain.

The IRS could challenge allocations of recognized gains to Unitholders who redeem.

The trust agreement provides that recognized gains may be specially allocated for tax purposes to redeeming limited owners. If the IRS were to successfully challenge such allocations, each remaining limited owner’s share of recognized gains would be increased.

The IRS could take the position that deductions for certain Trust expenses are subject to various limitations.

Non-corporate taxpayers are subject to certain limitations for deductions for “investment advisory expenses” for federal income tax and alternative minimum tax purposes. The IRS could argue that certain expenses of the Trust are investment advisory expenses.

20

The investment of Benefit Plan Investors may be limited and/or Subject to Mandatory Redemption if any or all of the Series (or Class of any Series) are deemed to hold plan assets or if the Trading Advisors have fiduciary relationships with certain investing Benefit Plan Investors and Benefit Plan Investors are required to consider their fiduciary responsibilities in making an investment decision.

Special considerations apply to investments in the Trust by individual retirement accounts, pension, profit-sharing, stock bonus, Keogh, welfare benefit and other employee benefit plans whether or not subject to ERISA or Section 4975 of the Code, each a Plan, a Plan that is subject to Part 4 of Subtitle B of Title I of ERISA or Section 4975 of the Code, or an ERISA Plan, and any entity whose underlying assets include plan assets by reason of a Plan’s investment in such entity is referred to as a “Benefit Plan Investor.” While the assets of the Trust or any Series (and Class of any Series) are intended not to constitute plan assets with respect to any Benefit Plan Investors, the United States Department of Labor, or the DOL, IRS or a court could disagree. If the DOL, IRS or a court were to find that the assets of some or all of the Series (or Class of any Series) are the assets of Benefit Plan Investors, the Managing Owner and the Trading Advisors to such Series (or Class) may be fiduciaries, and certain transactions in or by the Trust could be prohibited. For example, if the Trust were deemed to hold “plan assets,” within the meaning of 29 C.F.R. § 2510.3-101, the Trading Advisors may have to refrain from directing certain transactions that are currently contemplated. Furthermore, whether or not the Trust is deemed to hold plan assets, if a Benefit Plan Investor has certain pre-existing relationships with the Managing Owner, one or more Trading Advisors, the selling agents or a Clearing Broker, investment in a Series may be limited or prohibited. In the event that, for any reason, the assets of any Series (or Class of any Series) might be deemed to be “plan assets,” and if any transactions would or might constitute prohibited transactions under ERISA or the Code and an exemption for such transaction or transactions is not available or cannot be obtained (or the Managing Owner determines not to seek such exemption), the Managing Owner reserves the right, upon notice to, but without the consent of any limited owner, to mandatorily redeem Units held by any limited owner that is a Benefit Plan Investor. Furthermore, whether or not a Series (or Class of any Series) are plan assets, Benefit Plan Investors should consider their fiduciary responsibilities before making a decision to invest in a Series (or Class of any Series) and Plan investors who are not subject to ERISA may be subject to similar responsibilities under state, local, or non-U.S. law.

Foreign investors may face exchange rate risk and local tax consequences.

Foreign investors should note that the Units are denominated in U.S. dollars and that changes in the rates of exchange between currencies may cause the value of their investment to decrease.

Regulatory Risks

Regulation of the Commodity Interest Markets is Extensive and Constantly Changing; Future Regulatory Developments are Impossible to Predict, but May Significantly and Adversely Affect the Trust.

The futures, options on futures and security futures markets are subject to comprehensive statutes, regulations and margin requirements. With respect to traditional futures exchanges, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily limits and the suspension of trading. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. In addition, various national governments have expressed concern regarding the disruptive effects of speculative trading in the currency markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change is impossible to predict, but could be substantial and adverse.

CFTC registrations could be terminated which could adversely affect the Trust or a Series.

If the Commodity Exchange Act registrations or NFA memberships of the Managing Owner or the registered Trading Advisors were no longer effective, these entities would not be able to act for the Trust, which could adversely affect the Trust or such Series.

The Trust and the Managing Owner have been represented by unified counsel, and neither the Trust nor the Managing Owner will retain independent counsel to review this offering.

The Trust and the Managing Owner have been represented by unified counsel. To the extent that the Trust, the Managing Owner or you could benefit from further independent review, such benefit will not be available unless you separately retain such independent counsel.

The foregoing risk factors are not a complete explanation of all the risks involved in purchasing interests in a fund that invests in the highly speculative, highly leveraged trading of futures, forwards and options. You should read this entire Form 10-K and the Prospectus before determining to subscribe for Units.

21

Item 1B. UNRESOLVED STAFF COMMENTS.

None.

Item 2. PROPERTIES.

The Trust does not own or use any physical properties in the conduct of its business. Its assets currently consist of, through each Trading Company, items such as U.S. and international futures and forward contracts and other interests in derivative instruments, including options contracts on futures, forwards and swap contracts. The Managing Owner’s main office is located at 1775 Sherman Street, Suite 2500, Denver, Colorado 80203.

Item 3. LEGAL PROCEEDINGS.

There are no material legal proceedings to which the Trust or any of its affiliates is a party or of which any of their assets are the subject.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

22

Part II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

No Units in any Series are publicly traded. The Units in each Series may be redeemed, in whole or in part, on a daily basis, subject to a notice requirement as set forth in the Prospectus. Except as otherwise set forth in the Prospectus, Units will be redeemed at a redemption price equal to 100% of the NAV per Unit of the applicable Series, calculated as of the point described in the Prospectus. The redemption of Units has no impact on the value of Units that remain outstanding. The Managing Owner may temporarily suspend redemptions under limited circumstances described in the Prospectus. The right to obtain redemption of Units of a Series is contingent upon such Series’ having property sufficient to discharge its liabilities on the date of redemption.

Further, if a Limited Owner redeems all or a portion of its Class 1 or Class 1a Units of any Series on or before the end of twelve full months following the effective date of the purchase of the Units being redeemed, such Limited Owner is charged a redemption fee of up to 3.0% of the NAV at which the Units are redeemed. The redemption fee charged will depend on, among other things, the particular Series of Units being redeemed. The Trust Agreement also contains restrictions on the transfer or assignment of the Units.

The Managing Owner has the sole discretion in determining what distributions, if any, the Trust will make to the Limited Owners. The Trust has not affected distributions on the Units in any Series as of the date hereof and the Managing Owner does not intend to effect any distributions in the foreseeable future.

The proceeds of offerings are deposited in the bank and brokerage accounts of the Trust and the Trading Companies for the purpose of engaging in trading activities in accordance with the Trust’s trading policies and its Trading Advisors’ respective trading strategies.

23

The following table shows the number of Limited Owners and the number of Units outstanding in each Class of each Series as of December 31, 2014:

	Number of Limited Owners		Number of Units Outstanding
Equinox Frontier Diversified Fund (Class 1)		540		169,725
Equinox Frontier Diversified Fund (Class 2)		342		282,534
Equinox Frontier Diversified Fund (Class 3)		187		48,583
Equinox Frontier Long/Short Commodity Fund (Class 1a)		403		57,130
Equinox Frontier Long/Short Commodity Fund (Class 2)		81		9,013
Equinox Frontier Long/Short Commodity Fund (Class 2a)		91		15,291
Equinox Frontier Long/Short Commodity Fund (Class 3)		467		52,284
Equinox Frontier Long/Short Commodity Fund (Class 3a)		70		5,886
Equinox Frontier Masters Fund (Class 1)		337		101,632
Equinox Frontier Masters Fund (Class 2)		184		69,004
Equinox Frontier Masters Fund (Class 3)		153		41,897
Equinox Frontier Balanced Fund (Class 1)		2,661		548,117
Equinox Frontier Balanced Fund (Class 1AP)		29		5,618
Equinox Frontier Balanced Fund (Class 2)		352		131,447
Equinox Frontier Balanced Fund (Class 2a)		19		3,923
Equinox Frontier Balanced Fund (Class 3a)		88		16,577
Equinox Frontier Select Fund (Class 1)		892		142,913
Equinox Frontier Select Fund (Class 1AP)		11		494
Equinox Frontier Select Fund (Class 2)		62		12,127
Equinox Frontier Winton Fund (Class 1)		613		152,717
Equinox Frontier Winton Fund (Class 1AP)		1		214
Equinox Frontier Winton Fund (Class 2)		41		58,093
Equinox Frontier Heritage Fund (Class 1)		462		74,927
Equinox Frontier Heritage Fund (Class 1AP)		8		442
Equinox Frontier Heritage Fund (Class 2)		51		18,165

No Units are authorized for issuance by the Trust under equity compensation plans. During the year ended December 31, 2014, no unregistered Units were sold by the Trust. In addition, the Trust did not repurchase any Units under a formal repurchase plan. All Unit redemptions during the year ended December 31, 2014 were in the ordinary course of business. There have not been any purchases of units by the trust or any affiliated purchasers during the year ended December 31, 2014.

24

ITEM 6. SELECTED FINANCIAL DATA.

The selected financial information as of and for the years ended December 31, 2014, 2013, 2012, 2011, and 2010 is taken from the financial statements of the Trust included in section F of this filing and previous filings.

You should read this information in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the related notes included therewith. Results from past periods are not necessarily indicative of results that may be expected for any future period.

25

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2014

	Equinox Frontier Diversified Fund		Equinox Frontier Masters Fund		Equinox  Frontier Long/Short Commodity Fund
Interest - net	$	579,067	$	298,175	$	216,027
Total Expenses		7,289,756		2,939,200		1,487,941
Net gain / (loss) on investments		27,814,644		8,093,183		1,582,778
Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests		14,287,705		5,452,158		1,077,686
Net income / (loss) per unit - Class 1		25.99		24.78		—
Net income / (loss) per unit - Class 1a		—		—		8.39
Net income / (loss) per unit - Class 2		30.32		29.07		13.04
Net income / (loss) per unit - Class 2a		—		—		11.01
Net income / (loss) per unit - Class 3		30.82		27.15		13.04
Net income / (loss) per unit - Class 3a		—		—		11.30
Total Assets	$	75,398,613	$	26,576,520	$	16,879,229
Total owners’ capital - Class 1		19,195,036		11,850,911		—
Total owners’ capital - Class 1a		—		—		5,776,906
Total owners’ capital - Class 2		35,224,292		8,868,743		1,246,481
Total owners’ capital - Class 2a		—		—		1,702,551
Total owners’ capital - Class 3		5,588,281		4,988,200		7,233,099
Total owners’ capital - Class 3a		—		—		657,882
Total net asset value per unit - Class 1		113.09		116.61		—
Total net asset value per unit - Class 1a		—		—		101.12
Total net asset value per unit - Class 2		124.67		128.53		138.30
Total net asset value per unit - Class 2a		—		—		111.35
Total net asset value per unit - Class 3		115.03		119.06		138.34
Total net asset value per unit - Class 3a		—		—		111.77
	Equinox Frontier Balanced Fund		Equinox Frontier Heritage Fund		Equinox Frontier Select Fund
Interest - net	$	27,454	$	1	$	—
Total Expenses		7,434,719		1,056,664		1,364,426
Net gain / (loss) on investments		31,862,512		4,838,618		3,799,808
Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests		19,364,501		2,812,848		2,435,382
Net income / (loss) per unit - Class 1		25.25		28.23		15.75
Net income / (loss) per unit - Class 1AP		30.58		33.13		21.29
Net income / (loss) per unit - Class 2		38.67		42.35		24.34
Net income / (loss) per unit - Class 2a		34.22		—		—
Net income / (loss) per unit - Class 3a		34.11		—		—
Total Assets	$	110,738,530	$	16,906,298	$	15,556,907
Total owners’ capital - Class 1		72,098,275		9,761,819		13,663,563
Total owners’ capital - Class 1AP		748,275		58,378		47,785
Total owners’ capital - Class 2		23,550,697		3,207,182		1,558,130
Total owners’ capital - Class 2a		600,287		—		—
Total owners’ capital - Class 3a		2,528,303		—		—
Total net asset value per unit - Class 1		131.54		130.28		95.61
Total net asset value per unit - Class 1AP		133.20		131.93		96.82
Total net asset value per unit - Class 2		179.16		176.56		128.48
Total net asset value per unit - Class 2a		153.02		—		—
Total net asset value per unit - Class 3a		152.52		—		—

	Equinox Frontier Winton Fund
Interest - net	$	55
Total Expenses		3,960,912
Net gain / (loss) on investments		12,603,511
Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests		8,642,654
Net income / (loss) per unit - Class 1		36.36
Net income / (loss) per unit - Class 1AP		39.25
Net income / (loss) per unit - Class 2		52.06
Total Assets	$	41,541,451
Total owners’ capital - Class 1		26,870,878
Total owners’ capital - Class 1AP		38,042
Total owners’ capital - Class 2		13,142,313
Total net asset value per unit - Class 1		175.95
Total net asset value per unit - Class 1AP		178.18
Total net asset value per unit - Class 2		226.23

26

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2013

	Equinox Frontier Diversified Fund			Equinox Frontier Masters Fund			Equinox Frontier Long/Short  Commodity Fund
Interest - net	$	1,544,382		$	757,793		$	945,988
Total Expenses		5,290,909			2,956,297			3,021,094
Net gain / (loss) on investments		(5,520,937	)		(2,052,522	)		7,300,417
Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests		(9,267,464	)		(4,251,026	)		(6,044,396	)
Net income / (loss) per unit - Class 1		(7.30	)		(9.28	)		—
Net income / (loss) per unit - Class 1a		—			—			(15.85	)
Net income / (loss) per unit - Class 2		(6.13	)		(8.15	)		(20.39	)
Net income / (loss) per unit - Class 2a		—			—			(15.11	)
Net income / (loss) per unit - Class 3		—			3.90			(20.39	)
Net income / (loss) per unit - Class 3a		—			—			(9.13	)
Total Assets	$	64,685,474		$	34,068,483		$	28,968,346
Total owners’ capital - Class 1		28,744,047			23,115,495			—
Total owners’ capital - Class 1a		—			—			8,752,826
Total owners’ capital - Class 2		34,714,991			10,406,162			3,371,798
Total owners’ capital - Class 2a		—			—			3,103,405
Total owners’ capital - Class 3		—			249,127			9,619,596
Total owners’ capital - Class 3a		—			—			257,471
Total net asset value per unit - Class 1		87.10			91.83			—
Total net asset value per unit - Class 1a		—			—			92.73
Total net asset value per unit - Class 2		94.35			99.46			125.26
Total net asset value per unit - Class 2a		—			—			100.34
Total net asset value per unit - Class 3		—			91.91			125.30
Total net asset value per unit - Class 3a		—			—			100.47
	Equinox Frontier Balanced Fund			Equinox Frontier Heritage Fund			Equinox Frontier Select Fund
Interest - net	$	280,359		$	109,122		$	261,102
Total Expenses		7,350,844			938,253			1,365,128
Net gain / (loss) on investments		(6,490,128	)		2,516,149			1,521,198
Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests		(16,152,498	)		1,423,001			417,171
Net income / (loss) per unit - Class 1		(10.03	)		7.50			1.20
Net income / (loss) per unit - Class 2		(8.71	)		13.54			4.59
Net income / (loss) per unit - Class 2a		(5.56	)		—			—
Net income / (loss) per unit - Class 3		—			—			—
Net income / (loss) per unit - Class 3a		(5.55	)		—			—
Total Assets	$	124,183,143		$	16,696,747		$	17,804,703
Total owners’ capital - Class 1		80,801,534			11,328,406			15,852,947
Total owners’ capital - Class 2		26,611,117			2,850,062			1,758,901
Total owners’ capital - Class 2a		491,579			—			—
Total owners’ capital - Class 3		—			—			—
Total owners’ capital - Class 3a		2,322,629			—			—
Total net asset value per unit - Class 1		106.29			102.05			79.86
Total net asset value per unit - Class 2		140.49			134.21			104.14
Total net asset value per unit - Class 2a		118.80			—			—
Total net asset value per unit - Class 3		—			—			—
Total net asset value per unit - Class 3a		118.41			—			—

	Equinox Frontier Winton Fund
Interest - net	$	283,863
Total Expenses		2,340,519
Net gain / (loss) on investments		4,790,126
Net increase / (decrease) in owners’ capital resulting from operations attributable to controlling interests		2,733,470
Net income / (loss) per unit - Class 1		8.86
Net income / (loss) per unit - Class 2		15.87
Net income / (loss) per unit - Class 3		—
Total Assets	$	37,083,828
Total owners’ capital - Class 1		26,164,147
Total owners’ capital - Class 2		10,460,690
Total owners’ capital - Class 3		—
Total net asset value per unit - Class 1		139.59
Total net asset value per unit - Class 2		174.17
Total net asset value per unit - Class 3		—

27

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2012

	Equinox Frontier Diversified Fund			Equinox Frontier Masters Fund			Equinox Frontier Long/Short  Commodity Fund
Interest - net	$	2,199,327		$	1,038,493		$	1,385,312
Total Expenses		9,596,941			4,016,767			6,010,679
Net gain / (loss) on investments		2,078,348			3,545,722			(11,084,454	)
Net increase / (decrease) in owners’ capital resulting from operations		(5,319,266	)		618,878			(6,542,114	)
Net income / (loss) per unit - Class 1		(5.00	)		0.86			(0.72	)
Net income / (loss) per unit - Class 1a		—			—			(13.13	)
Net income / (loss) per unit - Class 2		(3.48	)		2.78			(16.32	)
Net income / (loss) per unit - Class 2a		—			—			(11.78	)
Net income / (loss) per unit - Class 3		—			—			(16.27	)
Total Assets	$	116,445,177		$	51,943,272		$	63,948,673
Total owners’ capital - Class 1		58,999,936			34,603,499			—
Total owners’ capital - Class 1a		—			—			18,983,538
Total owners’ capital - Class 2		56,181,636			16,882,659			6,898,785
Total owners’ capital - Class 2a		—			—			10,882,111
Total owners’ capital - Class 3		—			—			19,761,047
Total net asset value per unit - Class 1		94.40			101.11			135.41
Total net asset value per unit - Class 1a		—			—			108.58
Total net asset value per unit - Class 2		100.48			107.61			145.65
Total net asset value per unit - Class 2a		—			—			115.65
Total net asset value per unit - Class 3		—			—			145.69
	Equinox Frontier Balanced Fund			Equinox Frontier Heritage Fund			Equinox Frontier Select Fund
Interest - net	$	276,272		$	134,302		$	263,049
Total Expenses		16,386,180			1,822,802			2,449,160
Net gain / (loss) on investments		7,382,357			(681,944	)		(2,138,461	)
Net increase / (decrease) in owners’ capital resulting from operations		(13,154,863	)		(2,370,444	)		(4,324,572	)
Net income / (loss) per unit - Class 1		(8.18	)		10.18			(12.36	)
Net income / (loss) per unit - Class 1a		(4.13	)		—			—
Net income / (loss) per unit - Class 2		(5.82	)		(9.03	)		(12.29	)
Net income / (loss) per unit - Class 2a		(3.99	)		—			—
Net income / (loss) per unit - Class 3a		(4.40	)		—			—
Total Assets	$	247,702,914		$	20,925,980		$	25,650,403
Total owners’ capital - Class 1		143,906,872			16,680,498			22,266,758
Total owners’ capital - Class 2		51,459,568			4,073,041			3,077,883
Total owners’ capital - Class 2a		1,009,520			—			—
Total owners’ capital - Class 3a		3,776,790			—			—
Total net asset value per unit - Class 1		116.32			94.55			78.66
Total net asset value per unit - Class 1a		104.32			—			—
Total net asset value per unit - Class 2		149.20			120.67			99.55
Total net asset value per unit - Class 2a		124.36			—			—
Total net asset value per unit - Class 3a		123.96			—			—

	Equinox Frontier Winton Fund
Interest - net	$	531,125
Total Expenses		2,435,758
Net gain / (loss) on investments		(1,356,583	)
Net increase / (decrease) in owners’ capital resulting from operations		(3,261,216	)
Net income / (loss) per unit - Class 1		(10.40	)
Net income / (loss) per unit - Class 2		(7.52	)
Total Assets	$	41,241,712
Total owners’ capital - Class 1		30,645,208
Total owners’ capital - Class 2		10,314,326
Total net asset value per unit - Class 1		130.73
Total net asset value per unit - Class 2		158.30
Total net asset value per unit - Class 3		—

28

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2011

	Equinox Frontier Diversified Fund			Equinox Frontier Masters Fund			Equinox Frontier Long/Short Commodity Fund
Interest - net	$	2,399,088		$	1,026,007		$	1,371,889
Total Expenses		12,210,432			4,466,240			8,087,479
Net gain / (loss) on investments		5,428,786			2,393,047			17,234,688
Net increase / (decrease) in owners’ capital resulting from operations		(4,382,558	)		(1,019,452	)		4,459,637
Net income / (loss) per unit - Class 1		(4.18	)		(2.71	)		3.40
Net income / (loss) per unit - Class 1a		—			—			3.75
Net income / (loss) per unit - Class 2		(2.50	)		(0.98	)		8.71
Net income / (loss) per unit - Class 2a		—			—			6.05
Net income / (loss) per unit - Class 3		—			—			8.70
Total Assets	$	135,642,082		$	53,200,171		$	107,793,563
Total owners’ capital - Class 1		72,424,906			34,090,136			4,159,047
Total owners’ capital - Class 1a		—			—			18,891,395
Total owners’ capital - Class 2		61,548,698			18,734,861			9,188,762
Total owners’ capital - Class 2a		—			—			10,911,464
Total owners’ capital - Class 3		—			—			27,810,058
Total net asset value per unit - Class 1		99.40			100.25			136.13
Total net asset value per unit - Class 1a		—			—			121.71
Total net asset value per unit - Class 2		103.96			104.83			161.97
Total net asset value per unit - Class 2a		—			—			127.23
Total net asset value per unit - Class 3		—			—			161.96
	Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Heritage Fund
Interest - net	$	534,877		$	106,784		$	217,875
Total Expenses		24,591,620			2,973,773			2,926,790
Net gain / (loss) on investments		5,648,268			(6,401,143	)		(2,260,583	)
Net increase / (decrease) in owners’ capital resulting from operations		(12,244,073	)		(9,268,132	)		(4,498,779	)
Net income / (loss) per unit - Class 1		(7.45	)		(19.44	)		(15.10	)
Net income / (loss) per unit - Class 1a		(7.91	)		—			—
Net income / (loss) per unit - Class 2		(4.44	)		(19.89	)		(14.34	)
Net income / (loss) per unit - Class 2a		(5.31	)		—			—
Net income / (loss) per unit - Class 3		(5.30	)		—			—
Total Assets	$	301,978,826		$	40,083,210		$	31,026,648
Total owners’ capital - Class 1		183,785,318			35,180,631			24,783,519
Total owners’ capital - Class 1a		2,536,559
Total owners’ capital - Class 2		63,372,567			4,433,341			5,990,168
Total owners’ capital - Class 2a		2,784,830			—			—
Total owners’ capital - Class 3a		2,952,802			—			—
Total net asset value per unit - Class 1		124.50			91.02			104.73
Total net asset value per unit - Class 1a		108.45			—			—
Total net asset value per unit - Class 2		155.02			111.84			129.70
Total net asset value per unit - Class 2a		128.35			—			—
Total net asset value per unit - Class 3		128.36			—			—

	Equinox Frontier Winton Fund
Interest - net	$	457,889
Total Expenses		3,596,286
Net gain / (loss) on investments		5,865,030
Net increase / (decrease) in owners’ capital resulting from operations		2,726,633
Net income / (loss) per unit - Class 1		6.09
Net income / (loss) per unit - Class 2		11.83
Net income / (loss) per unit - Class 3		—
Total Assets	$	50,363,648
Total owners’ capital - Class 1		38,345,799
Total owners’ capital - Class 2		11,702,325
Total owners’ capital - Class 3		—
Total net asset value per unit - Class 1		141.13
Total net asset value per unit - Class 2		165.82
Total net asset value per unit - Class 3		—

29

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2010

	Equinox Frontier Diversified Fund		Equinox Frontier Masters Fund		Equinox Frontier Long/Short  Commodity Fund
Interest - net	$	2,225,700	$	941,795	$	1,120,080
Total Expenses		9,452,058		3,767,056		8,021,021
Net gain / (loss) on investments		18,519,243		8,845,121		15,903,113
Net increase / (decrease) in owners’ capital resulting from operations		11,135,880		6,019,860		11,915,293
Net income / (loss) per unit - Class 1		6.78		8.50		18.96
Net income / (loss) per unit - Class 1a		—		—		16.47
Net income / (loss) per unit - Class 2		8.69		10.44		25.77
Net income / (loss) per unit - Class 2a		—		—		18.70
Net income / (loss) per unit - Class 3		—		—		25.77
Total Assets	$	162,451,657	$	67,230,426	$	79,526,348
Total owners’ capital - Class 1		90,022,131		41,213,675		31,185,756
Total owners’ capital - Class 1a		—		—		5,652,309
Total owners’ capital - Class 2		69,473,841		25,062,055		15,584,978
Total owners’ capital - Class 2a		—		—		3,761,826
Total owners’ capital - Class 3		—		—		20,998,571
Total net asset value per unit - Class 1		103.58		102.96		132.73
Total net asset value per unit - Class 1a		—		—		117.96
Total net asset value per unit - Class 2		106.46		105.81		153.26
Total net asset value per unit - Class 2a		—		—		121.18
Total net asset value per unit - Class 3		—		—		153.26
	Equinox Frontier Balanced Fund		Equinox Frontier Heritage Fund		Equinox Frontier Select Fund
Interest - net	$	404,451	$	263,156	$	8,268
Total Expenses		26,553,122		4,321,685		4,848,257
Net gain / (loss) on investments		82,334,394		11,966,369		10,645,135
Net increase / (decrease) in owners’ capital resulting from operations		41,691,751		5,263,217		3,912,601
Net income / (loss) per unit - Class 1		13.41		9.77		5.81
Net income / (loss) per unit - Class 1a		10.86
Net income / (loss) per unit - Class 2		20.45		15.65		10.63
Net income / (loss) per unit - Class 2a		16.06		—		—
Net income / (loss) per unit - Class 3		16.06		—		—
Total Assets	$	436,618,030	$	64,282,827	$	71,057,049
Total owners’ capital - Class 1		287,807,510		45,898,246		61,842,996
Total owners’ capital - Class 1a		5,120,558
Total owners’ capital - Class 2		76,715,728		11,612,192		8,386,332
Total owners’ capital - Class 2a		3,562,374		—		—
Total owners’ capital - Class 3a		3,691,280		—		—
Total net asset value per unit - Class 1		131.95		119.83		110.46
Total net asset value per unit - Class 1a		116.36
Total net asset value per unit - Class 2		159.46		144.04		131.73
Total net asset value per unit - Class 2a		133.66		—		—
Total net asset value per unit - Class 3		133.66		—		—

	Equinox Frontier Winton Fund
Interest - net	$	306,338
Total Expenses		3,812,097
Net gain / (loss) on investments		12,010,660
Net increase / (decrease) in owners’ capital resulting from operations		8,504,901
Net income / (loss) per unit - Class 1		17.47
Net income / (loss) per unit - Class 2		23.89
Net income / (loss) per unit - Class 3
Total Assets	$	61,570,878
Total owners’ capital - Class 1		49,350,981
Total owners’ capital - Class 2		11,368,456
Total owners’ capital - Class 3		—
Total net asset value per unit - Class 1		135.04
Total net asset value per unit - Class 2		153.99
Total net asset value per unit - Class 3		—

30

Supplementary Quarterly Financial Information

The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2014.

	1st Quarter 2014 (unaudited)			2nd Quarter 2014 (unaudited)		3rd Quarter 2014 (unaudited)		4th Quarter 2014 (unaudited)
Equinox Frontier Diversified Fund:
Net gain (loss) on investments	($	1,584,528	)	$	4,070,105	$	6,490,602	$	12,347,588
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	2,619,266	)	$	2,547,276	$	5,261,494	$	9,423,574
Increase (decrease) in net asset value per Class 1 units	($	4.33	)	$	4.00	$	9.12	$	17.20
Increase (decrease) in net asset value per Class 2 units	($	4.30	)	$	4.76	$	10.43	$	19.43
Increase (decrease) in net asset value per Class 3 units	($	1.29	)	$	4.45	$	9.67	$	17.99
Net asset value per Class 1 units	$	82.77		$	86.77	$	95.89	$	113.09
Net asset value per Class 2 units	$	90.05		$	94.81	$	105.24	$	124.67
Net asset value per Class 3 units	$	82.92		$	87.37	$	97.04	$	115.03
Equinox Frontier Masters Fund:
Net gain (loss) on investments	($	1,139,641	)	$	2,119,822	$	2,557,909	$	4,555,093
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	1,615,359	)	$	1,569,419	$	1,965,207	$	3,532,891
Increase (decrease) in net asset value per Class 1 unit	($	4.53	)	$	5.67	$	8.12	$	15.52
Increase (decrease) in net asset value per Class 2 unit	($	4.50	)	$	6.61	$	9.36	$	17.60
Increase (decrease) in net asset value per Class 3 unit	($	4.11	)	$	6.17	$	8.73	$	16.36
Net asset value per Class 1 unit	$	87.30		$	92.97	$	101.09	$	116.61
Net asset value per Class 2 unit	$	94.96		$	101.57	$	110.93	$	128.53
Net asset value per Class 3 unit	$	87.80		$	93.97	$	102.70	$	119.06
Equinox Frontier Long/Short Commodity Fund:
Net gain (loss) on investments	($	4,086,877	)	$	1,521,079	$	4,217,572	($	68,995	)
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	4,424,801	)	$	111,679	$	3,901,860	($	417,500	)
Increase (decrease) in net asset value per Class 1a units	($	10.31	)	$	0.34	$	21.24	($	2.88	)
Increase (decrease) in net asset value per Class 2 units	($	13.78	)	$	0.69	$	29.33	($	3.20	)
Increase (decrease) in net asset value per Class 2a units	($	10.78	)	$	0.76	$	23.70	($	2.67	)
Increase (decrease) in net asset value per Class 3 units	($	13.79	)	$	0.69	$	29.34	($	3.20	)
Increase (decrease) in net asset value per Class 3a units	($	10.73	)	$	0.82	$	23.82	($	2.61	)
Net asset value per Class 1a units	$	82.42		$	82.76	$	104.00	$	101.12
Net asset value per Class 2 units	$	111.48		$	112.17	$	141.50	$	138.30
Net asset value per Class 2a units	$	89.56		$	90.32	$	114.02	$	111.35
Net asset value per Class 3 units	$	111.51		$	112.20	$	141.54	$	138.34
Net asset value per Class 3a units	$	89.74		$	90.56	$	114.38	$	111.77
Equinox Frontier Balanced Fund:
Net gain (loss) on investments	($	2,141,831	)	$	6,379,507	$	10,465,597	$	18,898,072
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	4,165,357	)	$	1,705,510	$	8,478,094	$	13,346,369
Increase (decrease) in net asset value per Class 1 units	($	4.30	)	$	1.87	$	10.39	$	17.29
Increase (decrease) in net asset value per Class 1AP units (1)						$	12.20	$	18.37
Increase (decrease) in net asset value per Class 2 units	($	4.68	)	$	3.54	$	15.10	$	24.71
Increase (decrease) in net asset value per Class 2a units	($	3.63	)	$	3.30	$	13.16	$	21.38
Increase (decrease) in net asset value per Class 3a units	($	3.61	)	$	3.29	$	13.12	$	21.31
Net asset value per Class 1 units	$	101.99		$	103.86	$	114.25	$	131.54
Net asset value per Class 1AP units (8)						$	114.83	$	133.20
Net asset value per Class 2 units	$	135.81		$	139.35	$	154.45	$	179.16
Net asset value per Class 2a units	$	115.17		$	118.48	$	131.64	$	153.02
Net asset value per Class 3a units	$	114.80		$	118.09	$	131.21	$	152.52
Equinox Frontier Select Fund (5):
Net gain (loss) on investments	($	770,338	)	$	902,903	$	1,619,376	$	2,047,868
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	1,043,766	)	$	610,991	$	1,204,743	$	1,663,415
Increase (decrease) in net asset value per Class 1 units	($	4.85	)	$	3.22	$	7.09	$	10.29
Increase (decrease) in net asset value per Class 1AP units (1)						$	10.22	$	11.07
Increase (decrease) in net asset value per Class 2 units	($	5.59	)	$	5.01	$	12.23	$	14.69
Net asset value per Class 1 units	$	75.01		$	78.23	$	85.32	$	95.61
Net asset value per Class 1AP units (8)						$	85.75	$	96.82
Net asset value per Class 2 units	$	98.55		$	103.56	$	113.79	$	128.48
Equinox Frontier Winton Fund:
Net gain (loss) on investments	($	103,198	)	$	2,996,455	$	1,751,401	$	7,958,850
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	631,089	)	$	2,051,148	$	1,012,414	$	6,210,178
Increase (decrease) in net asset value per Class 1 units	($	2.66	)	$	8.14	$	4.10	$	26.78
Increase (decrease) in net asset value per Class 1AP units (1)						$	10.99	$	28.26
Increase (decrease) in net asset value per Class 2 units	($	2.05	)	$	11.59	$	6.62	$	35.89
Net asset value per Class 1 units	$	136.93		$	145.07	$	149.17	$	175.95
Net asset value per Class 1AP units (1)						$	149.92	$	178.18
Net asset value per Class 2 units	$	172.12		$	183.72	$	190.34	$	226.23
Equinox Frontier Heritage Fund:
Net gain (loss) on investments	($	1,236,579	)	$	1,418,344	$	1,275,742	$	3,381,113
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	874,418	)	$	832,265	$	677,551	$	2,177,452
Increase (decrease) in net asset value per Class 1 units	($	6.64	)	$	7.02	$	6.37	$	21.33
Increase (decrease) in net asset value per Class 1AP units (1)						$	10.70	$	22.43
Increase (decrease) in net asset value per Class 2 units	($	7.80	)	$	10.31	$	9.60	$	30.03
Net asset value per Class 1 units	$	95.41		$	102.58	$	108.95	$	130.28
Net asset value per Class 1AP units (8)						$	109.50	$	131.93
Net asset value per Class 2 units	$	126.41		$	136.93	$	146.53	$	176.56

(1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally

31

The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2013.

	1st Quarter 2013 (unaudited)			2nd Quarter 2013 (unaudited)			3rd Quarter 2013 (unaudited)			4th Quarter 2013 (unaudited)
Equinox Frontier Diversified Fund:
Net gain (loss) on investments	($	113,017	)	($	7,089,299	)	($	6,696,322	)	$	8,378,001
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	1,173,341	)	($	7,920,142	)	($	7,331,811	)	$	7,158,130
Increase (decrease) in net asset value per Class 1 units	($	1.19	)	($	7.66	)	($	7.42	)	$	8.97
Increase (decrease) in net asset value per Class 2 units	($	0.84	)	($	7.79	)	($	7.59	)	$	10.09
Net asset value per Class 1 units	$	93.21		$	85.55		$	78.13		$	87.10
Net asset value per Class 2 units	$	99.64		$	91.85		$	84.26		$	94.35
Equinox Frontier Masters Fund:
Net gain (loss) on investments	$	883,034		($	2,575,152	)	($	2,509,310	)	$	2,151,906
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	$	321,529		($	3,146,403	)	($	3,041,836	)	$	1,618,684
Increase (decrease) in net asset value per Class 1 unit	$	0.53		($	6.90	)	($	6.87	)	$	3.96
Increase (decrease) in net asset value per Class 2 unit	$	0.99		($	6.89	)	($	6.96	)	$	4.71
Increase (decrease) in net asset value per Class 3 unit										$	3.90
Net asset value per Class 1 unit	$	101.64		$	94.74		$	87.87		$	91.83
Net asset value per Class 2 unit	$	108.60		$	101.71		$	94.75		$	99.46
Net asset value per Class 3 unit										$	91.91
Equinox Frontier Long/Short Commodity Fund:
Net gain (loss) on investments	($	1,371,456	)	($	3,603,745	)	($	3,403,485	)	$	1,078,269
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	194,728	)	($	4,184,929	)	($	2,283,631	)	$	(236,835	)
Increase (decrease) in net asset value per Class 1a units	($	0.61	)	($	8.07	)	($	6.30	)	($	0.87	)
Increase (decrease) in net asset value per Class 2 units	($	0.54	)	($	10.65	)	($	8.37	)	($	0.83	)
Increase (decrease) in net asset value per Class 2a units	($	0.16	)	($	8.15	)	($	6.30	)	($	0.50	)
Increase (decrease) in net asset value per Class 3 units	($	0.55	)	($	10.65	)	($	8.37	)	($	0.82	)
Increase (decrease) in net asset value per Class 3a units		N/A		($	2.45	)	($	6.24	)	($	0.44	)
Net asset value per Class 1a units	$	107.97		$	99.90		$	93.60		$	92.73
Net asset value per Class 2 units	$	145.11		$	134.46		$	126.09		$	125.26
Net asset value per Class 2a units	$	115.29		$	107.14		$	100.84		$	100.34
Net asset value per Class 3 units	$	145.14		$	134.49		$	126.12		$	125.30
Net asset value per Class 3a units				$	107.15		$	100.91		$	100.47
Equinox Frontier Balanced Fund:
Net gain (loss) on investments	($	3,972,194	)	($	8,942,702	)	($	10,036,310	)		16,461,078
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	3,212,419	)	($	13,129,934	)	($	9,721,779	)		9,911,634
Increase (decrease) in net asset value per Class 1 units	($	2.12	)	($	9.31	)	($	7.17	)	$	8.57
Increase (decrease) in net asset value per Class 2 units	($	1.65	)	($	11.01	)	($	8.34	)	$	12.29
Increase (decrease) in net asset value per Class 2a units	($	0.90	)	($	8.77	)	($	6.58	)	$	10.69
Increase (decrease) in net asset value per Class 3a units	($	0.91	)	($	8.74	)	($	6.56	)	($	5.76	)
Net asset value per Class 1 units	$	114.20		$	104.89		$	97.72		$	106.29
Net asset value per Class 2 units	$	147.55		$	136.54		$	128.20		$	140.49
Net asset value per Class 2a units	$	123.46		$	114.69		$	108.11		$	118.80
Net asset value per Class 3a units	$	123.05		$	114.31		$	107.75		$	118.41
Equinox Frontier Select Fund:
Net gain (loss) on investments	$	1,322,891		($	31,845	)	($	1,021,631	)	$	1,188,093
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	$	1,001,644		($	215,120	)	($	1,275,734	)		906,381
Increase (decrease) in net asset value per Class 1 units	$	3.20		($	0.85	)	($	4.99	)	$	3.84
Increase (decrease) in net asset value per Class 2 units	$	4.80		($	0.31	)	($	5.65	)	$	5.75
Net asset value per Class 1 units	$	81.86		$	81.01		$	76.02		$	79.86
Net asset value per Class 2 units	$	104.35		$	104.04		$	98.39		$	104.14
Equinox Frontier Winton Fund:
Net gain (loss) on investments	$	2,311,200		($	529,952	)	($	380,598	)	$	3,389,476
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	$	1,871,424		($	1,007,300	)	($	862,383	)	$	2,731,729
Increase (decrease) in net asset value per Class 1 units	$	5.80		($	3.72	)	($	3.19	)	$	9.97
Increase (decrease) in net asset value per Class 2 units	$	8.22		($	3.33	)	($	2.68	)	$	13.66
Net asset value per Class 1 units	$	136.53		$	132.81		$	129.62		$	139.59
Net asset value per Class 2 units	$	166.52		$	163.19		$	160.51		$	174.17
Equinox Frontier Heritage Fund:
Net gain (loss) on investments	$	1,759,853		($	414,134	)	($	249,447	)	$	1,419,877
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	$	1,501,008		($	605,972	)	($	427,171	)	$	955,136
Increase (decrease) in net asset value per Class 1 units	$	7.08		($	3.55	)	($	2.53	)	$	6.50
Increase (decrease) in net asset value per Class 2 units	$	9.98		($	3.61	)	($	2.32	)	$	9.49
Net asset value per Class 1 units	$	101.63		$	98.08		$	95.55		$	102.05
Net asset value per Class 2 units	$	130.65		$	127.04		$	124.72		$	134.21

32

The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2012.

	1st Quarter 2012 (unaudited)			2nd Quarter 2012 (unaudited)			3rd Quarter 2012 (unaudited)			4th Quarter 2012 (unaudited)
Equinox Frontier Diversified Fund:
Net gain (loss) on investments	($	4,245,182	)	$	6,100,289		$	3,088,069		$	(2,864,828	)
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	5,335,328	)	$	3,422,181		$	610,072		$	(4,016,191	)
Increase (decrease) in net asset value per Class 1 units	($	4.17	)	$	2.37		$	0.22		($	3.42	)
Increase (decrease) in net asset value per Class 2 units	($	3.92	)	$	2.95		$	0.67		($	3.18	)
Net asset value per Class 1 units	$	95.23		$	97.60		$	97.82		$	94.40
Net asset value per Class 2 units	$	100.04		$	102.99		$	103.66		$	100.48
Equinox Frontier Masters Fund:
Net gain (loss) on investments	$	1,005,015		$	1,870,660		$	2,798,459		$	(2,128,412	)
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	$	444,846		$	629,198		$	1,582,386		$	(2,037,552	)
Increase (decrease) in net asset value per Class 1 unit	$	0.70		$	1.09		$	2.88		($	3.81	)
Increase (decrease) in net asset value per Class 2 unit	$	1.19		$	1.63		$	3.52		($	3.56	)
Net asset value per Class 1 unit	$	100.95		$	102.04		$	104.92		$	101.11
Net asset value per Class 2 unit	$	106.02		$	107.65		$	111.17		$	107.61
Equinox Frontier Long/Short Commodity Fund:
Net gain (loss) on investments	($	5,732,135	)	($	938,042	)	$	985,593		$	(5,399,870	)
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	532,943	)	($	2,927,896	)	$	4,804,594		$	(7,885,869	)
Increase (decrease) in net asset value per Class 1 units	($	1.92	)	($	6.14	)	$	7.34		$	0.00
Increase (decrease) in net asset value per Class 1a units	($	1.16	)	($	5.29	)	$	8.16		($	14.84	)
Increase (decrease) in net asset value per Class 2 units	($	1.09	)	($	6.68	)	$	11.08		($	19.63	)
Increase (decrease) in net asset value per Class 2a units	($	0.66	)	($	5.03	)	$	9.10		($	15.19	)
Increase (decrease) in net asset value per Class 3 units	($	1.09	)	($	6.69	)	$	11.15		($	19.64	)
Net asset value per Class 1 units	$	134.21		$	128.07		$	135.41		$	135.41
Net asset value per Class 1a units	$	120.55		$	115.26		$	123.42		$	108.58
Net asset value per Class 2 units	$	160.88		$	154.20		$	165.28		$	145.65
Net asset value per Class 2a units	$	126.57		$	121.54		$	130.64		$	115.45
Net asset value per Class 3 units	$	160.87		$	154.18		$	165.33		$	145.69
Equinox Frontier Balanced Fund:
Net gain (loss) on investments	($	10,737,709	)	$	20,087,572		$	12,592,196			(14,559,702	)
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	10,229,269	)	$	7,375,812		$	893,203			(11,194,609	)
Increase (decrease) in net asset value per Class 1 units	($	5.38	)	$	3.53		$	0.14		($	6.47	)
Increase (decrease) in net asset value per Class 1a units	($	4.58	)	$	4.26		$	4.45		($	8.26	)
Increase (decrease) in net asset value per Class 2 units	($	5.58	)	$	5.57		$	1.29		($	7.10	)
Increase (decrease) in net asset value per Class 2a units	($	4.51	)	$	5.15		$	1.16		($	5.79	)
Increase (decrease) in net asset value per Class 3a units	($	4.51	)	$	4.69		$	1.18		($	5.76	)
Net asset value per Class 1 units	$	119.12		$	122.65		$	122.79		$	116.32
Net asset value per Class 1a units	$	103.87		$	108.13		$	112.58		$	104.32
Net asset value per Class 2 units	$	149.44		$	155.01		$	156.30		$	149.20
Net asset value per Class 2a units	$	123.84		$	128.99		$	130.15		$	124.36
Net asset value per Class 3a units	$	123.85		$	128.54		$	129.72		$	123.96
Equinox Frontier Select Fund:
Net gain (loss) on investments	$	29,652		($	648,067	)	$	310,424			(1,830,470	)
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	550,093	)	($	1,279,509	)	($	222,471	)		(2,272,499	)
Increase (decrease) in net asset value per Class 1 units	($	1.39	)	($	3.34	)	($	0.99	)	($	6.64	)
Increase (decrease) in net asset value per Class 2 units	($	0.92	)	($	3.88	)	$	0.08		($	7.57	)
Net asset value per Class 1 units	$	89.63		$	86.29		$	85.30		$	78.66
Net asset value per Class 2 units	$	110.92		$	107.04		$	107.12		$	99.55
Equinox Frontier Winton Fund:
Net gain (loss) on investments	($	497,618	)	($	1,599,658	)	$	583,943			156,750
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	1,012,942	)	($	2,080,295	)	$	109,410			(277,389	)
Increase (decrease) in net asset value per Class 1 units	($	3.13	)	($	6.28	)	$	0.01		($	1.00	)
Increase (decrease) in net asset value per Class 2 units	($	2.47	)	($	6.23	)	$	1.16		$	0.02
Net asset value per Class 1 units	$	138.00		$	131.72		$	131.73		$	130.73
Net asset value per Class 2 units	$	163.35		$	157.12		$	158.28		$	158.30
Equinox Frontier Heritage Fund:
Net gain (loss) on investments	$	484,523		($	1,646,353	)	$	1,177,718			(697,832	)
Net increase / (decrease) in capital resulting from operations attributable to controlling interests	($	25,951	)	($	2,112,407	)	$	784,100			(1,016,186	)
Increase (decrease) in net asset value per Class 1 units	($	0.36	)	($	8.32	)	$	2.75		($	4.25	)
Increase (decrease) in net asset value per Class 2 units	$	0.53		($	9.45	)	$	4.35		($	4.46	)
Net asset value per Class 1 units	$	104.37		$	96.05		$	98.80		$	94.55
Net asset value per Class 2 units	$	130.23		$	120.78		$	125.13		$	120.67

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Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Overview

The Trust is a Delaware statutory trust formed on August 8, 2003. The Trust is a multi-advisor commodity pool, as described in CFTC Regulation § 4.10(d)(2). The Trust is authorized to issue multiple Series of Units, pursuant to the requirements of the Trust Act. The assets of each Series are held and accounted for in separate and distinct records separately from the assets of other Series. The Trust is managed by the Managing Owner, and its term will expire on December 31, 2053 (unless terminated earlier in certain circumstances).

The Trust, with respect to each Series of Units, engages in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including Swaps). The Trust allocates funds to affiliated Trading Companies, each of which has one-year renewable contracts with its own independent Trading Advisor(s) that will manage all or a portion of the applicable Trading Company’s assets, and make the trading decisions for the assets of each Series vested in such Trading Company. In November 2010, the Equinox Frontier Select Fund invested a portion of its assets in an unaffiliated Trading Company, Berkeley Quantitative Colorado Fund LLC which was liquidated on March 16, 2012. The assets of each Trading Company will be segregated from the assets of each other Trading Company. The Trust has an investment objective of increasing the value of the Units over the long term (capital appreciation), while controlling risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments (currencies). For additional overview of the Trust’s structure and business activities, see Item 1. “BUSINESS.”

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Managing Owner to adopt accounting policies and make estimates and assumptions that affect amounts reported in the Trust’s financial statements. The Trust’s most significant accounting policy, described below, includes the valuation of its futures and forward contracts, options contracts, swap contracts, U.S. treasury securities and investments in unconsolidated Trading Companies. upon exchange settlement prices or non-exchange traded contracts and obligations with valuation based on third-party quoted dealer values on the Interbank market.

The Trust’s other significant accounting policies are described in detail in Note 2 of the financial statements.

Investment Transactions and Valuation

The Managing Owner has evaluated the nature and type of transactions processed and estimates that it makes in preparing the Trust’s financial statements and related disclosures and has adopted Accounting Standard Codification ( “ASC”) 820, Fair Value Measurements and Disclosure, and implemented the framework for measuring fair value for assets and liabilities.

The Trust utilizes valuation techniques that are consistent with the market approach per the requirement of ASC 820 for the valuation of futures (exchange traded) contracts, forward (non-exchange traded) contracts, option contracts, swap contracts and other non-cash assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Trust applies the valuation techniques in a consistent manner for each asset or liability. The Trust records all investments at fair value in its Statements of Financial Condition, with changes in fair value reported as a component of net gain/(loss) on investments in the Statements of Operations.

Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the assets or liabilities. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the financial asset or liability based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the financial asset or liability based on the best information available in the circumstances.

In addition, the Trust monitors counterparty credit risk and incorporates any identified risk factors when assigning input levels to underlying financial assets or liabilities. In that regard ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical financial assets and the lowest priority to unobservable inputs. A full disclosure of the fair value hierarchy is presented in Note 3 of the financial statements—Fair Value Measurements.

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Liquidity and Capital Resources

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

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

A portion of each Trading Company’s assets is used as margin to maintain that Trading Company’s forward currency contract positions, and another portion is deposited in cash in segregated accounts in the name of each Trading Company maintained for each Trading Company at the clearing brokers in accordance with CFTC segregation requirements. At December 31, 2014, cash deposited at the clearing brokers was $65,911,348 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. The amounts reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero.

Approximately 10% to 30% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations there under. Approximately 2% to 6% of the Trust’s assets are expected to be deposited with over-the-counter counterparties in order to initiate and maintain forward and swap contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining approximately 64% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of December 31, 2014, total cash and cash equivalents held at banking institutions were $4,210,638 for the Equinox Frontier Diversified Fund, $1,110,779 for the Equinox Frontier Long/Short Commodity Fund, $2,199,066 for the Equinox Frontier Masters Fund, $5,644,510 for the Equinox Frontier Balanced Fund, $878,280 for the Equinox Frontier Select Fund, $4,012,974 for the Equinox Frontier Winton Fund, and $921,598 for the Equinox Frontier Heritage Fund.

As a commodity pool, the Registrant has large cash positions. Such cash positions are used to pay margin for the trading of futures, forwards and options, and also to pay redemptions. Generally, the Registrant has not been forced to liquidate positions to fund redemptions. During the fiscal year ended December 31, 2014, 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

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

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

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

Disclosure of Contractual Obligations

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

Results of Operations for the Twelve Months Ended December 31, 2014

Series Returns and Other Information

The returns for each Series and Class of Units for the twelve months ended December 31, 2014, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2014. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed.

Equinox Frontier Diversified Fund

2014

The Equinox Frontier Diversified Fund– Class 1 NAV gained 29.84% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Diversified Fund– Class 2 NAV gained 32.14% for the twelve months ended December 31, 2014 net of fees and expenses; the Equinox Frontier Diversified Fund-Class 3 NAV gained 36.60% for the twelve months ended December 31, 2014 net of fees and expenses. For the twelve months ended December 31, 2014 the Equinox Frontier Diversified Fund recorded a net gain on investments of $27,814,644, net investment income of $579,067, and total expenses of $7,289,756, resulting in a net increase in Owners’ capital from operations attributable to controlling interest of $14,287,705. The NAV per Unit, Class 1, increased from $87.10 at December 31, 2013, to $113.09 as of December 31, 2014. The NAV per Unit, Class 2, increased from $94.35 at December 31, 2013, to $124.67 as of December 31, 2014. The NAV per Unit, Class 3, increased from $84.21 at February 25, 2014 to $115.03 at December 31, 2014. Total Class 1 subscriptions and redemptions for the period were $954,684 and $14,939,576, respectively. Total Class 2 subscriptions

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and redemptions for the period were $695,759 and $8,646,009, respectively. Total Class 3 subscriptions and redemptions for the period were $5,633,483 and $1,437,475, respectively. Ending capital at December 31, 2014, was $19,195,036 for Class 1, $35,224,292 for Class 2 and $5,588,281 for Class 3.

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

Sector Attribution for the Equinox Frontier Diversified Fund

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Four of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2014. Currencies, Energies, Interest Rates and Stock Indices were profitable while Metals and Agriculturals finished negative for the quarter.

The Currencies, Agriculturals, Interest Rates and Stock Indices sectors were positive year-to-date (“YTD”) while Metals and Energies were negative YTD.

In terms of major CTA performance, eight of the ten major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2014. Brevan Howard, Chesapeake, Crabel, Emil Van Essen, Fort, Quantmetrics, Quest Partners and Winton finished positive for the quarter. H20 and QIM finished negative for the quarter. In terms of YTD performance Breven Howard, Chesapeake, Crabel, Doherty, Fort, H20, Quantmetrics, Quest and Winton are positive YTD while Emil Van Essen and QIM are negative YTD.

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Equinox Frontier Long/Short Commodity Fund

2014

The Equinox Frontier Long/Short Commodity Fund – Class 2 NAV gained 10.41% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV gained 10.41% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV gained 9.05% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV gained 10.97% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3a NAV gained 11.25% for the twelve months ended December 31, 2014, net of fees and expenses.

For the twelve months ended December 31, 2014, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $1,582,778, net investment income of $216,027, and total expenses of $1,487,941, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $1,077,686. The NAV per Unit, Class 2, increased from $125.26 at December 31, 2013, to $138.30 as of December 31, 2014. The NAV per Unit, Class 3, increased from $125.30 at December 31, 2013, to $138.34 as of December 31, 2014. The NAV per Unit, Class 1a, increased from $92.73 at December 31, 2013, to $101.12 as of December 31, 2014. The NAV per Unit, Class 2a, increased from $100.34 at December 31, 2013, to $111.35 as of December 31, 2014. The NAV per Unit, Class 3a, increased from $100.47 at December 31, 2013, to $111.77 as of December 31, 2014 Total Class 2 subscriptions and redemptions for the twelve months were $0 and $2,130,879, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $0 and $2,978,679, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $107,716 and $3,407,382, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $0 and $1,485,154, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $514,745 and $186,230, respectively. Ending capital at December 31, 2014, was $1,246,481 for Class 2, $7,233,099 for Class 3, $5,776,906 for Class 1a, $1,702,551 for Class 2a and $657,882 for Class 3a.

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

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Sector Attribution for the Equinox Frontier Long/Short Commodity Fund

40

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One of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2014. Financials finished positive for the quarter while Base Metals, Energies, Meats, Grains, Precious Metals and Softs finished negative for the quarter.

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

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

In terms of YTD performance, Abraham, Red Oak and Rosetta are positive YTD while Emil Van Essen and JE Moody are negative YTD.

Equinox Frontier Masters Fund

2014

The Equinox Frontier Masters Fund – Class 1 NAV gained 26.98% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV gained 29.23% for the twelve months ended December 31, 2014, net of fees and expenses, the Equinox Frontier Masters Fund – Class 3 NAV gained 29.54% for the twelve months ended December 31, 2014, net of fees and expenses.

For the twelve months ended December 31, 2014 the Equinox Frontier Masters Fund recorded a net gain on investments of $8,093,183, net investment income of $298,175, and total expenses of $2,939,200, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $5,452,158. The NAV per Unit, Class 1, increased from $91.83 at December 31, 2013, to $116.61 as of December 31, 2014. The NAV per Unit, Class 2, increased from $99.46 at December 31, 2013, to $128.53 as of December 31, 2014. The NAV per Unit, Class 3 increased from $91.91 at December 31, 2013 to $119.06 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the period were $574,921 and $14,142,871, respectively. Total Class 2 subscriptions and redemptions for the period were $35,000 and $3,624,212, respectively. Total Class 3 subscriptions and redemptions for the period

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were $5,049,885 and $1,407,811, respectively. Ending capital at December 31, 2014, was $11,850,911 for Class 1, $8,868,743 for Class 2 and $4,988,200 for Class 3.

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

Sector Attribution for the Equinox Frontier Masters Fund

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Five of the six sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2014. Metals, Currencies, Stock Indices, Interest Rates, and Energies were positive while, Agriculturals were negative for the quarter.

Currencies, Energies, Agricultures, Interest Rates and Stock Indices were positive for the year.

In terms of major CTA performance, Chesapeake, Emil Van Essen, Transtrend and Winton were positive during the quarter. All were positive YTD.

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Equinox Frontier Balanced Fund

2014

The Equinox Frontier Balanced Fund – Class 1 NAV gained 23.76% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 1AP NAV gained 29.80% for the five months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV gained 27.53% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV gained 28.80% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV gained 28.81% for the twelve months ended December 31, 2014, net of fees and expenses.

For the twelve months ended December 31, 2014, the Equinox Frontier Balanced Fund recorded net gain on investments of $31,862,512, net investment income of $27,454, and total expenses of $7,434,719, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $19,364,501 after operations attributable to non- controlling interests of $5,090,748. The NAV per Unit, Class 1, increased from $106.29 at December 31, 2013, to $131.54 at December 31, 2014. The NAV per Unit, Class 1AP, increased from $102.62 at July 31, 2014, to $133.20 at December 31, 2014. The NAV per Unit, Class 2, increased from $140.49 at December 31, 2013, to $179.16 at December 31, 2014. For Class 2a, the NAV per Unit increased from $118.80 at December 31, 2013, to $153.02 at December 31, 2014. For Class 3a, the NAV per Unit increased from $118.41 at December 31, 2013, to $152.52 at December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months were $154,471 and $22,310,597, respectively. Total Class 1AP subscriptions and redemptions for the five months ended December 31, 2014 were $1,011,652 and $453,561, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $14,424 and $8,090,417, respectively. Total Class 2a redemptions for the twelve month period were $30,794. There were no Class 2a subscriptions. Total Class 3a redemptions for the period were $360,701. There were no Class 3 subscriptions. Ending capital at December 31, 2014, was $72,098,275 for Class 1, $748,275 for Class 1AP, $23,550,697 for Class 2, $600,287 for Class 2a and $2,528,303 for Class 3a.

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

Sector Attribution for the Frontier Equinox Frontier Balanced Fund

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46

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Three of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2014. Currencies, Energies and Interest Rates were profitable while Metals, Agriculturals and Stock Indices finished negative for the quarter.

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

In terms of major CTA performance, Beach Horizon, Campbell, Cantab, Crabel, Doherty, Fort (GC), Fort (GD), Emil Van Essen, Quantica, Quantmetrics, Tiverton and Winton finished positive for the quarter. Beach Horizon, Cantab, Campbell, Crabel, Doherty, Emil Van Essen, Fort (GC), Fort (GD), H20 AM, Quantica, Quantmetrics, Tiverton and Winton were positive YTD. Brandywine, H20 AM, QIM and Systematic Alpha finished negative for the quarter. Brandywine, QIM, and Systematic Alpha were negative YTD.

Equinox Frontier Select Fund

2014

The Equinox Frontier Select Fund – Class 1 NAV gained 19.72% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Select Fund – Class 1AP NAV gained 28.19% for the five months ended December 31, 2014, net of fees and expenses. The Equinox Frontier Select Fund – Class 2 NAV gained 23.37% for the twelve months ended December 31, 2014, net of fees and expenses.

For the twelve months ended December 31, 2014, the Equinox Frontier Select Fund recorded net gain on investments of $3,799,808, net investment income of $0, and total expenses of $1,364,426, resulting in a net increase in Owners’ capital from operations of $2,435,382. The NAV per Unit, Class 1, increased from $79.86 at December 31, 2013, to $95.61 as of December 31, 2014. The NAV per Unit, Class 1AP, increased from $75.53 at July 31, 2014, to $96.82 as of December 31, 2014. The NAV per Unit, Class 2, increased from $104.14 at December 31, 2013, to $128.48 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2014, were $10,580 and $4,337,542, respectively. Total Class 1AP subscriptions and redemptions for the five months ended December 31, 2014, were $194,475 and $156,681, respectively. Total Class 2 redemptions

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for the twelve months ended December 31, 2014, were $488,584. There were no Class 2 subscriptions. Ending capital at December 31, 2014, was $13,663,563 for Class 1, $47,785 for Class 1AP and $1,558,130 for Class 2.

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

Sector Attribution for the Equinox Frontier Select Fund

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Four of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2014. Metals, Currencies, Energies and Interest Rates were positive while Agriculturals and Stock Indices were negative for the quarter.

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

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

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Equinox Frontier Winton Fund

2014

The Equinox Frontier Winton Fund – Class 1 NAV gained 26.05% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Winton Fund – Class 1AP NAV gained 28.25% for the five months ended December 31, 2014, net of fees and expenses the Equinox Frontier Winton Fund – Class 2 NAV gained 29.89% for the twelve months ended December 31, 2014, net of fees and expenses.

For the twelve months ended December 31, 2014, the Equinox Frontier Winton Fund recorded net gain on investments of $12,603,511, net investment income of $55, and total expenses of $3,960,912, resulting in a net increase in Owners’ capital from operations of $8,642,654. The NAV per Unit, Class 1, increased from $139.59 at December 31, 2013 to $175.95 as of December 31, 2014. The NAV per Unit, Class 1AP, increased from 138.93 at July 31, 2014 to 178.18 as of December 31, 2014. The NAV per Unit, Class 2, increased from $174.17 at December 31, 2013, to $226.23 as of December 31, 2014. Total Class 1 subscriptions for the year were $169,066 and redemptions were $5,054,720. Total Class 1AP subscriptions for the five months ended December 31, 2014 were $288,379 and redemptions were $266,356. Total Class 2 redemptions for the year were $352,627. There were no Class 2 subscriptions. Ending capital at December 31, 2014, was $26,870,878 for Class 1, $38,042 for Class 1AP and $13,142,313 for Class 2.

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

Sector Attribution for the Equinox Frontier Winton Fund

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Five of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2014. Metals, Currencies, Energies, Interest Rates and Agricultures were positive while Stock Indices were negative for the quarter.

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

Equinox Frontier Heritage Fund

2014

The Equinox Frontier Heritage Fund – Class 1 NAV gained 27.66% for the twelve months ended December 31, 2014, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 1AP NAV gained 33.53% for the five months ended December 31, 2014, net of fees and expenses. the Equinox Frontier Heritage Fund – Class 2 NAV gained 31.56% for the twelve months ended December 31, 2014, net of fees and expenses. For the twelve months ended December 31, 2014, the Equinox Frontier Heritage Fund recorded net gain on investments of $4,838,618, net investment income of $1, and total expenses of $1,056,664, resulting in a net increase in Owners’ capital from operations of $2,812,848, after non-controlling interest of $969,107. The NAV per Unit, Class 1, increased from $102.05 at December 31, 2013, to $130.28 as of December 31, 2014. The NAV per Unit, Class 1AP, increased from $98.80 at July 31, 2014, to $131.93 as of December 31, 2014. The NAV per Unit, Class 2, increased from $134.21 at December 31, 2013, to $176.56 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months were $26,517 and $3,615,044, respectively. Total Class 1AP subscriptions and redemptions for the five months ended December 31, 2014 were $244,674 and $202,374, respectively. Total Class 2 redemptions for the twelve months were $417,710. There were no subscriptions for Class 2. Ending capital at December 31, 2014, was $9,761,819 for Class 1, $58,378 for Class 1AP and $3,207,182 for Class 2.

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

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Sector Attribution for the Equinox Frontier Heritage Fund

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Four of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2014. Metals, Currencies, Energies, and Interest Rates were positive while Agriculturals and Stock Indices were negative for the quarter.

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

In terms of major CTA performance, Brevan Howard and Winton finished up for both the quarter and the year.

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Series Returns and Other Information

The returns for each Series and Class of Units for the twelve months ended December 31, 2013, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2013. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed.

Equinox Frontier Diversified Fund

2013

The Equinox Frontier Diversified Fund– Class 1 NAV lost 7.73% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Diversified Fund– Class 2 NAV lost 6.10% for the twelve months ended December 31, 2013 net of fees and expenses. For the twelve months ended December 31, 2013 the Equinox Frontier Diversified Fund recorded a net loss on investments of $5,520,937, net investment income of $1,544,382, and total expenses of $5,290,909, resulting in a net decrease in Owners’ capital from operations of $9,267,464. The NAV per Unit, Class 1, decreased from $94.40 at December 31, 2012, to $87.10 as of December 31, 2013. The NAV per Unit, Class 2, decreased from $100.48 at December 31, 2012, to $94.35 as of December 31, 2013. Total Class 1 subscriptions and redemptions for the period were $1,513,497 and $26,569,016, respectively. Total Class 2 subscriptions and redemptions for the period were $5,658,402 and $23,057,953, respectively. Ending capital at December 31, 2013, was $28,744,047 for Class 1 and $34,714,991 for Class 2.

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

Sector Attribution for the Equinox Frontier Diversified Fund

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Five of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2013. Stock Indices, Agriculturals, Energies, Currencies and Metals were profitable while Interest Rates finished negative for the quarter.

The Stock Indices and Metals sectors were positive year-to-date (“YTD”) while Interest Rates, Currencies, Agriculturals and Energies were negative YTD.

In terms of major CTA performance, eleven of the thirteen major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2013. QIM, Tiverton, Brevan Howard, Winton, Crabel, Fort (GC), Emil Van Essen, Quest Partners, Doherty, Quantmetrics and Chesapeake finished positive for the quarter. Cantab and Mesirow finished negative for the quarter. In terms of YTD performance Mesirow, Quantmetrics, Tiverton, Winton, Crabel, Fort (GC), Doherty and Chesapeake are positive YTD while Cantab, QIM, Brevan Howard, Emil Van Essen and Quest Partners are negative YTD.

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Equinox Frontier Long/Short Commodity Fund

2013

The Equinox Frontier Long/Short Commodity Fund – Class 2 NAV lost 14.00% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 14.00% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 14.60% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 13.09% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3a NAV lost 8.33% for the twelve months ended December 31, 2013, net of fees and expenses.

For the twelve months ended December 31, 2013, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $7,300,417, net investment income of $945,988, and total expenses of $3,021,094, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $6,044,396 after operations attributable to non-controlling interests of ($3,331,127). The NAV per Unit, Class 2, decreased from $145.65 at December 31, 2012, to $125.26 as of December 31, 2013. The NAV per Unit, Class 3, decreased from $145.69 at December 31, 2012, to $125.30 as of December 31, 2013. The NAV per Unit, Class 1a, decreased from $108.58 at December 31, 2012, to $92.73 as of December 31, 2013. The NAV per Unit, Class 2a, decreased from $115.65 at December 31, 2012, to $100.34 as of December 31, 2013. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $2,799,533, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $0 and $8,155,026, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $732,853 and $8,681,027, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $251,400 and $6,987,180, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $310,702 and $48,178, respectively. Ending capital at December 31, 2013, was $3,371,798 for Class 2, $9,619,596 for Class 3, $8,752,826 for Class 1a, $3,103,405 for Class 2a and $257,471 for Class 3a.

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

Sector Attribution for the Equinox Frontier Long/Short Commodity Fund

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Two of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2013. Energies and Financials finished positive for the quarter while Base Metals, Meats, Grains, Precious Metals and Softs finished negative for the quarter.

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

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

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

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Equinox Frontier Masters Fund

2013

The Equinox Frontier Masters Fund – Class 1 NAV lost 9.18% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV lost 7.57% for the twelve months ended December 31, 2013, net of fees and expenses, the Equinox Frontier Masters Fund – Class 3 NAV gained 4.43% for the twelve months ended December 31, 2013, net of fees and expenses

For the twelve months ended December 31, 2013 the Equinox Frontier Masters Fund recorded a net loss on investments of $2,052,522, net investment income of $757,793, and total expenses of $2,956,297, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $4,251,026. The NAV per Unit, Class 1, decreased from $101.11 at December 31, 2012, to $91.83 as of December 31, 2013. The NAV per Unit, Class 2, decreased from $107.61 at December 31, 2012, to $99.46 as of December 31, 2013. The NAV per Unit, Class 3 increased from $88.01 at December 16, 2013 (the inception date) to $91.91 as of December 31, 2013. Total Class 1 subscriptions and redemptions for the period were $2,886,992 and $11,256,921, respectively. Total Class 2 subscriptions and redemptions for the period were $599,084 and $5,932,078, respectively. Total Class 3 subscriptions for the period were $238,575. There were no Class 3 redemptions. Ending capital at December 31, 2013, was $23,115,495 for Class 1, $10,406,162 for Class 2 and $249,127 for Class 3.

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

Sector Attribution for the Equinox Frontier Masters Fund

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Four of the six sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2013. Stock Indices, Agricuturals, Currencies and Metals were positive while, Interest Rates and Energies were negative for the quarter.

Metals, Agriculturals and Stock Indices were positive for the year

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

Equinox Frontier Balanced Fund

2013

The Equinox Frontier Balanced Fund – Class 1 NAV lost 8.62% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV lost 5.84% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV lost 4.47% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV lost 4.48% for the twelve months ended December 31, 2013, net of fees and expenses.

For the twelve months ended December 31, 2013, the Equinox Frontier Balanced Fund recorded net loss on investments of $6,490,128, net investment income of $280,359, and total expenses of $7,350,844, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $16,152,498 after operations attributable to non- controlling interests of $2,591,885. The NAV per Unit, Class 1, decreased from $116.32 at December 31, 2012, to $106.29 at December 31, 2013 The NAV per Unit, Class 2, decreased from $149.02 at December 31, 2012, to $140.49 at December 31, 2013. For Class 2a, the NAV per Unit decreased from $124.36 at December 31, 2012, to $118.80 at December 31, 2013. For Class 3a, the NAV per Unit decreased from $123.96 at December 31, 2012, to $118.41 at December 31, 2013. Total Class 1 subscriptions and redemptions for the twelve months were $268,363 and $51,009,054, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $14,888 and $21,286,387, respectively. Total Class 2a redemptions for the twelve month period were $458,658. There were no Class 2a

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subscriptions. Total Class 3a redemptions for the period were $1,302,545. There were Class 3 no subscriptions. Ending capital at December 31, 2013, was $80,801,534 for Class 1 $26,611,117 for Class 2, $491,579 for Class 2a and $2,322,629 for Class 3a.

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

Sector Attribution for the Frontier Equinox Frontier Balanced Fund

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Four of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2013. Currencies, Stock Indices Agricultures and Metals were profitable while Interest Rates and Energies finished negative for the quarter.

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

In terms of major CTA performance, QIM, Tiverton, Beach Horizon, Winton, Campbell, Fort (GC), Fort (GD), Quantica, Quantmentrics, Crabel, H20 AM, Emil Van Essen and Doherty finished positive for the quarter. Cantab finished negative for the quarter. Tiverton, Winton, Campbell, Fort (GC), Quantica, Quantmetrics, Crabel, H20 AM and Doherty were positive YTD. QIM, Cantab, Beach Horizon, Emil Van Essen and Fort (GD) were negative YTD.

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Equinox Frontier Select Fund

2013

The Equinox Frontier Select Fund – Class 1 NAV gained 1.53% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Select Fund – Class 2 NAV gained 4.61% for the twelve months ended December 31, 2013, net of fees and expenses.

For the twelve months ended December 31, 2013, the Equinox Frontier Select Fund recorded net gain on investments of $1,521,198, net investment income of $261,102, and total expenses of $1,365,129, resulting in a net increase in Owners’ capital from operations of $417,171. The NAV per Unit, Class 1, increased from $78.66 at December 31, 2012, to $79.86 as of December 31, 2013. The NAV per Unit, Class 2, increased from $99.55 at December 31, 2012, to $104.14 as of December 31, 2013. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2013, were $14,901 and $6,736,727, respectively. Total Class 2 redemptions for the twelve months ended December 31, 2013, were $1,428,138. There were no Class 2 subscriptions. Ending capital at December 31, 2013, was $15,852,947 for Class 1 and $1,758,901 for Class 2.

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

Sector Attribution for the Equinox Frontier Select Fund

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Four of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2013. Metals, Agriculturals, Currencies and Stock Indices were positive while, Interest Rates, and Energies were negative for the quarter.

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

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

Equinox Frontier Winton Fund

2013

The Equinox Frontier Winton Fund – Class 1 NAV gained 6.78% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Winton Fund – Class 2 NAV gained 10.03% for the twelve months ended December 31, 2013, net of fees and expenses.

For the twelve months ended December 31, 2013, the Equinox Frontier Winton Fund recorded net gain on investments of $4,790,126, net investment income of $283,863, and total expenses of $2,340,519, resulting in a net increase in Owners’ capital from operations of $2,733,470. The NAV per Unit, Class 1, increased from $130.73 at December 31, 2012 to $139.59 as of December 31, 2013. The NAV per Unit, Class 2, increased from $158.30 at December 31, 2012, to $174.17 as of December 31, 2013. Total Class 1 subscriptions for the year were $171,785 and redemptions were $6,407,920. Total Class 2 redemptions for the year were $832,032. There were no Class 2 subscriptions. Ending capital at December 31, 2013, was $26,164,147 for Class 1 and $10,460,690 for Class 2.

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

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Sector Attribution for the Equinox Frontier Winton Fund

Four of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2013. Metals, Currencies, Agricultures and Stock Indices were positive while Energies and Interest Rates were negative for the quarter.

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

Equinox Frontier Heritage Fund

2013

The Equinox Frontier Heritage Fund – Class 1 NAV gained 7.93% for the twelve months ended December 31, 2013, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 2 NAV gained 11.22% for the twelve months ended December 31, 2013, net of fees and expenses. For the twelve months ended December 31, 2013, the Equinox Frontier Heritage Fund recorded net gain on investments of $2,516,149, net investment income of $109,122, and total expenses of $938,253, resulting in a net increase in Owners’ capital from operations of $1,423,001, after non-controlling interest of $264,017. The NAV per Unit, Class 1, increased from $94.55

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at December 31, 2012, to $102.05 as of December 31, 2013. The NAV per Unit, Class 2, increased from $120.67 at December 31, 2012, to $134.21 as of December 31, 2013. Total Class 1 subscriptions and redemptions for the twelve months were $40,552 and $6,463,086, respectively. Total Class 2 redemptions for the twelve months were $1,575,538. There were no subscriptions for Class 2. Ending capital at December 31, 2013, was $11,328,406 for Class 1 and $2,850,062 for Class 2.

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

Sector Attribution for the Equinox Frontier Heritage Fund

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Four of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2013. Currencies, Agriculturals, Metals and Stock Indices were positive while Interest Rates and Energies were negative for the quarter.

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

In terms of major CTA performance, Brevan Howard and Winton finished up for both the quarter and the year.

Results of Operations for the Twelve Months Ended December 31, 2012

Series Returns and Other Information

The returns for each Series and Class of Units for the twelve months ended December 31, 2012, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2012. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed.

Equinox Frontier Diversified Fund

2012

The Equinox Frontier Diversified Fund – Class 1 NAV lost 5.00% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Diversified Fund– Class 2 NAV lost 3.35% for the twelve months ended December 31, 2012 net of fees and expenses. For the twelve months ended December 31, 2012 the Equinox Frontier Diversified Fund recorded a net gain on investments of $2,078,348, net investment income of $2,199,327, and total expenses of $9,596,941, resulting in a net decrease in Owners’ capital from operations of $5,319,266. The NAV per Unit, Class 1, decreased from $99.40 at December 31, 2011, to $94.40 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $103.96 at December 31, 2011, to $100.48 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the period were $6,210,689 and $16,218,845, respectively. Total Class 2 subscriptions and redemptions for the period were $10,594,121 and $14,058,731, respectively. Ending capital at December 31, 2012, was $58,999,936 for Class 1 and $56,181,636 for Class 2.

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

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Sector Attribution for the Equinox Frontier Diversified Fund

Three of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2012. Currencies, Stock Indices and Interest Rates were profitable while Metals, Agriculturals and Energies finished negative for the quarter.

Two of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in 2012. The Interest Rates and Stock Indices sectors were profitable while Currencies, Metals, Agriculturals and Energies finished negative for the year.

In terms of major CTA performance, two of the seven major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2012. Quantmetrics and Cantab were profitable while Graham, Winton, Tiverton, Beach Horizon and QIM finished negative for the quarter.

Equinox Frontier Long/Short Commodity Fund

2012

The Equinox Frontier Long/Short Commodity Fund – Class 1 NAV lost 0.53% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2 NAV lost 10.08% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 10.05% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 10.79% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 9.26% for the twelve months ended December 31, 2012, net of fees and expenses.

For the twelve months ended December 31, 2012, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $11,084,454, net investment income of $1,385,312, and total expenses of $6,010,679, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $6,542,114 after operations attributable to non-controlling interests of ($9,167,707). The NAV per Unit, Class 1, decreased from $136.13 at December 31, 2011, to $135.41 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $161.97 at December 31, 2011, to $145.65 as of December 31, 2012. The NAV per Unit,

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Class 3, decreased from $161.96 at December 31, 2011, to $145.69 as of December 31, 2012. The NAV per Unit, Class 1a, decreased from $121.71 at December 31, 2011, to $108.58 as of December 31, 2012. The NAV per Unit, Class 2a, decreased from $127.23 at December 31, 2011, to $115.65 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the twelve months were $118,649 and $4,212,685, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $107,678 and $1,543,319, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $4,317,110 and $10,067,907, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $5,065,346 and $2,711,726, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $4,806,872 and $3,773,149, respectively. Ending capital at December 31, 2012, was $0 for Class 1, $6,898,785 for Class 2, $19,761,047 for Class 3, $18,983,538 for Class 1a and $10,882,111 for Class 2a.

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

Sector Attribution for the Equinox Frontier Long/Short Commodity Fund

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None of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2012.

Two of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in 2012. The Grains and Softs sectors were profitable while the Base Metals, Energies, Meats, Precious Metals and Financial sectors finished negative for the year.

In terms of major CTA performance, one of the six major CTAs in the Equinox Frontier Long/Short Commodity Fund was profitable in Q4 2012. Strategic Ag finished positive while Global Advisors, Red Oak, Rosetta, Beach Horizon and Mesirow were negative for the quarter.

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Two of the six major CTAs in the Equinox Frontier Long/Short Commodity Fund were profitable in 2012. Red Oak and Rosetta were profitable while Beach Horizon, Global Advisors, Mesirow and Strategic Ag finished negative for the year.

Equinox Frontier Masters Fund

2012

The Equinox Frontier Masters Fund – Class 1 NAV gained 0.86% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV gained 2.65% for the twelve months ended December 31, 2012, net of fees and expenses.

For the period ended December 31, 2012 the Equinox Frontier Masters Fund recorded a net gain on investments of $3,545,722, net investment income of $1,038,493, and total expenses of $4,016,767, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $618,878 after operations attributable to non-controlling interests of ($51,430). The NAV per Unit, Class 1, increased from $100.25 at December 31, 2011, to $101.11 as of December 31, 2012. The NAV per Unit, Class 2, increased from $104.83 at December 31, 2011, to $107.61 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the period were $8,000,654 and $7,608,340, respectively. Total Class 2 subscriptions and redemptions for the period were $2,540,289 and $4,890,320, respectively. Ending capital at December 31, 2012, was $34,603,499 for Class 1 and $16,882,659 for Class 2.

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

Sector Attribution for the Equinox Frontier Masters Fund

Two of the six sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2012. Currencies and Stock Indices were positive while Agriculturals, Interest Rates, Energies and Metals were negative for the quarter.

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Two of the six sectors traded in the Equinox Frontier Masters Fund were profitable in 2012. Interest Rates and Stock Indices were profitable while Energies, Currencies, Metals and Agriculturals finished negative for the year.

In terms of major CTA performance, none of the four major CTAs in the Equinox Frontier Masters Fund were profitable during the quarter. Cantab, Transtrend, Winton and Tiverton finished negative for the quarter.

Two of the four major CTAs in the Equinox Frontier Masters Fund were profitable in 2012. Cantab and Transtrend were profitable while Tiverton and Winton finished negative for the year.

Equinox Frontier Balanced Fund

2012

The Equinox Frontier Balanced Fund – Class 1 NAV lost 6.57% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 1a NAV lost 3.81% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV lost 3.75% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV lost 3.11% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV lost 3.43% for the twelve months ended December 31, 2012, net of fees and expenses.

For the twelve months ended December 31, 2012, the Equinox Frontier Balanced Fund recorded net gain on investments of $7,382,357, net investment income of $276,272, and total expenses of $16,386,180, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $13,154,863 after operations attributable to non- controlling interests of $4,427,312. The NAV per Unit, Class 1, decreased from $124.50 at December 31, 2011, to $116.32 at December 31, 2012. For Class 1a, the NAV per Unit decreased from $108.45 at December 31, 2011, to $104.32 at December 31, 2012. The NAV per Unit, Class 2, decreased from $155.02 at December 31, 2011, to $149.02 at December 31, 2012. For Class 2a, the NAV per Unit decreased from $128.35 at December 31, 2011, to $124.36 at December 31, 2012. For Class 3a, the NAV per Unit decreased from $128.36 at December 31, 2011, to $123.96 at December 31, 2012. Total Class 1 subscriptions and redemptions for the twelve months were $3,015,637 and $32,045,338, respectively. Total Class 1a subscriptions and redemptions for the twelve month period were $482 and $2,524,092, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $1,119,177 and $10,926,553, respectively. Total Class 2a redemptions for the twelve month period were $1,734,065. There were no Class 2a subscriptions. Total Class 3a subscriptions and redemptions for the period were $2,324,206 and $1,353,917, respectively. Ending capital at December 31, 2012, was $143,906,872 for Class 1, $0 for Class 1a, $51,459,568 for Class 2, $1,009,520 for Class 2a and $3,776,790 for Class 3a.

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

Sector Attribution for the Frontier Equinox Frontier Balanced Fund

74

Three of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2012. Currencies, Stock Indices and Interest Rates were profitable while Metals, Agriculturals and Energies finished negative for the quarter.

Two of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in 2012. The Interest Rates and Stock Indices sectors were profitable while Currencies, Metals, Agriculturals and Energies finished negative in 2012.

In terms of major CTA performance, none of the five major CTAs in the Equinox Frontier Balanced Fund were profitable in Q4 2012. Winton, Cantab, QIM, Tiverton and Beach Horizon finished negative for the quarter.

Two of the five major CTAs in the Equinox Frontier Balanced Fund were profitable in 2012. QIM and Cantab were profitable while Tiverton, Beach Horizon and Winton finished negative in 2012.

75

Equinox Frontier Select Fund

2012

The Equinox Frontier Select Fund – Class 1 NAV lost 13.58% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Select Fund – Class 2 NAV lost 10.99% for the twelve months ended December 31, 2012, net of fees and expenses.

For the twelve months ended December 31, 2012, the Equinox Frontier Select Fund recorded net loss on investments of $2,138,461, net investment income of $263,049, and total expenses of $2,449,160, resulting in a net decrease in Owners’ capital from operations of $4,324,572. The NAV per Unit, Class 1, decreased from $91.02 at December 31, 2011, to $78.66 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $111.84 at December 31, 2011, to $99.55 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2012, were $555,613 and $9,566,450, respectively. Total Class 2 redemptions for the twelve months ended December 31, 2012, were $933,922. There were no Class 2 subscriptions. Ending capital at December 31, 2012, was $22,266,758 for Class 1 and $3,077,883 for Class 2.

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

Sector Attribution for the Equinox Frontier Select Fund

76

Two of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2012. Currencies, and Stock Indices were positive while Agriculturals, Interest Rates, Metals and Energies were negative for the quarter.

Two of the six sectors traded in the Equinox Frontier Select Fund were profitable in 2012. The Interest Rates and Stock Indices sectors were profitable while Currencies, Metals, Agriculturals and Energies were negative in 2012.

In terms of major CTA performance Graham, Transtrend and Tiverton finished negative for both the quarter and the year.

Equinox Frontier Winton Fund

2012

The Equinox Frontier Winton Fund – Class 1 NAV lost 7.37% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Winton Fund – Class 2 NAV lost 4.54% for the twelve months ended December 31, 2012, net of fees and expenses.

For the twelve months ended December 31, 2012, the Equinox Frontier Winton Fund recorded net loss on investments of $1,356,583, net investment income of $531,125, and total expenses of $2,435,758, resulting in a net decrease in Owners’ capital from operations of $3,261,216. The NAV per Unit, Class 1, decreased from $141.13 at December 31, 2011, to $130.73 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $165.82 at December 31, 2011, to $158.30 as of December 31, 2012. Total Class 1 subscriptions for the year were $565,351 and redemptions were $5,529,808. Total Class 2 redemptions for the year were $862,917. There were no Class 2 subscriptions. Ending capital at December 31, 2012, was $30,645,208 for Class 1 and $10,314,326 for Class 2.

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

Sector Attribution for the Equinox Frontier Winton Fund

Three of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2012. Currencies, Stock Indices and Interest Rates were positive while Metals, Agriculturals and Energies were negative for the quarter.

Two of the six sectors traded in the Equinox Frontier Winton Fund were profitable in 2012. The Stock Indices and Interest Rates sectors were profitable while Currencies, Metals, Agriculturals and Energies finished negative for the year.

77

Equinox Frontier Heritage Fund

2012

The Equinox Frontier Heritage Fund – Class 1 NAV lost 9.72% for the twelve months ended December 31, 2012, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 2 NAV lost 6.96% for the twelve months ended December 31, 2012, net of fees and expenses. For the twelve months ended December 31, 2012, the Equinox Frontier Heritage Fund recorded net loss on investments of $681,944, net investment income of $134,302, and total expenses of $1,822,802, resulting in a net decrease in Owners’ capital from operations of $2,370,444. The NAV per Unit, Class 1, decreased from $104.73 at December 31, 2011, to $94.55 as of December 31, 2012. The NAV per Unit, Class 2, decreased from $129.70 at December 31, 2011, to $120.67 as of December 31, 2012. Total Class 1 subscriptions and redemptions for the twelve months were $444,193 and $6,503,244, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $12,593 and $1,603,246, respectively. Ending capital at December 31, 2012, was $16,680,498 for Class 1 and $4,073,041 for Class 2.

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

Sector Attribution for the Equinox Frontier Heritage Fund

Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2012. Currencies and Stock Indices were positive while Interest Rates, Agriculturals, Metals and Energies were negative for the quarter.

Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in 2012. The Interest Rates and the Stock Indices sectors were profitable while Currencies, Metals, Agriculturals and Energies finished negative in 2012.

In terms of major CTA performance, both Graham and Winton finished negative for the quarter and the year.

78

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Trust is a speculative commodity pool. The market sensitive instruments which are held by the Trading Companies in which the Series are invested are acquired for speculative trading purposes, and all or a substantial amount of the Series’ assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Series’ main line of business.

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

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

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

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

Quantitative Market Risk

Trading Risk

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

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

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

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

In quantifying each Series’ value at risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate value at risk. The diversification effects resulting from the fact that the Series’ positions held through the Trading Companies are rarely, if ever, 100% positively correlated have not been reflected.

Value at Risk by Market Sectors

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

79

Equinox Frontier Diversified Fund:

MARKET SECTOR	December 31, 2014					December 31, 2013
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	1,276,055		2.13	%	$	2,684,511		4.23	%
Currencies		1,670,041		2.78	%		2,625,909		4.14	%
Stock Indices		3,152,926		5.25	%		4,211,080		6.64	%
Metals		124,812		0.21	%		178,413		0.28	%
Agriculturals/Softs		854,409		1.42	%		1,217,457		1.92	%
Energy		1,677,590		2.80	%		1,062,838		1.67	%
Total:	$	8,755,833		14.59	%	$	11,980,208		18.88	%

Equinox Frontier Long/Short Commodity Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	86,055		0.52	%	$	2,575,510		9.10	%
Currencies		206,375		1.24	%		1,705,311		6.02	%
Stock Indices		185,321		1.12	%		822,430		2.90	%
Metals		32,767		0.20	%		193,564		0.68	%
Agriculturals/Softs		474,912		2.86	%		1,643,667		5.80	%
Energy		2,278,884		13.71	%		1,717,759		6.06	%
Total:	$	3,264,314		30.56	%	$	8,658,241		30.56	%

Equinox Frontier Masters Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	596,543		2.32	%	$	573,362		1.70	%
Currencies		1,004,876		3.91	%		963,844		2.85	%
Stock Indices		659,851		2.57	%		1,111,165		3.30	%
Metals		48,364		0.19	%		81,177		0.24	%
Agriculturals/Softs		394,545		1.53	%		386,098		1.14	%
Energy		776,846		3.02	%		132,211		0.39	%
Total:	$	3,481,025		9.62	%	$	3,247,857		9.62	%

Equinox Frontier Balanced Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	3,301,495		3.04	%	$	3,727,565		3.06	%
Currencies		4,131,348		3.81	%		5,007,811		4.11	%
Stock Indices		4,350,810		4.01	%		5,699,614		4.68	%
Metals		460,411		0.42	%		219,954		0.18	%
Agriculturals/Softs		2,507,574		2.31	%		1,327,718		1.09	%
Energy		2,862,415		2.64	%		843,206		0.69	%
Total:	$	17,614,053		16.24	%	$	16,825,868		13.81	%

Equinox Frontier Select Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	338,847		2.22	%	$	123,314		0.70	%
Currencies		684,037		4.48	%		323,054		1.83	%
Stock Indices		124,866		0.82	%		484,794		2.76	%
Metals		12,156		0.08	%		29,599		0.17	%
Agriculturals/Softs		140,093		0.92	%		142,065		0.81	%
Energy		18,880		0.12	%		60,734		0.34	%
Total:	$	1,318,879		8.64	%	$	1,163,560		6.61	%

Equinox Frontier Winton Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	1,081,081		2.70	%	$	877,871		2.40	%
Currencies		1,845,125		4.61	%		1,560,714		4.26	%
Stock Indices		847,093		2.12	%		1,135,804		3.10	%
Metals		112,363		0.28	%		76,415		0.21	%
Agriculturals/Softs		478,222		1.19	%		405,696		1.11	%
Energy		141,408		0.35	%		81,046		0.22	%
Total:	$	4,505,292		11.25	%	$	4,137,546		11.30	%

Equinox Frontier Heritage Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	228,140		1.38	%	$	196,699		1.19	%
Currencies		381,353		2.30	%		349,699		2.11	%
Stock Indices		194,764		1.18	%		254,492		1.53	%
Metals		23,407		0.14	%		17,122		0.10	%
Agriculturals/Softs		101,074		0.61	%		90,901		0.55	%
Energy		28,157		0.17	%		18,159		0.11	%
Total:	$	956,895		5.78	%	$	927,072		5.59	%

80

As of December 31, 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.

81

Value at Risk: Foreign Markets

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

82

Equinox Frontier Diversified Fund

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	739,393		1.23	%	$	2,160,496		3.40	%
Currencies		1,089,599		1.82	%		1,555,845		2.45	%
Stock Indices		422,834		0.70	%		3,587,840		5.66	%
Metals		37,368		0.06	%		37,662		0.06	%
Agriculturals/Softs		226,567		0.38	%		39,825		0.06	%
Energy		116,696		0.19	%		480,338		0.76	%
Total:	$	2,632,457		4.38	%	$	7,862,006		12.39	%

Equinox Frontier Long/Short Commodity Fund

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	69,948		0.42	%	$	1,425,477		5.03	%
Currencies		100,715		0.61	%		—		0.00	%
Stock Indices		114,524		0.69	%		579,601		2.05	%
Metals		9,061		0.05	%		11,203		0.04	%
Agriculturals/Softs		—		0.00	%		—		0.00	%
Energy		100,715		0.61	%		468,564		1.65	%
Total:	$	394,963		2.38	%	$	2,484,845		8.77	%

Equinox Frontier Masters Fund

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	727,211		2.83	%	$	421,214		1.25	%
Currencies		801,726		3.12	%		312,522		0.93	%
Stock Indices		356,544		1.39	%		919,681		2.72	%
Metals		22,638		0.09	%		22,935		0.07	%
Agriculturals/Softs		165,918		0.65	%		19,958		0.06	%
Energy		53,971		0.21	%		42,061		0.12	%
Total:	$	2,128,008		8.29	%	$	1,738,371		5.15	%

Equinox Frontier Balanced Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	2,041,346		1.88	%	$	3,003,664		2.47	%
Currencies		3,142,298		2.90	%		3,343,522		2.74	%
Stock Indices		970,061		0.89	%		4,791,062		3.93	%
Metals		89,382		0.08	%		53,355		0.04	%
Agriculturals/Softs		626,322		0.58	%		56,485		0.05	%
Energy		311,075		0.29	%		354,495		0.29	%
Total:	$	7,180,484		6.62	%	$	11,602,583		9.52	%

Equinox Frontier Select Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	281,662		1.84	%	$	70,732		0.40	%
Currencies		660,559		4.33	%		232,321		1.32	%
Stock Indices		95,208		0.62	%		460,281		2.61	%
Metals		2,917		0.02	%		8,009		0.05	%
Agriculturals/Softs		42,581		0.28	%		9,392		0.05	%
Energy		17,012		0.11	%		17,903		0.10	%
Total:	$	1,099,939		7.20	%	$	798,638		4.53	%

Equinox Frontier Winton Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	727,211		1.82	%	$	760,933		2.08	%
Currencies		801,726		2.00	%		—		0.00	%
Stock Indices		356,544		0.89	%		811,929		2.21	%
Metals		22,638		0.06	%		17,367		0.05	%
Agriculturals/Softs		156,918		0.39	%		17,254		0.05	%
Energy		53,971		0.13	%		8,105		0.02	%
Total:	$	2,119,008		5.29	%	$	1,615,588		4.41	%

Equinox Frontier Heritage Fund:

	December 31, 2014					December 31, 2013
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	158,368		0.96	%	$	170,497		1.03	%
Currencies		175,144		1.06	%		—		0.00	%
Stock Indices		85,264		0.51	%		181,923		1.10	%
Metals		4,307		0.03	%		3,891		0.02	%
Agriculturals/Softs		31,566		0.19	%		3,866		0.02	%
Energy		10,806		0.07	%		1,816		0.01	%
Total:	$	465,455		2.82	%	$	361,993		2.18	%

83

As of December 31, 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 December 31, 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 (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1a and Class 2a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. In addition, if interest rates fall below 0.75%, the Managing Owner is paid the difference between the Trust’s annualized interest income that is allocated to each of such Series and 0.75%. Interest income above what is paid to the Managing Owner is retained by the Series. The amounts reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero.

Currencies

Exchange rate risk is a significant market exposure of each Series of the Trust in general. For each Series of the Trust in general, currency exposure is to exchange rate fluctuations, primarily fluctuations that disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trading Advisors on behalf of a Series trade in a large number of currencies, including cross-rates, which are positions between two currencies other than the U.S. dollar. The Managing Owner does not anticipate that the risk profile of the Series’ currency sector will change significantly in the future.

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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 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 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Financial statements meeting the requirements of Regulation S-X appear beginning on page F-1 of this report. The supplementary financial information specified by Item 302 of Regulation S-K is included in this report under the heading “Selected Financial Data” above.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

Item 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the management of the Managing Owner, including its Chief Executive Officer and Principal Financial Officer, the Trust evaluated the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), for the Trust and each Series as of December 31, 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 Principal Financial Officer of the Managing Owner concluded that, as of the Evaluation Date, the disclosure controls and procedures for the Trust and each Series were effective to provide reasonable assurance that they are timely alerted to the material information relating to the Trust and each Series required to be included in the Trust’s periodic SEC filings.

Report on Management’s Assessment of Internal Control over Financial Reporting

The management of the Managing Owner is responsible for establishing and maintaining adequate internal control over financial reporting by the Trust.

The Managing Owner’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. The internal control over financial reporting for the Trust and each Series includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States, and that receipts and expenditures are being made only in accordance with authorizations of the management of the Managing Owner; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements of the Trust or any Series.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. All internal control systems, no matter how well designed, have inherent limitations, including the possibility of human error and the circumvention of overriding controls. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the internal control over financial reporting for the Trust and each Series as of December 31, 2014, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its 2013 report entitled Internal Control-Integrated Framework. Based on that assessment, management concluded that, as of December 31, 2014, the internal control over financial reporting for the Trust and each Series is effective based on the criteria established in the 2013 Internal Control-Integrated Framework.

This annual report does not include an attestation report of the Trust’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Trust’s independent registered public accounting firm pursuant to the rules of the SEC that permit the Trust to provide only management’s report in this annual report.

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Changes in Internal Control Over Financial Reporting.

There were no changes in the Trust’s internal control over financial reporting for the quarter ended December 31, 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 Principal Financial Officer of the Managing Owner included as Exhibits 31.1 and 31.2, respectively, to this Form 10-K apply not only to the Trust as a whole but also to each Series individually.

Item 9B. OTHER INFORMATION.

None.

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Part III

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

The Trust has no directors or executive officers and also does not have any employees. The Trust is managed solely by Equinox Fund Management, LLC, a Delaware limited liability company formed in June 2003, in the capacity as managing owner. The Managing Owner became registered with the CFTC as CPO as of August 6, 2003, and has been a member in the National Futures Association (the “NFA”), in such capacity since that date.

Principals of the Managing Owner

The current officers and directors of the Managing Owner are as follows:

Robert J. Enck is the President and Chief Executive Officer of the managing owner, and serves as chairman of the management committee of the managing owner, and the Executive Committee of Equinox Frontier Funds. Mr. Enck has been listed as a principal of the managing owner since July 2007. Mr. Enck joined the managing owner on March 1, 2007, with more than 20 years of extensive management experience with large, highly regulated health care organizations such as Bristol-Myers Squibb and Quintiles as well as with more entrepreneurial venture capital funded organizations. Most recently, from March 2003 to March 2007, Mr. Enck was the Senior Managing Director of The Hermes Group LLC, an advisory firm that specialized in management advisory services, as well as merger and acquisition-related services. At the Hermes Group, Mr. Enck was a member of the ownership team that acquired Ascendia Brands (formerly Lander Company), a $200 million health and beauty care company. As part of this team, Mr. Enck focused on acquisitions, marketing, outsourcing initiatives and the reverse merger of Lander into a public company. Prior to joining Hermes, from March 2001 to March 2003, Mr. Enck served as a General Manager and Vice President within Quintiles Transnational, a multinational pharmaceutical services firm with nearly two billion dollars in annual revenues. Mr. Enck joined Quintiles as a result of Quintiles’ acquisition of Beansprout Networks, an internet company designed to foster effective communication between parents and the pediatricians and child-care providers who care for their children, where Mr. Enck served as CEO. As CEO of Beansprout from March 2001 to March 2003, Mr. Enck conceived of and executed a dramatic refocus of the company and engineered the successful transaction with Quintiles. Prior to joining Beansprout, from September 1998 to March 2001, Mr. Enck was President of Rx Remedy Information Services, a company focused on providing pharmaceutical firms with longitudinal patient reported health care information. Before that, Mr. Enck was with Summit Medical Systems, a healthcare software and support services corporation, from January 1994 to September 1998, where he held a number of senior-level positions, including President and General Manager of its subsidiary, Medical Information Systems (MIS), as well as Vice President of Sales and Marketing of parent company, Summit. Mr. Enck joined Summit when it was a private firm and was a member of the management team that grew the business and conducted a successful IPO. Additionally, Mr. Enck served as President of MIS, where he executed its sale to United Healthcare. Earlier, he spent nine years, from March 1985 to January 1994, with Bristol-Myers Squibb, a global pharmaceutical company, and held management positions in the areas of managed care, government programs and sales management. Mr. Enck holds a B.S. degree in Natural Sciences from St. John’s University, Collegeville, MN and an MBA in Management from the University of St. Thomas, St. Paul, MN. Mr. Enck currently holds SEC/FINRA Series 7 and 24 registrations.

Richard E. Bornhoft is a founder of the Managing Owner, its Chief Investment Officer, a member of its management committee, and serves as a member of the Executive Committee and Chief Investment Officer of Equinox Frontier Funds. Mr. Bornhoft is also President and Chief Investment Officer of The Bornhoft Group Corporation, an investment management firm providing alternative investments (i.e., investments other than long-only investments in publicly-traded stocks, bonds and cash-equivalent securities) to institutions and high net worth investors. Mr. Bornhoft has extensive experience in advising both private and institutional clientele in the alternative investment industry. As President and CIO of The Bornhoft Group, Mr. Bornhoft has been responsible for the planning and execution of The Bornhoft Group’s business strategy. This responsibility has included such tasks as the design and implementation of the asset allocation, valuation and risk management systems, and the management of client assets into alternative investment products and services. His company has designed and operated multiple-CTA managed futures portfolios for approximately 20 pension plans, corporations and banking institutions throughout the world. Mr. Bornhoft has served on numerous arbitration boards and various committees of certain regulatory and industry organizations and is a frequent speaker at international conferences and symposiums on alternative investments. He has written numerous articles in leading financial publications and is a contributing author to The Handbook of Managed Futures—Performance, Evaluation and Analysis (McGraw-Hill, 1997) and Searching for Alpha—The Quest for Exceptional Investment Performance (Wiley, 2000). He currently holds SEC/FINRA Series 63 registration, in addition to a CFTC/NFA Series 3 registration.

During the last five years, Mr. Bornhoft has been listed as a principal and registered as an associated person of the Managing Owner (since August 2003), and has been listed as a principal and registered as an associated person of The Bornhoft Group (since September 1985 and November 1985, respectively). Mr. Bornhoft has been listed as a swaps associated person of the Managing Owner since March 27, 2013. Mr. Bornhoft was a principal of SectorQuant Capital Management, LLC, an investment adviser registered under the Investment Advisers Act, from July 2002 until March 2009, where he and The Bornhoft Group were responsible for providing infrastructure and business advice.

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Vance Jeffrey Sanders, 48 is the Chief Financial Officer of the Managing Owner. He has assumed the duties of Chief Accounting Officer of the Managing Owner in his role as of June 1, 2013. From July 2007 to present, Mr. Sanders has also served as the Chief Technology Officer of the Managing Owner, directing external reporting and technology functions. From July 2007 to December 2012, he served as the Managing Owner’s Corporate Controller, establishing corporate internal control structures over both finance and technology. Mr. Sanders received his BS in Accounting in 1993 from Missouri Southern State University and earned and has been a licensed Certified Public Accountant in the State of Colorado since October 2008.

Juanita D. Hanley, 39 is the Chief Compliance Officer of the managing owner. Ms. Hanley joined the managing owner in January 2014 and has been listed as a principal for the managing owner since January 2014. Ms. Hanley is responsible for all compliance and regulatory oversight at the managing owner. Her duties include implementing and revising the necessary systems, policies, and procedures for compliance with all applicable securities laws and regulations. Due to the affiliation between the managing owner and Equinox Institutional Asset Management, LP, an investment firm, and Solon Capital LLC, an investment firm, Ms. Hanley assists Equinox Institutional Asset Management, LP and Solon Capital, LLC with all required filings due to the NFA and has been listed as a principal of Equinox Institutional Asset Management, LP and Solon Capital LLC since January 17, 2014. Prior to joining the managing owner in January 2014, Ms. Hanley was the Compliance Manager for Summit Financial Resources Inc., a registered investment advisor and broker dealer, and Summit Equities Inc., member FINRA/SIPC, from July 2006 to December 2013. Ms. Hanley was listed as a principal of Summit Financial Resources Inc. and Summit Equities Inc. starting in February 2009. Ms. Hanley holds the Series 7 and 24. Ms. Hanley obtained a Bachelor of Science in Finance from Hampton University in May 1997 and an Executive Master of Business Administration from Rutgers University – Newark in May 2011.

Executive Committee of the Managing Owner

The Executive Committee is responsible for the general oversight of the Managing Owner’s business and Equinox Frontier Funds and functions like the board of directors of a corporation. The members of the Executive Committee are Richard E. Bornhoft, David DeMuth and Robert J. Enck.

Robert J. Enck—Mr. Enck’s biography appears above under the caption “Item 10. Directors, Executive Officers and Corporate Governance—Principals of the Managing Owner.”

Richard E. Bornhoft—Mr. Bornhoft’s biography appears above under the caption “Item 10. Directors, Executive Officers and Corporate Governance—Principals of the Managing Owner.”

David P. DeMuth, 69 is a member of the Executive Committee of the Managing Owner. In May 2006, he co-founded CFO Consulting Partners LLC, an entity which provides interim CFO services to public and private companies. Prior to co-founding CFO Consulting Partners LLC, he was an independent consultant providing accounting and risk management services from March 2002 to April 2006, Interim Co-Chief Financial Officer and Treasurer at Kodak Polychrome Graphics (a $2 billion global manufacturer of graphic arts materials) from September 1999 to March 2002, CFO of Troy Corporation (a $150 million global specialty chemical manufacturer) from June 1996 to September 1999, Division Vice President of Continental Grain Company (a multi-billion provider of commodities and financial services) from August 1990 to June 1996, Treasurer of National Starch and Chemical Company (a $3 billion global specialty chemical manufacturer) from March 1986 to August 1990, and Director of Tax Services at PepsiCo Inc. (a multi-billion global consumer products (beverage and food) company) from May 1980 to March 1986. His industry experience includes technology, real estate development, financial services, specialty chemicals, global manufacturing/distribution, graphic arts and consumer products. His global focus is Risk Management, Internal Controls, Structured Capital Market Transactions and Regulatory Compliance. He has developed complex global strategies to manage financial reporting, financial and operations risks and compliance with regulatory authorities (SEC, tax, etc.). He was an accountant with KPMG, an accounting firm, from September 1974 to May 1980. Mr. DeMuth holds a BS in Accounting from Loyola University, and an MBA in Finance from LaSalle University. He is a Certified Public Accountant (CPA).

The sole member of the Managing Owner with a larger than 10% ownership interest is Plimpton Capital, LLC which has been listed as a principal of the Managing Owner since August 2003. The Bornhoft Group Corporation was listed as a principal of the Managing Owner from August 2003 until June 2012.

There is not currently any material administrative, civil, or criminal action-whether pending, on appeal or concluded-against the Trust, its principals or the Managing Owner.

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Section 16(a) Beneficial Ownership Reporting Compliance

Section 16 of the Exchange Act requires an issuer’s directors and certain executive officers and certain other beneficial owners of the issuer’s equity securities to periodically file notices of changes in their beneficial ownership with the SEC. The Trust does not have any directors or officers. However, the officers of the Managing Owner, as well as the Managing Owner itself, file such notices regarding their beneficial ownership in the Trust, if any.

Audit Committee Financial Expert

The Trust does not have a board of directors but instead is operated and managed by the Managing Owner. The Executive Committee of the Managing Owner has created an audit committee of the Trust consisting of all of the Executive Committee’s members. The Executive Committee of the Managing Owner, in its capacity as the audit committee for the Trust, has determined that Robert J. Enck, the Chief Executive Officer of the Managing Owner, qualifies as an “audit committee financial expert” in accordance with the applicable rules and regulations of the SEC. Mr. Enck is not independent of management.

Code of Ethics

The Trust has not adopted a code of ethics because it does not have any officers or employees. The Managing Owner has adopted a code of ethics for employees and principals of the Managing Owner.

In general, the Managing Owner, its principals, and all other persons associated with the Managing Owner shall observe high standards of commercial honor and just and equitable principles of trade in the conduct of their commodity futures business. All employees including anyone not on the regular payroll but filling in on a temporary basis shall be held to the highest standards of honesty and integrity. This conduct will be valid for all duties involved with the daily management and responsibilities as Managing Owner of the Trust.

Employees will conduct their daily duties in a responsible manner to ensure that all customers are treated fairly and equally. The reputation of the Managing Owner is crucial to its business, and understanding that the Managing Owner will make every effort to ensure the reputation of the Managing Owner is not tarnished in any way. Employees are urged to seek the advice of their supervisor for any questions applicable to this code relative to their individual circumstances.

Item 11. EXECUTIVE COMPENSATION.

The Trust has no directors or officers. Its affairs are managed solely by the Managing Owner, which receives compensation for its services from the Trust, as follows:

Management Fees

Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the nominal assets of such Series, calculated on a daily basis. The total amount of assets of a series allocated to trading advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisors and any reference programs, is referred to herein as the “nominal assets” of the series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 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) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the series by the Managing Owner. As of the date of this Form 10-K, the trading advisor for a series that has invested in a swap has not received any management fees directly from the series for such swap, and instead the relevant trading advisor receives compensation via the fees embedded in the swap.

The management fee as a percentage of the applicable series’ net asset value will be greater than the percentage indicated above to the extent that the nominal assets of the series exceeds its net asset value. The managing owner expects that the nominal assets of each series will generally be maintained at a level in excess of the net asset value of such series and such excess may be substantial to the extent the managing owner deems necessary to achieve the desired level of volatility.

Incentive Fees

Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated by such Series, monthly or quarterly. Because the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period these Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Equinox Frontier Diversified Fund and Equinox Frontier Balanced Fund and 20% for the Equinox Frontier Masters Fund, Equinox Frontier Winton Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund and Equinox Frontier Long/Short Commodity Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

Interest Income

Aggregate interest income from all sources, including 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.

Other Fees

The Equinox Frontier Long/Short Commodity Fund (Classes 1, 2 and 3), Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund pays to the Managing Owner a monthly trading fee, or FCM Fee, up to 1/12^th of 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 monthly trading fee, or FCM Fee, up to 1/12^th of 2.25% and a custodial/due diligence fee of 1/12^th of 0.12% of such Series’ NAV, calculated daily. Also, a monthly service fee equal to 3.0% of the NAV, calculated daily, is paid to the Managing Owner. The Managing Owner pays the service fee to Selling Agents to assist in the making of offers and sales of Units and provide customary ongoing services including advising Limited Owners. To the extent that an affiliate of the Managing Owner provides such services, it may receive service fees in proportion to the valuation of its clients’ accounts.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The Trust has no officers or directors. Its affairs are managed solely by the Managing Owner. Set forth in the table below is information regarding the beneficial ownership of Units of the principals of the Managing Owner as of December 31, 2014:

Equinox Fund Management, LLC*:

Series/Class of Units	Units Owned		Percentage Ownership of Each Class
Equinox Frontier Diversified Fund– Class 2		14,576		7.15	%
Equinox Frontier Long/Short Commodity Fund – Class 2		3,083		34.21	%
Equinox Frontier Long/Short Commodity Fund – Class 2a		2,222		14.53	%
Equinox Frontier Long/Short Commodity Fund – Class 3a		109		1.86	%
Equinox Frontier Masters Fund – Class 2		5,627		8.15	%
Equinox Frontier Masters Fund – Class 3		275		0.66	%
Equinox Frontier Balanced Fund – Class 2		7,956		6.05	%
Equinox Frontier Balanced Fund – Class 2a		1,237		31.54	%
Equinox Frontier Select Fund – Class 2		70		0.58	%
Equinox Frontier Winton Fund – Class 2		207		0.36	%
Equinox Frontier Heritage Fund – Class 2		428		2.36	%

* The Managing Owner is required to maintain at least a 1% interest in the aggregate capital of the Trust as well as in certain series. The Managing Owner’s interest of $5,672,261 in the aggregate capital of the Trust of $270,206,309 at December 31, 2014 is 2.10%. There are no individual Limited Partners that own more than 5% of any class of the Trust.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates. However, there have been no direct financial transactions between the Trust and the directors or officers of the Managing Owner. See “Item 11. Executive Compensation” and “Item 12. Security Ownership of Certain Beneficial Owners and Management.”

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following table sets forth the fees billed to Equinox Fund Management, LLC, the Managing Owner of the Trust, for professional services provided by McGladrey LLP, the Trust’s independent registered public accounting firm, for the years ended December 31, 2014 and 2013. In accordance with the prospectus of the Trust, the Managing Owner has agreed to pay all costs of the Trust, and the Trust therefore bears no direct obligation to its independent registered public accounting firm.

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FEE CATEGORY	2014		2013
Audit Fees(1)	$	280,500	$	295,500
Audit-Related Fees(2)	$	0	$	0
Tax Fees(3)	$	0	$	0
All Other Fees(4)	$	0	$	0
TOTAL FEES	$	280,500	$	295,500

(1) Audit Fees consist of fees for professional services rendered for the audit of the Trust’s financial statements and review of financial statements included in the Trust’s quarterly reports, as well as services normally provided by the independent accountant in connection with statutory and regulatory filings or engagements.

(2) Audit-Related Fees consist of fees for assurance and related services by McGladrey LLP that are reasonably related to the performance of the audit or review of the Trust’s financial statements and are not reported under “Audit Fees,” above.

(3) Tax Fees consist of fees for professional services rendered for tax compliance, tax advice and tax planning.

(4) All Other Fees consist of any fees not otherwise reported in this table

The Managing Owner approved all the services provided by McGladrey LLP to the Trust described above. The Managing Owner has determined that the payments made to McGladrey LLP for these services during 2014 and 2013 are compatible with maintaining that firm’s independence. The Managing Owner pre-approves all audit and allowed non-audit services of the Trust’s independent registered public accounting firm, including all engagement fees and terms.

92

Part IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)(1) and (2)	The response to these portions of Item 15 is submitted as a separate section of this report commencing on page F-1.
(a)(3)	Exhibits (numbered in accordance with Item 601 of Regulation S-K).
1.1	Form of Selling Agent Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents****
1.2	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents**
1.3	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents***
1.4	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents***
1.5	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents****
1.6	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents****
4.1	Restated Declaration of Trust and Second Amended and Restated Trust and Trust Agreement of the Registrant +++
4.2	Form of Subscription Agreement (annexed to the Prospectus as Exhibit B)****
4.3	Form of Exchange Request (annexed to the Prospectus as Exhibit C)****
4.4	Form of Request for Redemption (annexed to the Prospectus as Exhibit D)****
4.5	Form of Request for Additional Subscription (annexed to the Prospectus as Exhibit E)****
4.6	Form of Application for Transfer of Ownership / Re-registration Form (annexed to the Prospectus as Exhibit F)****
4.7	Form of Privacy Notice (annexed to the Prospectus as Exhibit G)****
10.1	Form of Amended and Restated Escrow Agreement among the Registrant, Equinox Fund Management, LLC, Bornhoft Group Securities Corporation and the U.S. Bank National Association, Denver Colorado***
10.2	Form of Brokerage Agreement between each Trading Company and UBS Securities, LLC*
10.21	Form of Brokerage Agreement between each Trading Company and Banc of America Futures Incorporated*
10.22	Form of Brokerage Agreement between the Managing Owner, acting as agent on behalf of certain Trading Companies, and Deutsche Bank AG London**
10.23	Form of Brokerage Agreement between each Trading Company and Man Financial Inc. ***
10.24	Form of Amendment Agreement between the Managing Owner, acting as agent on behalf of certain Trading Companies, and Deutsche Bank AG London***
10.25	Form of Brokerage Agreement between each Trading Company and Fimat USA, LLC****
10.3	Form of Advisory Agreement among the Registrant, the Trading Company, Equinox Fund Management, LLC, and each Trading Advisor****
10.32	Form of License Agreement among Jefferies Financial Products, LLC, Reuters America LLC, the Registrant and Equinox Fund Management, LLC***
10.33	Form of License Agreement among Jefferies Financial Products, the Registrant and Equinox Fund Management, LLC***
10.34	Form of Guaranty made by Jefferies Group, Inc. in favor of Frontier Trading Company VIII, LLC***
10.35	Form of International Swaps and Derivatives Association Master Agreement, including all Schedules thereto and the Credit Support Annex thereto entered into for the Currency Series of the Registrant***
10.37	Form of International Swaps and Derivatives Association Master Agreement, including all Schedules thereto and the Credit Support Annex thereto entered into for the Equinox Frontier Balanced Fund of the Registrant+

93

10.4	Form of Cash Management Agreement between Equinox Fund Management, LLC and Merrill Lynch**
10.41	Form of Cash Management Agreement between Equinox Fund Management, LLC and STW Fixed Income Management Ltd.***
10.5	Form of single-member limited liability company operating agreement governing each Trading Company***
21.1	Subsidiaries of Registrant. (filed herewith)
23.1	Consent of Independent Registered Public Accounting Firm
31.1	Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934. (filed herewith)
31.2	Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934. (filed herewith)
32.1	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)
99.1	Prospectus of Equinox Frontier Funds ++
101.INS^	XBRL Instance Document
101.SCH^	XBRL Taxonomy Extension Schema
101.CAL^	XBRL Taxonomy Extension Calculation Linkbase
101.DEF^	XBRL Taxonomy Extension Definition Linkbase
101.LAB^	XBRL Taxonomy Extension Label Linkbase
101.PRE^	XBRL Taxonomy Extension Presentation Linkbase

* Previously filed as like-numbered exhibit to the initial filing or the first, second, third or fourth pre-effective amendment or the first or second post-effective amendment to Registration Statement No. 333-108397 and incorporated by reference herein.

94

** Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first or second post-effective amendment to Registration Statement No. 333-119596 and incorporated by reference herein.

*** Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first post-effective amendment to Registration Statement No. 333-129701 and incorporated by reference herein.

**** Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first post-effective amendment to Registration Statement No. 333-140240 and incorporated by reference herein.

+ Previously filed as like-numbered exhibit on Form 10-Q for the period ended June 30, 2008.

++ Previously filed on May 7, 2014 pursuant to Rule 424(b)(3) of the Securities Act (File No. 333-185695).

+++ Previously filed as Exhibit 3.2 on Form 8-K, filed on December 11, 2013.

^ Submitted electronically herewith.

95

INDEX TO THE SERIES FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	F-2
Statements of Financial Condition as of December 31, 2014 and 2013	F-3
Condensed Schedules of Investments as of December 31, 2014	F-6
Condensed Schedules of Investments as of December 31, 2013	F-12
Statements of Operations for the years ended December 31, 2014, 2013 and 2012	F-17
Statements of Changes in Owners’ Capital for the years ended December 31, 2014, 2013 and 2012	F-20
Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012	F-29
Notes to Financial Statements	F-33
INDEX TO THE TRUST FINANCIAL STATEMENTS (1)
Report of Independent Registered Public Accounting Firm	F-65
Consolidated Statements of Financial Condition as of December 31, 2014 and 2013	F-66
Consolidated Condensed Schedules of Investments as of December 31, 2014	F-67
Consolidated Condensed Schedules of Investments as of December 31, 2013	F-69
Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012	F-71
Consolidated Statements of Changes in Owners’ for the years ended December  31, 2014, 2013 and 2012	F-72
Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012	F-73
Notes to Consolidated Financial Statements	F-74
INDEX TO TRADING COMPANY FINANCIAL STATEMENTS (2)
Report of Independent Registered Public Accounting Firm	F-91
Statements of Financial Condition as of December 31, 2014 and 2013	F-92
Condensed Schedules of Investments as of December 31, 2014	F-95
Condensed Schedules of Investments as of December 31, 2013	F-103
Statements of Operations for the years ended December 31, 2014, 2013 and 2012	F-110
Statements of Changes in Members’ Equity for the years ended December 31, 2014, 2013 and 2012	F-112
Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012	F-114
Notes to Financial Statements	F-120

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

(2) The Trust holds a majority of the equity interests in the various Trading Companies, which are the trading vehicles established for the various Series of Units of the Trust. In the financial statements of the Trust, Trading Companies in which a Series has a majority equity interest are consolidated by such Series, and investments in Trading Companies in which a Series does not have a controlling or majority interest are accounted for under the equity method of accounting, which approximates fair value and are carried in the statement of financial condition of such Series at fair value. In addition, financial statements of each of the unconsolidated Trading Companies are included in accordance with Rule 3-09 of Regulation S-X under the Securities Act of 1933, as amended. Although not required pursuant to Rule 3-09 of Regulation S-X under the Securities Act of 1933, financial statements of each consolidated Trading Company of the Trust are also included in the interest of providing a more complete presentation.

F-1

Report of Independent Registered Public Accounting Firm

To the Executive Committee and Unitholders

Equinox Frontier Funds

We have audited the accompanying statements of financial condition, including the condensed schedules of investments, of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund of Equinox Frontier Funds (collectively, the Series) as of December 31, 2014 and 2013, and the related statements of operations, changes in owners’ capital, and cash flows for each of the three years in the period ended December 31, 2014. These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Series are not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Series’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund of Equinox Frontier Funds as of December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles.

/s/ McGladrey LLP

Denver, Colorado

March 31, 2015

F-2

The Series of Equinox Frontier Funds

Statements of Financial Condition

December 31, 2014 and 2013

	Equinox Frontier						Equinox Frontier				Equinox Frontier
	Diversified Fund						Masters Fund				Long/Short Commodity Fund
	12/31/2014			12/31/2013			12/31/2014		12/31/2013		12/31/2014		12/31/2013
ASSETS
Cash and cash equivalents	$	4,210,638		$	1,827,897		$	2,199,066	$	1,125,954	$	1,110,779	$	810,418
U.S. Treasury securities, at fair value		31,051,659			38,055,417			16,217,173		23,441,497		8,191,519		16,872,290
Open trade equity, at fair value		3,215,206			—			—		—		—		—
Options purchased, at fair value		288,413			—			—		—		—		98,740
Receivable from futures commission merchants		22,731,129			—			—		—		—		7,836,808
Swap contracts, at fair value		6,570,408			3,437,632			—		—		3,633,060		2,456,546
Investments in unconsolidated trading companies, at fair value		6,594,379			20,837,272			7,901,978		9,166,710		3,814,854		655,769
Prepaid service fees—Class 1		9,534			4,946			6,003		11,165		505		3,707
Interest receivable		477,250			521,275			249,250		321,097		125,900		231,114
Receivable from related parties		—			1,035			3,050		2,060		2,612		2,954
Other assets		249,997			—			—		—		—		—
Total Assets	$	75,398,613		$	64,685,474		$	26,576,520	$	34,068,483	$	16,879,229	$	28,968,346
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—		$	—		$	—	$	—	$	—	$	191,069
Options written, at fair value		253,018			—			—		—		—		172,650
Pending owner additions		1,527			2,292			2,056		1,352		—		—
Owner redemptions payable		57,953			348,441			—		71,188		19,578		107,888
Incentive fees payable to Managing Owner		2,387,825			575,550			722,043		—		158,660		—
Management fees payable to Managing Owner		86,486			101,504			64,497		107,027		45,361		104,883
Interest payable to Managing Owner		16,168			16,220			6,898		9,587		3,713		7,965
Service fees payable to Managing Owner		34,905			46,263			17,260		35,858		10,562		14,965
Trading fees payable to Managing Owner		132,984			136,166			55,912		72,687		24,436		34,788
Payables to related parties		2,371			—			—		—		—		—
Other liabilities		—			—			—		—		—		—
Total Liabilities		2,973,237			1,226,436			868,666		297,699		262,310		634,208
CAPITAL
Managing Owner Units—Class 1		—			23,953			—		—		—		—
Managing Owner Units—Class 2		2,516,879			1,904,660			723,207		559,668		426,377		386,171
Managing Owner Units—Class 2a		—			—			—		—		247,434		222,971
Managing Owner Units—Class 3		31,632			—			32,741		25,274		—		—
Managing Owner Units—Class 3a		—			—			—		—		12,228		10,991
Limited Owner Units—Class 1		19,195,036			28,720,094			11,850,911		23,115,495		—		—
Limited Owner Units—Class 1a		—			—			—		—		5,776,906		8,752,826
Limited Owner Units—Class 2		32,707,413			32,810,331			8,145,536		9,846,494		820,104		2,985,627
Limited Owner Units—Class 2a		—			—			—		—		1,455,117		2,880,434
Limited Owner Units—Class 3		5,556,649			—			4,955,459		223,853		7,233,099		9,619,596
Limited Owner Units—Class 3a		—			—			—		—		645,654		246,480
Total Owners’ Capital		60,007,609			63,459,038			25,707,854		33,770,784		16,616,919		25,105,096
Non-Controlling Interests		12,417,767			—			—		—		—		3,229,042
Total Capital		72,425,376			63,459,038			25,707,854		33,770,784		16,616,919		28,334,138
Total Liabilities and Capital	$	75,398,613		$	64,685,474		$	26,576,520	$	34,068,483	$	16,879,229	$	28,968,346
Units Outstanding
Class 1		169,725			330,005			101,632		251,718		N/A		N/A
Class 1a		N/A			N/A			N/A		N/A		57,130		94,391
Class 2		282,534			367,927			69,003		104,624		9,013		26,918
Class 2a		N/A			N/A			N/A		N/A		15,291		30,930
Class 3		48,583	(1)		N/A	(1)		41,897		2,711		52,285		76,774
Class 3a		N/A			N/A			N/A		N/A		5,886		2,563
Net Asset Value per Unit
Class 1	$	113.09		$	87.10		$	116.61	$	91.83		N/A		N/A
Class 1a		N/A			N/A			N/A		N/A	$	101.12	$	92.73
Class 2	$	124.67		$	94.35		$	128.53	$	99.46	$	138.30	$	125.26
Class 2a		N/A			N/A			N/A		N/A	$	111.35	$	100.34
Class 3	$	115.03	(1)		N/A	(1)	$	119.06	$	91.91	$	138.34	$	125.30
Class 3a		N/A			N/A			N/A		N/A	$	111.77	$	100.47	(2)

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

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

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

F-3

The Series of Equinox Frontier Funds

Statements of Financial Condition

December 31, 2014 and 2013

	Equinox Frontier Balanced Fund				Equinox Frontier Select Fund
	12/31/2014		12/31/2013		12/31/2014		12/31/2013
ASSETS
Cash and cash equivalents	$	5,644,510	$	3,292,570	$	878,280	$	494,931
U.S. Treasury securities, at fair value		41,625,860		68,548,395		6,476,939		10,304,085
Receivable from futures commission merchants		22,689,948		23,466,052		—		—
Open trade equity, at fair value		3,297,549		3,935,252		—		—
Options purchased, at fair value		—		165,915		—		—
Swap contracts, at fair value		18,246,954		10,122,003		—		—
Investments in unconsolidated trading companies, at fair value		18,343,927		13,713,315		8,102,141		6,864,544
Interest receivable		639,769		939,354		99,547		141,143
Prepaid service fees		—		234		—		—
Other assets		250,013		53		—		—
Total Assets	$	110,738,530	$	124,183,143	$	15,556,907	$	17,804,703
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	—	$	—	$	—
Options written, at fair value		—		183,856		—		—
Pending owner additions		18,002		14,677		1,485		994
Owner redemptions payable		22,793		931,553		15,432		68,598
Incentive fees payable to Managing Owner		1,793,318		691,917		185,791		—
Management fees payable to Managing Owner		101,208		113,085		27,835		49,798
Interest payable to Managing Owner		84,976		146,282		13,263		22,398
Service fees payable to Managing Owner		167,151		190,286		32,520		39,045
Trading fees payable to Managing Owner		66,037		73,125		10,119		11,545
Payables to related parties		14,934		12,135		984		477
Other liabilities		—		—		—		—
Total Liabilities		2,268,419		2,356,916		287,429		192,855
CAPITAL
Managing Owner Units—Class 2		1,425,355		1,374,533		9,052		7,336
Managing Owner Units—Class 2a		189,344		147,003		—		—
Limited Owner Units—Class 1		72,098,275		80,801,534		13,663,563		15,852,947
Limited Owner Units—Class 1AP		748,275		—		47,785		—
Limited Owner Units—Class 2		22,125,342		25,236,584		1,549,078		1,751,565
Limited Owner Units—Class 2a		410,943		344,576		—		—
Limited Owner Units—Class 3a		2,528,303		2,322,629		—		—
Total Owners’ Capital		99,525,837		110,226,859		15,269,478		17,611,848
Non-Controlling Interests		8,944,274		11,599,368		—		—
Total Capital		108,470,111		121,826,227		15,269,478		17,611,848
Total Liabilities and Capital	$	110,738,530	$	124,183,143	$	15,556,907	$	17,804,703
Units Outstanding
Class 1		548,117		760,206		142,913		198,518
Class 1AP (1)		5,618		N/A		494		N/A
Class 2		131,447		189,411		12,128		16,890
Class 2a		3,923		4,138		N/A		N/A
Class 3a		16,577		19,615		N/A		N/A
Net Asset Value per Unit
Class 1	$	131.54	$	106.29	$	95.61	$	79.86
Class 1AP (1)	$	133.20		N/A	$	96.82		N/A
Class 2	$	179.16	$	140.49	$	128.48	$	104.14
Class 2a	$	153.02	$	118.80		N/A		N/A
Class 3a	$	152.52	$	118.41		N/A		N/A

(1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally

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

F-4

The Series of Equinox Frontier Funds

Statements of Financial Condition

December 31, 2014 and 2013

	Equinox Frontier Winton Fund				Equinox Frontier Heritage Fund
	12/31/2014		12/31/2013		12/31/2014		12/31/2013
ASSETS
Cash and cash equivalents	$	4,012,974	$	1,325,731	$	921,598	$	424,001
U.S. Treasury securities, at fair value		29,593,974		27,600,705		6,796,392		8,827,380
Investments in unconsolidated trading companies, at fair value		7,479,658		7,779,323		1,543,386		1,889,266
Swap contracts, at fair value		—		—		7,540,465		5,435,184
Interest receivable		454,845		378,069		104,457		120,916
Other assets		—		—		—		—
Total Assets	$	41,541,451	$	37,083,828	$	16,906,298	$	16,696,747
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	15,503	$	11,914	$	3,381	$	2,877
Owner redemptions payable		21,902		76,900		21,408		—
Incentive fees payable to Managing Owner		1,178,364		128,097		239,327		15,411
Management fees payable to Managing Owner		114,823		100,260		27,944		28,615
Interest payable to Managing Owner		63,722		59,865		14,543		19,767
Service fees payable to Managing Owner		52,753		53,054		20,964		25,485
Trading fees payable to Managing Owner		26,690		23,844		8,676		9,212
Payables to related parties		16,461		5,057		3,178		1,275
Other liabilities		—		—		—		—
Total Liabilities		1,490,218		458,991		339,421		102,642
CAPITAL
Managing Owner Units—Class 2		46,764		36,002		75,621		57,484
Limited Owner Units—Class 1		26,870,878		26,164,147		9,761,819		11,328,406
Limited Owner Units—Class 1AP		38,042		—		58,378		—
Limited Owner Units—Class 2		13,095,549		10,424,688		3,131,561		2,792,578
Total Owners’ Capital		40,051,233		36,624,837		13,027,379		14,178,468
Non-Controlling Interests		—		—		3,539,498		2,415,637
Total Capital		40,051,233		36,624,837		16,566,877		16,594,105
Total Liabilities and Capital	$	41,541,451	$	37,083,828	$	16,906,298	$	16,696,747
Units Outstanding
Class 1		152,717		187,438		74,927		111,005
Class 1AP (1)		214		N/A		443		N/A
Class 2		58,093		60,061		18,164		21,235
Net Asset Value per Unit
Class 1	$	175.95	$	139.59	$	130.28	$	102.05
Class 1AP (1)	$	178.18		N/A	$	131.93		N/A
Class 2	$	226.23	$	174.17	$	176.56	$	134.21

(1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally

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

F-5

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2014

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodity Fund
Description	Fair Value			% of Total  Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(312,320	)		-0.43	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		(48,075	)		-0.07	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		560,666			0.77	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		10,206			0.01	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		79,701			0.11	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		676,493			0.93	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		208,691			0.29	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		299,804			0.41	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		289,361			0.40	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		(60,655	)		-0.08	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		2,809			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(89,038	)		-0.12	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		33,439			0.08	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(44,720	)		-0.06	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		14,786			0.02	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		35,072			0.08	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		370,308			0.51	%		—		0.00	%		—		0.00	%
Total Long Futures Contracts	$	2,026,528			2.80	%	$	—		0.00	%	$	—		0.00	%

F-6

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodity Fund
Description	Fair Value			% of Total  Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	251,789			0.35	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		50,963			0.07	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		360,124			0.50	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		356,351			0.49	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		12,112			0.02	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(14,958	)		-0.02	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(128	)		0.00	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		7,685			0.01	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		92,535			0.13	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		78,930			0.11	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Africa)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(24,501	)		-0.03	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		(28,299	)		-0.04	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Mexico)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		2,837			0.00	%		—		0.00	%		—		0.00	%
Total Short Futures Contracts	$	1,145,440			1.58	%	$	—		0.00	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	43,238			0.06	%	$	—		0.00	%	$	—		0.00	%
Total Currency Forwards	$	43,238			0.06	%	$	—		0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	3,215,206			4.44	%	$	—		0.00	%	$	—		0.00	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		288,413			0.40	%		—		0.00	%		—		0.00	%
Total Options Purchased	$	288,413			0.40	%	$	—		0.00	%	$	—		0.00	%

F-7

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodity Fund
Description	Fair Value			% of Total  Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
OPTIONS WRITTEN *
Various energy futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		(253,018	)		-0.35	%		—		0.00	%		—		0.00	%
Total Options Written	$	(253,018	)		-0.35	%	$	—		0.00	%	$	—		0.00	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	—			0.00	%	$	—		0.00	%	$	—		0.00	%
Frontier Brevan Howard swap (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Frontier XXXV Diversified select swap (U.S.)		6,570,408			9.07	%		—		0.00	%		—		0.00	%
Frontier XXXVII L/S select swap (U.S.)		—			0.00	%		—		0.00	%		3,633,060		21.86	%
Total Swaps	$	6,570,408			9.07	%	$	—		0.00	%	$	3,633,060		21.86	%
U.S. TREASURY SECURITIES (2)
FACE VALUE		Fair Value						Fair Value					Fair Value
$ 15,000,000 US Treasury Note 2.250% due 11/15/2024 (Cost $14,966,695)	$	21,289,585			29.40	%	$	11,118,790		43.25	%	$	5,616,255		33.80	%
$ 75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		6,411,385			8.85	%		3,348,438		13.02	%		1,691,342		10.18	%
$ 20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		3,350,689			4.63	%		1,749,945		6.81	%		883,922		5.32	%
	$	31,051,659			42.87	%	$	16,217,173		63.08	%	$	8,191,519		49.30	%
Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value					Face Value
US Treasury Note 2.250% due 11/15/2024 (2)	$	16,640,343					$	8,690,657				$	4,389,772
US Treasury Note 6.000% due 02/15/2026 (2)		4,437,425						2,317,508					1,170,606
US Treasury Note 6.875% due 08/15/2025 (2)		3,328,068						1,738,131					877,954
	$	24,405,836					$	12,746,296				$	6,438,332
Additional Disclosure on U.S. Treasury Securities		Cost						Cost					Cost
US Treasury Note 2.250% due 11/15/2024 (2)	$	22,093,766					$	11,538,785				$	5,828,400
US Treasury Note 6.000% due 02/15/2026 (2)		6,283,975						3,281,896					1,657,731
US Treasury Note 6.875% due 08/15/2025 (2)		3,320,679						1,734,272					876,005
	$	31,698,420					$	16,554,953				$	8,362,136

(1) See Note 4 to the Financial Statements.

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

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

F-8

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2014

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(3,493,625	)		-3.22	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		(13,775	)		-0.01	%		—		0.00	%
Various currency futures contracts (U.S.)		(254,409	)		-0.23	%		—		0.00	%
Various energy futures contracts (Europe)		(12,920	)		-0.01	%		—		0.00	%
Various energy futures contracts (Far East)		(2,738	)		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		(1,406,837	)		-1.30	%		—		0.00	%
Various interest rates futures contracts (Canada)		84,291			0.08	%		—		0.00	%
Various interest rates futures contracts (Europe)		1,312,057			1.21	%		—		0.00	%
Various interest rates futures contracts (Far East)		217,701			0.20	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		164,422			0.15	%		—		0.00	%
Various interest rates futures contracts (U.S.)		298,985			0.28	%		—		0.00	%
Various precious metal futures contracts (Far East)		6,195			0.01	%		—		0.00	%
Various precious metal futures contracts (U.S.)		(57,380	)		-0.05	%		—		0.00	%
Various soft futures contracts (Canada)		(1,360	)		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		8,013			0.01	%		—		0.00	%
Various soft futures contracts (Oceanic)		(864	)		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(208,634	)		-0.19	%		—		0.00	%
Various stock index futures contracts (Canada)		17,918			0.02	%		—		0.00	%
Various stock index futures contracts (Europe)		231,293			0.21	%		—		0.00	%
Various stock index futures contracts (Far East)		(6,494	)		-0.01	%		—		0.00	%
Various stock index futures contracts (Oceanic)		(1,389	)		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		337,695			0.31	%		—		0.00	%
Total Long Futures Contracts	$	(2,781,855	)		-2.54	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	3,165,035			2.92	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		19,963			0.02	%		—		0.00	%
Various currency futures contracts (Far East)		(3,383	)		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		462,616			0.43	%		—		0.00	%
Various energy futures contracts (Europe)		49,517			0.05	%		—		0.00	%
Various energy futures contracts (Far East)		5,389			0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		2,602,685			2.40	%		—		0.00	%
Various interest rates futures contracts (Canada)		11			0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(261,457	)		-0.24	%		—		0.00	%
Various interest rates futures contracts (Far East)		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(1,673	)		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(20,699	)		-0.02	%		—		0.00	%
Various precious metal futures contracts (Far East)		(1,052	)		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		112,155			0.10	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		19,813			0.02	%		—		0.00	%
Various soft futures contracts (Far East)		(4,709	)		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		438,427			0.40	%		—		0.00	%
Various stock index futures contracts (Africa)		(4,181	)		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(13,338	)		-0.01	%		—		0.00	%
Various stock index futures contracts (Far East)		129			0.00	%		—		0.00	%
Various stock index futures contracts (Mexico)		(4,380	)		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		(9,866	)		-0.01	%		—		0.00	%
Various stock index futures contracts (U.S.)		(51,856	)		-0.05	%		—		0.00	%
Total Short Futures Contracts	$	6,499,146			6.01	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	(419,742	)		-0.39	%	$	—		0.00	%
Total Currency Forwards	$	(419,742	)		-0.39	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	3,297,549			3.08	%	$	—		0.00	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	18,246,954			16.82	%	$	—		0.00	%
Total Swaps	$	18,246,954			16.82	%	$	—		0.00	%

F-9

	Equinox Frontier Balanced Fund					Equinox Frontier Select Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
U.S. TREASURY SECURITIES (2)
FACE VALUE	Fair Value					Fair Value
$ 15,000,000 US Treasury Note 2.250% due 11/15/2024 (Cost $14,966,695)	$	28,539,451		26.31	%	$	4,440,707		29.08	%
$ 75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		8,594,691		7.92	%		1,337,325		8.76	%
$ 20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		4,491,718		4.14	%		698,907		4.58	%
	$	41,625,860		38.37	%	$	6,476,939		42.42	%
Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value
US Treasury Note 2.250% due 11/15/2024 (2)	$	22,306,974				$	3,470,942
US Treasury Note 6.000% due 02/15/2026 (2)		5,948,526					925,584
US Treasury Note 6.875% due 08/15/2025 (2)		4,461,395					694,188
	$	32,716,896				$	5,090,714
Additional Disclosure on U.S. Treasury Securities	Cost					Cost
US Treasury Note 2.250% due 11/15/2024 (2)	$	29,617,482				$	4,608,448
US Treasury Note 6.000% due 02/15/2026 (2)		8,423,893					1,310,749
US Treasury Note 6.875% due 08/15/2025 (2)		4,451,489					692,647
	$	42,492,864				$	6,611,844

(1) See Note 4 to the Financial Statements.

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

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

F-10

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2014

		Equinox Frontier Winton Fund					Equinox Frontier Heritage Fund
Description		Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
SWAPS (2)
Brevan Howard Total Return Swap		$	—		0.00	%	$	7,540,465		45.52	%
Total Swaps		$	—		0.00	%	$	7,540,465		45.52	%
U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value					Fair Value
$ 15,000,000 US Treasury Note 2.250% due 11/15/2024 (Cost $14,966,695)		$	20,290,171		50.66	%	$	4,659,730		28.13	%
$ 75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)			6,110,410		15.26	%		1,403,284		8.47	%
$ 20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)			3,193,393		7.97	%		733,378		4.43	%
		$	29,593,974		73.89	%	$	6,796,392		41.03	%
Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value
	US Treasury Note 2.250% due 11/15/2024 (1)	$	15,859,181				$	3,642,133
	US Treasury Note 6.000% due 02/15/2026 (1)		4,229,115					971,236
	US Treasury Note 6.875% due 08/15/2025 (1)		3,171,836					728,427
		$	23,260,132				$	5,341,796
Additional Disclosure on U.S. Treasury Securities		Cost					Cost
	US Treasury Note 2.250% due 11/15/2024 (1)	$	21,056,599				$	4,835,745
	US Treasury Note 6.000% due 02/15/2026 (1)		5,988,981					1,375,397
	US Treasury Note 6.875% due 08/15/2025 (1)		3,164,794					726,809
		$	30,210,374				$	6,937,951

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

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

F-11

The Series of Equinox Frontier Funds

Condensed Schedules of Investments

December 31, 2013

	Equinox Frontier Diversified Fund					Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodity Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	(19,944	)		-0.07	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		219,147			0.77	%
Natural Gas Settling 3/1/2014 (Number of Contracts: 228)		—		0.00	%		—		0.00	%		(353,048	)		-1.25	%
NYH RBOB Unleaded Gas Settling 3/1/2014 (Number of Contracts: 228)		—		0.00	%		—		0.00	%		(783,703	)		-2.77	%
Crude Oil Settling 12/1/2014 (Number of Contracts: 298)		—		0.00	%		—		0.00	%		301,246			1.06	%
Natural Gas Settling 11/1/2014 (Number of Contracts: 621)		—		0.00	%		—		0.00	%		629,139			2.22	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		(202,474	)		-0.71	%
90 Day Euro Time Deposit Settling 12/1/2017 (Number of Contracts: 539)		—		0.00	%		—		0.00	%		(372,810	)		-1.32	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		(227,156	)		-0.80	%
Corn Settling 3/1/2014 (Number of Contracts: 383)		—		0.00	%		—		0.00	%		(691,458	)		-2.44	%
Wheat Settling 3/1/2014 (Number of Contracts: 269)		—		0.00	%		—		0.00	%		(296,457	)		-1.05	%
Soybean Oil Settling 3/1/2014 (Number of Contracts: 243)		—		0.00	%		—		0.00	%		(305,094	)		-1.08	%
Sugar #11 Settling 3/1/2014 (Number of Contracts: 861)		—		0.00	%		—		0.00	%		(820,016	)		-2.89	%
Cocoa Settling 5/1/2014 (Number of Contracts: 608)		—		0.00	%		—		0.00	%		(420,759	)		-1.48	%
Corn Settling 7/1/2014 (Number of Contracts: 300)		—		0.00	%		—		0.00	%		(496,709	)		-1.75	%
Sugar #11 Settling 10/1/2014 (Number of Contracts: 273)		—		0.00	%		—		0.00	%		(252,778	)		-0.89	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%		16,272			0.06	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		77,870			0.27	%
Various base metals futures contracts (U.S.)		—		0.00	%		—		0.00	%		123,274			0.44	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%		(70,059	)		-0.25	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%		(10,009	)		-0.04	%
Total Long Futures Contracts	$	—		0.00	%	$	—		0.00	%	$	(3,955,526	)		-13.97	%
SHORT FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	77,986			0.28	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		(96,753	)		-0.34	%
NYH RBOB Unleaded Gas Settling 2/1/2014 (Number of Contracts: 509)		—		0.00	%		—		0.00	%		820,130			2.89	%
Natural Gas Settling 10/1/2014 (Number of Contracts: 636)		—		0.00	%		—		0.00	%		(751,854	)		-2.65	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%		51,261			0.18	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%		45,124			0.16	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		86,363			0.30	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		419,725			1.48	%
Live Cattle Settling 2/1/2014 (Number of Contracts: 740)		—		0.00	%		—		0.00	%		(312,529	)		-1.10	%
Cocoa Settling 3/1/2014 (Number of Contracts: 616)		—		0.00	%		—		0.00	%		484,656			1.71	%
Corn Settling 5/1/2014 (Number of Contracts: 383)		—		0.00	%		—		0.00	%		1,111,467			3.92	%
Soybean Oil Settling 5/1/2014 (Number of Contracts: 243)		—		0.00	%		—		0.00	%		303,319			1.07	%
Sugar #11 Settling 5/1/2014 (Number of Contracts: 861)		—		0.00	%		—		0.00	%		752,965			2.66	%
Wheat Settling 7/1/2014 (Number of Contracts: 439)		—		0.00	%		—		0.00	%		412,861			1.46	%
Corn Settling 9/1/2014 (Number of Contracts: 217)		—		0.00	%		—		0.00	%		311,918			1.10	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%		34,183			0.12	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%		13,635			0.05	%
Total Short Futures Contracts	$	—		0.00	%	$	—		0.00	%	$	3,764,457			13.29	%
Total Open Trade Equity (Deficit)	$	—		0.00	%	$	—		0.00	%	$	(191,069	)		-0.68	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	75,490			0.27	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		23,250			0.08	%
Total Options Purchased	$	—		0.00	%	$	—		0.00	%	$	98,740			0.35	%

F-12

	Equinox Frontier Diversified Fund					Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodity Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)
OPTIONS WRITTEN *
Various energy futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	(152,500	)		-0.54	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		(20,150	)		-0.07	%
Total Options Written	$	—		0.00	%	$	—		0.00	%	$	(172,650	)		-0.61	%
Swaps (1)
Frontier XXXV Diversified select swap (U.S.)	$	3,437,632		5.42	%	$	—		0.00	%	$	—			0.00	%
Frontier XXXVII L/S select swap (U.S.)		—		0.00	%		—		0.00	%		2,456,545			8.67	%
Total Swaps	$	3,437,632		5.42	%	$	—		0.00	%	$	2,456,545			8.67	%
U.S. TREASURY SECURITIES (2)
	Fair Value					Fair Value					Fair Value
U.S. Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)	$	2,132,506		3.36	%	$	1,313,588		3.89	%	$	945,470			3.34	%
U.S. Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)		2,206,296		3.48	%		1,359,041		4.02	%		978,186			3.45	%
U.S. Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)		4,707,262		7.42	%		2,899,594		8.59	%		2,087,017			7.37	%
U.S. Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)		2,470,925		3.89	%		1,522,048		4.51	%		1,095,512			3.87	%
U.S. Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)		2,434,606		3.84	%		1,499,676		4.44	%		1,079,409			3.81	%
U.S. Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		18,766,111		29.57	%		11,559,610		34.22	%		8,320,163			29.36	%
U.S. Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		5,337,711		8.41	%		3,287,940		9.74	%		2,366,533			8.35	%
	$	38,055,417		59.97	%	$	23,441,497		69.41	%		16,872,290			59.55	%
Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value					Face Value
U.S. Treasury Note 1.125% due 12/31/2019	$	2,259,609				$	1,391,881				$	1,001,823
U.S. Treasury Note 2.000% due 09/30/2020		2,259,609					1,391,881					1,001,823
U.S. Treasury Note 2.500% due 08/15/2023		4,912,193					3,025,828					2,177,875
U.S. Treasury Note 2.125% due 08/15/2021		2,554,340					1,573,431					1,132,495
U.S. Treasury Note 2.000% due 11/15/2021		2,554,340					1,573,431					1,132,495
U.S. Treasury Note 6.000% due 02/15/2026		14,736,578					9,077,484					6,533,625
U.S. Treasury Note 6.875% due 08/15/2025		3,929,754					2,420,662					1,742,300
	$	33,206,423				$	20,454,598				$	14,722,436
	Cost					Cost					Cost
U.S. Treasury Note 1.125% due 12/31/2019	$	2,196,364				$	1,352,923				$	973,782
U.S. Treasury Note 2.000% due 09/30/2020		2,281,516					1,405,376					1,011,536
U.S. Treasury Note 2.500% due 08/15/2023		4,919,035					3,030,043					2,180,909
U.S. Treasury Note 2.125% due 08/15/2021		2,567,442					1,581,501					1,138,304
U.S. Treasury Note 2.000% due 11/15/2021		2,543,616					1,566,825					1,127,740
U.S. Treasury Note 6.000% due 02/15/2026		19,566,094					12,052,384					8,674,845
U.S. Treasury Note 6.875% due 08/15/2025		5,565,047					3,427,975					2,467,325
	$	39,639,114				$	24,417,027				$	17,574,441

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

(1) See Note 4 to the Financial Statements.

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

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

F-13

The Series of Equinox Frontier Funds

Condensed Schedules of Investments

December 31, 2013

	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	334,372			0.27	%	$	—		0.00	%
Various energy futures contracts (U.S.)		(30,732	)		-0.03	%		—		0.00	%
Various interest rates futures contracts (Canada)		(53,579	)		-0.04	%		—		0.00	%
Various interest rates futures contracts (Europe)		(610,796	)		-0.50	%		—		0.00	%
Various interest rates futures contracts (Far East)		(220,508	)		-0.18	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		59,057			0.05	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(587,594	)		-0.48	%		—		0.00	%
Various soft futures contracts (Europe)		(4,921	)		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(78,886	)		-0.06	%		—		0.00	%
Various stock index futures contracts (Africa)		2,058			0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		228,344			0.19	%		—		0.00	%
Various stock index futures contracts (Europe)		1,201,346			0.99	%		—		0.00	%
Various stock index futures contracts (Far East)		612,504			0.50	%		—		0.00	%
Various stock index futures contracts (Oceanic)		215,856			0.18	%		—		0.00	%
Various stock index futures contracts (U.S.)		1,264,903			1.04	%		—		0.00	%
Various base metals futures contracts (U.S.)		61,613			0.05	%		—		0.00	%
Various base metals futures contracts (Europe)		274,544			0.23	%		—		0.00	%
Various precious metal futures contracts (U.S.)		(1,599	)		0.00	%		—		0.00	%
Total Long Futures Contracts	$	2,665,982			2.21	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various currency futures contracts (U.S.)	$	678,490			0.56	%	$	—		0.00	%
Various energy futures contracts (U.S.)		(28,690	)		-0.02	%		—		0.00	%
Various interest rates futures contracts (Canada)		22,659			0.02	%		—		0.00	%
Various interest rates futures contracts (Europe)		180,840			0.15	%		—		0.00	%
Various interest rates futures contracts (Far East)		13,953			0.01	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(9,507	)		-0.01	%		—		0.00	%
Various interest rates futures contracts (U.S.)		202,638			0.17	%		—		0.00	%
Various soft futures contracts (Europe)		2,312			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		291,787			0.24	%		—		0.00	%
Various stock index futures contracts (Far East)		(4,464	)		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		7,197			0.01	%		—		0.00	%
Various base metals futures contracts (Europe)		(627,969	)		-0.52	%		—		0.00	%
Various precious metal futures contracts (U.S.)		80,668			0.07	%		—		0.00	%
Total Short Futures Contracts	$	809,914			0.68	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts	$	459,356			0.38	%	$	—		0.00	%
Total Currency Forwards	$	459,356			0.38	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	3,935,252			3.27	%	$	—		0.00	%
OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)	$	165,915			0.14	%	$	—		0.00	%
Total Options Purchased	$	165,915			0.14	%	$	—		0.00	%
OPTIONS WRITTEN *
Various stock index futures contracts (U.S.)	$	(183,856	)		-0.15	%	$	—		0.00	%
Total Options Written	$	(183,856	)		-0.15	%	$	—		0.00	%
Swaps (1)
Frontier XXXIV Balanced select swap (U.S.)	$	10,122,003			8.31	%	$	—		0.00	%
Total Swaps	$	10,122,003			8.31	%	$	—		0.00	%

F-14

	Equinox Frontier Balanced Fund					Equinox Frontier Select Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
U.S. TREASURY SECURITIES (2)
	Fair Value					Fair Value
U.S. Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)	$	3,841,258		3.15	%	$	577,408		3.28	%
U.S. Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)		3,974,175		3.26	%		597,388		3.39	%
U.S. Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)		8,479,137		9.96	%		1,274,563		7.24	%
U.S. Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)		4,450,849		3.65	%		669,041		3.80	%
U.S. Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)		4,385,427		3.60	%		659,207		3.74	%
U.S. Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		33,802,791		27.75	%		5,081,211		28.85	%
U.S. Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		9,614,758		7.89	%		1,445,267		8.21	%
	$	68,548,395		59.26	%	$	10,304,085		58.51	%
Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value
U.S. Treasury Note 1.125% due 12/31/2019	$	4,070,207				$	611,824
U.S. Treasury Note 2.000% due 09/30/2020		4,070,207					611,824
U.S. Treasury Note 2.500% due 08/15/2023		8,848,276					1,330,051
U.S. Treasury Note 2.125% due 08/15/2021		4,601,103					691,627
U.S. Treasury Note 2.000% due 11/15/2021		4,601,103					691,627
U.S. Treasury Note 6.000% due 02/15/2026		26,544,827					3,990,153
U.S. Treasury Note 6.875% due 08/15/2025		7,078,621					1,064,041
	$	59,814,344				$	8,991,147
	Cost					Cost
U.S. Treasury Note 1.125% due 12/31/2019	$	3,956,284				$	594,699
U.S. Treasury Note 2.000% due 09/30/2020		4,109,669					617,755
U.S. Treasury Note 2.500% due 08/15/2023		8,860,601					1,331,904
U.S. Treasury Note 2.125% due 08/15/2021		4,624,703					695,174
U.S. Treasury Note 2.000% due 11/15/2021		4,581,786					688,723
U.S. Treasury Note 6.000% due 02/15/2026		35,244,178					5,297,818
U.S. Treasury Note 6.875% due 08/15/2025		10,024,255					1,506,821
	$	71,401,476				$	10,732,894

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

(1) See Note 4 to the Financial Statements.

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

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

F-15

The Series of Equinox Frontier Funds

Condensed Schedules of Investments

December 31, 2013

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

(1) See Note 4 to the Financial Statements.

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

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

F-16

The Series of Equinox Frontier Funds

Statements of Operations

For the years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Diversified Fund									Equinox Frontier Masters Fund									Equinox Frontier Long/ Short Commodity Fund
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Investment income:
Interest—net	$	579,067		$	1,544,382		$	2,199,327		$	298,175		$	757,793		$	1,038,493		$	216,027		$	945,988		$	1,385,312
Total Income		579,067			1,544,382			2,199,327			298,175			757,793			1,038,493			216,027			945,988			1,385,312
Expenses:
Incentive Fees		4,461,365			760,048			3,269,159			1,123,545			—			488,081			253,177			—			1,059,104
Management Fees		1,042,209			1,417,230			1,896,102			903,032			1,271,594			1,429,284			821,891			2,055,684			3,459,419
Service Fees—Class 1		499,021			1,000,514			1,476,222			309,234			639,244			786,529			132,136			307,350			462,999
Trading Fees		1,287,161			2,113,117			2,955,458			603,389			1,045,459			1,312,873			280,737			658,060			1,029,157
Total Expenses		7,289,756			5,290,909			9,596,941			2,939,200			2,956,297			4,016,767			1,487,941			3,021,094			6,010,679
Investment (loss)—net		(6,710,689	)		(3,746,527	)		(7,397,614	)		(2,641,025	)		(2,198,504	)		(2,978,274	)		(1,271,914	)		(2,075,106	)		(4,625,367	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		15,855,703			734,081			—			—			—			1,805,910			(2,580,860	)		(3,943,031	)		(25,872,829	)
Net change in open trade equity/(deficit)		1,421,570			(566,777	)		—			—			—			(776,298	)		961,346			(332,329	)		20,181,816
Net realized gain/(loss) on swap contracts		—			—			—			—			—			(55,669	)		—			—			(58,693	)
Net unrealized gain/(loss) on swap contracts		3,132,776			37,632			(106,862	)		—			—			(2,775	)		1,176,514			(423,454	)		(20,529	)
Net realized gain/(loss) on U.S. Treasury securities		(84,779	)		221,284			(23,719	)		(51,271	)		107,483			222,749			(36,613	)		138,776			289,571
Net unrealized gain/(loss) on U.S. Treasury securities		2,895,653			(1,417,353	)		461,598			1,525,265			(785,652	)		(343,628	)		1,119,787			(731,749	)		(446,969	)
Trading commissions		(543,142	)		(5,417	)		(719,255	)		—			—			(171,933	)		(415,315	)		(1,332,595	)		(1,813,623	)
Change in fair value of investments in unconsolidated trading companies		5,136,823			(4,524,387	)		2,466,586			6,619,189			(1,374,353	)		2,867,366			1,357,919			(676,035	)		(3,343,198	)
Net gain/(loss) on investments		27,814,604			(5,520,937	)		2,078,348			8,093,183			(2,052,522	)		3,545,722			1,582,778			(7,300,417	)		(11,084,454	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		21,103,955			(9,267,464	)		(5,319,266	)		5,452,158			(4,251,026	)		567,448			310,864			(9,375,523	)		(15,709,821	)
Less: Operations attributable to non-controlling interests		6,816,250			—			—			—			—			(51,430	)		(766,822	)		(3,331,127	)		(9,167,707	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	14,287,705		$	(9,267,464	)	$	(5,319,266	)	$	5,452,158		$	(4,251,026	)	$	618,878		$	1,077,686		$	(6,044,396	)	$	(6,542,114	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	25.99		$	(7.30	)	$	(5.00	)	$	24.78		$	(9.28	)	$	0.86			N/A			N/A		$	(0.72	)
Class 1a		N/A			N/A			N/A			N/A			N/A			N/A		$	8.39		$	(15.85	)	$	(13.13	)
Class 2	$	30.32		$	(6.13	)	$	(3.48	)	$	29.07		$	(8.15	)	$	2.78		$	13.04		$	(20.39	)	$	(16.32	)
Class 2a		N/A			N/A			N/A			N/A			N/A			N/A		$	11.01		$	(15.11	)	$	(11.78	)
Class 3	$	30.82	(2)		N/A	(2)		N/A		$	27.15	(3)		N/A	(3)		N/A		$	13.04		$	(20.39	)	$	(16.27	)
Class 3a		N/A			N/A			N/A			N/A			N/A			N/A		$	11.30	(1)	$	(9.13	)(1)		N/A	(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.

F-17

The Series of the Equinox Frontier Funds

Statements of Operations

For the years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Balanced Fund									Equinox Frontier Select Fund
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Investment income:
Interest—net	$	27,454		$	280,359		$	276,272		$	—		$	261,102		$	263,049
Total Income/(loss)		27,454			280,359			276,272			—			261,102			263,049
Expenses:
Incentive Fees		3,620,437			1,348,994			7,081,173			363,142			—			65,989
Management Fees		1,092,555			1,556,049			2,533,302			496,959			626,553			1,272,443
Service Fees—Class 1		2,027,439			3,292,195			4,987,704			394,486			575,265			865,891
Trading Fees		694,288			1,153,606			1,784,001			109,839			163,311			244,837
Total Expenses		7,434,719			7,350,844			16,386,180			1,364,426			1,365,129			2,449,160
Investment (loss)—net		(7,407,265	)		(7,070,485	)		(16,109,908	)		(1,364,426	)		(1,104,027	)		(2,186,111	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		14,306,201			5,897,135			22,272,341			—			—			—
Net change in open trade equity/(deficit)		(375,319	)		2,917,532			103,164			—			—			—
Net realized gain/(loss) on swap contracts		—			(3,554,723	)		(175,294	)		—			—			(34,232	)
Net unrealized gain/(loss) on swap contracts		8,120,996			2,486,559			(1,334,281	)		—			—			(2,448	)
Net realized gain/(loss) on U.S. Treasury securities		(152,688	)		362,137			757,245			(25,780	)		78,233			160,314
Net unrealized gain/(loss) on U.S. Treasury securities		4,748,522			(2,496,948	)		(1,186,676	)		679,186			(419,974	)		(239,713	)
Trading commissions		(1,140,405	)		(1,768,376	)		(5,037,378	)		—			—			—
Change in fair value of investments in unconsolidated trading companies		6,355,205			(10,333,444	)		(8,016,764	)		3,146,402			1,862,939			(1,934,275	)
Net realized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			—			—			—			—			(2,172,987	)
Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			—			—			—			—			2,084,880
Net gain/(loss) on investments		31,862,512			(6,490,128	)		7,382,357			3,799,808			1,521,198			(2,138,461	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		24,455,247			(13,560,613	)		(8,727,551	)		2,435,382			417,171			(4,324,572	)
Less: Operations attributable to non-controlling interests		5,090,748			2,591,885			—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	19,364,501		$	(16,152,498	)	$	(8,727,551	)	$	2,435,382		$	417,171		$	(4,324,572	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	25.25		$	(10.03	)	$	(8.18	)	$	15.75		$	1.20		$	(12.36	)
Class 1a		N/A			N/A		$	(4.13	)		N/A			N/A			N/A
Class 1AP (1)	$	30.58			N/A			N/A		$	21.29			N/A			N/A
Class 2	$	38.67		$	(8.71	)	$	(5.82	)	$	24.34		$	4.59		$	(12.29	)
Class 2a	$	34.22		$	(5.56	)	$	(3.99	)		N/A			N/A			N/A
Class 3a	$	34.11		$	(5.55	)	$	(4.40	)		N/A			N/A			N/A

(1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally

(2) Class 1a operations ceased July 17, 2012 and all remaing Class 1a Units were exchanged for Class 3a Units.

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

F-18

The Series of the Equinox Frontier Funds

Statements of Operations

For the Years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Winton Fund									Equinox Frontier Heritage Fund
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Investment income/(loss):
Interest—net	$	55		$	283,863		$	531,125		$	1		$	109,122		$	134,302
Total Income/(Loss)		55			283,863			531,125			1			109,122			134,302
Expenses:
Incentive Fees		1,800,488			128,097			—			370,450			15,411			—
Management Fees		1,172,990			1,062,550			1,046,035			327,702			366,837			1,006,221
Service Fees—Class 1		724,365			857,710			1,046,931			270,399			423,800			624,024
Trading Fees		263,069			292,162			342,792			88,113			132,205			192,557
Total Expenses		3,960,912			2,340,519			2,435,758			1,056,664			938,253			1,822,802
Investment (loss)—net		(3,960,857	)		(2,056,656	)		(1,904,633	)		(1,056,663	)		(829,131	)		(1,688,500	)
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		—			—			(57,781	)		—			—			(30,602	)
Net unrealized gain/(loss) on swap contracts		—			—			(7,291	)		2,105,281			591,793			943
Net realized gain/(loss) on U.S. Treasury securities		(59,132	)		115,236			239,553			(19,370	)		50,795			105,686
Net unrealized gain/(loss) on U.S. Treasury securities		2,248,070			(915,676	)		(369,593	)		615,266			(333,572	)		(163,574	)
Trading commissions		—			—			—			—			—			—
Change in fair value of investments in unconsolidated trading companies		10,414,573			5,590,566			(1,161,451	)		2,137,441			2,207,133			(594,397	)
Net gain/(loss) on investments		12,603,511			4,790,126			(1,356,563	)		4,838,618			2,516,149			(681,944	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		8,642,654			2,733,470			(3,261,196	)		3,781,955			1,687,018			(2,370,444	)
Less: Operations attributable to non-controlling interests		—			—			—			969,107			264,017			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	8,642,654		$	2,733,470		$	(3,261,196	)	$	2,812,848		$	1,423,001		$	(2,370,444	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	36.36		$	8.86		$	(10.40	)	$	28.23		$	7.50		$	(10.18	)
Class 1AP (1)	$	39.25			N/A			N/A		$	33.13			N/A			N/A
Class 2	$	52.06		$	15.87		$	(7.52	)	$	42.35		$	13.54		$	(9.03	)

(1) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally

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

F-19

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Diversified Fund																					Equinox Frontier Masters Fund
	Class 1			Class 1			Class 2			Class 2			Class 3 (2)		Class 3 (2)							Class 1			Class 1			Class 2			Class 2			Class 3		Class 3
	Managing Owner			Limited Owners			Managing Owner			Limited Owners			Managing Owner		Limited Owners		Non- Controlling Interests		Total			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Managing Owner		Limited Owners		Non- Controlling Interests			Total
Owners’ Capital, December 31, 2011	$	27,334		$	72,397,572		$	1,486,740		$	60,061,958		$	—	$	—	$	—	$	133,973,604		$	27,569		$	34,062,567		$	589,893		$	18,144,968		$	—	$	—	$	58,412		$	52,883,409
Sale of Units		—			5,284,631			—			8,821,416			—		—		—		14,106,047			—			7,569,805			—			2,139,804			—		—		—			9,709,609
Redemption of Units		—			(15,292,787	)		—			(12,286,026	)		—		—		—		(27,578,813	)		—			(7,177,491	)		—			(4,489,835	)		—		—		—			(11,667,326	)
Change in control of ownership—Trading Companies		—			—			—			—			—		—		—		—			—			—			—			—			—		—		(2,278,332	)		(2,278,332	)
Contributions		—			—			—			—			—		—		—		—			—			—			—			—			—		—		6,455,785			6,455,785
Distributions		—			—			—			—			—		—		—		—			—			—			—			—			—		—		(4,184,435	)		(4,184,435	)
Operations attributable to non-controlling interests		—			—			—			—			—		—		—		—			—			—			—			—			—		—		(51,430	)		(51,430	)
Net increase/(decrease) in Owners’ Capital resulting from operations		(1,375	)		(3,415,439	)		(49,767	)		(1,852,685	)		—		—		—		(5,319,266	)		235			120,814			15,615			482,214			—		—		—			618,878
Owners’ Capital, December 31, 2012		25,959			58,973,977			1,436,973			54,744,663			—		—		—		115,181,572			27,804			34,575,695			605,508			16,277,151			—		—		—			51,486,158
Sale of Units		—			1,513,497			—			5,658,402			—		—		—		7,171,899			—			2,886,992			—			599,084			24,204		214,371		—			3,724,651
Redemption of Units		—			(26,569,016	)		—			(23,057,953	)		—		—		—		(49,626,969	)		(24,204	)		(11,232,717	)		—			(5,932,078	)		—		—		—			(17,188,999	)
Net increase/(decrease) in Owners’ Capital resulting from operations		(2,006	)		(5,198,364	)		(87,637	)		(3,979,457	)		—		—		—		(9,267,464	)		(3,600	)		(3,114,475	)		(45,840	)		(1,097,663	)		1,070		9,482		—			(4,251,026	)

F-20

	Equinox Frontier Diversified Fund																					Equinox Frontier Masters Fund
	Class 1			Class 1			Class 2		Class 2			Class 3 (2)		Class 3 (2)								Class 1			Class 1			Class 2		Class 2			Class 3		Class 3
	Managing Owner			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Non- Controlling Interests		Total			Managing Owner			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Non- Controlling Interests		Total
Owners’ Capital, December 31, 2013		23,953			28,720,094			1,349,336		33,365,655			—		—			—		63,459,038			—			23,115,495			559,668		9,846,494			25,274		223,853			—		33,770,784
Sale of Units		—			954,684			—		695,759			23,159		5,610,324			—		7,283,926			—			574,921			—		35,000			—		5,049,885			—		5,659,806
Redemption of Units		(23,159	)		(14,916,417	)		—		(8,646,009	)		—		(1,437,479	)		—		(25,023,060	)		—			(14,142,871	)		—		(3,624,212	)		—		(1,407,811	)		—		(19,174,894	)
Change in control of ownership—Trading Companies		—			—			—		—			—		—			5,601,517		5,601,517			—			—			—		—			—		—			—		—
Operations attributable to non-controlling interests		—			—			—		—			—		—			6,816,250		6,816,250			—			—			—		—			—		—			—		—
Net increase in capital resulting from operations attributable to controlling interest
		(794	)		4,436,675			1,167,543		7,292,008			8,473		1,383,804			—		14,287,705			—			2,303,366			163,539		1,888,254			7,467		1,089,532			—		5,452,158
Owners’ Capital, December 31, 2014	$	—		$	19,195,036		$	2,516,879	$	32,707,413		$	31,632	$	5,556,649		$	12,417,767	$	72,425,376		$	—		$	11,850,911		$	723,207	$	8,145,536		$	32,741	$	4,955,459		$	—	$	25,707,854
Owners’ Capital—Units, December 31, 2011		275			728,370			14,301		577,736			—		—								275			339,777			5,627		173,083			—		—
Sale of Units		—			54,154			—		86,394			—		—								—			72,823			—		19,330			—		—
Redemption of Units		—			(157,784	)		—		(119,304	)		—		—								—			(70,626	)		—		(41,151	)		—		—
Owners’ Capital—Units, December 31, 2012		275			624,740			14,301		544,826			—		—								275			341,974			5,627		151,262			—		—
Sale of Units		(275	)		17,085			275		61,537			—		—								—			29,925			—		5,701			275		2,436
Redemption of Units		—			(311,820	)		—		(253,012	)		—		—								(275	)		(120,181	)		—		(57,966	)		—		—
Owners’ Capital—Units, December 31, 2013		—			330,005			14,576		353,351			—		—								—			251,718			5,627		98,997			275		2,436
Sale of Units		—			10,369			—		6,902			—		63,274								—			5,990			—		364			—		53,790
Redemption of Units		—			(170,649	)		—		(92,295	)		—		(14,691	)							—			(156,076	)		—		(35,985	)		—		(14,604	)
Owners’ Capital—Units, December 31, 2014		—			169,725			14,576		267,958			—		48,583								—			101,632			5,627		63,376			275		41,622
						(1)					(1)					(1)											(1)					(1)					(1)

F-21

	Equinox Frontier Diversified Fund													Equinox Frontier Masters Fund
	Class 1	Class 1			Class 2	Class 2			Class 3 (2)	Class 3 (2)				Class 1	Class 1			Class 2	Class 2			Class 3	Class 3
	Managing Owner	Limited Owners			Managing Owner	Limited Owners			Managing Owner	Limited Owners		Non- Controlling Interests	Total	Managing Owner	Limited Owners			Managing Owner	Limited Owners			Managing Owner	Limited Owners		Non- Controlling Interests	Total
Net asset value per unit at December 31, 2011		$	99.40			$	103.96			$	—				$	100.25			$	104.83			$	—
Change in net asset value per unit for the year ended December 31, 2012			(5.00	)			(3.48	)			—					0.86				2.78				—
Net asset value per unit at December 31, 2012			94.40				100.48				—					101.11				107.61				88.01
Change in net asset value per unit for the year ended December 31, 2013			(7.30	)			(6.13	)			—					(9.28	)			(8.15	)			3.90
Net asset value per unit at December 31, 2013			87.10				94.35				84.21				$	91.83			$	99.46			$	91.91
Change in net asset value per unit for the year ended December 31, 2014			25.99				30.32				30.82					24.78				29.07				27.15
Net asset value per unit at December 31, 2014		$	113.09			$	124.67			$	115.03				$	116.61			$	128.53			$	119.06

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

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

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

F-22

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2014, 2013 and 2012

				Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2						Class 3			Class 1a			Class 1a			Class 2a						Class 3a
	Limited Owners			Managing Owner			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Non- Controlling Interests			Total
Owners’ Capital, December 31, 2011	$	4,159,047		$	499,336		$	8,689,426		$	27,810,058		$	14,271		$	18,877,124		$	282,740		$	10,628,724		$	—		$	—		$	10,223,579		$	81,184,305
Sale of Units		9,530			—			—			3,925,505			—			4,928,552			—			3,738,903			—			—			—			12,602,490
Redemption of Units		(4,103,566	)		—			(1,435,641	)		(9,676,302	)		—			(2,574,932	)		—			(2,705,180	)		—			—			—			(20,495,621	)
Change in control of ownership - Trading Companies					—			—			—			—			—			—			—			—			—			7,337,360			7,337,360
Contributions		—			—			—			—			—			—			—			—			—			—			55,863,801			55,863,801
Distributions		—			—			—			—			—			—			—			—			—			—			(59,430,350	)		(59,430,350	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			—			—			(9,167,707	)		(9,167,707	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(65,011	)		(50,325	)		(804,011	)		(2,298,214	)		(1,539	)		(2,259,938	)		(26,180	)		(1,036,896	)		—			—			—			(6,542,114	)
Owners’ Capital, December 31, 2012		—			449,011			6,449,774			19,761,047			12,732			18,970,806			256,560			10,625,551			—			—			4,826,683			61,352,164
Sale of Units		—			—			—			—			—			732,853			—			251,400			11,990			298,712			—			1,294,955
Redemption of Units		—			—			(2,799,533	)		(8,155,026	)		(11,990	)		(8,669,037	)		—			(6,987,180	)		—			(48,178	)		—			(26,670,944	)
Change in control of ownership - Trading Companies					—			—			—			—			—			—			—			—			—			168,081			168,081
Contributions		—			—			—			—			—			—			—			—			—			—			6,938,123			6,938,123
Distributions		—			—			—			—			—			—			—			—			—			—			(5,372,718	)		(5,372,718	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			—			—			(3,331,127	)		(3,331,127	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		—			(62,840	)		(664,614	)		(1,986,425	)		(742	)		(2,281,796	)		(33,589	)		(1,009,337	)		(999	)		(4,054	)		—			(6,044,396	)
Owners’ Capital, December 31, 2013		—			386,171			2,985,627			9,619,596			—			8,752,826			222,971			2,880,434			10,991			246,480			3,229,042			28,334,138
Sale of Units		—			—			—			—			—			107,716			—			—			—			514,745			—			622,461
Redemption of Units		—			—			(2,130,879	)		(2,978,679	)		—			(3,407,382	)		—			(1,485,154	)		—			(186,230	)		—			(10,188,324	)
Change in control of ownership—Trading Companies		—			—			—			—			—			—			—			—			—			—			(2,462,220	)		(2,462,220	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			—			—			(766,822	)		(766,822	)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		—			40,206			(34,644	)		592,182			—			323,746			24,463			59,837			1,237			70,659			—			1,077,686
Owners’ Capital, December 31, 2014	$	—		$	426,377		$	820,104		$	7,233,099		$	—		$	5,776,906		$	247,434		$	1,455,117		$	12,228		$	645,654		$	—		$	16,616,919
Owners’ Capital—Units, December 31, 2011		30,551			3,083			53,648			171,708			117			155,099			2,222			83,538			—			—
Sale of Units		71			—			—			24,441			—			41,131			—			29,630			—			—
Redemption of Units		(30,622	)		—			(9,364	)		(60,507	)		—			(21,517	)		—			(21,133	)		—			—
Owners’ Capital—Units, December 31, 2012		—			3,083			44,284			135,642			117			174,713			2,222			92,035			—			—
Sale of Units		—			—			—			—			—			6,946			—			2,208			109			2,936
Redemption of Units		—			—			(20,449	)		(58,868	)		(117	)		(87,268	)		—			(65,535	)		—			(482	)
Owners’ Capital—Units, December 31, 2013		—			3,083			23,835			76,774			—			94,391			2,222			28,708			109			2,454
Sale of Units		—			—			—			—			—			1,292			—			—			—			5,229
Redemption of Units		—			—			(17,905	)		(24,489	)		—			(38,553	)		—			(15,639	)		—			(1,906	)
Owners’ Capital—Units, December 31, 2014		—			3,083			5,930			52,285			—			57,130			2,222			13,069			109			5,777
																		(1)						(1)						(1)

F-23

				Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2				Class 3			Class 1a	Class 1a			Class 2a				Class 3a
	Limited Owners			Managing Owner	Limited Owners			Limited Owners			Managing Owner	Limited Owners			Managing Owner	Limited Owners			Managing Owner	Limited Owners			Non- Controlling Interests	Total
Net asset value per unit at December 31, 2011		136.13				161.97			161.96				121.71				127.23				—
Change in net asset value per unit for the year ended December 31, 2012		(0.72	)			(16.32	)		(16.27	)			(13.13	)			(11.78	)			—
Net asset value per unit at December 31, 2012	$	135.41	(2)			145.65			145.69				108.58				115.45				109.60
Change in net asset value per unit for the year ended December 31, 2013						(20.39	)		(20.39	)			(15.85	)			(15.11	)			(9.13	)
Net asset value per unit at December 31, 2013					$	125.26		$	125.30			$	92.73			$	100.34			$	100.47
Change in net asset value per unit for the year ended December 31, 2014						13.04			13.04				8.39				11.01				11.30
Net asset value per unit at December 31, 2014					$	138.30		$	138.34			$	101.12			$	111.35			$	111.77

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

(2) Class 1 operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3 Units.

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

F-24

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Balanced Fund
	Class 1			Class 1a (3)			Class 1AP (2)			Class 2						Class 2a						Class 3a
	Limited Owners			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Limited Owners			Non- Controlling Interests			Total
Owners’ Capital, December 31, 2011	$	183,785,318		$	2,536,559		$	—		$	3,351,608		$	60,020,959		$	158,814		$	2,626,016		$	2,952,802		$	40,633,336		$	296,065,412
Sale of Units		476,872			482			—			—			16,101			—			—			2,264,602			—			2,758,057
Redemption of Units		(29,506,573	)		(2,524,092	)		—			—			(9,823,477	)		—			(1,734,065	)		(1,294,313	)		—			(44,882,520	)
Change in control of ownership—Trading Companies		—			—			—			—			—			—			—			—			(3,881,178	)		(3,881,178	)
Contributions		—			—			—			—			—			—			—			—			151,972,482			151,972,482
Distributions		—			—			—			—			—			—			—			—			(148,335,019	)		(148,335,019	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			4,427,312			4,427,312
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(10,848,745	)		(12,949	)		—			(125,824	)		(1,979,799	)		(4,930	)		(36,315	)		(146,301	)		—			(13,154,863	)
Owners’ Capital, December 31, 2012		143,906,872			—			—			3,225,784			48,233,784			153,884			855,636			3,776,790			44,816,933			244,969,683
Sale of Units		268,363			—			—			—			14,888			—			—			—			—			283,251
Redemption of Units		(51,009,054	)		—			—			(1,547,933	)		(19,738,454	)		—			(458,658	)		(1,302,545	)		—			(74,056,644	)
Change in control of ownership—Trading Companies		—			—			—			—			—			—			—			—			(58,711,893	)		(58,711,893	)
Contributions		—			—			—			—			—			—			—			—			78,053,072			78,053,072
Distributions		—			—			—			—			—			—			—			—			(55,150,629	)		(55,150,629	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			2,591,885			2,591,885
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(12,364,647	)		—			—			(303,318	)		(3,273,634	)		(6,881	)		(52,402	)		(151,616	)		—			(16,152,498	)
Owners’ Capital, December 31, 2013		80,801,534			—			—			1,374,533			25,236,584			147,003			344,576			2,322,629			11,599,368			121,826,227
Sale of Units		154,471			—			1,011,652			—			14,424			—			—			—			—			1,180,547
Redemption of Units		(22,310,597	)		—			(453,561	)		(250,000	)		(7,840,417	)		—			(30,794	)		(360,701	)		—			(31,246,070	)
Change in control of ownership—Trading Companies		—			—			—			—			—			—			—			—			(7,745,842	)		(7,745,842	)
Contributions		—			—			—			—			—			—			—			—			—			—
Distributions		—			—			—			—			—			—			—			—			—			—
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			5,090,748			5,090,748
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		13,452,867			—			190,184			300,822			4,714,751			42,341			97,161			566,375			—			19,364,501
Owners’ Capital, December 31, 2014	$	72,098,275		$	—		$	748,275		$	1,425,355		$	22,125,342		$	189,344		$	410,943		$	2,528,303		$	8,944,274		$	108,470,111

F-25

	Equinox Frontier Balanced Fund
	Class 1			Class 1a (3)			Class 1AP (2)			Class 2						Class 2a					Class 3a
	Limited Owners			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner		Limited Owners			Limited Owners			Non- Controlling Interests	Total
Owners’ Capital—Units, December 31, 2011		1,476,131			23,388			—			21,620			387,173			1,237		20,460			23,005
Sale of Units		3,904			4			—			—			104			—		—			17,592
Redemption of Units		(242,862	)		(23,392	)		—			—			(64,003	)		—		(13,580	)		(10,128	)
Owners’ Capital—Units, December 31, 2012		1,237,173			—			—			21,620			323,274			1,237		6,880			30,469
Sale of Units		2,461			—			—			—			106			—		—			—
Redemption of Units		(479,428	)		—			—			(11,836	)		(143,753	)		—		(3,979	)		(10,854	)
Owners’ Capital—Units, December 31, 2013		760,206			—			—			9,784			179,627			1,237		2,901			19,615
Sale of Units		1,437			—			9,858			—			102			—		—			—
Redemption of Units		(213,526	)		—			(4,240	)		(1,828	)		(56,238	)		—		(215	)		(3,038	)
Owners’ Capital—Units, December 31, 2014		548,117			—			5,618			7,956			123,491			1,237		2,686			16,577
Net asset value per unit at December 31, 2011		124.50			108.45									155.02					128.35			128.36
Change in net asset value per unit for the year ended December 31, 2012		(8.18	)		(4.13	)								(5.82	)				(3.99	)		(4.40	)
Net asset value per unit at December 31, 2012		116.32		$	104.32									149.20					124.36			123.96
Change in net asset value per unit for the year ended December 31, 2013		(10.03	)											(8.71	)				(5.56	)		(5.55	)
														(1	)				(1	)
Net asset value per unit at December 31, 2013	$	106.29					$	102.62					$	140.49				$	118.80		$	118.41
Change in net asset value per unit for the year ended December 31, 2014		25.25						30.58						38.67					34.22			34.11
Net asset value per unit at December 31, 2014	$	131.54					$	133.20					$	179.16				$	153.02		$	152.52

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

(2) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally

(3) The Equinox Frontier Balanced Fund Class 1a ceased trading operations on July 17, 2012.

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

F-26

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Select Fund															Equinox Frontier Winton Fund															Equinox Frontier Heritage Fund
	Class 1			Class 1AP (2)			Class 2									Class 1			Class 1AP (2)			Class 2									Class 1			Class 1AP (2)			Class 2
	Limited Owners			Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Non- Controlling Interests		Total
Owners’ Capital, December 31, 2011	$	35,180,631		$	—		$	7,878		$	4,425,463		$	39,613,972		$	38,345,799		$	—		$	34,276		$	11,668,049		$	50,048,124		$	24,783,519		$	—		$	55,553		$	5,934,615		$	—	$	30,773,687
Sale of Units		31,560			—			—			—			31,560			204,803			—			—			—			204,803			59,915			—			—			—			—		59,915
Redemption of Units		(9,042,397	)		—			—			(933,922	)		(9,976,319	)		(5,169,260	)		—			—			(862,917	)		(6,032,177	)		(6,118,966	)		—			—			(1,590,653	)		—		(7,709,619	)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(3,903,036	)		—			(865	)		(420,671	)		(4,324,572	)		(2,736,134	)		—			(1,555	)		(523,527	)		(3,261,216	)		(2,043,970	)		—			(3,870	)		(322,604	)		—		(2,370,444	)
Owners’ Capital, December 31, 2012		22,266,758			—			7,013			3,070,870			25,344,641			30,645,208			—			32,721			10,281,605			40,959,534			16,680,498			—			51,683			4,021,358			—		20,753,539
Sale of Units		14,901			—			—			—			14,901			171,785			—			—			—			171,785			40,552			—			—			—			—		40,552
Redemption of Units		(6,736,727	)		—			—			(1,428,138	)		(8,164,865	)		(6,407,920	)		—			—			(832,032	)		(7,239,952	)		(6,463,086	)		—			—			(1,575,538	)		—		(8,038,624	)
Change in control of ownership—Trading Companies		—			—			—			—			—			—			—			—			—			—			—			—			—			—			2,151,620		2,151,620
Contributions		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—		—
Distributions		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—		—
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			—			—			—			—			—			—			264,017		264,017
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		308,015			—			323			108,833			417,171			1,755,074			—			3,281			975,115			2,733,470			1,070,442			—			5,801			346,758			—		1,423,001
Owners’ Capital, December 31, 2013		15,852,947			—			7,336			1,751,565			17,611,848			26,164,147			—			36,002			10,424,688			36,624,837			11,328,406			—			57,484			2,792,578			2,415,637		16,594,105
Sale of Units		10,580			194,475			—			—			205,055			169,066			288,379			—			—			457,445			26,517			244,674			—			—			—		271,191
Redemption of Units		(4,337,542	)		(156,681	)		—			(488,584	)		(4,982,807	)		(5,054,720	)		(266,356	)		—			(352,627	)		(5,673,703	)		(3,615,044	)		(202,374	)		—			(417,710	)		—		(4,235,128	)
Change in control of ownership—Trading Companies		—			—			—			—			—			—			—			—			—			—			—			—			—			—			154,754		154,754
Contributions		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—		—
Distributions		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—		—
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			—			—			—			—			—			—			969,107		969,107
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		2,137,578			9,991			1,716			286,097			2,435,382			5,592,385			16,019			10,762			3,023,488			8,642,654			2,021,940			16,078			18,137			756,693			—		2,812,848
Owners’ Capital, December 31, 2014	$	13,663,563		$	47,785		$	9,052		$	1,549,078		$	15,269,478		$	26,870,878		$	38,042		$	46,764		$	13,095,549		$	40,051,233		$	9,761,819		$	58,378		$	75,621		$	3,131,561		$	3,539,498	$	16,566,877

F-27

	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—Units, December 31, 2011		386,533			—			70		39,571				271,704			—			207		70,368				236,649			—			428		45,755
Sale of Units		361			—			—		—				1,520			—			—		—				595			—			—		—
Redemption of Units		(103,821	)		—			—		(8,723	)			(38,810	)		—			—		(5,416	)			(60,825	)		—			—		(12,430	)
Owners’ Capital—Units, December 31, 2012		283,073			—			70		30,848				234,414			—			207		64,952				176,419			—			428		33,325
Sale of Units		187			—			—		—				1,279			—			—		—				411			—			—		—
Redemption of Units		(84,742	)		—			—		(14,028	)			(48,255	)		—			—		(5,098	)			(65,825	)		—			—		(12,518	)
Owners’ Capital—Units, December 31, 2013		198,518			—			70		16,820				187,438			—			207		59,854				111,005			—			428		20,807
Sale of Units		133			2,575			—		—				1,155			2,076			—		—				253			2,477			—		—
Redemption of Units		(55,738	)		(2,081	)		—		(4,762	)			(35,876	)		(1,862	)		—		(1,968	)			(36,331	)		(2,034	)		—		(3,071	)
Owners’ Capital—Units, December 31, 2014		142,913			494			70		12,058				152,717			214			207		57,886				74,927			443			428		17,736
Net asset value per unit at December 31, 2011	$	91.02		$	—				$	111.84			$	141.13		$	—				$	165.82			$	104.73		$	—				$	129.70
Change in net asset value per unit for the year ended December 31, 2012		(12.36	)		—					(12.29	)			(10.40	)		—					(7.52	)			(10.18	)		—					(9.03	)
Net asset value per unit at December 31, 2012		78.66			—					99.55				130.73			—					158.30				94.55			—					120.67
Change in net asset value per unit for the year ended December 31, 2013		1.20			—					4.59				8.86			—					15.87				7.50			—					13.54
Net asset value per unit at December 31, 2013		79.86			75.53					104.14				139.59			138.93					174.17				102.05			98.80					134.21
Change in net asset value per unit for the year ended December 31, 2014		15.75			21.29					24.34				36.36			39.25					52.06				28.23			33.13					42.35
Net asset value per unit at December 31, 2014	$	95.61		$	96.82				$	128.48			$	175.95		$	178.18				$	226.23			$	130.28		$	131.93				$	176.56

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

(2) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally

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

F-28

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Diversified Fund									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	21,103,995		$	(9,267,464	)	$	(5,319,266	)	$	5,452,158		$	(4,251,026	)	$	567,448		$	310,864		$	(9,375,523	)	$	(15,709,821	)
Adjustments to reconcile net increase/(decrease) in capital
resulting from operations to net cash provided by (used in)
operating activities:
Change in:
Net change in open trade equity/(deficit), at fair value		(3,215,206	)		—			—			—			—			792,372			(191,069	)		(3,529,786	)		(22,213,823	)
Net change in options purchased, at fair value		(288,413	)		—			—			—			—			—			98,740			2,802,590			(2,901,320	)
Net change in options written, at fair value		253,018			—			—			—			—			—			(172,650	)		(756,040	)		928,690
Net change in ownership allocation of U.S. Treasury securities		(2,537,145	)		1,994,333			437,135			1,670,108			(2,345,194	)		(1,323,698	)		4,101,132			5,740,545			(906,246	)
Net change in ownership allocation of custom time deposits		—			2,640,745			1,255,558			—			7,088,729			(9,354,968	)		—			1,073,843			(1,750,221	)
Net change in ownership allocation of credit default swaps		—			—			423									(1,219	)								(4,324	)
Net realized (gain) on swap contracts		—			—			106,862			—			—			55,669			—			—			58,693
Net unrealized (gain)/loss on swap contracts		(3,132,777	)		(37,632	)		23,719			—			—			2,775			(1,176,515	)		423,454			20,529
Net unrealized (gain)/loss on U.S. Treasury securities		(2,895,653	)		1,417,353			719,255			(1,525,265	)		785,652			343,628			(1,119,787	)		731,749			446,969
Net realized (gain)/loss on U.S. Treasury securities		84,779			(221,284	)		(461,598	)		51,271			(107,483	)		(222,749	)		36,613			(138,776	)		(289,571	)
(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			12,009,512			8,685,478			1,789,033			6,222,456			6,563,688			2,309,889			7,826,548
Purchases of U.S. Treasury securities		(3,569,582	)		(41,076,052	)		—			(1,657,268	)		(21,350,596	)					(900,875	)		(23,127,167	)
Sales of custom time deposits		—			64,234,395			7,187,810			—			31,200,148			3,966,650			—			40,253,896			3,484,028
Increase and/or decrease in:
Receivable from futures commission merchants		(22,731,129	)		—			—			—			—			5,107,749			7,836,808			6,934,165			33,051,048
Change in control of ownership—trading companies		5,601,517			—			—			—			—			(2,278,332	)		(2,462,220	)		168,081			7,337,360
Contributions to trading companies		—			—			—			—			—			6,455,785			—			6,938,123			55,863,801
Distributions from trading companies		—			—			—			—			—			(4,184,435	)		—			(5,372,718	)		(59,430,350	)
Investments in unconsolidated trading companies, at fair value		14,242,893			21,989,154			(4,586,255	)		1,264,732			605,087			(5,053,883	)		(3,159,085	)		3,019,469			406,750
Prepaid service fees—Class 1		(4,588	)		35,289			122,742			5,162			46,111			(6,326	)		3,202			38,297			54,499

F-29

	Equinox Frontier Diversified Fund									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Interest receivable		44,025			(467,269	)		174,871			71,847			(290,080	)		68,961			105,214			(197,635	)		97,376
Receivable from other series		1,035			—			—			—			—			—			—			—			—
Receivable from related parties		—			113,446			(98,119	)		(990	)		36,675			(38,735	)		346			(2,406	)		3,522
Other assets		(249,997	)		—			10,129			—			—			6,162			—			—			9,592
Incentive fees payable to Managing Owner		1,812,275			385,647			(332,130	)		722,043			—			—			158,660			—			(127,052	)
Management fees payable to Managing Owner		(15,018	)		(48,684	)		(30,044	)		(42,530	)		(11,247	)		733			(59,522	)		(172,496	)		(7,298	)
Interest payable to Managing Owner		(52	)		(25,174	)		(12,521	)		(2,689	)		(10,441	)		(3,380	)		(4,252	)		(18,354	)		(4,295	)
Trading fees payable to Managing Owner		(3,182	)		(92,003	)		(40,852	)		(16,775	)		(32,165	)		(426	)		(10,352	)		(44,612	)		(4,246	)
Service fees payable to Managing Owner		(11,358	)		(42,914	)		12,300			(18,598	)		(11,565	)		5,512			(4,403	)		(9,109	)		1,154
Payables to related parties		2,332			(19,435	)		19,435			—			(9,635	)		9,579			—			(34,036	)		34,037
Other liabilities		—			—			(2,173	)		(1	)		—			(856	)		—			—			—
Net cash provided by (used in) operating activities		20,413,128			41,795,684			11,196,793			14,658,683			13,132,003			1,136,472			9,954,537			24,775,443			6,276,029
Cash Flows from Financing Activities:
Proceeds from sale of units		7,283,926			7,171,899			14,106,047			5,659,806			3,724,651			9,709,609			622,461			1,294,955			12,602,490
Payment for redemption of units		(25,023,060	)		(49,626,969	)		(27,578,813	)		(19,174,894	)		(17,188,999	)		(11,667,326	)		(10,188,324	)		(26,670,944	)		(20,495,621	)
Pending owner additions		(765	)		(21,608	)		(219,188	)		705			(14,097	)		(7,267	)		(2	)		(62,537	)		21,571
Owner redemptions payable		(290,488	)		(172,998	)		200,301			(71,188	)		(70,265	)		136,457			(88,311	)		(236,650	)		259,833
Net cash provided by (used in) financing activities		(18,030,387	)		(42,649,676	)		(13,491,653	)		(13,585,571	)		(13,548,710	)		(1,828,527	)		(9,654,176	)		(25,675,176	)		(7,611,727	)
Net increase (decrease) in cash and cash equivalents		2,382,741			(853,992	)		(2,294,860	)		1,073,112			(416,707	)		(692,055	)		300,361			(899,733	)		(1,335,698	)
Cash and cash equivalents, beginning of period		1,827,897			2,681,889			4,976,749			1,125,954			1,542,661			2,234,716			810,418			1,710,151			3,045,849
Cash and cash equivalents, end of period	$	4,210,638		$	1,827,897		$	2,681,889		$	2,199,066		$	1,125,954		$	1,542,661		$	1,110,779		$	810,418		$	1,710,151

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

F-30

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Balanced Fund									Equinox Frontier Select Fund
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	24,455,247		$	(13,560,613	)	$	(8,727,551	)	$	2,435,382		$	417,171		$	(4,324,572	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity, at fair value		637,703			(5,046,933	)		2,287,443			—			—			—
Net change in options purchased, at fair value		165,915			273,255			11,488,945			—			—			—
Net change in options written, at fair value		(183,856	)		18,493			(3,161,090	)		—			—			—
Net change in ownership allocation of U.S. Treasury securities		7,558,953			(1,354,013	)		3,447,652			862,964			2,451,156			(458,236	)
Net change in ownership allocation of total return swaps		—			—			20,259			—			(6,070,806	)		—
Net change in ownership allocation of custom time deposits		—			(2,142,989	)		15,147,587			—			—			(163,629	)
Net change in ownership allocation of credit default swaps		—			—			—			—			—			(2,283	)
Net unrealized (gain)/loss on swap contracts		(8,124,951	)		(2,486,559	)		1,334,945			—			—			2,448
Net realized (gain)/loss on swap contracts		—			3,554,723			175,294			—			—			34,232
Net unrealized (gain)/loss on U.S. Treasury securities		(4,748,522	)		2,496,948			1,186,676			(679,186	)		419,974			239,713
Net realized (gain)/loss on U.S. Treasury securities		152,688			(362,137	)		(757,245	)		25,780			(78,233	)		(160,314	)
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC		—			—			—			—			—			2,172,987
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC		—			—			—			—			—			(2,084,880	)
(Purchases) sales of:
Purchases of swap contracts		—			(9,600,000	)		—			—			—			—
Sales of swap contracts		—			20,699,311			—			—			—			—
Sales of custom time deposits		—			105,121,180			14,559,264			—			22,708,344			3,302,228
Purchases of U.S. Treasury securities		(4,547,467	)		(69,405,262	)		—			(637,256	)		(13,437,579	)
Sales of U.S. Treasury securities		28,506,883			6,027,702			19,339,500			4,254,841			1,302,165			3,764,667
Sale of Berkeley Quantitative Colorado Fund LLC		—			—			—			—			—			6,182,737
Increase and/or decrease in:
Receivable from futures commission merchants		776,104			68,577,541			(17,307,299	)		—			—			—
Change in control of ownership—trading companies		(7,745,842	)		(58,711,893	)		(3,881,178	)		—			—			—
Investments in unconsolidated trading companies, at fair value		(4,630,612	)		6,479,813			(1,937,319	)		(1,237,597	)		508,965			860,538
Contributions to trading companies		—			78,053,072			151,972,482			—			—			—
Distributions from trading companies		—			(55,150,629	)		(148,335,019	)		—			—			—
Prepaid service fees—Class 1		234			(234	)		—			—			—			—
Interest receivable		299,585			(855,932	)		319,779			41,596			(127,665	)		46,617
Receivable from other series		—			—			—			—			—			—
Receivable from related parties		—			17,313			(17,313	)		—			—			—
Other assets		(249,960	)		34,248			13,972			—			—			7,914
Incentive fees payable to Managing Owner		1,101,401			164,611			(667,725	)		185,791			—			—
Management fees payable to Managing Owner		(11,877	)		(80,070	)		(48,370	)		(21,963	)		(53,291	)		1,689
Interest payable to Managing Owner		(61,306	)		(184,059	)		(67,523	)		(9,135	)		(20,366	)		(25,257	)
Trading fees payable to Managing Owner		(7,088	)		(59,750	)		(43,523	)		(1,426	)		(4,512	)		(9,155	)
Service fees payable to Managing Owner		(23,135	)		(142,656	)		(102,438	)		(6,525	)		(15,657	)		(32,314	)
Payables to related parties		2,801			10,645			(918	)		511			(47,058	)		47,267
Other liabilities		—			—			(8,437	)		—			—			(1,373	)
Net cash provided by (used in) operating activities		33,322,898			72,385,126			36,230,850			5,213,780			7,952,608			9,401,024
Cash Flows from Financing Activities:
Proceeds from sale of units		1,180,547			283,251			2,758,058			205,055			14,901			31,560
Payment for redemption of units		(31,246,070	)		(74,056,644	)		(44,882,520	)		(4,982,807	)		(8,164,865	)		(9,976,319	)
Pending owner additions		3,325			(20,154	)		(10,377	)		487			(528	)		(1,874	)
Owner redemptions payable		(908,760	)		589,136			257,706			(53,166	)		28,505			(142,459	)
Net cash provided by (used in) financing activities		(30,970,958	)		(73,204,411	)		(41,877,133	)		(4,830,431	)		(8,121,987	)		(10,089,092	)
Net increase (decrease) in cash and cash equivalents		2,351,940			(819,285	)		(5,646,283	)		383,349			(169,379	)		(688,068	)
Cash and cash equivalents, beginning of period		3,292,570			4,111,855			9,758,138			494,931			664,310			1,352,378
Cash and cash equivalents, end of period	$	5,644,510		$	3,292,570		$	4,111,855		$	878,280		$	494,931		$	664,310

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

F-31

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Years Ended December 31, 2014, 2013 and 2012

	Equinox Frontier Winton Fund									Equinox Frontier Heritage Fund
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	8,642,654		$	2,733,470		$	(3,261,216	)	$	3,781,955		$	1,687,018		$	(2,370,444	)
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		(9,377,294	)		(4,943,695	)		1,510,822			(329,908	)		595,184			327,333
Net change in custom time deposits		—			(2,158,448	)		851,817			—			263,127			(17,599	)
Net change in ownership allocation of credit default swaps		—			—			(3,184	)		—			—			722
Net change in ownership allocation of total return swaps		—			—			—			—			(4,843,391	)		—
Net unrealized (gain)/loss on swap contracts		—			—			7,291			(2,105,281	)		(591,793	)		(943	)
Net realized (gain)/loss on swap contracts		—			—			57,781			—			—			30,602
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		(2,248,070	)		915,676			369,593			(615,266	)		333,572			163,574
Net realized (gain) loss on U.S. Treasury securities, at fair value		59,132			(115,236	)		(239,533	)		19,370			(50,795	)		(105,686	)
(Purchases) sale of:
Sales of custom time deposits		—			33,450,843			3,437,418			0			13,164,888			4,056,931
Purchases of U.S. Treasury Securities, at fair value		(3,006,874	)		(23,566,992	)		—			(665,088	)		(9,774,740	)		—
Sales of U.S. Treasury Securities, at fair value		12,579,837			1,918,089			4,372,506			3,621,880			845,472			2,678,561
Increase and/or decrease in:
Change in control of ownership of trading companies		—			—			—			154,754			2,151,620			—
Contributions to trading companies		—			—			—			—			—			—
Distributions from trading companies		—			—			—			—			—			—
Investments in unconsolidated trading companies, at fair value		299,665			(913,358	)		(2,134,049	)		345,880			4,285,589			2,298,569
Interest receivable		(76,776	)		(352,719	)		82,775			16,459			(110,038	)		42,201
Receivable from other series		—			—			—			—			—			—
Receivable from related parties		—			—			6,890			—			—			6,520
Other assets		—			—			—			—			—			—
Incentive fees payable to Managing Owner		1,050,267			128,097			—			223,916			15,411			—
Management fees payable to Managing Owner		14,563			14,122			(4,421	)		(671	)		(35,027	)		(36,669	)
Interest payable to Managing Owner		3,857			(9,504	)		(15,125	)		(5,224	)		(15,244	)		(17,257	)
Trading fees payable to Managing Owner		2,846			(2,197	)		(5,261	)		(536	)		(3,936	)		(6,279	)
Service fees payable to Managing Owner		(301	)		(9,502	)		(15,488	)		(4,521	)		(12,631	)		(19,025	)
Payables to related parties		11,402			4,494			244			1,903			958			(39	)
Other liabilities		—			—			(1,381	)		—			—			(2,244	)
Net cash provided by (used in) operating activities		7,954,908			7,093,140			5,017,479			4,439,622			7,905,244			7,028,828
Cash Flows from Financing Activities:
Proceeds from sale of units		457,445			171,785			204,803			271,191			40,552			59,915
Payment for redemption of units		(5,673,703	)		(7,239,952	)		(6,032,177	)		(4,235,128	)		(8,038,624	)		(7,709,619	)
Pending owner additions		3,591			(3,130	)		(3,767	)		504			(1,099	)		(1,787	)
Owner redemptions payable		(54,998	)		54,433			11,845			21,408			(18,231	)		2,780
Net cash provided by (used in) financing activities		(5,267,665	)		(7,016,864	)		(5,819,296	)		(3,942,025	)		(8,017,402	)		(7,648,711	)
Net increase (decrease) in cash and cash equivalents		2,687,243			76,276			(801,817	)		497,597			(112,158	)		(619,883	)
Cash and cash equivalents, beginning of period		1,325,731			1,249,455			2,051,272			424,001			536,159			1,156,042
Cash and cash equivalents, end of period	$	4,012,974		$	1,325,731		$	1,249,455		$	921,598		$	424,001		$	536,159

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

F-32

The Series of Equinox Frontier Funds

Notes to Financial Statements

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 became known as the Equinox Frontier Diversified Fund, the Frontier Heritage Series became known as Equinox Frontier Heritage Fund, the Frontier Long/Short Commodity Series became known as the Equinox Frontier Long/Short Commodity Fund, the Frontier Masters Series became known as the Equinox Frontier Masters Fund, the Frontier Select Series became known as the Equinox Frontier Select Fund, and the Winton Series became known as the Equinox Frontier Winton Fund.

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

The Trust, with respect to each Series:

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

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

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As of December 31, 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 six separate Classes—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of U.S. Treasury Securities Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

As of December 31, 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 December 31, 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 XV, LLC, Frontier Trading Company XXIII, LLC, Frontier Trading Company XXIX, LLC and Frontier Trading Company XXXIV, LLC.

For the year ended December 31, 2014, the consolidated income statement of Equinox Frontier Balanced Fund included the earnings of its majority owned Trading Companies. These Trading Companies include Frontier

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Trading Company XIV, LLC (except for the earnings from January 14, 2014 to February 27, 2014), Frontier Trading Company XV, LLC (except from January 1, 2014 to October 1, 2014), Frontier Trading Company XXIX, LLC (except from January 1, 2014 to November 23, 2014), Frontier Trading Company XXIII, LLC (except for the earnings from January 1, 2014 to April 28, 2014), and Frontier Trading Company XXXIV, LLC.

As of December 31, 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 year ended December 31, 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 December 31, 2014), Frontier Trading Company XVIII, LLC (except for the earnings from September 5, 2014 to December 31, 2014) and Frontier Trading Company XXXVII, LLC.

As of December 31, 2014, the consolidated balance sheet of Equinox Frontier Diversified Fund included the assets and liabilities of its majority owned Frontier Trading Company I, LLC and, Frontier Trading Company XXXV, LLC.

For the year ended December 31, 2014, 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 February 1, 2014 to April 7, 2014) and Frontier Trading Company XXXV, LLC.

As of and for the year ended December 31, 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.

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. This cash is not restricted.

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) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1, and Class 2 only), Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 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, and shown net on the statement of operations.

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.

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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 six classes of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a). All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that fees charged to a Class or Series differ as described below. Revenues, expenses (other than expenses attributable to a specific class), and realized and unrealized trading gains and losses of each Series are allocated daily to Class 1, Class 1a, Class 2, Class 2a, Class 3 and Class 3a Units based on each Class’ respective owners’ capital balances as applicable to the classes maintained by the Series.

Each Series allocates funds to an affiliated Trading Company, or Companies, of the Trust. Each Trading Company allocates all of its daily trading gains or losses to the Series in proportion to each Series’ ownership trading level interest in the Trading Company, adjusted on a daily basis (except for Trading Advisors and other investments such as Swaps that are directly allocated to a specific series). The value of all open contracts and cash held at clearing brokers is similarly allocated to the Series in proportion to each Series’ funds allocated to the Trading Company, or Companies.

Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment

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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 2011 through 2014 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 six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier

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Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents.

These service fees are part of the offering costs of the Trust, with respect to the Series, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are borne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

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

Recently Adopted Accounting Pronouncements—In 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 February, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material effect on the Trust’s financial statements. Early adoption is permitted. In May 2014 the FASB issued a final standard on revenue from contracts with customers. The standard, issued as FASB ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. A full retrospective or modified retrospective approach may be taken to adopt the guidance in the ASU. The Trust is currently evaluating the impact of the provisions of ASU 2014-09 on its consolidated financial position, results of operations and related disclosures.

Reclassification—Certain amounts in the 2013 financial statements have been reclassified to conform with the 2014 presentation. None of the reclasses had an impact on the NAV or performance of the Series.

Subsequent Events—The Trust, with respect to the Series, follows the provisions of ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the financial statements are issued.

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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 assets or liabilities, either directly or indirectly. These might include quoted prices for similar financial assets in active markets, quoted prices for identical or similar financial assets in markets that are not active, inputs other than quoted prices that are observable for the financial assets or inputs that are derived principally from or corroborated by market data by correlation or other means.

Level 3 Inputs

Unobservable inputs for determining the fair value of financial assets that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the financial asset.

The Trust, with respect to the Series, uses the following methodologies to value instruments within its financial asset portfolio at fair value:

Trading Securities. These instruments include U.S. Treasury securities and open trade equity positions (futures contracts) that are actively traded on public markets with quoted pricing for corroboration. U.S. Treasury securities and futures contracts, are reported at fair value using Level 1 inputs. Trading securities instruments further include open trade equity positions (trading options and currency forwards) that are quoted prices for identical or similar assets that are not traded on active markets. Trading options and currency forwards are reported at fair value using Level 2 inputs.

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value basis upon daily reports from the counterparty. The Managing Owner 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

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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. A Series may redeem its investment in any of the Trading Companies on a daily basis at the Trading Company’s stated net asset value. Each of the Series, all of which are under the same management as the Trading Companies, has access to the underlying positions of the Trading Companies, and as such, the level determination is reflected on that look-through basis. Any redemption of an investment in a Trading Company classified as Level 3 will reflect that classification of the underlying investment owned by the Trading Company.

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

December 31, 2014	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Equinox Frontier Diversified Fund
Investments in Unconsolidated Trading Companies	$	6,631,887	$	(37,508	)	$	—	$	6,594,379
Open Trade Equity (Deficit)		3,171,968		43,238			—		3,215,206
Options Purchased		—		288,413			—		288,413
Options Written		—		(253,018	)		—		(253,018	)
Swap Contracts		—		—			6,570,408		6,570,408
U.S. Treasury Securities		31,051,659		—			—		31,051,659
Equinox Frontier Masters Fund
Investments in Unconsolidated Trading Companies		7,942,166		(40,188	)		—		7,901,978
U.S. Treasury Securities		16,217,173		—			—		16,217,173
Equinox Frontier Long/Short Commodity Fund
Investments in Unconsolidated Trading Companies		3,789,466		25,388			—		3,814,854
Swap Contracts		—		—			3,633,060		3,633,060
U.S. Treasury Securities		8,191,519		—			—		8,191,519

F-41

December 31, 2014	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Equinox Frontier Balanced Fund
Open Trade Equity (Deficit)		3,717,291			(419,742	)		—		3,297,549
Investments in Unconsolidated Trading Companies		18,354,685			(10,758	)		—		18,343,927
Swap Contracts		—			—			18,246,954		18,246,954
U.S. Treasury Securities		41,625,860			—			—		41,625,860
Equinox Frontier Select Fund
Investments in Unconsolidated Trading Companies		4,591,569			(28,926	)		3,539,498		8,102,141
U.S. Treasury Securities		6,476,939			—			—		6,476,939
Equinox Frontier Winton Fund
Investments in Unconsolidated Trading Companies		7,656,170			(176,512	)		—		7,479,658
U.S. Treasury Securities		29,593,974			—			—		29,593,974
Equinox Frontier Heritage Fund
Investments in Unconsolidated Trading Companies		1,576,952			(33,566	)		—		1,543,386
Swap Contracts		—			—			7,540,465		7,540,465
U.S. Treasury Securities		6,796,392			—					6,796,392
December 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Equinox Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	20,167,937		$	669,335		$	—	$	20,837,272
Swap Contracts		—			—			3,437,632		3,437,632
U.S. Treasury Securities		38,055,417			—			—		38,055,417
Equinox Frontier Masters Fund
Investment in Unconsolidated Trading Companies		8,290,975			875,735			—		9,166,710
U.S. Treasury Securities		23,441,497			—			—		23,441,497
Equinox Frontier Long/Short Commodity Fund
Open Trade Equity (Deficit)		(191,069	)		—			—		(191,069	)
Options purchased		—			98,740			—		98,740
Options Written		—			(172,650	)		—		(172,650	)
Investment in Unconsolidated Trading Companies		655,769			—			—		655,769
Swap Contracts		—			—			2,456,546		2,456,546
U.S. Treasury Securities		16,872,290			—			—		16,872,290
Equinox Frontier Balanced Fund
Open Trade Equity (Deficit)		3,475,896			459,356			—		3,935,252
Options purchased		—			165,915			—		165,915
Options Written		—			(183,856	)		—		(183,856	)
Investment in Unconsolidated Trading Companies		12,953,295			760,020			—		13,713,315
Swap Contracts		—			—			10,122,003		10,122,003
U.S. Treasury Securities		68,548,395			—			—		68,548,395
Equinox Frontier Select Fund
Investment in Unconsolidated Trading Companies		3,886,810			562,097			2,415,637		6,864,544
U.S. Treasury Securities		10,304,085			—			—		10,304,085

F-42

December 31, 2013	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Equinox Frontier Winton Fund
Investment in Unconsolidated Trading Companies		7,772,031		7,292		—		7,779,323
U.S. Treasury Securities		27,600,705		—		—		27,600,705
Equinox Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		1,887,631		1,635		—		1,889,266
Swap Contracts		—		—		5,435,184		5,435,184
U.S. Treasury Securities		8,827,380		—		—		8,827,380

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

2014:

For the Year Ended December 31, 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		3,132,776		1,176,514		8,124,951
Purchases of investments		—		—		—
Sales of investments		—		—
Change in ownership allocation of total return swaps		—		—		—
Transfers in and/or out of Level 3		—		—		—
Balance of recurring Level 3 assets as of December 31, 2014	$	6,570,408	$	3,633,060	$	18,246,954

	Equinox Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2014	$	5,435,184
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		2,105,281
Purchases of investments		—
Sales of investments		—
Change in ownership allocation of total return swaps		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2014	$	7,540,465

F-43

Investments in Unconsolidated Trading Companies:

	Equinox Frontier Select Fund
Balance of recurring Level 3 assets as of January 1, 2014	$	2,415,637
Change in fair value of investments in unconsolidated trading companies		1,123,861
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		—
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2014	$	3,539,498

2013:

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

F-44

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		(972,442	)
trading companies		—			—
Purchases of investments of unconsolidated trading companies		1,400,000			1,600,000
Change in ownership allocation		—			817,098
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2013	$	—		$	2,415,637

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

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

The amounts reflected in the change in ownership allocation result from changes in ownership in the underlying Trading Companies at the Series level, which have resulted in changes in consolidation or de-consolidation by the Series. The ownership in the Trading Companies is accounted for under the equity method, which approximates fair value.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2014.

	Equinox Frontier Diversified Fund		Equinox Frontier Long/Short Commodity Fund		Equinox Frontier Balanced Fund		Equinox Frontier Heritage Fund
Swaps	$	3,132,776	$	1,176,514	$	8,120,996	$	2,105,281

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2013.

	Equinox Frontier Diversified Fund		Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund		Equinox Frontier Heritage Fund
Swaps	$	37,632	$	(423,454	)	$	526,168	$	(561,316	)

F-45

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2012.

	Equinox Frontier Balanced Fund
Swaps	$	(1,265,968	)

4. Swaps

In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures and forward contracts, certain Series of the Trust will strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Total return Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical total return Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount or value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities.

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 2014 and 2013, approximately 12.5% or $35,990,887 and 7.0% or $21,455,529, respectively, of the Trust’s assets were invested with over-the-counter counterparties in order to initiate and maintain Swaps and is recorded as Swap Contracts, at fair value on the Statements of Financial Condition of the Trust. This cash held with the counterparty is not restricted.

The 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.

On September 6, 2013, the Equinox Frontier Balanced Fund liquidated the Frontier Balanced RCW-1 Swap in the amount of $16,353,609. On April 18, 2013, the Equinox Frontier Balanced Fund liquidated the Frontier Select CTA TRS Deutsche Bank Swap in the amount of $4,341,257.

F-46

The Series had invested in the following Swaps as of and for the year ended December 31, 2014:

	Equinox Frontier Balanced Fund		Equinox Frontier Diversified Fund		Equinox Frontier Long/Short Commodity Fund		Equinox Frontier Heritage Fund
	Total Return Swap		Total Return Swap		Total Return Swap		Total Return Swap
Counterparty		DeutscheBank AG		DeutscheBank AG		DeutscheBank AG		DeutscheBank AG
Notional Amount	$	67,610,098	$	35,500,000	$	13,590,513	$	17,663,283
Termination Date		8/2/2018		8/2/2018		8/7/2018		3/26/2018
Cash Collateral	$	9,600,000	$	3,400,000	$	2,880,000	$	5,993,000
Swap Value	$	8,646,954	$	3,170,408	$	753,060	$	1,547,465
Investee Returns		Total Returns		Total Returns		Total Returns		Total Returns
Realized Gain/(Loss)	$	0	$	0	$	0	$	0
Change in Unrealized Gain/(Loss)	$	8,120,996	$	3,132,777	$	1,176,514	$	2,105,281
Fair Value as of 12/31/2014	$	18,246,954	$	6,570,408	$	3,633,060	$	7,540,465

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
Cash Collateral						$	9,600,000
Swap Value						$	522,003
Investee Returns		Total Returns		Total Returns			Total Returns
Realized Gain/(Loss)	$	(1,645,980)	$	(1,908,743	)	$	—
Change in 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
Cash Collateral	$	3,400,000	$	2,880,000		$	5,996,500
Swap Value	$	37,632	$	(423,454	)	$	(561,316	)
Investee Returns		Total Returns		Total Returns			Total Returns
Realized Gain/(Loss)	$	—	$	—		$	—
Change in Unrealized Gain/(Loss)	$	37,632	$	(423,454	)	$	591,793
Fair Value as of 12/31/2013	$	3,437,632	$	2,456,546		$	5,435,184

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

F-47

Companies. Trading Companies allocate trading profits or losses on the basis of the proportion of each Series’ capital allocated for trading to each respective Trading Company, which bears no relationship to the amount of cash invested by a Series in the Trading Company. The Trading Companies are valued using the equity method of accounting, which approximates fair value.

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

	As of December 31, 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 II, VII, XXIII and XXXVIII		9.11	%	$	6,594,379		32.84	%	$	20,837,272
Equinox Frontier Masters Fund —
Frontier Trading Companies II, VII, XV and XXXVIII		30.74	%		$7,901,978		27.14	%	$	9,166,710
Equinox Frontier Long/Short Commodity Fund —
Frontier Trading Company VII and XXXVIII		22.96	%	$	3,814,854		2.31	%	$	655,769
Equinox Frontier Balanced Fund —
Frontier Trading Companies II, VII and XXXVIII		16.92	%	$	18,343,927		11.26	%	$	13,713,315
Equinox Frontier Select Fund —
Frontier Trading Companies XV, XXXVIII and XXXIX		53.06	%	$	8,102,141		38.98	%	$	6,864,544
Equinox Frontier Winton Fund —
Frontier Trading Company II and XXXVIII		18.68	%	$	7,479,658		21.24	%	$	7,779,323
Equinox Frontier Heritage Fund —
Frontier Trading Companies II and XXXVIII		11.85	%	$	1,543,386		11.39	%	$	1,889,266

F-48

The following table summarizes each of the Series’ equity in earnings from unconsolidated Trading Companies for the years ended December 31, 2014, 2013 and 2012:

	Year Ended December 31, 2014												Year Ended December 31, 2013												Year Ended December 31, 2012
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Equinox Frontier Diversified Fund
Frontier Trading Company I LLC	$	(56,592	)	$	861,109		$	(449,346	)	$	355,167		$	(383,335	)	$	1,053,896		$	1,169,622		$	1,840,183		$	(666,495	)	$	379,619		$	831,056		$	544,181
Frontier Trading Company II LLC		(18,020	)		3,293,893			(112,838	)		3,163,035			(22,917	)		1,744,610			380,208			2,101,901			(33,250	)		(318,474	)		(373,733	)		(725,457	)
Frontier Trading Company V LLC		—			—			—			—			(390,604	)		(10,536,063	)		735,737			(10,190,930	)		(72,476	)		(559,423	)		117,928			(513,972	)
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—			—			—			—			—
Frontier Trading Company VII, LLC		(411,960	)		202,844			(189,827	)		(398,943	)		(367,422	)		333,216			(574,327	)		(608,533	)		(371,733	)		(8,048,568	)		5,374,058			(3,046,243	)
Frontier Trading Company IX, LLC		—			—			—			—			—			—			—			—			(12,383	)		(279,001	)		(62,409	)		(353,793	)
Frontier Trading Company XIV, LLC		(176,563	)		453,928			(194,219	)		83,146			(188,229	)		1,501,029			122,929			1,435,729			(586,234	)		(10,276,853	)		(479,403	)		9,211,216
Frontier Trading Company XV, LLC		(35,322	)		226,177			(719,332	)		(528,477	)		(95,562	)		(231,534	)		859,135			532,039			(138,440	)		(1,957,766	)		35,941			(2,060,266	)
Frontier Trading Company XVIII, LLC		—			—			—			—									—			—			(25,687	)		244,696			(140,804	)		78,204
Frontier Trading Company XXI, LLC		—			—			—			—			—			—			—			—			(962	)		13,920			410			13,368
Frontier Trading Company XXIII, LLC		(56,661	)		2,355,129			250,228			2,548,696			(28,812	)		(123,796	)		(53,712	)		(206,320	)		(35,711	)		(708,380	)		63,438			(680,653	)
Frontier Trading Company XXXVIII, LLC		(42,802	)		491,468			(534,467	)		(85,801	)		(7,648	)		24,276			688,890			705,518			—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			—			—						—			(133,974	)		(133,974	)					—			3,222			3,222
Total	$	(797,920	)	$	7,884,548		$	(1,949,801	)	$	5,136,823		$	(1,484,529	)	$	(6,234,366	)	$	3,194,508		$	(4,524,387	)	$	(1,943,373	)	$	(21,510,230	)	$	5,366,482		$	2,466,586
Equinox Frontier Masters Fund
Frontier Trading Company I LLC	$	(29,964	)	$	2,475,252		$	846,879		$	3,292,168		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Frontier Trading Company II LLC		(12,830	)		2,110,837			(41,715	)		2,056,292			(14,320	)		1,222,601			297,737			1,506,018			(15,979	)		(125,644	)		(202,314	)		(343,937	)
Frontier Trading Company XIV, LLC		(157,662	)		256,238			(220,014	)		(121,438	)		(271,557	)		(4,409,304	)		566,462			(4,114,399	)		(261,268	)		4,308,077			(386,676	)		3,660,133
Frontier Trading Company XV, LLC		(95,155	)		1,821,877			(298,358	)		1,428,364			(150,972	)		86,216			877,749			812,993			(50,834	)		(706,005	)		308,008			(448,830	)
Frontier Trading Company XXXVIII, LLC		(21,756	)		140,219			(295,159	)		(176,696	)		(4,396	)		8,274			417,157			421,035			—			—			—			—
Frontier Trading Company VII, LLC		(7,353	)		(276,940	)		424,792			140,499
Total	$	(324,720	)	$	6,527,483		$	416,425		$	6,619,189		$	(441,245	)	$	(3,092,213	)	$	2,159,105		$	(1,374,353	)	$	(328,081	)	$	3,476,428		$	(280,982	)	$	2,867,366
Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	—		$	—		$	—		$	—		$	(35,831	)	$	(778,371	)	$	98,091		$	(716,111	)	$	(66,753	)	$	(2,961,869	)	$	(118,563	)	$	(3,147,185	)
Frontier Trading Companies VII, LLC		(299,598	)		1,967,325			(225,547	)		1,442,177			—			—			—			—			—			—			—		$	—
Frontier Trading Companies XVIII, LLC		(15,497	)		72,295			(141,056	)		(84,258	)		—			—			—			—			(11,271	)		116,615			(48,976	)	$	56,368
Frontier Trading Companies XXIII, LLC		—			—			—			—			(7,153	)		(263,068	)		(24,083	)		(294,304	)		(25,676	)		(271,193	)		44,488			(252,381	)
Frontier Trading Company XXXVIII, LLC		—			—			—			—			(3,655	)		8,224			329,811			334,380			—			—			—			—
Total	$	(315,095	)	$	2,039,620		$	(366,603	)	$	1,357,919		$	(46,639	)	$	(1,033,215	)	$	403,819		$	(676,035	)	$	(103,699	)	$	(3,116,446	)	$	(123,051	)	$	(3,343,198	)
Equinox Frontier Balanced Fund
Frontier Trading Company I LLC	$	(297,247	)	$	5,035,125		$	(115,047	)		4,622,830		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Frontier Trading Company II LLC		(23,501	)		4,239,577			(319,850	)		3,896,226			(41,208	)		3,181,908			864,178			4,004,878			(67,249	)		(581,781	)		(1,149,111	)		(1,798,141	)
Frontier Trading Company V LLC		—			—			—			—			(13,876	)		1,530,385			(272,459	)		1,244,049			(121,345	)		(794,389	)		275,695			(640,039	)
Frontier Trading Company VII, LLC		(424,248	)		(527,556	)		479,923			(471,881	)		(466,389	)		(1,846,245	)		(70,237	)		(2,382,871	)		(688,216	)		(15,920,067	)		10,834,816			(5,773,467	)
Frontier Trading Company XIV, LLC		(75,543	)		(1,180,680	)		610,861			(645,362	)		(485,436	)		(14,489,050	)		774,556			(14,199,930	)		—			—			—			—
Frontier Trading Company XV, LLC		(63,893	)		(160,880	)		(379,890	)		(604,663	)		(136,258	)		(159,393	)		941,482			645,831			12,378			(9	)		30,242			42,611
Frontier Trading Company XVIII, LLC		(69,979	)		240,985			(611,413	)		(440,407	)		(9,693	)		(192,512	)		(91,675	)		(293,880	)		(15,364	)		(99,576	)		(37,208	)		(102,148	)
Frontier Trading Company XXIII, LLC		—			—			—			—			(3,526	)		(194,695	)		546			(197,675	)		—			—			—			—
Frontier Trading Company XXXVIII, LLC		—			—			—			—			(13,880	)		56,461			1,231,131			1,273,712			—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—			(1,538	)		(1,538	)		(1,468	)		—			(426,090	)		(427,558	)		(2,804	)		229,730			45,494			254,420
Total	$	(954,411	)	$	7,646,571		$	(336,954	)	$	6,355,205		$	(1,171,734	)	$	(12,113,141	)	$	2,951,432		$	(10,333,444	)	$	(882,600	)	$	(17,166,092	)	$	9,999,928		$	(8,016,764	)

F-49

	Year Ended December 31, 2014											Year Ended December 31, 2013											Year Ended December 31, 2012
	Trading Commissions			Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Equinox Frontier Select Fund
Frontier Trading Company V LLC	$	—		$	—	$	—		$	—		$	(12,346	)	$	1,188,592	$	(78,854	)	$	1,097,392		$	(135,567	)	$	479,014		$	(1,268,937	)	$	(925,490	)
Frontier Trading Company VI LLC		—			—		—			—			—			—		—			—			—			—			—			—
Frontier Trading Company XV, LLC		(114,984	)		2,118,779		268,057			2,271,852			(99,896	)		135,861		532,850			568,815		$	(70,871	)	$	(950,142	)	$	77,828		$	(943,185	)
Frontier Trading Company XXI, LLC		—			—		—			—			—			—		—			—			(43,270	)		537,591			(559,922	)		(65,600	)
Frontier Trading Company XXXVIII, LLC		(9,950	)		48,480		(134,625	)		(96,095	)		(2,171	)		2,703		197,661			198,193			—			—			—			—
Frontier Trading Company XXXIX, LLC		(1,556	)		—		972,201			970,645			(903	)		—		(558	)		(1,461	)		—			—			—			—
Total	$	(126,490	)	$	2,167,259	$	1,105,633		$	3,146,402		$	(115,316	)	$	1,327,156	$	651,099		$	1,862,939		$	(249,708	)	$	66,463		$	(1,751,031	)	$	(1,934,275	)
Equinox Frontier Winton Fund
Frontier Trading Company II LLC	$	(56,653	)	$	10,628,427	$	(345,639	)	$	10,226,134		$	(48,366	)	$	4,129,621	$	1,010,136		$	5,091,391		$	(53,999	)	$	(424,479	)	$	(682,973	)	$	(1,161,451	)
Frontier Trading Company XXXVIII ,LLC		(35,145	)		543,298		(319,714	)		188,439			(5,335	)		21,267		483,243			499,175			—			—			—			—
Total	$	(91,798	)	$	11,171,725	$	(665,353	)	$	10,414,573		$	(53,701	)	$	4,150,888	$	1,493,379		$	5,590,566		$	(53,999	)	$	(424,479	)	$	(682,973	)	$	(1,161,451	)
Equinox Frontier Heritage Fund
Frontier Trading Company II LLC	$	(12,408	)	$	2,222,268	$	(27,968	)	$	2,181,892		$	(10,901	)	$	918,667	$	269,597		$	1,177,363		$	(17,665	)	$	(174,117	)	$	(48,215	)	$	(239,998	)
Frontier Trading Company V LLC		—			—		—			—			(13,268	)		1,404,612		(205,240	)		1,186,104			(160,692	)		(1,010,779	)		817,072			(354,399	)
Frontier Trading Company XXXVIII, LLC		(9,194	)		79,780		(115,037	)		(44,451	)		(1,892	)		2,537		172,623			173,268			—			—			—			—
Frontier Trading Company XXXIX, LLC		—			—		—			—			(1,129	)		—		(328,473	)		(329,602	)		—			—			—			—
Total	$	(21,602	)	$	2,302,048	$	(143,005	)	$	2,137,441		$	(27,190	)	$	2,325,816	$	(91,493	)	$	2,207,133		$	(178,357	)	$	(1,184,896	)	$	768,857		$	(594,397	)

F-50

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 percentage of the nominal assets of such Series, calculated on a daily basis. The total amount of assets of a series allocated to trading advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisors and any reference programs, is referred to herein as the “nominal assets” of the series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 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) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the series by the Managing Owner. As of the date of this Form 10-K, the trading advisor for a series that has invested in a swap has not received any management fees directly from the series for such swap, and instead the relevant trading advisor receives compensation via the fees embedded in the swap.

The management fee as a percentage of the applicable series’ net asset value will be greater than the percentage indicated above to the extent that the nominal assets of the series exceeds its net asset value. The managing owner expects that the nominal assets of each series will generally be maintained at a level in excess of the net asset value of such series and such excess may be substantial to the extent the managing owner deems necessary to achieve the desired level of volatility.

Trading Fees—In connection with each Series’ trading activities, the Equinox Frontier Long/Short Commodity Fund (Classes 1, 2 and 3), Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund pays to the Managing Owner a trading fee, or FCM Fee, up to

F-51

0.75% of such Series’ NAV, calculated daily. The Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a and 2a) and Equinox Frontier Masters Fund pays to the Managing Owner a trading fee, or FCM Fee, up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

Incentive Fees—Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated by such Series, monthly or quarterly. Because the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Equinox Frontier Balanced Fund and the Equinox Frontier Diversified Fund and 20% for the Equinox Frontier Winton Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

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

The following table summarizes fees earned by the Managing Owner for the years ended December 31, 2014, 2013 and 2012.

For the Year Ended December 31, 2014	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	4,461,365	$	1,042,209	$	499,021	$	1,287,161
Equinox Frontier Masters Fund		1,123,545		903,032		309,234		603,389
Equinox Frontier Long/Short Commodity Fund		253,177		821,891		132,136		280,737
Equinox Frontier Balanced Fund		3,620,437		1,092,555		2,027,439		694,288
Equinox Frontier Select Fund		363,142		496,959		394,486		109,839
Equinox Frontier Winton Fund		1,800,488		1,172,990		724,365		263,069
Equinox Frontier Heritage Fund		370,450		327,702		270,399		88,113
For the Year Ended December 31, 2013	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	760,048	$	1,417,230	$	1,000,514	$	2,113,117
Equinox Frontier Masters Fund		—		1,271,594		639,244		1,045,459
Equinox Frontier Long/Short Commodity Fund		—		2,055,684		307,350		658,060
Equinox Frontier Balanced Fund		1,348,994		1,556,049		3,292,195		1,153,606
Equinox Frontier Select Fund		—		626,553		575,265		163,310
Equinox Frontier Winton Fund		128,097		1,062,550		857,710		292,162
Equinox Frontier Heritage Fund		15,411		366,837		423,800		132,205
For the Year Ended December 31, 2012	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	3,269,159	$	1,896,102	$	1,476,222	$	2,955,458
Equinox Frontier Masters Fund		488,081		1,429,284		786,529		1,312,873
Equinox Frontier Long/Short Commodity Fund		1,059,104		3,459,419		462,999		1,029,157
Equinox Frontier Balanced Fund		7,081,173		2,533,302		4,987,704		1,784,001
Equinox Frontier Select Fund		65,989		1,272,443		865,891		244,837
Equinox Frontier Winton Fund		—		1,046,035		1,046,931		342,792
Equinox Frontier Heritage Fund		—		1,006,221		624,024		192,557

F-52

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

As of December 31, 2014	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Equinox Frontier Diversified Fund	$	2,387,825	$	86,486	$	16,168	$	34,905	$	132,984
Equinox Frontier Masters Fund		722,043		64,497		6,898		17,260		55,912
Equinox Frontier Long/Short Commodity Fund		158,660		45,361		3,713		10,562		24,436
Equinox Frontier Balanced Fund		1,793,318		101,208		84,976		167,151		66,037
Equinox Frontier Select Fund		185,791		27,835		13,263		32,520		10,119
Equinox Frontier Winton Fund		1,178,364		114,823		63,722		52,753		26,690
Equinox Frontier Heritage Fund		239,327		27,944		14,543		20,964		8,676
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 year ended December 31, 2014, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were ($2,794) for the Equinox Frontier Balanced Fund, ($345) for the Equinox Frontier Long/Short Commodity Fund, ($3,407) for the Equinox Frontier Diversified Fund, ($507) for the Equinox Frontier Select Fund, ($1,902) for the Equinox Frontier Heritage Fund, ($11,403) for the Equinox Frontier Winton Fund and $989 for the Equinox Frontier Masters Fund.

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

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

F-53

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the years ended December 31, 2014, 2013 and 2012:

	2014		2013			2012		2014			2013			2012
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner			Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets			Ratio to Average Net Assets
Equinox Frontier Diversified Fund Class 1	$	56,582	$	181,530		$	295,820		0.30	%		0.41	%		0.45	%
Equinox Frontier Diversified Fund Class 2		81,752		177,826			259,145		0.28	%		0.40	%		0.45	%
Equinox Frontier Diversified Fund Class 3		6,433		n/a			n/a		0.19	%		n/a			n/a
Equinox Frontier Masters Fund Class 1		42,395		131,340			191,911		0.36	%		0.43	%		0.52	%
Equinox Frontier Masters Fund Class 2		25,486		61,324			95,207		0.31	%		0.44	%		0.52	%
Equinox Frontier Masters Fund Class 3		6,663		(5,941	)		n/a		0.23	%		-2.42	%		n/a
Equinox Frontier Long/Short Commodity Fund Class 1		n/a		n/a			4,995		n/a			n/a			0.51	%
Equinox Frontier Long/Short Commodity Fund Class 2		4,779		22,307			45,136		0.36	%		0.47	%		0.31	%
Equinox Frontier Long/Short Commodity Fund Class 3		22,800		105,031			133,169		0.31	%		0.86	%		0.74	%
Equinox Frontier Long/Short Commodity Fund Class 1a		18,852		70,738			104,420		0.32	%		0.49	%		0.65	%
Equinox Frontier Long/Short Commodity Fund Class 2a		6,122		37,950			62,752		0.35	%		0.52	%		0.35	%
Equinox Frontier Long/Short Commodity Fund Class 3a		1,454		n/a			n/a		0.27	%		n/a			n/a
Equinox Frontier Balanced Fund Class 1		846,398		2,035,387			3,014,199		1.34	%		1.86	%		1.83	%
Equinox Frontier Balanced Fund Class 1AP		3,342		n/a			n/a		0.02	%		n/a			n/a
Equinox Frontier Balanced Fund Class 1a		n/a		n/a			2,299		n/a			n/a			0.40	%
Equinox Frontier Balanced Fund Class 2		275,448		750,916			1,051,444		1.34	%		1.87	%		1.83	%
Equinox Frontier Balanced Fund Class 2a		1,252		14,505			5,807		0.25	%		1.86	%		0.40	%
Equinox Frontier Balanced Fund Class 3a		5,429		51,031			15,256		0.26	%		1.84	%		0.40	%
Equinox Frontier Select Fund Class 1		152,289		363,902			583,720		1.22	%		1.90	%		2.01	%
Equinox Frontier Select Fund Class 1AP		223		n/a			n/a		0.00	%		n/a			n/a
Equinox Frontier Select Fund Class 2		17,051		49,789			78,593		1.23	%		1.92	%		2.01	%
Equinox Frontier Winton Fund Class 1		418,922		551,889			697,090		1.82	%		1.93	%		2.01	%

F-54

	2014		2013		2012		2014			2013			2012
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets			Ratio to Average Net Assets
Equinox Frontier Winton Fund Class 1AP		544		n/a		n/a		0.02	%		n/a			n/a
Equinox Frontier Winton Fund Class 2		188,681		197,408		218,605		1.75	%		1.91	%		1.87	%
Equinox Frontier Heritage Fund Class 1		121,694		270,150		415,282		1.45	%		1.91	%		2.01	%
Equinox Frontier Heritage Fund Class 1AP		337		n/a		n/a		0.01	%		n/a			n/a
Equinox Frontier Heritage Fund Class 2		36,285		66,778		98,559		1.36	%		1.91	%		2.01	%
Total	$	2,341,213	$	5,133,860	$	7,373,409

The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, and $300,000 for the third and final year for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $268,281, $1,113,677 and 766,944, respectively under this agreement for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts have no impact on the Series’ financial statements.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $1,040,000, $1,415,000 and 437,245, respectively, for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts have no impact on the Series’ financial statements.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $1,136,465, $1,813,029 and $2,627,888, respectively, for the years ended December 31, 2014, 2013 and 2012. These amounts have no impact on the Series’ financial statements.

Equinox Group Distributors LLC, an affiliate under common control of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations.

F-55

7. Financial Highlights

The following information presents the financial highlights of the Series for the years ended December 31, 2014, 2013 and 2012. This data has been derived from the information presented in the financial statements.

	Equinox Frontier Diversified Fund (5)									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 3			Class 1a			Class 2a			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2013	$	87.10		$	94.35		$	84.21		$	91.83		$	99.46		$	91.91		$	125.26		$	125.30		$	92.73		$	100.34		$	100.47
Net operating results:
Interest income		0.94			1.03			1.01			1.08			1.19			1.16			1.47			1.47			1.09			1.18			1.22
Expenses		(13.06	)		(12.11	)		(11.89	)		(11.55	)		(10.53	)		(10.27	)		(9.22	)		(9.26	)		(8.72	)		(7.40	)		(7.64	)
Net gain/(loss) on investments, net of non-controlling interests		38.11			41.40			41.70			35.25			38.41			36.26			20.79			20.83			16.02			17.23			17.72
Net income/(loss)		25.99			30.32			30.82			24.78			29.07			27.15			13.04			13.04			8.39			11.01			11.30
Net asset value, December 31, 2014	$	113.09		$	124.67		$	115.03		$	116.61		$	128.53		$	119.06		$	138.30		$	138.34		$	101.12		$	111.35		$	111.77
Ratios to average net assets (3)
Net investment income/(loss)		-13.72	%		-11.36	%		-11.36	%		-11.32	%		-9.17	%		-9.17	%		-6.27	%		-6.27	%		-8.35	%		-6.27	%		-6.27	%
Expenses before incentive fees (4)		6.62	%		4.26	%		4.26	%		8.08	%		5.92	%		5.92	%		6.06	%		6.06	%		8.15	%		6.06	%		6.02	%
Expenses after incentive fees (4)		14.78	%		12.41	%		12.41	%		12.49	%		10.34	%		10.34	%		7.46	%		7.46	%		9.54	%		7.46	%		7.46	%
Total return before incentive fees (2)		38.00	%		40.29	%		44.75	%		31.40	%		33.64	%		33.96	%		11.80	%		11.80	%		10.44	%		12.37	%		12.68	%
Total return after incentive fees (2)		29.84	%		32.14	%		36.60	%		26.98	%		29.23	%		29.54	%		10.41	%		10.41	%		9.05	%		10.97	%		11.25	%
	Equinox Frontier Balanced Fund (6)																		Equinox Frontier Select Fund (6)
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2013	$	106.29		$	102.62		$	140.49		$	118.80		$	118.41					$	79.86		$	75.53		$	104.14
Net operating results:
Interest income		0.03			0.03			0.04			0.04			0.04						0.00			0.00			0.00
Expenses		(9.48	)		(6.71	)		(8.38	)		(7.17	)		(7.13	)					(7.61	)		(5.48	)		(6.93	)
Net gain/(loss) on investments, net of non-controlling interests		34.70			37.26			47.01			41.35			41.20						23.36			26.77			31.27
Net income/(loss)		25.25			30.58			38.67			34.22			34.11						15.75			21.29			24.34
Net asset value, December 31, 2014	$	131.54		$	133.20		$	179.16		$	153.02		$	152.52					$	95.61		$	96.82		$	128.48
Ratios to average net assets (3)
Net investment income/(loss)		-8.79	%		-5.79	%		-5.79	%		-5.79	%		-5.79	%					-9.61	%		-6.61	%		-6.61	%
Expenses before incentive fees (4)		4.92	%		1.92	%		1.92	%		1.92	%		1.92	%					7.14	%		4.14	%		4.14	%
Expenses after incentive fees (4)		8.82	%		5.82	%		5.82	%		5.82	%		5.82	%					9.61	%		6.61	%		6.61	%
Total return before incentive fees (2)		27.65	%		33.69	%		31.42	%		32.70	%		32.70	%					22.20	%		30.66	%		25.85	%
Total return after incentive fees (2)		23.76	%		29.80	%		27.53	%		28.80	%		28.81	%					19.72	%		28.19	%		23.37	%

	Equinox Frontier Winton Fund (6)									Equinox Frontier Heritage Fund (6)
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2013	$	139.59		$	138.93		$	174.17		$	102.05		$	98.80		$	134.21
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(17.82	)		(13.99	)		(17.09	)		(10.02	)		(7.36	)		(9.27	)
Net gain/(loss) on investments, net of non-controlling interests		54.18			53.24			69.15			38.25			40.49			51.62
Net income/(loss)		36.36			39.25			52.06			28.23			33.13			42.35
Net asset value, December 31, 2014	$	175.95		$	178.18		$	226.23		$	130.28		$	131.93		$	176.56
Ratios to average net assets (3)
Net investment income/(loss)		-12.22	%		-9.22	%		-9.22	%		-9.68	%		-6.67	%		-6.67	%
Expenses before incentive fees (4)		7.09	%		4.09	%		4.09	%		6.53	%		3.53	%		3.53	%
Expenses after incentive fees (4)		12.22	%		9.22	%		9.22	%		9.68	%		6.67	%		6.67	%
Total return before incentive fees (2)		31.18	%		33.38	%		35.02	%		30.81	%		36.68	%		34.70	%
Total return after incentive fees (2)		26.05	%		28.25	%		29.89	%		27.66	%		33.53	%		31.56	%

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

F-56

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

(3) Annualized with the exception of incentive fees.

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

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

(6) Class 1AP was created as a sub-class of Class 1 as of July 31, 2014, and it has been presented separately because the fees applicable to it are different from those applicable to Class 1 generally.

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund (5)
	Class 1			Class 2			Class 1			Class 2			Class 3			Class 2			Class 3			Class 1a			Class 2a			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2012	$	94.40		$	100.48		$	101.11		$	107.61		$	88.01		$	145.65		$	145.69		$	108.58		$	115.45		$	109.60
Net operating results:
Interest income		1.53			1.64			1.66			1.78			2.25			3.15			2.93			2.48			2.69			2.46
Expenses		(6.23	)		(4.55	)		(7.11	)		(5.45	)		(6.89	)		(9.03	)		(8.41	)		(9.30	)		(7.72	)		(7.06	)
Net gain/(loss) on investments, net of non-controlling interests		(2.60	)		(3.22	)		(3.83	)		(4.48	)		8.54			(14.51	)		(14.91	)		(9.03	)		(10.08	)		(4.53	)
Net income/(loss)		(7.30	)		(6.13	)		(9.28	)		(8.15	)		3.90			(20.39	)		(20.39	)		(15.85	)		(15.11	)		(9.13	)
Net asset value, December 31, 2013	$	87.10		$	94.35		$	91.83		$	99.46		$	91.91		$	125.26		$	125.30		$	92.73		$	100.34		$	100.47
Ratios to average net assets (3)
Net investment income/(loss)		-5.34	%		-3.08	%		-5.63	%		-3.52	%		-3.52	%		-4.55	%		-4.55	%		-6.68	%		-4.55	%		-4.55	%
Expenses before incentive fees (4)		6.22	%		3.96	%		7.34	%		5.23	%		5.23	%		6.98	%		6.98	%		9.11	%		6.98	%		6.98	%
Expenses after incentive fees (4)		7.07	%		4.82	%		7.34	%		5.23	%		5.23	%		6.98	%		6.98	%		9.11	%		6.98	%		6.98	%
Total return before incentive fees (2)		-6.88	%		-5.25	%		-9.18	%		-7.57	%		4.43	%		-14.00	%		-14.00	%		-14.60	%		-13.09	%		-8.33	%
Total return after incentive fees (2)		-7.73	%		-6.10	%		-9.18	%		-7.57	%		4.43	%		-14.00	%		-14.00	%		-14.60	%		-13.09	%		-8.33	%
	Equinox Frontier Balanced Fund															Equinox Frontier Select Fund
	Class 1			Class 2			Class 2a			Class 3a						Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	116.32		$	149.20		$	124.36		$	123.96					$	78.66		$	99.55
Net operating results:
Interest income		0.20			0.26			0.22			0.22						0.96			1.23
Expenses		(6.13	)		(3.73	)		(3.13	)		(3.12	)					(5.29	)		(3.72	)
Net gain/(loss) on investments, net of non-controlling interests		(4.10	)		(5.24	)		(2.65	)		(2.65	)					5.53			7.08
Net income/(loss)		(10.03	)		(8.71	)		(5.56	)		(5.55	)					1.20			4.59
Net asset value, December 31, 2013	$	106.29		$	140.49		$	118.80		$	118.41					$	79.86		$	104.14
Ratios to average net assets (3)
Net investment income/(loss)		-5.47	%		-2.46	%		-2.46	%		-2.46	%					-5.43	%		-2.43	%
Expenses before incentive fees (4)		4.77	%		1.77	%		1.77	%		1.77	%					6.63	%		3.63	%
Expenses after incentive fees (4)		5.65	%		2.65	%		2.65	%		2.65	%					6.63	%		3.63	%
Total return before incentive fees (2)		-7.74	%		-4.96	%		-3.59	%		-3.60	%					1.53	%		4.61	%
Total return after incentive fees (2)		-8.62	%		-5.84	%		-4.47	%		-4.48	%					1.53	%		4.61	%

F-57

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund (6)
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	130.73		$	158.30		$	94.55		$	120.67
Net operating results:
Interest income		0.98			1.20			0.61			0.79
Expenses		(9.15	)		(6.29	)		(5.85	)		(3.73	)
Net gain/(loss) on investments, net of non-controlling interests		17.03			20.96			12.74			16.48
Net income/(loss)		8.86			15.87			7.50			13.54
Net asset value, December 31, 2013	$	139.59		$	174.17		$	102.05		$	134.21
Ratios to average net assets (3)
Net investment income/(loss)		-6.08	%		-3.08	%		-5.30	%		-2.30	%
Expenses before incentive fees (4)		6.48	%		3.48	%		5.84	%		2.83	%
Expenses after incentive fees (4)		6.81	%		3.81	%		5.92	%		2.92	%
Total return before incentive fees (2)		7.11	%		10.35	%		8.02	%		11.31	%
Total return after incentive fees (2)		6.78	%		10.03	%		7.93	%		11.22	%

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

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

(3) Annualized with the exception of incentive fees.

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

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

(6) Class 3 operations began December 16, 2013

F-58

	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund (5)
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, December 31, 2011	$	99.40		$	103.96		$	100.25		$	104.83		$	136.13		$	161.97		$	161.96		$	121.71		$	127.23
Net operating results:
Interest income		1.72			1.81			1.94			2.05			2.73			1.55			4.66			3.10			1.99
Expenses		(8.54	)		(6.70	)		(8.23	)		(6.36	)		(13.78	)		(6.19	)		(18.67	)		(15.65	)		(7.97	)
Net gain/(loss) on investments, net of non-controlling interests		1.82			1.41			7.15			7.09			10.33			(11.68	)		(2.26	)		(0.58	)		(5.80	)
Net income/(loss)		(5.00	)		(3.48	)		0.86			2.78			(0.72	)		(16.32	)		(16.27	)		(13.13	)		(11.78	)
Net asset value, December 31, 2012	$	94.40		$	100.48		$	101.11		$	107.61		$	135.41		$	145.65		$	145.69		$	108.58		$	115.45
Ratios to average net assets (3)
Net investment income/(loss)		-6.99	%		-4.76	%		-6.10	%		-3.97	%		-8.20	%		-6.09	%		-6.09	%		-8.20	%		-6.09	%
Expenses before incentive fees (6)		6.13	%		3.90	%		7.10	%		4.96	%		8.68	%		6.56	%		6.56	%		8.68	%		6.56	%
Expenses after incentive fees (6)		8.76	%		6.53	%		7.98	%		5.85	%		10.23	%		8.11	%		8.11	%		10.23	%		8.11	%
Total return before incentive fees (2)		-2.40	%		-0.72	%		1.74	%		3.54	%		1.02	%		-8.53	%		-8.50	%		-9.24	%		-7.71	%
Total return after incentive fees (2)		-5.03	%		-3.35	%		0.86	%		2.65	%		-0.53	%		-10.08	%		-10.05	%		-10.79	%		-9.26	%
	Equinox Frontier Balanced Fund															Equinox Frontier Select Fund
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2011	$	124.50		$	108.45		$	155.02		$	128.35		$	128.36		$	91.02		$	111.84
Net operating results:
Interest income		0.15			0.13			0.19			0.15			0.15			0.70			0.86
Expenses		(9.74	)		(8.55	)		(7.67	)		(6.38	)		(6.36	)		(6.78	)		(5.20	)
Net gain/(loss) on investments, net of non-controlling interests		1.41			4.29			1.66			2.24			1.81			(6.28	)		(7.95	)
Net income/(loss)		(8.18	)		(4.13	)		(5.82	)		(3.99	)		(4.40	)		(12.36	)		(12.29	)
Net asset value, December 31, 2012	$	116.32		$	104.32		$	149.20		$	124.36		$	123.96		$	78.66		$	99.55
Ratios to average net assets (3)
Net investment income/(loss)		-7.86	%		-7.86	%		-4.86	%		-4.86	%		-4.86	%		-6.98	%		-4.00	%
Expenses before incentive fees (6)		4.89	%		4.89	%		1.89	%		1.89	%		1.89	%		7.57	%		4.60	%
Expenses after incentive fees (6)		7.98	%		7.98	%		4.98	%		4.98	%		4.98	%		7.77	%		4.80	%
Total return before incentive fees (2)		-3.48	%		-0.72	%		-0.66	%		-0.02	%		-0.33	%		-13.38	%		-10.79	%
Total return after incentive fees (2)		-6.57	%		-3.81	%		-3.75	%		-3.11	%		-3.43	%		-13.58	%		-10.99	%

	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2011	$	141.13		$	165.82		$	104.73		$	129.70
Net operating results:
Interest income		1.57			1.87			0.53			0.66
Expenses		(8.17	)		(4.90	)		(7.77	)		(5.93	)
Net gain/(loss) on investments, net of non-controlling interests		(3.80	)		(4.49	)		(2.94	)		(3.76	)
Net income/(loss)		(10.40	)		(7.52	)		(10.18	)		(9.03	)
Net asset value, December 31, 2012	$	130.73		$	158.30		$	94.55		$	120.67
Ratios to average net assets (3)
Net investment income/(loss)		-4.89	%		-1.88	%		-7.17	%		-4.15	%
Expenses before incentive fees (6)		6.06	%		3.04	%		7.69	%		4.68	%
Expenses after incentive fees (6)		6.06	%		3.04	%		7.69	%		4.68	%
Total return before incentive fees (2)		-7.37	%		-4.54	%		-9.72	%		-6.96	%
Total return after incentive fees (2)		-7.37	%		-4.54	%		-9.72	%		-6.96	%

(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.

F-59

(3) Annualized with the exception of incentive fees.

(4) All remaining Class 1a Units were exchanged for Class 3a Units on July 17, 2012.

(5) All remaining Class 1 Units were exchanged for Class 3 Units July 18, 2012.

(6) 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.

8. Derivative Instruments and Hedging Activities

The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of December 31, 2014 and 2013 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

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

For the Year Ended December 31, 2014

Monthly average contracts:	Bought		Sold
Equinox Frontier Long/Short Commodity Fund		3,583		3,892
Equinox Frontier Balanced Fund		8,795		8,811
Equinox Frontier Diversified Fund		9,017		8,941

For the Year Ended December 31, 2013

Monthly average contracts:	Bought		Sold
Equinox Frontier Long/Short Commodity Fund (1)		11,733		14,063
Equinox Frontier Balanced Fund (2)		23,157		23,954
Equinox Frontier Diversified Fund (4)		8		29

For the Year Ended December 31, 2012

Monthly average contracts:	Bought		Sold
Equinox Frontier Long/Short Commodity Fund (1)		17,179		18,323
Equinox Frontier Balanced Fund (2)		49,988		52,353
Equinox Frontier Masters Fund (3)		2,814		2,573

The following tables summarize the trading revenues for the years ended December 31, 2014, 2013 and 2012 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ending December 31, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(60,704	)	$	395,916		$	(137,422	)
Currencies		(278,672	)		4,230,277			2,058,953
Energies		(1,920,468	)		514,658			1,116,359
Agriculturals		(252,807	)		712,902			1,285,340
Interest rates		(223,175	)		10,131,219			7,556,999
Stock indices		154,966			(1,678,771	)		3,975,474
Realized trading income/(loss) (1)	$	(2,580,860	)	$	14,306,201		$	15,855,703

F-60

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ending December 31, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(1,728,342	)	$	3,256,726		$	(630,122	)
Currencies		739,311			(1,612,012	)		1,300,655
Energies		(5,101,842	)		(5,748,358	)		(3,465	)
Agriculturals		4,327			(3,966,671	)		8,936
Interest rates		26,985			(4,962,326	)		(88,186	)
Stock indices		2,116,530			18,929,776			146,263
Realized trading income/(loss) (1)	$	(3,943,031	)	$	5,897,135		$	734,081

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ending December 31, 2012

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Masters Fund
Metals	$	(22,904,111	)	$	(6,598,240	)	$	499,038
Currencies		(4,555,951	)		6,700,871			381,343
Energies		(2,034,936	)		(11,764,811	)		(1,637,183	)
Agriculturals		(3,235,035	)		(5,356,166	)		32,119
Interest rates		(13,264,367	)		35,523,247			3,099,733
Stock indices		20,121,571			3,767,440			(569,140	)
Realized trading income/(loss) (1)	$	(25,872,829	)	$	22,272,341		$	1,805,910

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

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

for the Year Ended December 31, 2014

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(162,388	)	$	(637,522	)	$	(146,990	)
Currencies		(6,439	)		(1,098,156	)		844,069
Energies		1,631,427			711,051			533,875
Agriculturals		(574,982	)		(445,848	)		17,224
Interest rates		322,580			1,984,817			2,428,862
Stock indices		(248,852	)		(889,661	)		(2,255,470	)
Change in unrealized trading income/(loss) (1)	$	961,346		$	(375,319	)	$	1,421,570

F-61

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

for the Year Ended December 31, 2013

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	579,039		$	4,030,402		$	608,392
Currencies		(243,835	)		(1,946,654	)		(1,191,389	)
Energies		1,460,697			(1,775,939	)		2,210
Agriculturals		(459,762	)		16,719			(21,226	)
Interest rates		(1,213,355	)		(1,899,034	)		79,060
Stock indices		(455,113	)		4,492,038			(43,824	)
Change in unrealized trading income/(loss) (1)	$	(332,329	)	$	2,917,532		$	(566,777	)

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

for the Year Ended December 31, 2012

Type of contract	Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Masters Fund			Equinox Frontier Balanced Fund
Metals	$	4,110,832		$	(57,565	)	$	1,238,158
Currencies		17,923,206			(152,568	)		266,655
Energies		(3,271,763	)		(411,993	)		(374,369	)
Agriculturals		5,706,120			62,454			1,176,360
Interest rates		(4,123,443	)		89,904			(1,837,810	)
Stock indices		(163,136	)		(306,530	)		(365,830	)
Change in unrealized trading income/(loss) (1)	$	20,181,816		$	(776,298	)	$	103,164

(1) Amounts recorded in the Statements of Operations under Net realized gain/(loss) of furutres, forwards and options.

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 commission merchants (each, an “FCM”) are subject to master netting arrangements and collateral arrangements and meet the U.S. GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a net basis on the statements of financial condition.

F-62

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

As of December 31, 2014	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Equinox Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	4,281,391	$	(983,842	)	$	3,297,549
Swap Contracts		18,246,954		—			18,246,954
Equinox Frontier Diversified Fund
Open Trade Equity/(Deficit)	$	3,215,206	$	—		$	3,215,206
Options Purchased		288,413		—			288,413
Options Written		—		(253,018	)		(253,018	)
Swap Contracts	$	6,570,408	$	—		$	6,570,408
Equinox Frontier Long/Short Commodity Fund
Swap Contracts	$	3,633,060	$	—		$	3,633,060
Equinox Frontier Heritage Fund
Swap Contracts	$	7,540,465	$	—		$	7,540,465

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	)
Equinox Frontier Long/Short Commodity Fund
Open Trade Equity/(Deficit)	$	227,827	$	(418,896	)	$	(191,069	)
Options Purchased		98,740		—			98,740
Options Written		—		(172,650	)		(172,650	)
Swap Contract		2,879,910		(423,454	)		2,456,456

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

F-63

of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time.

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

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

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

10. Indemnifications and Guarantees noted in Management Discussion and Analysis

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

11. Subsequent Events

On November 26, 2014, the Trust’s portfolio management team approved an allocation change in an Emil Van Essen trading program that was not fully implemented as intended. As a result, certain series who invested in Emil Van Essen were not allocated sufficient gains and certain other series who invested in Emil Van Essen suffered greater losses. In January 2015, the Managing Owner determined to make a payment to the affected investors within the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund and Equinox Frontier Long/Short Commodity Fund, in the aggregate amount of $1,247,752 to reimburse the effect of the missed gain or higher loss on such investors in the series, and such amount will be recorded in the Statements of Operations as net increase from payments by Managing Owner.

F-64

Report of Independent Registered Public Accounting Firm

To the Executive Committee

Equinox Frontier Funds

We have audited the accompanying consolidated statements of financial condition, including the consolidated condensed schedules of investments, of Equinox Frontier Funds (the Trust) as of December 31, 2014 and 2013, and the related consolidated statements of operations, changes in owners’ capital, and cash flows for each of the three years in the period ended December 31, 2014. These consolidated financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trust is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Equinox Frontier Funds as of December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles.

/s/ McGladrey LLP

Denver, Colorado

March 31, 2015

F-65

Equinox Frontier Funds

Consolidated Statements of Financial Condition

December 31, 2014 and 2013

	12/31/14		12/31/13
ASSETS
Cash and cash equivalents	$	18,977,844	$	9,302,857
U.S. Treasury securities, at fair value		139,953,516		193,678,360
Receivable from futures commission merchants		65,911,348		61,142,898
Open trade equity, at fair value		14,824,422		15,674,650
Options purchased, at fair value		9,075,883		3,033,870
Swap contracts, at fair value		35,990,887		21,455,529
Prepaid service fees		16,042		20,052
Interest receivable		2,151,018		2,652,967
Receivables from related parties		5,661		6,051
Other assets		500,010		55
Total Assets	$	287,406,631	$	306,967,289
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	—
Written options, at fair value		8,963,838		1,222,522
Pending owner additions		41,954		34,112
Owner redemptions payable		159,066		1,604,951
Incentive fees payable to Managing Owner		6,665,328		1,411,260
Management fees payable to Managing Owner		468,154		605,219
Interest payable to Managing Owner		203,086		281,562
Trading fees payable to Managing Owner		324,854		361,397
Service fees payable to Managing Owner		336,115		405,034
Payables to related parties		37,927		18,949
Other liabilities		—		—
Total Liabilities		17,200,322		5,945,006
CAPITAL
Managing Owner Units		5,672,261		4,801,516
Limited Owner Units		264,534,048		296,220,767
Total Capital		270,206,309		301,022,283
Total Liabilities and Capital	$	287,406,631	$	306,967,289

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

F-66

Equinox Frontier Funds

Consolidated Condensed Schedule of Investments

December 31, 2014

Description	Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(4,211,885	)		-1.56	%
Various base metals futures contracts (U.S.)		(61,850	)		-0.02	%
Various currency futures contracts (U.S.)		300,870			0.11	%
Various energy futures contracts (Europe)		(12,920	)		0.00	%
Various energy futures contracts (Far East)		(2,738	)		0.00	%
Various energy futures contracts (U.S.)		(24,310,145	)		-9.00	%
Various interest rates futures contracts (Canada)		184,352			0.07	%
Various interest rates futures contracts (Europe)		3,676,039			1.36	%
Various interest rates futures contracts (Far East)		585,956			0.22	%
Various interest rates futures contracts (Oceanic)		558,353			0.21	%
Various interest rates futures contracts (U.S.)		278,768			0.10	%
Various precious metal futures contracts (Far East)		6,195			0.00	%
Various precious metal futures contracts (U.S.)		(113,453	)		-0.04	%
Various soft futures contracts (Canada)		(1,360	)		0.00	%
Various soft futures contracts (Europe)		33,841			0.01	%
Various soft futures contracts (Oceanic)		(864	)		0.00	%
Various soft futures contracts (U.S.)		(2,494,615	)		-0.92	%
Various stock index futures contracts (Canada)		63,167			0.02	%
Various stock index futures contracts (Europe)		569,188			0.21	%
Various stock index futures contracts (Far East)		26,010			0.01	%
Various stock index futures contracts (Oceanic)		44,530			0.02	%
Various stock index futures contracts (U.S.)		1,412,847			0.52	%
Total Long Futures Contracts	$	(23,469,714	)		-8.68	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	3,745,111			1.39	%
Various base metals futures contracts (U.S.)		101,600			0.04	%
Various currency futures contracts (Far East)		(3,383	)		0.00	%
Various currency futures contracts (U.S.)		2,737,797			1.01	%
Various energy futures contracts (Europe)		49,517			0.02	%
Various energy futures contracts (Far East)		5,389			0.00	%
Various energy futures contracts (U.S.)		12,381,217			4.58	%
Brent Crude Oil Last Day Settling 2/12/2015 (Number of Contracts: 229)		2,871,660			1.06	%
Crude Oil Settling 12/1/2015 (Number of Contracts: 718)		11,036,122			4.08	%
NYH RBOB Unleaded Gas Settling 12/30/2015 (Number of Contracts: 388)		4,267,957			1.58	%
Various interest rates futures contracts (Canada)		6,583			0.00	%
Various interest rates futures contracts (Europe)		(351,916	)		-0.13	%
Various interest rates futures contracts (Far East)		(28,461	)		-0.01	%
Various interest rates futures contracts (Oceanic)		(6,445	)		0.00	%
Various interest rates futures contracts (U.S.)		(602,696	)		-0.22	%
Various precious metal futures contracts (Far East)		(1,052	)		0.00	%
Various precious metal futures contracts (U.S.)		275,350			0.10	%
Various soft futures contracts (Canada)		(194	)		0.00	%
Various soft futures contracts (Europe)		117,563			0.04	%
Various soft futures contracts (Far East)		(4,709	)		0.00	%
Various soft futures contracts (U.S.)		2,823,283			1.04	%
Various stock index futures contracts (Africa)		(8,891	)		0.00	%
Various stock index futures contracts (Europe)		(37,839	)		-0.01	%
Various stock index futures contracts (Far East)		6,134			0.00	%
Various stock index futures contracts (Mexico)		(4,380	)		0.00	%
Various stock index futures contracts (Oceanic)		(9,866	)		0.00	%
Various stock index futures (U.S.)		(138,941	)		-0.05	%
Total Short Futures Contracts	$	39,226,510			14.52	%

F-67

Description	Fair Value			% of Total Capital (Net Asset Value)
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	(932,374	)		-0.35	%
Total Currency Forwards	$	(932,374	)		-0.35	%
Total Open Trade Equity (Deficit)	$	14,824,422			5.49	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	8,407,670			3.11	%
Various soft futures contracts (U.S.)		379,800			0.14	%
Various stock index futures contracts (U.S.)		288,413			0.11	%
Total Options Purchased	$	9,075,883			3.36	%
OPTIONS WRITTEN *
Various energy futures contracts (U.S.)	$	(8,234,010	)		-3.05	%
Various soft futures contracts (U.S.)		(476,810	)		-0.18	%
Various stock index futures contracts (U.S.)		(253,018	)		-0.09	%
Total Options Written	$	(8,963,838	)		-3.32	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	7,540,466			2.79	%
Frontier Brevan Howard swap (U.S.)		18,246,952			6.75	%
Frontier XXXV Diversified select swap (U.S.)		6,570,409			2.43	%
Frontier XXXVII L/S select swap (U.S.)		3,633,060			1.34	%
Total Swaps	$	35,990,887			13.31	%
U.S. TREASURY SECURITIES
FACE VALUE	Fair Value			Fair Value
$15,000,000 US Treasury Note 2.250% due 11/15/2024 (Cost $14,966,695)	$	15,101,953			5.59	%
$75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		95,954,688			35.51	%
$20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		28,896,875			10.69	%
Total U.S. Treasury Securities	$	139,953,516			51.79	%

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

(1) See Notes to Financial Statements, Note 4.

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

F-68

Equinox Frontier Funds

Consolidated Condensed Schedule of Investments

December 31, 2013

Description	Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	5,652,154			1.88	%
Various base metals futures contracts (U.S.)		185,236			0.06	%
Various currency futures contracts (Far East)		—			0.00	%
Various currency futures contracts (U.S.)		1,221,239			0.41	%
Various energy futures contracts (U.S.)		121,939			0.04	%
Various energy futures contracts (Europe)		(155,110	)		-0.05	%
Various energy futures contracts (Far East)		3,805			0.00	%
Various interest rates futures contracts (Canada)		(52,871	)		-0.02	%
Various interest rates futures contracts (Europe)		(1,090,717	)		-0.36	%
Various interest rates futures contracts (Far East)		(395,361	)		-0.13	%
Various interest rates futures contracts (Oceanic)		61,708			0.02	%
Various interest rates futures contracts (U.S.)		(1,287,953	)		-0.43	%
Various precious metal futures contracts (Far East)		—			0.00	%
Various precious metal futures contracts (U.S.)		(11,609	)		0.00	%
Various soft futures contracts (Canada)		—			0.00	%
Various soft futures contracts (Europe)		(11,836	)		0.00	%
Various soft futures contracts (Far East)		—			0.00	%
Various soft futures contracts (U.S.)		(3,830,479	)		-1.27	%
Various stock index futures contracts (Africa)		38,295			0.01	%
Various stock index futures contracts (Canada)		282,928			0.09	%
Various stock index futures contracts (Europe)		2,767,531			0.92	%
Various stock index futures contracts (Far East)		1,399,122			0.46	%
Various stock index futures contracts (Mexico)		413			0.00	%
Various stock index futures contracts (Oceanic)		279,932			0.09	%
Various stock index futures contracts (U.S.)		3,224,823			1.07	%
Total Long Futures Contracts	$	8,403,189			2.79	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(4,388,603	)		-1.46	%
Various base metals futures contracts (U.S.)		(12,775	)		0.00	%
Various currency futures contracts (Far East)		(1,135	)		0.00	%
Various currency futures contracts (U.S.)		2,433,370			0.81	%
Various energy futures contracts (Europe)		172,634			0.06	%
Various energy futures contracts (U.S.)		(137,428	)		-0.05	%
Various interest rates futures contracts (Canada)		36,440			0.01	%
Various interest rates futures contracts (Europe)		686,134			0.23	%
Various interest rates futures contracts (Far East)		101,244			0.03	%
Various interest rates futures contracts (Oceanic)		(77,260	)		-0.03	%
Various interest rates futures contracts (U.S.)		1,339,742			0.45	%
Various precious metal futures contracts (U.S.)		906,216			0.30	%
Various soft futures contracts (Canada)		1,489			0.00	%
Various soft futures contracts (Europe)		5,433			0.00	%
Various soft futures contracts (U.S.)		4,912,131			1.63	%
Various stock index futures contracts (Africa)		—			0.00	%
Various stock index futures contracts (Canada)		—			0.00	%
Various stock index futures contracts (Europe)		(1,174	)		0.00	%
Various stock index futures contracts (Far East)		(1,806	)		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%
Various stock index futures contracts (U.S.)		48,849			0.02	%
Total Short Futures Contracts	$	6,023,501			2.00	%
CURRENCY FORWARDS *
Various currency forwards contracts	$	1,247,960			0.41	%
Total Currency Forwards	$	1,247,960			0.41	%
Total Open Trade Equity (Deficit)	$	15,674,650			5.20	%

F-69

Description	Fair Value			% of Total Capital (Net Asset Value)
OPTIONS PURCHASED *
Various base metals futures contracts (Europe)	$	1,839,592			0.61	%
Various currency futures contracts (U.S.)		386,410			0.13	%
Various energy futures contracts (U.S.)		75,490			0.03	%
Various interest rates futures contracts (U.S.)		528,751			0.18	%
Various precious metal futures contracts (U.S.)		—			0.00	%
Various soft futures contracts (U.S.)		37,644			0.01	%
Various stock index futures contracts (U.S.)		165,983			0.06	%
Total Options Purchased	$	3,033,870			1.02	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	(703,619	)		-0.23	%
Various currency futures contracts (U.S.)		(34,820	)		-0.01	%
Various energy futures contracts (U.S.)		(152,500	)		-0.05	%
Various interest rates futures contracts (U.S.)		(127,500	)		-0.04	%
Various precious metal futures contracts (U.S.)		—			0.00	%
Various soft futures contracts (U.S.)		(20,150	)		-0.01	%
Various stock index futures contracts (U.S.)		(183,933	)		-0.06	%
Total Options Written	$	(1,222,522	)		-0.40	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	10,126,168			3.36	%
Frontier Brevan Howard swap (U.S.)		5,435,184			1.81	%
Frontier XXXV Diversified select swap (U.S.)		3,437,632			1.14	%
Frontier XXXVII L/S select swap (U.S.)		2,456,545			0.82	%
Total Swaps	$	21,455,529			7.13	%
U.S. TREASURY SECURITIES
FACE VALUE	Fair Value			Fair Value
$11,500,000 US Treasury Note 1.125% due 12/31/2019 (Cost $11,178,122)	$	10,853,125			3.61	%
$11,500,000 US Treasury Note 2.000% due 09/30/2020 (Cost $11,611,497)		11,228,672			3.75	%
$25,000,000 US Treasury Note 2.500% due 08/15/2023 (Cost $25,034,823)		23,957,031			8.04	%
$13,000,000 US Treasury Note 2.125% due 08/15/2021 (Cost $13,066,678)		12,575,469			4.21	%
$13,000,000 US Treasury Note 2.000% due 11/15/2021 (Cost $12,945,421)		12,390,625			4.13	%
$75,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,579,227)		95,507,813			32.29	%
$20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		27,165,625			9.20	%
Total U.S. Treasury Securities	$	193,678,360			65.23	%

* 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 Years Ended December 31, 2014, 2013 and 2012

	2014			2013			2012
Investment income:
Interest—net	$	1,121,287		$	4,195,527		$	5,824,751
Total Income		1,121,287			4,195,527			5,824,751
Expenses:
Incentive Fees		11,993,289			2,300,285			12,198,317
Management Fees		5,857,792			8,403,814			12,850,471
Service Fees—Class 1		4,357,428			7,118,910			10,354,157
Trading Fees		3,327,096			5,588,902			7,888,010
Total Expenses		25,535,605			23,411,911			43,290,955
Investment income/(loss)—net		(24,414,318	)		(19,216,384	)		(37,466,204	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		56,215,423			(12,444,197	)		(4,787,818	)
Net change in open trade equity/(deficit)		(1,839,399	)		13,437,427			17,630,808
Net realized gain/(loss) on swap contracts		—			(3,555,134	)		(525,237	)
Net unrealized gain/(loss) on swap contracts		14,535,358			1,539,551			(1,386,497	)
Net realized gain/(loss) on U.S. Treasury securities		(429,638	)		1,078,008			2,245,136
Net unrealized gain/(loss) on U.S. Treasury securities		13,833,243			(7,106,104	)		(3,482,576	)
Trading commissions		(3,828,682	)		(4,862,596	)		(7,746,611	)
Net realized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			—			(2,172,987	)
Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			—			2,084,880
Net gain/(loss) on investments		78,486,305			(11,913,045	)		1,859,098
NET INCREASE/(DECREASE) IN CAPITAL
RESULTING FROM OPERATIONS	$	54,071,987		$	(31,129,429	)	$	(35,607,106	)

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 Years Ended December 31, 2014, 2013 and 2012

	Managing Owner			Limited Owners			Total
Owners’ Capital, December 31, 2011	$	6,538,575		$	631,407,968		$	637,946,543
Sale of Units		—			46,946,971			46,946,971
Redemption of Units		—			(129,300,685	)		(129,300,685	)
Net increase/(decrease) in Capital resulting from operations		(250,809	)		(35,356,297	)		(35,607,106	)
Owners’ Capital, December 31, 2012		6,287,766			513,697,957			519,985,723
Sale of Units		586,202			12,172,842			12,759,044
Redemption of Units		(1,586,194	)		(199,006,861	)		(200,593,055	)
Net increase/(decrease) in Capital resulting from operations		(486,258	)		(30,643,171	)		(31,129,429	)
Owners’ Capital, December 31, 2013		4,801,516			296,220,767			301,022,283
Sale of Units		23,159			15,657,271			15,680,430
Redemption of Units		(317,674	)		(100,250,717	)		(100,568,391	)
Net increase/(decrease) in Capital resulting from operations		1,165,260			52,906,727			54,071,987
Owners’ Capital, December 31, 2014	$	5,672,261		$	264,534,048		$	270,206,309

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 Years Ended December 31, 2014, 2013 and 2012

	2014			2013			2012
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	54,071,987		$	(31,129,429	)	$	(35,607,106	)
Adjustments to reconcile net increase/(decrease) in capital
resulting from operations to net cash provided by (used in)
operating activities:
Change in:
Net change in open trade equity		850,228			(17,493,114	)		(16,671,374	)
Net change in options purchased		(6,042,013	)		10,901,243			(2,001,975	)
Net change in options written		7,741,316			(2,976,676	)		862,872
Net change in allocation of total return swaps		—			—			—
Net unrealized (gain)/loss on swap contracts		(14,535,358	)		(1,539,551	)		1,386,497
Net realized (gain)/loss on swap contracts		—			3,555,134			525,237
Net unrealized (gain)/loss on U.S. Treasury securities		(13,833,243	)		7,106,104			3,482,576
Net realized (gain)/loss on U.S. Treasuries securities		429,638			(1,078,008	)		(2,245,136	)
Net realized (gain)/loss on investment in Berkeley Colorado Quantitative Fund LLC		—			—			2,172,987
Net unrealized (gain)/loss on investment in Berkeley Colorado Quantitative Fund LLC		—			—			(2,084,880	)
(Purchases) sales of:
Sales of swap contracts		—			20,698,367			—
(Purchases) of swap contracts		—			(21,880,000	)		—
(Purchases) of U.S. Treasury securities		(14,984,410	)		(199,626,688	)		—
Sales of U.S. Treasury securities		82,112,859			17,921,554			59,521,241
Sales of custom time deposits		—			311,468,033			46,818,526
Sales of Berkeley Colorado Quantitative Fund LLC					—			6,182,737
Increase and/or decrease in:
Receivable from futures commission merchants		(4,768,450	)		86,886,331			12,337,706
Distributions from trading companies		—			—			—
Prepaid service fees		4,010			120,151			170,227
Interest receivable		501,949			(2,401,337	)		837,094
Receivable from related parties		390			(6,051	)		—
Other assets		(499,955	)		34,989			61,203
Incentive fees payable to Managing Owner		5,254,068			679,141			(1,111,997	)
Management fees payable to Managing Owner		(137,065	)		(398,444	)		(116,832	)
Interest payable to Managing Owner		(78,476	)		(287,553	)		(148,735	)
Trading fees payable to Managing Owner		(36,543	)		(240,936	)		(112,780	)
Service fees payable to Managing Owner		(68,919	)		(247,466	)		(154,190	)
Payables to related parties		18,978			(19,976	)		37,192
Other liabilities		—			(51,485	)		34,876
Net cash provided by (used in) operating activities		96,001,003			179,994,333			74,175,966
Cash Flows from Financing Activities:
Proceeds from sale of capital		15,680,430			12,759,044			46,946,971
Payment for redemption of capital		(100,568,391	)		(200,593,055	)		(129,300,685	)
Pending owner additions		7,842			(126,560	)		(223,785	)
Redemptions payable		(1,445,885	)		174,313			(1,956,488	)
Net cash provided by (used in) financing activities		(86,326,004	)		(187,786,258	)		(84,533,987	)
Net increase (decrease) in cash and cash equivalents		9,674,987			(7,791,925	)		(10,358,021	)
Cash and cash equivalents, beginning of period		9,302,857			17,094,782			27,452,803
Cash and cash equivalents, end of period	$	18,977,844		$	9,302,857		$	17,094,782

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

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Equinox Frontier Funds

Notes to Consolidated Financial Statements

1. Organization and Purpose

Equinox Frontier Funds, which is referred to in this report as “the Trust”, 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, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts), and may, from time to time, engage in cash and spot transactions;

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

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

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

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

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

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

As of December 31, 2014, 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

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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 six separate Classes—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of U.S. Treasury Securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

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

The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, currency trading companies, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence or bad faith.

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

Basis of Presentation—The Trust 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.

Use of Estimates—The preparation of financial statements in conformity with GAAP may require the Managing Owner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The valuation of swap contracts requires significant estimates as well as the valuation of certain other investments. Please refer to Note 3 for discussion of valuation methodology. Actual results could differ from these estimates and such differences could be material.

Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with original maturities of three months or less. This cash is not restricted.

Interest Income—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, and shown net on the consolidated statement of operations.

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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. 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 six classes of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that fees charged to a Class or Series differ as described below. Revenues, expenses (other than expenses attributable to a specific class), and realized and unrealized trading gains and losses of each Series are allocated daily to Class 1, Class 1a, Class 2, Class 2a, Class 3 and Class 3a Units based on each Class’ respective owners’ capital balances as applicable to the classes maintained by the Series.

Investments and Swaps—The Trust records investment transactions on a trade date basis and all investments are recorded at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported at fair value basis upon daily reports from the counterparty. The Managing Owner values the investments 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

F-77

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 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, 2014, 2013 and 2012. The 2011 through 2014 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 six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents.

These service fees are part of the offering costs of the Trust, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are born by

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the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

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

Recently Adopted Accounting Pronouncements—In 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 February, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material effect on the Trust’s consolidated financial statements. Early adoption is permitted. In May 2014 the FASB issued a final standard on revenue from contracts with customers. The standard, issued as FASB ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. A full retrospective or modified retrospective approach may be taken to adopt the guidance in the ASU. The Trust is currently evaluating the impact of the provisions of ASU 2014-09 on its consolidated financial position, results of operations and related disclosures.

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

3. 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.

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Level 2 Inputs

Inputs other than quoted prices included in Level 1 that are observable for the financial assets or liabilities, either directly or indirectly. These might include quoted prices for similar financial assets in active markets, quoted prices for identical or similar financial assets in markets that are not active, inputs other than quoted prices that are observable for the financial assets or inputs that are derived principally from or corroborated by market data by correlation or other means.

Level 3 Inputs

Unobservable inputs for determining the fair value of financial assets that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the financial asset.

The Trust uses the following methodologies to value instruments within its financial asset portfolio at fair value:

Trading Securities. These instruments include U.S. Treasury securities and open trade equity positions (futures contracts) that are actively traded on public markets with quoted pricing for corroboration. U.S. Treasury securities and futures contracts are reported at fair value using Level 1 inputs. Trading securities instruments further include 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

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

December 31, 2014	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	15,756,796	$	(932,374	)	$	—	$	14,824,422
Swap Contracts		—		—			35,990,887		35,990,887
U.S. Treasury Securities		139,953,516		—			—		139,953,516
Purchased Options		—		9,075,883			—		9,075,883
Written Options		—		(8,963,838	)		—		(8,963,838	)

December 31, 2013	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	14,426,691	$	1,247,959		$	—	$	15,674,650
Swap Contracts		—		—			21,455,529		21,455,529
U.S. Treasury Securities		193,678,360		—			—		193,678,360
Purchased options		—		3,033,870			—		3,033,870
Written Options		—		(1,222,522	)		—		(1,222,522	)

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

	For the Year ended December 31, 2014
Balance of recurring Level 3 assets as of January 1, 2014	$	21,455,529
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		14,535,358
Purchases of investments		—
Sales of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2014	$	35,990,887

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

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

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2014.

	2014
Swaps	$	14,535,358

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2013.

	2013
Swaps	$	(420,970	)

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2012.

	2012
Swaps	$	(1,265,968	)

4. Swaps

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

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The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 2014 and 2013, approximately 12.5% or $35,990,887 and 7.0% or $21,455,529, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps and is recorded as Swap Contracts, at fair value on the Statements of Financial Condition of the Trust. This cash held with the counterparty is not restricted.

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

The Trust had invested in the following swaps as of and for the year ended December 31, 2014:

	Brevan Howard Total Return Swap		XXXIV Balanced select swap Total Return Swap		XXXV Diversified select swap Total Return Swap		XXXVII L/S select swap Total Return Swap
Counterparty		DeutscheBank AG		DeutscheBank AG		DeutscheBank AG		DeutscheBank AG
Notional Amount	$	17,663,283	$	67,610,098	$	35,500,000	$	13,590,513
Termination Date		3/26/2018		8/2/2018		8/2/2018		8/7/2018
Cash Collateral	$	5,993,000	$	9,600,000	$	3,400,000	$	2,880,000
Swap Value	$	1,547,465	$	8,646,954	$	3,170,408	$	753,060
Investee Returns		Total Returns		Total Returns		Total Returns		Total Returns
Realized Gain/(Loss)	$	0	$	0	$	0	$	0
Change in Unrealized Gain/(Loss)	$	2,105,282	$	8,120,784	$	3,132,777	$	1,176,515
Fair Value as of 12/31/2014	$	7,540,465	$	18,246,954	$	6,570,408	$	3,633,060

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

	Total Return Swap			Total Return Swap			Total Return Swap
Counterparty		Societe Generale			DeutscheBank			DeutscheBank AG
Notional Amount	$	—		$	—		$	64,000,000
Termination Date		11/21/2014			6/30/2016			8/2/2018
Cash Collateral							$	9,600,000
Swap Value							$	526,168
Investee Returns		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	(1,646,391	)	$	(1,908,743	)	$	—
Change in Unrealized Gain/(Loss)	$	214,265		$	1,746,258		$	526,168
Fair Value as of 12/31/13	$	—		$	—		$	10,126,168
	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
Cash Collateral	$	2,880,000		$	3,400,000		$	5,996,500
Swap Value	$	(423,455	)		37,632		$	(561,316	)
Investee Returns		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—
Change in Unrealized Gain/(Loss)	$	(423,455	)	$	37,632		$	(561,316	)
Fair Value as of 12/31/13	$	2,456,545		$	3,437,632		$	5,435,184

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5. Transactions with Affiliates

The Managing Owner contributes funds to the Trust in order to have a 1% interest in the aggregate capital, profits and losses and in return will receive units designated as general units in the Series of the Trust in which the Managing Owner invests such funds. The general units may only be purchased by the Managing Owner and may be subject to no advisory fees or management advisory fees at reduced rates. Otherwise, the general units hold the same rights as the limited units. The Managing Owner is required to maintain at least a 1% interest (“Minimum Purchase Commitment”) in the aggregate capital, profits and losses of the Trust so long as it is acting as the Managing Owner of the Trust. Such contribution was made by the Managing Owner before trading commenced for the Trust and will be maintained throughout the existence of the Trust, and the Managing Owner will make such purchases as are necessary to effect this requirement. Additionally, the Managing Owner agreed with certain regulatory bodies to maintain a 1% interest specifically in the Equinox Frontier Balanced Fund Class 1a Units and Equinox Frontier Balanced Fund Class 2a Units, aggregated, and each of the Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund. The 1% interest in these specific Series of the Trust is included in computing the Minimum Purchase Commitment in aggregate capital. In addition to the general units the Managing Owner receives in respect of its Minimum Purchase Commitment, the Managing Owner may purchase limited units in any Series as a Limited Owner. Principals of the Managing Owner or affiliates are allowed to own beneficial interests in the Trust, as well. All units purchased by the Managing Owner are held for investment purposes only and not for resale. The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates.

Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the nominal assets of such Series, calculated on a daily basis. The total amount of assets of a series allocated to trading advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisors and any reference programs, is referred to herein as the “nominal assets” of the series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 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) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the series by the Managing Owner. As of the date of this Form 10-K, the trading advisor for a series that has invested in a swap has not received any management fees directly from the series for such swap, and instead the relevant trading advisor receives compensation via the fees embedded in the swap.

The management fee as a percentage of the applicable series’ net asset value will be greater than the percentage indicated above to the extent that the nominal assets of the series exceeds its net asset value. The managing owner expects that the nominal assets of each series will generally be maintained at a level in excess of the net asset value of such series and such excess may be substantial to the extent the managing owner deems necessary to achieve the desired level of volatility.

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

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

As of December 31, 2014, the Trust has a payable to the Managing Owner in the amounts of $6,665,328, $468,154, $203,086, $324,854, and $336,115 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 year ended December 31, 2014, the Trust paid the Managing Owner $11,993,289, $5,857,792, $4,357,428 and $3,327,096 for incentive fees, management fees, service fees, and trading fees, respectively.

For the year ended December 31, 2013, the Trust paid the Managing Owner $2,300,285, $8,403,814, $7,118,910 and $5,588,902 for incentive fees, management fees, service fees, and trading fees, respectively.

For the year ended December 31, 2012, the Trust paid the Managing Owner $12,198,317, $12,850,471, $10,354,157 and $7,888,010 for incentive fees, management fees, service fees, and trading fees, respectively.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the years ended December 31, 2014 and 2013 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were ($19,369) and ($18,328), respectively.

Aggregate interest income from all sources, including assets held at clearing brokers, up to 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Masters Fund, and Equinox Frontier Balanced Fund (Class 1a and Class 2a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. During the years ended December 31, 2014, 2013 and 2012, the Trust paid

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$2,341,214, $5,133,860 and $7,373,409, respectively, of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations.

The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, and $300,000 for the third and final year for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $268,281, $1,113,677 and 766,944, respectively under this agreement for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts do not impact the Trust’s financial statements.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $1,040,000, $1,415,000 and 437,245, respectively, for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts do not impact the Trust’s financial statements.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $1,136,465, $1,813,029 and $2,627,888, respectively, for the years ended December 31, 2014, 2013 and 2012. These amounts do not impact the Trust’s financial statements.

Equinox Group Distributors LLC, an affiliate under common control of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations.

6. Financial Highlights

The following information presents the financial highlights of the Trust for the year ended December 31, 2014, 2013 and 2012. This data has been derived from the information presented in the consolidated financial statements.

	2014			2013			2012
Ratios to average net assets
Net investment gain/(loss)		-9.32	%		-4.72	%		-6.41	%
Expenses before incentive fees (1)		5.17	%		5.18	%		5.32	%
Expenses after incentive fees (1)		9.75	%		5.75	%		7.41	%
Total return before incentive fees		25.23	%		-7.08	%		-4.01	%
Total return after incentive fees		20.65	%		-7.64	%		-6.09	%

(1) 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 December 31, 2014 and 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.

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For the years ended December 31, 2014, 2013 and 2012, the monthly average of futures contracts bought was approximately 28,999, 75,200 and 69,300, respectively and sold was approximately 28,961 and 81,900, 68,200, respectively.

The following tables summarize the trading revenues for the years ended December 31, 2014, 2013 and 2012 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2014 (1)

Type of contract
Metals	$	(256,981	)
Currencies		17,899,627
Energies		3,916,742
Agriculturals		1,567,689
Interest rates		29,064,075
Stock indices		4,024,271
Realized trading income/(loss)(1)	$	56,215,423

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

for the Year Ended December 31, 2014 (2)

Type of contract
Metals	$	(1,062,356	)
Currencies		(3,251,824	)
Energies		2,821,849
Agriculturals		385,834
Interest rates		4,804,024
Stock indices		(5,536,926	)
Change in unrealized trading income/(loss)(2)	$	(1,839,399	)

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2013 (1)

Type of contract
Metals	$	5,462,839
Currencies		(12,769,910	)
Energies		(16,450,880	)
Agriculturals		(2,150,189	)
Interest rates		(31,078,862	)
Stock indices		44,542,805
Realized trading income/(loss) (1)	$	(12,444,197	)

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

for the Year Ended December 31, 2013 (2)

Type of contract
Metals	$	6,511,874
Currencies		3,826,678
Energies		(238,494	)
Agriculturals		654,420
Interest rates		(3,278,656	)
Stock indices		5,961,605
Change in unrealized trading income/(loss) (2)	$	13,437,427

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2012 (1)

Type of contract
Metals	$	(22,838,438	)
Currencies		(2,494,663	)
Energies		(27,005,365	)
Agriculturals		3,256,857
Interest rates		35,056,534
Stock indices		9,237,257
Realized trading income/(loss) (1)	$	(4,787,818	)

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

for the Year Ended December 31, 2012 (2)

Type of contract
Metals	$	1,556,325
Currencies		18,010,199
Energies		(3,566,647	)
Agriculturals		(2,041,315	)
Interest rates		2,248,451
Stock indices		1,423,795
Change in unrealized trading income/(loss) (2)	$	17,630,808

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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

F-88

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

Offsetting of Derivative Assets and Liabilities

As of December 31, 2014	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Open Trade Equity/(Deficit)	$	17,120,111	$	(2,295,689	)	$	14,824,422
Options Purchased		9,075,883		—			9,075,883
Options Written		—		(8,963,838	)		(8,963,838	)
Swap Contracts		35,990,887		—			35,990,887

Offsetting of Derivative Assets and Liabilities

As of December 31, 2013	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Open Trade Equity/(Deficit)	$	16,274,437	$	(599,787	)	$	15,674,650
Options Purchased		3,033,870		—			3,033,870
Options Written		—		(1,222,522	)		(1,222,522	)
Swap Contracts		21,879,883		(424,354	)		21,455,529

8. Trading Activities and Related Risks

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

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

F-89

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.

10. Subsequent Events

On November 26, 2014, the Trust’s portfolio management team approved an allocation change in an Emil Van Essen trading program that was not fully implemented as intended. As a result, certain series who invested in Emil Van Essen were not allocated sufficient gains and certain other series who invested in Emil Van Essen suffered greater losses. In January 2015, the Managing Owner determined to make a payment to the affected investors within the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund and Equinox Frontier Long/Short Commodity Fund, in the aggregate amount of $1,247,752 to reimburse the effect of the missed gain or higher loss on such investors in the series, and such amount will be recorded in the Statements of Operations as net increase from payments by Managing Owner.

F-90

Report of Independent Registered Public Accounting Firm

To the Executive Committee and Equinox Frontier Funds,

as sole member of the Trading Companies

We have audited the accompanying statements of financial condition, including the condensed schedules of investments, of the Frontier Trading Company I, LLC, Frontier Trading Company II, LLC, Frontier Trading Company V, LLC, Frontier Trading Company VII, LLC, Frontier Trading Company IX, LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, Frontier Trading Company XVII, LLC, Frontier Trading Company XVIII, LLC, Frontier Trading Company XXI, LLC, Frontier Trading Company XXIII, LLC, Frontier Trading Company XXIX, LLC, Frontier Trading Company XXXIV, LLC, Frontier Trading Company XXXV, LLC, Frontier Trading Company XXXVII, LLC, Frontier Trading Company XXXVIII, LLC, and Frontier Trading Company XXXIX, LLC (collectively, the Trading Companies) as of December 31, 2014 and 2013, and the related statements of operations, changes in members’ equity, and cash flows for each of the three years in the period ended December 31, 2014. These financial statements are the responsibility of the Trading Companies’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trading Companies are not required to have, nor were we engaged to perform an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trading Companies’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Frontier Trading Company I, LLC, Frontier Trading Company II, LLC, Frontier Trading Company V, LLC, Frontier Trading Company VII, LLC, Frontier Trading Company IX, LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, Frontier Trading Company XVII, LLC, Frontier Trading Company XVIII, LLC, Frontier Trading Company XXI, LLC, Frontier Trading Company XXIII, LLC, Frontier Trading Company XXIX, LLC, Frontier Trading Company XXXIV, LLC, Frontier Trading Company XXXV, LLC, Frontier Trading Company XXXVII, LLC, Frontier Trading Company XXXVIII, LLC, and Frontier Trading Company XXXIX, LLC as of December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles.

/s/ McGladrey LLP

Denver, Colorado

March 31, 2015

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The Trading Companies of Equinox Frontier Funds

Statements of Financial Condition

December 31, 2014 and 2013

	Frontier Trading Company I, LLC				Frontier Trading Company II, LLC				Frontier Trading Company VII, LLC
	12/31/2014		12/31/2013		12/31/2014		12/31/2013		12/31/2014		12/31/2013
ASSETS
Receivable from futures commission merchants	$	22,731,131	$	16,469,042	$	10,851,264	$	13,212,581	$	6,694,318	$	7,268,432
Open trade equity, at fair value		3,215,205		3,162,843		3,473,284		4,321,293		3,469,339		0
Options purchased, at fair value		288,413		165,983		—		—		8,787,472		98,740
Interest receivable		—		—		421		155		—		—
Total Assets	$	26,234,749	$	19,797,868	$	14,324,969	$	17,534,029	$	18,951,129	$	7,367,172
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Payable to futures commission merchants	$	—	$	—	$	—	$	—	$	—	$	—
Interest payable		2,027		2,361		0		—		170		164
Options written, at fair value		253,017		183,932		—		—		8,710,817		172,650
Open trade deficit, at fair value		—		—		—		—		0		191,069
Total Liabilities		255,044		186,293		0		—		8,710,987		363,883
MEMBERS’ EQUITY (Net Asset Value)		25,979,705		19,611,575		14,324,969		17,534,029		10,240,142		7,003,289
Total Liabilities and Members’ Equity	$	26,234,749	$	19,797,868	$	14,324,969	$	17,534,029	$	18,951,129	$	7,367,172
	Frontier Trading Company XIV, LLC				Frontier Trading Company XV, LLC				Frontier Trading Company XVIII, LLC
	12/31/2014		12/31/2013		12/31/2014		12/31/2013		12/31/2014		12/31/2013
ASSETS
Receivable from futures commission merchants	$	3,682,543	$	2,822,890		13,741,985	$	13,257,812	$	—	$	568,376
Open trade equity, at fair value		1,024,868		706,184		1,658,917		4,087,038		—		—
Options Purchased, at fair value		—		—		—		2,769,147		—		—
Interest receivable		—		—		68		657		—		—
Total Assets	$	4,707,411	$	3,529,074	$	15,400,970	$	20,114,654	$	—	$	568,376
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Payable to futures commission merchants	$	—	$	—	$	—	$	—	$	—	$	—
Interest payable		389		1,377		0		—		—		1
Options written, at fair value		—		—		—		865,940		—		—
Open trade deficit, at fair value		—		—		—		—		—		—
Total Liabilities		389		1,377		0		865,940		—		1
MEMBERS’ EQUITY (Net Asset Value)		4,707,022		3,527,697		15,400,970		19,248,714		0		568,375
Total Liabilities and Members’ Equity	$	4,707,411	$	3,529,074	$	15,400,970	$	20,114,654	$	0	$	568,376

F-92

	Frontier Trading Company XXIII, LLC (1)				Frontier Trading Company XXIX, LLC (6)				Frontier Trading Company XXXIV LLC (3)
	12/31/2014		12/31/2013		12/31/2014		12/31/2013		12/31/2014		12/31/2013
ASSETS
Receivable from futures commission merchants	$	2,631,364	$	4,183,822	$	1,946,362	$	—	$	687,693	$	—
Open trade equity, at fair value		893,605		67,845		—		—		—		—
Swap contracts, at fair value		—		—		—		—		18,246,955		10,126,168
Interest receivable		—		—		23		—		—		—
Total Assets	$	3,524,969	$	4,251,667	$	1,946,385	$	—	$	18,934,648	$	10,126,168
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Payable to futures commission merchants	$	—	$	—	$	—	$	—	$	—	$	—
Interest payable		—		—		0		—		601		—
Options written, at fair value		—		—		—		—		—		—
Open trade deficit, at fair value		—		—		279,840		—		—		—
Total Liabilities		—		—		279,840		—		601		—
MEMBERS’ EQUITY (Net Asset Value)		3,524,969		4,251,667		1,666,545		—		18,934,047		10,126,168
Total Liabilities and Members’ Equity	$	3,524,969	$	4,251,667	$	1,946,385	$	—	$	18,934,648	$	10,126,168
	Frontier Trading Company XXXV LLC (3)				Frontier Trading Company XXXVII LLC (5)				Frontier Trading Company XXXVIII LLC (4)
	12/31/2014		12/31/2013		12/31/2014		12/31/2013		12/31/2014		12/31/2013
ASSETS
Receivable from futures commission merchants	$	—	$	—	$	—	$	—	$	2,944,692	$	3,359,991
Open trade equity, at fair value		—		—		—		—		1,369,043		3,520,515
Swap contracts, at fair value		6,570,409		3,437,632		3,633,060		2,456,545		—		—
Interest receivable		—		—		—		—		—		—
Total Assets	$	6,570,409	$	3,437,632	$	3,633,060	$	2,456,545	$	4,313,735	$	6,880,506
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Payable to futures commission merchants	$	—	$	—	$	—	$	—	$	—	$	—
Interest payable		—		—		—		—		52		227
Options written, at fair value		—		—		—		—		—		—
Open trade deficit, at fair value		—		—		—		—		—		—
Total Liabilities		—		—		—		—		52		227
MEMBERS’ EQUITY (Net Asset Value)		6,570,409		3,437,632		3,633,060		2,456,545		4,313,683		6,880,279
Total Liabilities and Members’ Equity	$	6,570,409	$	3,437,632	$	3,633,060	$	2,456,545	$	4,313,735	$	6,880,506

F-93

	Frontier Trading Company XXXIX LLC (2)
	12/31/2014		12/31/2013
ASSETS
Receivable from futures commission merchants	$	—	$	—
Open trade equity, at fair value		—		—
Swap contracts, at fair value		7,543,966		5,435,184
Interest receivable		—		—
Total Assets	$	7,543,966	$	5,435,184
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Payable to futures commission merchants	$	3,500	$	—
Interest payable		—		—
Other liabilities		—		—
Open trade deficit, at fair value		—		—
Total Liabilities	$	3,500		—
MEMBERS’ EQUITY (Net Asset Value)		7,540,466		5,435,184
Total Liabilities and Members’ Equity	$	7,543,966	$	5,435,184

(1) Trading Company XXIII commenced trading operations in January 2012.

(2) Trading Company XXXIX commenced trading operations in March 2013.

(3) Trading Company XXXIV and XXXV commenced trading operations in July 2013.

(4) Trading Company XXXVII commenced trading operations in August 2013.

(5) Trading Company XXXVIII commenced trading operations in November 2013.

(6) Trading Company XXIX commenced trading operations in November 2014

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

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The Trading Companies of the Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2014

	Frontier Trading Company I LLC						Frontier Trading Company II LLC						Frontier Trading Company VII LLC						Frontier Trading Company XIV LLC
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(312,320	)		-1.20	%	$	(391,586	)		-2.73	%	$	(14,354	)		-0.14	%	$	(443,923	)		-9.43	%
Various base metals futures contracts (U.S.)		(48,075	)		-0.19	%		—			0.00	%		—			0.00	%		—			0.00	%
Various currency futures contracts (U.S.)		560,666			2.16	%		11,440			0.08	%		42,799			0.42	%		15,844			0.34	%
Various energy futures contracts (Europe)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		10,206			0.04	%		(379,300	)		-2.65	%		(22,534,214	)		-220.06	%		(972,835	)		-20.67	%
Various interest rates futures contracts (Canada)		79,701			0.31	%		20,360			0.14	%		—			0.00	%		8,018			0.17	%
Various interest rates futures contracts (Europe)		676,493			2.60	%		1,587,953			11.09	%		56,709			0.55	%		290,958			6.18	%
Various interest rates futures contracts (Far East)		208,691			0.80	%		159,563			1.11	%		—			0.00	%		37,736			0.80	%
Various interest rates futures contracts (Oceanic)		299,804			1.15	%		94,126			0.66	%		—			0.00	%		30,873			0.66	%
Various interest rates futures contracts (U.S.)		289,361			1.11	%		(166,778	)		-1.16	%		(142,799	)		-1.39	%		26,385			0.56	%
Various precious metal futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various precious metal futures contracts (U.S.)		(60,655	)		-0.23	%		—			0.00	%		4,582			0.04	%		1,115			0.02	%
Various soft futures contracts (Canada)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Europe)		2,809			0.01	%		23,018			0.16	%		—			0.00	%		3,085			0.07	%
Various soft futures contracts (Oceanic)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		(89,038	)		-0.34	%		(122,345	)		-0.85	%		(2,042,234	)		-19.94	%		(73,935	)		-1.57	%
Various stock index futures contracts (Canada)		33,439			0.13	%		11,810			0.08	%		—			0.00	%		18,623			0.40	%
Various stock index futures contracts (Europe)		(44,720	)		-0.17	%		278,820			1.95	%		—			0.00	%		34,226			0.73	%
Various stock index futures contracts (Far East)		14,786			0.06	%		(82,139	)		-0.57	%		—			0.00	%		(11,078	)		-0.24	%
Various stock index futures contracts (Oceanic)		35,072			0.13	%		10,846			0.08	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (U.S.)		370,308			1.43	%		646,554			4.51	%		8,732			0.09	%		112,478			2.39	%
Total Long Futures Contracts	$	2,026,528			7.80	%	$	1,702,342			11.90	%	$	(24,620,779	)		-240.43	%	$	(922,430	)		-19.59	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)		251,789			0.97	%		302,951			2.11	%	$	25,336			0.25	%	$	305,976			6.50	%
Various base metals futures contracts (U.S.)		50,963			0.20	%		20,375			0.14	%		10,300			0.10	%		9,325			0.20	%
Various currency futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various currency futures contracts (U.S.)		360,124			1.39	%		893,008			6.23	%		158,136			1.54	%		34,431			0.73	%
Various energy futures contracts (Europe)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		356,351			1.37	%		891,223			6.22	%		2,818,105			27.52	%		332,080			7.05	%
Brent Crude Settling 3/1/2015 (number of contracts: -661)		—			0.00	%		—			0.00	%		1,956,120			19.10	%		—			0.00	%
Crude Oil Settling 12/1/2015 (number of contracts: -714)		—			0.00	%		—			0.00	%		10,987,452			107.30	%		—			0.00	%

F-95

	Frontier Trading Company I LLC						Frontier Trading Company II LLC						Frontier Trading Company VII LLC						Frontier Trading Company XIV LLC
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)
Heat Oil Settling 5/28/2015 (number of contracts: -372)		—			0.00	%		—			0.00	%		1,015,720			9.92	%		—			0.00	%
Brent Crude Oil Last Day Settling 2/12/2015 (number of contracts: -229)		—			0.00	%		—			0.00	%		2,871,660			28.04	%		—			0.00	%
Brent Crude Settling 7/1/2015 (number of contracts: -74)		—			0.00	%		—			0.00	%		590,890			5.77	%		—			0.00	%
NYH RBOB Unleaded Gas Settling 12/30/2015 (number of contracts: -388)		—			0.00	%		—			0.00	%		4,267,957			41.68	%		—			0.00	%
NYH RBOB Unleaded Gas Settling 7/30/2015 (number of contracts: -130)		—			0.00	%		—			0.00	%		2,097,900			20.49	%		—			0.00	%
Gas Oil Settling 3/31/2015 (number of contracts: -54)		—			0.00	%		—			0.00	%		—			0.00	%		394,875			8.39	%
Brent Crude Settling 2/1/2015 (number of contracts: -77)		—			0.00	%		—			0.00	%		—			0.00	%		655,530			13.93	%
Crude Oil Settling 2/1/2015 (number of contracts: -54)		—			0.00	%		—			0.00	%		—			0.00	%		452,980			9.62	%
Various interest rates futures contracts (Canada)		12,112			0.05	%		215			0.00	%		—			0.00	%		—			0.00	%
Various interest rates futures contracts (Europe)		(14,958	)		-0.06	%		(342	)		0.00	%		(75,159	)		-0.73	%		(13,206	)		-0.28	%
Various interest rates futures contracts (Far East)		—			0.00	%		—			0.00	%		(28,461	)		-0.28	%		—			0.00	%
Various interest rates futures contracts (Oceanic)		—			0.00	%		(4,773	)		-0.03	%		—			0.00	%		—			0.00	%
Various interest rates futures contracts (U.S.)		(128	)		0.00	%		—			0.00	%		(548,940	)		-5.36	%		1,353			0.03	%
Various precious metal futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various precious metal futures contracts (U.S.)		7,685			0.03	%		92,540			0.65	%		10,480			0.10	%		27,230			0.58	%
Various soft futures contracts (Canada)		—			0.00	%		(194	)		0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Europe)		92,535			0.36	%		5,215			0.04	%		—			0.00	%		6,020			0.13	%
Various soft futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		78,930			0.30	%		186,922			1.30	%		851,899			8.32	%		72,236			1.53	%
Coffee Settling 5/29/2015 (number of contracts: -370)		—			0.00	%		—			0.00	%		1,080,724			10.55	%		—			0.00	%
Various stock index futures contracts (Africa)		—			0.00	%		(4,710	)		-0.03	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Europe)		(24,501	)		-0.09	%		—			0.00	%		—			0.00	%		(7,126	)		-0.15	%
Various stock index futures contracts (Far East)		(28,299	)		-0.11	%		34,304			0.24	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Mexico)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—			0.00	%		—			0.00	%		(1,348	)		-0.03	%
Various stock index futures contracts (U.S.)		2,837			0.01	%		(89,920	)		-0.63	%		—			0.00	%		(6,875	)		-0.15	%
Total Short Futures Contracts	$	1,145,440			4.42	%	$	2,326,814			16.24	%	$	28,090,117			274.31	%	$	2,263,481			48.08	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	43,237			0.17	%	$	(555,872	)		-3.88	%	$	—			0.00	%	$	(316,183	)		-6.72	%
Total Currency Forwards	$	43,237			0.17	%	$	(555,872	)		-3.88	%	$	—			0.00	%	$	(316,183	)		-6.72	%
Total Open Trade Equity (Deficit)	$	3,215,205			12.39	%	$	3,473,284			24.26	%	$	3,469,339			33.88	%	$	1,024,868			21.77	%

F-96

	Frontier Trading Company I LLC						Frontier Trading Company II LLC					Frontier Trading Company VII LLC						Frontier Trading Company XIV LLC
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%	$	474,932			4.64	%	$	—		0.00	%
Crude Oil Settling 1/16/2015 (number of contracts: 1438)		—			0.00	%		—		0.00	%		549,890			5.37	%		—		0.00	%
Crude Oil Settling 5/18/2015 (number of contracts: 1044)		—			0.00	%		—		0.00	%		751,680			7.34	%		—		0.00	%
Crude Oil Settling 6/19/2015 (number of contracts: 2034)		—			0.00	%		—		0.00	%		668,760			6.53	%		—		0.00	%
Crude Oil Settling 3/19/2015 (number of contracts: 1044)		—			0.00	%		—		0.00	%		783,000			7.65	%		—		0.00	%
Crude Oil Settling 2/19/2015 (number of contracts: 1438)		—			0.00	%		—		0.00	%		732,870			7.16	%		—		0.00	%
Crude Oil Settling 9/21/2015 (number of contracts: 2034)		—			0.00	%		—		0.00	%		777,380			7.59	%		—		0.00	%
Crude Oil Settling 10/19/2015 (number of contracts: 2034)		—			0.00	%		—		0.00	%		774,350			7.56	%		—		0.00	%
Crude Oil Settling 11/19/2015 (number of contracts: 2034)		—			0.00	%		—		0.00	%		670,780			6.55	%		—		0.00	%
Crude Oil Settling 8/19/2015 (number of contracts: 2034)		—			0.00	%		—		0.00	%		730,140			7.13	%		—		0.00	%
Crude Oil Settling 4/20/2015 (number of contracts: 1044)		—			0.00	%		—		0.00	%		798,660			7.80	%		—		0.00	%
Crude Oil Settling 7/20/2015 (number of contracts: 2034)		—			0.00	%		—		0.00	%		695,230			6.79	%		—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		379,800			3.71	%		—		0.00	%
Various stock index futures contracts (U.S.)		288,413			1.11	%		—		0.00	%		—			0.00	%		—		0.00	%
Total Options Purchased	$	288,413			1.11	%	$	—		0.00	%	$	8,787,472			85.82	%	$	—		0.00	%
OPTIONS WRITTEN *
Various energy futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%	$	(8,234,007	)		-80.41	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		(476,810	)		-4.66	%		—		0.00	%
Various stock index futures contracts (U.S.)		(253,017	)		-0.97	%		—		0.00	%		—			0.00	%		—		0.00	%
Total Options Written	$	(253,017	)		-0.97	%	$	—		0.00	%	$	(8,710,817	)		-85.07	%	$	—		0.00	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	—			0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Frontier Brevan Howard swap (U.S.)		—			0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Frontier XXXV Diversified select swap (U.S.)		—			0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Frontier XXXVII L/S select swap (U.S.)		—			0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Total Swaps	$	—			0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.

(1) See Notes to Financial Statements, Note 4.

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

F-97

The Trading Companies of the Equinox Frontier Funds (1)

Condensed Schedule of Investments

December 31, 2014

	Frontier Trading Company XV LLC						Frontier Trading Company XXIII LLC (2)						Frontier Trading Company XXIX LLC						Frontier Trading Company XXXIV LLC (3)
Description	Value			% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(3,049,702	)		-19.80	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		(13,775	)		-0.09	%		—			0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		(15,506	)		-0.10	%		(86,913	)		-2.47	%		(167,835	)		-10.07	%		—		0.00	%
Various energy futures contracts (Europe)		(12,920	)		-0.08	%		—			0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		(2,738	)		-0.16	%		—		0.00	%
Various energy futures contracts (U.S.)		1,561			0.01	%		(65,774	)		-1.87	%		(369,788	)		-22.19	%		—		0.00	%
Various interest rates futures contracts (Canada)		40,078			0.26	%		35,722			1.01	%		473			0.03	%		—		0.00	%
Various interest rates futures contracts (Europe)		427,782			2.78	%		373,410			10.59	%		37,578			2.25	%		—		0.00	%
Long GILT Bond Settling 3/31/2015 (number of contracts: 63)		—			0.00	%		182,329			5.17	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		15,988			0.10	%		156,631			4.44	%		7,347			0.44	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		56,954			0.37	%		70,277			1.99	%		6,318			0.38	%		—		0.00	%
Various interest rates futures contracts (U.S.)		159,627			1.04	%		94,395			2.68	%		18,578			1.11	%		—		0.00	%
Various precious metal futures contracts (Far East)		2,521			0.02	%		—			0.00	%		3,673			0.22	%		—		0.00	%
Various precious metal futures contracts (U.S.)		(2,840	)		-0.02	%		—			0.00	%		(55,655	)		-3.34	%		—		0.00	%
Various soft futures contracts (Canada)		(282	)		0.00	%		—			0.00	%		(1,077	)		-0.06	%		—		0.00	%
Various soft futures contracts (Europe)		2,476			0.02	%		—			0.00	%		2,453			0.15	%		—		0.00	%
Various soft futures contracts (Oceanic)		(864	)		-0.01	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(19,677	)		-0.13	%		—			0.00	%		(115,022	)		-6.90	%		—		0.00	%
Various stock index futures contracts (Canada)		(706	)		0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		157,864			1.03	%		21,484			0.61	%		17,720			1.06	%		—		0.00	%
Various stock index futures contracts (Far East)		261			0.00	%		(9,451	)		-0.27	%		13,774			0.83	%		—		0.00	%
Various stock index futures contracts (Oceanic)		(1,389	)		-0.01	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		161,383			1.05	%		58,582			1.66	%		5,253			0.32	%		—		0.00	%
Total Long Futures Contracts	$	(2,091,166	)		-13.56	%	$	830,692			23.54	%	$	(598,948	)		-35.93	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)		2,859,059			18.56	%		—			0.00	%	$	—			0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		2,113			0.06	%		8,525			0.51	%		—		0.00	%
Various currency futures contracts (Far East)		(3,383	)		-0.02	%		—			0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		45,753			0.30	%		204,629			5.81	%		177,804			10.67	%		—		0.00	%
Various energy futures contracts (Europe)		49,517			0.32	%		—			0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		5,389			0.32	%		—		0.00	%
Various energy futures contracts (U.S.)		679,539			4.41	%		42,725			1.21	%		44,955			2.70	%		—		0.00	%
Various interest rates futures contracts (Canada)		11			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%

F-98

	Frontier Trading Company XV LLC						Frontier Trading Company XXIII LLC (2)						Frontier Trading Company XXIX LLC						Frontier Trading Company XXXIV LLC (3)
Description	Value			% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
Various interest rates futures contracts (Europe)		(318	)		0.00	%		(247,934	)		-7.03	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—			0.00	%		(1,673	)		-0.05	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(15,224	)		-0.10	%		1,900			0.05	%		(8,728	)		-0.52	%		—		0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—			0.00	%		(1,052	)		-0.06	%		—		0.00	%
Various precious metal futures contracts (U.S.)		12,770			0.08	%		69,055			1.96	%		3,100			0.19	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		2,800			0.02	%		—			0.00	%		10,993			0.66	%		—		0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—			0.00	%		(4,709	)		-0.28	%		—		0.00	%
Various soft futures contracts (U.S.)		276,836			1.80	%		—			0.00	%		89,356			5.36	%		—		0.00	%
Various stock index futures contracts (Africa)		(2,270	)		-0.01	%		—			0.00	%		(1,911	)		-0.11	%		—		0.00	%
Various stock index futures contracts (Europe)		—			0.00	%		472			0.01	%		(6,684	)		-0.40	%		—		0.00	%
Various stock index futures contracts (Far East)		—			0.00	%		—			0.00	%		129			0.01	%		—		0.00	%
Various stock index futures contracts (Mexico)		(1,093	)		-0.01	%		—			0.00	%		(3,286	)		-0.20	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		(8,374	)		-0.24	%		(143	)		-0.01	%		—		0.00	%
Various stock index futures contracts (U.S.)		(50,353	)		-0.33	%		—			0.00	%		5,370			0.32	%		—		0.00	%
Total Short Futures Contracts	$	3,853,644			25.02	%	$	62,913			1.78	%	$	319,108			19.16	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	(103,561	)		-0.67	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Total Currency Forwards	$	(103,561	)		-0.67	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	1,658,917			10.79	%	$	893,605			25.32	%	$	(279,840	)		-16.77	%	$	—		0.00	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Total Options Purchased	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
OPTIONS WRITTEN *
Various energy futures contracts (U.S.)	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Total Options Written	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
SWAPS (3)
Frontier XXXIV Balanced select swap (U.S.)	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	18,246,955		96.37	%
Frontier Brevan Howard swap (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Frontier XXXV Diversified select swap (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Frontier XXXVII L/S select swap (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Total Swaps	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	18,246,955		96.37	%

F-99

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.

(1) Formerly The Frontier Fund.

(2) Trading Company XXIII commenced trading operations in January 2012

(3) Trading Company XXXIV and XXXV commenced trading operations in July 2013.

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

F-100

The Trading Companies of the Equinox Frontier Funds (1)

Condensed Schedule of Investments

December 31, 2014

	Frontier Trading Company XXXV LLC					Frontier Trading Company XXXVII LLC					Frontier Trading Company XXXVIII LLC						Frontier Trading Company XXXIX LLC
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%		(59,625	)		-1.38	%		—		0.00	%
Various energy futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%		42,827			0.99	%		—		0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various precious metal futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Oceanic)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		(32,365	)		-0.75	%		—		0.00	%
Various stock index futures contracts (Canada)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%		103,795			2.41	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		—		0.00	%		99,857			2.31	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		49,558			1.15	%		—		0.00	%
Total Long Futures Contracts	$	—		0.00	%	$	—		0.00	%	$	204,047			4.73	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%		380,145			8.81	%		—		0.00	%
Euro FX Settling 3/1/2015 (number of contracts: -54)		—		0.00	%		—		0.00	%		232,994			5.40	%		—		0.00	%
CHF Settling 3/18/2015 (number of contracts: -72)		—		0.00	%		—		0.00	%		250,775			5.81	%		—		0.00	%
Various energy futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		100,893			2.34	%		—		0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%		(5,755	)		-0.13	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%

F-101

	Frontier Trading Company XXXV LLC					Frontier Trading Company XXXVII LLC					Frontier Trading Company XXXVIII LLC						Frontier Trading Company XXXIX LLC
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		(32,928	)		-0.76	%		—		0.00	%
Various precious metal futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%		52,490			1.22	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		186,382			4.32	%		—		0.00	%
Various stock index futures contracts (Africa)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Mexico)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Total Short Futures Contracts	$	—		0.00	%	$	—		0.00	%	$	1,164,996			27.01	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Total Currency Forwards	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	—		0.00	%	$	—		0.00	%	$	1,369,043			31.74	%	$	—		0.00	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Total Options Purchased	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
OPTIONS WRITTEN *
Various energy futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Total Options Written	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
SWAPS (1)
Frontier XXXIV Balanced select swap (U.S.)	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Frontier Brevan Howard swap (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%		7,540,466		100.00	%
Frontier XXXV Diversified select swap (U.S.)		6,570,409		100.00	%		—		0.00	%		—			0.00	%		—		0.00	%
Frontier XXXVII L/S select swap (U.S.)		—		0.00	%		3,633,060		100.00	%		—			0.00	%		—		0.00	%
Total Swaps	$	6,570,409		100.00	%	$	3,633,060		0.00	%	$	—			0.00	%	$	7,540,466		100.00	%

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

(1) See Notes to Financial Statements, Note 4.

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

F-102

The Trading Companies of the Equinox Frontier Funds

Condensed Schedules of Investments

December 31, 2013

	Frontier Trading Company I LLC						Frontier Trading Company II LLC						Frontier Trading Company VII LLC						Frontier Trading Company XIV LLC
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(56,174	)		-0.29	%	$	6,814			0.04	%	$	(70,059	)		-1.00	%	$	132,615			3.76	%
Copper (LME) settling 1/1/2014 (number of contracts: 32)		—			0.00	%		—			0.00	%		—			0.00	%		198,216			5.62	%
Various base metals futures contracts (U.S.)		44,938			0.23	%		325			0.00	%		123,274			1.76	%		25			0.00	%
Various currency futures contracts (U.S.)		370,968			1.89	%		449,531			2.56	%		(19,944	)		-0.28	%		7,079			0.20	%
Various energy futures contracts (Europe)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		(21,831	)		-0.11	%		63,950			0.36	%		520,393			7.43	%		8,679			0.25	%
Natural Gas settling 3/1/2014 (number of contracts: 228)		—			0.00	%		—			0.00	%		(353,048	)		-5.04	%		—			0.00	%
Natural Gas settling 11/1/2014 (number of contracts: 621)		—			0.00	%		—			0.00	%		629,139			8.98	%		—			0.00	%
NYH RBOB Unleaded Gas settling 3/1/2014 (number of contracts: 530)		—			0.00	%		—			0.00	%		(783,703	)		-11.19	%		—			0.00	%
Various interest rates futures contracts (Canada)		(51,671	)		-0.26	%		682			0.00	%		—			0.00	%		(1,930	)		-0.05	%
Various interest rates futures contracts (Europe)		(232,754	)		-1.19	%		(481,947	)		-2.75	%		—			0.00	%		(13,724	)		-0.39	%
Various interest rates futures contracts (Far East)		(31,051	)		-0.16	%		(171,268	)		-0.98	%		—			0.00	%		(12,641	)		-0.36	%
Various interest rates futures contracts (Oceanic)		49,673			0.25	%		4,623			0.03	%		—			0.00	%		(1,281	)		-0.04	%
Various interest rates futures contracts (U.S.)		(88,015	)		-0.45	%		(89,578	)		-0.51	%		(202,474	)		-2.89	%		(35,141	)		-1.00	%
90 Day Euro Time Deposit settling 12/1/2017 (number of contracts: 539)		—			0.00	%		—			0.00	%		(372,810	)		-5.32	%		—			0.00	%
Various precious metal futures contracts (U.S.)		—			0.00	%		—			0.00	%		(10,009	)		-0.14	%		(1,600	)		-0.05	%
Various soft futures contracts (Europe)		(4,923	)		-0.03	%		(7,698	)		-0.04	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		(47,575	)		-0.24	%		(136,308	)		-0.78	%		(1,081,485	)		-15.44	%		(31,343	)		-0.89	%
Corn settling 3/1/2014 (number of contracts: 383)		—			0.00	%		—			0.00	%		(691,457	)		-9.87	%		—			0.00	%
Corn settling 7/1/2014 (number of contracts: 300)		—			0.00	%		—			0.00	%		(496,709	)		-7.09	%		—			0.00	%
Sugar #11 settling 3/1/2014 (number of contracts: 861)		—			0.00	%		—			0.00	%		(820,017	)		-11.71	%		—			0.00	%
Cocoa settling 5/1/2014 (number of contracts: 608)		—			0.00	%		—			0.00	%		(420,759	)		-6.01	%		—			0.00	%
Various stock index futures contracts (Africa)		2,059			0.01	%		27,927			0.16	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Canada)		171,251			0.87	%		41,612			0.24	%		—			0.00	%		37,080			1.05	%
Various stock index futures contracts (Europe)		862,096			4.40	%		1,226,128			6.99	%		16,272			0.23	%		181,455			5.14	%
Various stock index futures contracts (Far East)		462,428			2.36	%		525,266			3.00	%		—			0.00	%		39,836			1.13	%
Various stock index futures contracts (Mexico)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Oceanic)		204,288			1.04	%		64,924			0.37	%		—			0.00	%		4,992			0.14	%
Various stock index futures contracts (U.S.)		733,317			3.74	%		1,286,092			7.33	%		77,870			1.11	%		192,860			5.47	%
Total Long Futures Contracts	$	2,367,024			12.06	%	$	2,811,075			16.02	%	$	(3,955,526	)		-56.48	%	$	705,177			19.98	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(4,721	)		-0.02	%	$	(52,878	)		-0.30	%	$	34,183			0.49	%	$	(145,048	)		-4.11	%
Copper (LME) settling 1/1/2014 (number of contracts: -32)		—			0.00	%		—			0.00	%		—			0.00	%		(298,731	)		-8.47	%
Copper (LME) settling 2/1/2014 (number of contracts: -34)		—			0.00	%		—			0.00	%		—			0.00	%		(179,725	)		-5.09	%

F-103

	Frontier Trading Company I LLC						Frontier Trading Company II LLC						Frontier Trading Company VII LLC						Frontier Trading Company XIV LLC
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)
Various base metals futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various currency futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various currency futures contracts (U.S.)		227,357			1.16	%		566,379			3.23	%		77,986			1.11	%		11,248			0.32	%
Various energy futures contracts (Europe)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		(934	)		0.00	%		(78,477	)		-0.45	%		(96,753	)		-1.38	%		(19,495	)		-0.55	%
NYH RBOB Unleaded Gas settling 2/1/2014 (number of contracts: -509)		—			0.00	%		—			0.00	%		820,130			11.71	%		—			0.00	%
Natural Gas settling 10/1/2014 (number of contracts: -636)		—			0.00	%		—			0.00	%		(751,854	)		-10.74	%		—			0.00	%
Various interest rates futures contracts (Canada)		7,512			0.04	%		4,575			0.03	%		—			0.00	%		8,284			0.23	%
Various interest rates futures contracts (Europe)		141,423			0.72	%		32,183			0.18	%		51,261			0.73	%		43,140			1.22	%
Various interest rates futures contracts (Far East)		13,959			0.07	%		—			0.00	%		45,124			0.64	%		—			0.00	%
Various interest rates futures contracts (Oceanic)		(9,391	)		-0.05	%		(14,869	)		-0.08	%		—			0.00	%		(120	)		0.00	%
Various interest rates futures contracts (U.S.)		174,002			0.89	%		67,938			0.39	%		86,363			1.23	%		24,481			0.69	%
Various precious metal futures contracts (U.S.)		17,291			0.09	%		449,520			2.56	%		13,635			0.19	%		29,795			0.84	%
Various soft futures contracts (Canada)		—			0.00	%		1,489			0.01	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Europe)		550			0.00	%		3,120			0.02	%		—			0.00	%		1,763			0.05	%
Various soft futures contracts (U.S.)		226,671			1.16	%		513,112			2.93	%		722,443			10.32	%		65,236			1.85	%
Cocoa settling 3/1/2014 (number of contracts: -616)		—			0.00	%		—			0.00	%		484,646			6.92	%		—			0.00	%
Corn settling 5/1/2014 (number of contracts: -383)		—			0.00	%		—			0.00	%		1,111,467			15.87	%		—			0.00	%
Sugar #11 settling 5/1/2014 (number of contracts: -861)		—			0.00	%		—			0.00	%		752,965			10.75	%		—			0.00	%
Wheat settling 7/1/2014 (number of contracts: -439)		—			0.00	%		—			0.00	%		412,861			5.90	%		—			0.00	%
Various stock index futures contracts (Europe)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Far East)		—			0.00	%		(465	)		0.00	%		—			0.00	%		(4,466	)		-0.13	%
Various stock index futures contracts (U.S.)		2,100			0.01	%		—			0.00	%		—			0.00	%		5,100			0.14	%
Total Short Futures Contracts	$	795,819			4.07	%	$	1,491,627			8.52	%	$	3,764,457			53.74	%	$	(458,538	)		-13.01	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	—			0.00	%	$	18,591			0.11	%	$	—			0.00	%	$	459,545			13.03	%
Total Currency Forwards	$	—			0.00	%	$	18,591			0.11	%	$	—			0.00	%	$	459,545			13.03	%
Total Open Trade Equity (Deficit)	$	3,162,843			16.13	%	$	4,321,293			24.65	%	$	(191,069	)		-2.74	%	$	706,184			19.99	%
OPTIONS PURCHASED *
Various base metals futures contracts (Europe)	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%
Various currency futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—			0.00	%		75,490			1.08	%		—			0.00	%
Various interest rates futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—			0.00	%		23,250			0.33	%		—			0.00	%
Various stock index futures contracts (U.S.)		165,983			0.85	%		—			0.00	%		—			0.00	%		—			0.00	%
Total Options Purchased	$	165,983			0.85	%	$	—			0.00	%	$	98,740			1.41	%	$	—			0.00	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%
Various currency futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—			0.00	%		(152,500	)		-2.18	%		—			0.00	%
Various interest rates futures contracts (U.S.)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—			0.00	%		(20,150	)		-0.29	%		—			0.00	%
Various stock index futures contracts (U.S.)		(183,932	)		-0.94	%		—			0.00	%		—			0.00	%		—			0.00	%
Total Options Written	$	(183,932	)		-0.94	%	$	—			0.00	%	$	(172,650	)		-2.47	%	$	—			0.00	%

F-104

	Frontier Trading Company I LLC					Frontier Trading Company II LLC					Frontier Trading Company VII LLC					Frontier Trading Company XIV LLC
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
Swaps (1)
	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Total Swaps		—		0.00	%	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.

(1) See Notes to Financial Statements, Note 4.

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

F-105

The Trading Companies of the Equinox Frontier Funds

Condensed Schedules of Investments

December 31, 2013

	Frontier Trading Company XV LLC						Frontier Trading Company XXIII LLC (2)						Frontier Trading Company XXXIV LLC (3)					Frontier Trading Company XXXV LLC (3)
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(2,088,524	)		-10.85	%	$	—			0.00	%	$	—		0.00	%	$	—		0.00	%
Copper (LME) Settling 1/1/2014 (Number of Contracts: 372)		2,517,561			13.08	%		—			0.00	%		—		0.00	%		—		0.00	%
Copper (LME) Settling 2/1/2014 (Number of Contracts: 335)		2,238,732			11.63	%		—			0.00	%		—		0.00	%		—		0.00	%
Copper (LME) Settling 3/1/2014 (Number of Contracts: 210)		1,070,949			5.56	%		—			0.00	%		—		0.00	%		—		0.00	%
Copper (LME) Settling 6/1/2014 (Number of Contracts: 248)		1,702,024			8.84	%		—			0.00	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		16,675			0.39	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		196,221			1.02	%		(43,538	)		-1.02	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		(155,110	)		-0.81	%		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Far East)		3,805			0.02	%		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		40,873			0.21	%		(17,593	)		-0.41	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		47			0.00	%		—			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		2,277			0.01	%		(364,569	)		-8.57	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		(3,494	)		-0.02	%		(176,906	)		-4.16	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(1,996	)		-0.01	%		10,688			0.25	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(35,255	)		-0.18	%		(220,306	)		-5.18	%		—		0.00	%		—		0.00	%
5 Year Note settling 3/1/2014 (number of contracts: 164)		—			—			(244,375	)		-5.75	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—			0.00	%		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		784			0.00	%		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(67,481	)		-0.35	%		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Africa)		8,310			0.04	%		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		12,878			0.07	%		20,107			0.47	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		145,868			0.76	%		158,289			3.72	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		38,835			0.20	%		110,492			2.60	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Mexico)		413			0.00	%		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		(936	)		0.00	%		6,664			0.16	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		204,043			1.06	%		339,249			7.98	%		—		0.00	%		—		0.00	%
Total Long Futures Contracts	$	5,830,824			30.28	%	$	(405,123	)		-9.52	%	$	—		0.00	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(1,864,518	)		-9.69	%	$	—			0.00	%	$	—		0.00	%	$	—		0.00	%
Copper (LME) Settling 2/1/2014 (Number of Contracts: 223)		(1,877,162	)		-9.75	%		—			0.00	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		(12,775	)		-0.07	%		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		(1,135	)		-0.01	%		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		281,441			1.46	%		10,070			0.24	%		—		0.00	%		—		0.00	%
JPY settling 3/1/2014 (number of contracts: -152)		—			0.00	%		430,094			10.12	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		172,634			0.90	%		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		(1,773	)		-0.01	%		(8,273	)		-0.19	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		9,197			0.05	%		6,872			0.16	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		59,050			0.31	%		(3,648	)		-0.09	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—			0.00	%		—			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		239			0.00	%		—			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		101,452			0.53	%		4,238			0.10	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		256,385			1.33	%		33,615			0.79	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—			0.00	%		—			0.00	%		—		0.00	%		—		0.00	%

F-106

	Frontier Trading Company XV LLC						Frontier Trading Company XXIII LLC (2)					Frontier Trading Company XXXIV LLC (3)					Frontier Trading Company XXXV LLC (3)
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
Various soft futures contracts (U.S.)		319,756			1.66	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(1,174	)		-0.01	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		3,125			0.02	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		41,649			0.22	%		—		0.00	%		—		0.00	%		—		0.00	%
Total Short Futures Contracts	$	(2,513,609	)		-13.06	%	$	472,968		11.12	%	$	—		0.00	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	769,823			4.00	%	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Total Currency Forwards	$	769,823			4.00	%	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	4,087,038			21.22	%	$	67,845		1.60	%	$	—		0.00	%	$	—		0.00	%
OPTIONS PURCHASED *
Various base metals futures contracts (Europe)	$	137,568			0.71	%	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Copper (LME) Settling 6/4/2014 (Number of Contracts: 248)		1,702,024			8.85	%		—		0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		386,410			2.01	%		—		0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		528,751			2.75	%		—		0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		14,394			0.07	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Total Options Purchased	$	2,769,147			14.39	%	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	(703,620	)		-3.66	%	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Various currency futures contracts (U.S.)		(34,820	)		-0.18	%		—		0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(127,500	)		-0.66	%		-		0.00	%		-		0.00	%		-		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Total Options Written	$	(865,940	)		-4.50	%	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Swaps (1)
Frontier XXXIV Balanced select swap (U.S.)	$	—			0.00	%	$	—		0.00	%	$	10,126,168		100.00	%	$	—		0.00	%
Frontier XXXV Diversified select swap (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%		3,437,632		100.00	%
Total Swaps		—			0.00	%	$	—		0.00	%	$	10,126,168		100.00	%	$	3,437,632		100.00	%

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.

(1) See Notes to Financial Statements, Note 4.

(2) Trading Company XXIII commenced trading operations in January 2012.

(3) Trading Company XXXIV and XXXV commenced trading operations in July 2013.

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

F-107

The Trading Companies of the Equinox Frontier Funds

Condensed Schedules of Investments

December 31, 2013

	Frontier Trading Company XXXVII LLC (2)					Frontier Trading Company XXXVIII LLC (2)						Frontier Trading Company XXXIX LLC (2)
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		—		0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		260,920			3.79	%		—		0.00	%
Various energy futures contracts (Europe)		—		0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—		0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		35,080			0.51	%		—		0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—			0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		(37,345	)		-0.54	%		—		0.00	%
Various stock index futures contracts (Africa)		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		177,422			2.58	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		222,264			3.23	%		—		0.00	%
Various stock index futures contracts (Mexico)		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		391,392			5.69	%		—		0.00	%
Total Long Futures Contracts	$	—		0.00	%	$	1,049,733			15.26	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	—		0.00	%	$	—			0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		—		0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		131,140			1.91	%		—		0.00	%
JPY settling 3/1/2014 (number of contracts: -235)		—		0.00	%		697,656			10.14	%		—		0.00	%
Various energy futures contracts (Europe)		—		0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		362,727			5.27	%		—		0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		42,161			0.61	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		(53,119	)		-0.77	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		524,230			7.62	%		—		0.00	%
10 Year Note settling 3/1/2014 (number of contracts: -226)		—		0.00	%		357,038			5.19	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—		0.00	%		105,975			1.54	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		302,974			4.40	%		—		0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—			0.00	%		—		0.00	%
Total Short Futures Contracts	$	—		0.00	%	$	2,470,782			35.90	%	$	—		0.00	%

F-108

	Frontier Trading Company XXXVII LLC (2)					Frontier Trading Company XXXVIII LLC (2)					Frontier Trading Company XXXIX LLC (2)
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
CURRENCY FORWARDS *
Various currency forward contracts	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Total Currency Forwards	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	—		0.00	%	$	3,520,515		51.16	%	$	—		0.00	%
OPTIONS PURCHASED *
Various base metals futures contracts (Europe)	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Total Options Purchased	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
Total Options Written	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
Swaps (1)
Frontier Brevan Howard swap (U.S.)	$	—		0.00	%	$	—		0.00	%	$	5,435,184		100.00	%
Frontier XXXVII L/S select swap (U.S.)		2,456,545		100.00	%		—		0.00	%		—		0.00	%
Total Swaps	$	2,456,545		100.00	%	$	—		0.00	%	$	5,435,184		100.00	%

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.

(1) See Notes to Financial Statements, Note 4.

(2) Trading Companies XXXIX, XXXVII and XXXVIII commenced trading operations in March, August, and November 2013, respectively.

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

F-109

The Trading Companies of the Equinox Frontier Funds

Statements of Operations

For The Years Ended December 31, 2014, 2013 and 2012

	Frontier Trading Company I, LLC									Frontier Trading Company II, LLC									Frontier Trading Company V, LLC
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014		12/31/2013			12/31/2012
Investment Income:
Interest-net	$	(22,159	)	$	(33,683	)	$	(123,912	)	$	5,359		$	13,793		$	32,577		$	—	$	3,653		$	22,221
Total Income		(22,159	)		(33,683	)		(123,912	)		5,359			13,793			32,577			—		3,653			22,221
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		17,664,613			1,556,190			(1,571,782	)		22,495,002			11,183,615			(1,541,945	)		—		5,910,215			(2,796,445	)
Net realized gain/(loss) on swap contracts		—			(1,646,391	)		—			—			—			—			—		—			—
Net change in open trade equity		52,362			2,385,268			718,247			(848,009	)		2,821,855			(2,539,010	)		—		(1,311,171	)		(127,086	)
Net unrealized gain/(loss) on option / swap contracts		1,132,570			498,761			78,977			—			—						—		—			—
Trading commissions		(661,478	)		(944,447	)		(2,189,786	)		(123,412	)		(137,713	)		(188,143	)		—		(54,478	)		490,085
Net gain/(loss) on investments		18,188,067			1,849,381			(2,964,344	)		21,523,581			13,867,757			(4,269,098	)		—		4,544,566			(2,433,446	)
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	18,165,908		$	1,815,698		$	(3,088,256	)	$	21,528,940		$	13,881,550		$	(4,236,521	)	$	—	$	4,548,219		$	(2,411,225	)
	Frontier Trading Company VII, LLC									Frontier Trading Company IX, LLC
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Investment Income:
Interest-net	$	(1,858	)	$	(1,027	)	$	217		$	0		$	—		$	6,966
Total Income		(1,858	)		(1,027	)		217			0			—			6,966
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		147,793			(3,200,393	)		(28,094,277	)		—			—			(589,048	)
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—
Net change in open trade equity		3,660,410			3,638,941			22,716,388			0			—			(444,768	)
Net unrealized gain/(loss) on option / swap contracts		(3,099,851	)		(3,862,115	)		—			0			—			—
Trading commissions		(1,264,512	)		(1,323,281	)		(1,759,517	)		0			—			(38,305	)
Net gain/(loss) on investments		(556,160	)		(4,746,848	)		(7,137,406	)		0			—			(1,072,121	)
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	(558,018	)	$	(4,747,875	)	$	(7,137,189	)	$	—		$	—		$	(1,065,155	)
	Frontier Trading Company XIV, LLC									Frontier Trading Company XV, LLC									Frontier Trading Company XVII, LLC
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014		12/31/2013			12/31/2012
Investment Income:
Interest-net	$	(16,316	)	$	(28,719	)	$	(173,840	)	$	(2,617	)	$	6,275		$	(29,105	)	$	—	$	—		$	—
Total Income		(16,316	)		(28,719	)		(173,840	)		(2,617	)		6,275			(29,105	)		—		—			—
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		5,151,877			(25,933,929	)		36,295,498			4,680,757			(166,464	)		(8,553,374	)		—		—			—
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—			—		(1,908,743	)		—
Net change in open trade equity		318,685			2,826,621			(1,881,488	)		(2,428,123	)		3,883,574			1,263,916			—		—			—
Net unrealized gain/(loss) on option / swap contracts		—			—			—			978,111			(478,500	)		—			—		1,746,256			(1,378,028	)
Trading commissions		(909,921	)		(1,722,600	)		(2,086,635	)		(351,072	)		(489,648	)		(557,552	)		—		—			—
Net gain/(loss) on investments		4,560,641			(24,829,908	)		32,327,375			2,879,673			2,748,962			(7,847,010	)		—		(162,487	)		(1,378,028	)
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	4,544,325		$	(24,858,627	)	$	32,153,535		$	2,877,056		$	2,755,237		$	(7,876,115	)	$	—	$	(162,487	)	$	(1,378,028	)

F-110

The Trading Companies of the Equinox Frontier Funds

Statements of Operations

For The Years Ended December 31, 2014, 2013 and 2012

	Frontier Trading Company XVIII, LLC									Frontier Trading Company XXI, LLC									Frontier Trading Company XXIII, LLC (3)
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Investment Income:
Interest-net	$	—		$	(2,700	)	$	(12,785	)	$	—		$	—		$	(34,702	)	$	(12,365	)	$	(12,167	)	$	(20	)
Total Income		—			(2,700	)		(12,785	)		—			—			(34,702	)		(12,365	)		(12,167	)		(20	)
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		—			(742,638	)		647,731			—			—			1,823,712			6,829,347			(1,174,950	)		(2,308,312	)
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—			—			—			—
Net change in open trade equity		—			(85,660	)		(510,533	)		—			—			(792,373	)		825,760			(163,336	)		231,181
Net unrealized gain/(loss) on option / swap contracts		—			—			—			—			—			—			—			—			—
Trading commissions		—			(32,805	)		(131,094	)		—			—			(171,957	)		(164,440	)		(138,205	)		(133,532	)
Net gain/(loss) on investments		—			(861,103	)		6,104			—			—			859,382			7,490,667			(1,476,491	)		(2,210,663	)
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	—		$	(863,803	)	$	(6,681	)	$	—		$	—		$	824,680		$	7,478,302		$	(1,488,658	)	$	(2,210,683	)
	Frontier Trading Company XXIX, LLC (1)									Frontier Trading Company XXXIV, LLC (2)									Frontier Trading Company XXXV, LLC (2)
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Investment Income:
Interest-net	$	23		$	—		$	—		$	(6,498	)	$	—		$	—		$	—		$	—		$	—
Total Income		23			—			—			(6,498	)		—			—			—			—			—
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		(310,258	)		—			—			(2,060,335	)		—			—			—			—			—
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—			—			—			—
Net change in open trade equity		(279,840	)		—			—			—			—			—			—			—			—
Net unrealized gain/(loss) on option / swap contracts		—			—			—			8,120,786			526,168			—			3,132,777			37,632			—
Trading commissions		(8,380	)		—			—			(141,074	)		—			—			—			—			—
Net gain/(loss) on investments		(598,478	)		—			—			5,919,377			526,168			—			3,132,777			37,632			—
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	(598,455	)	$	—		$	—		$	5,912,879		$	526,168		$	—		$	3,132,777		$	37,632		$	—
	Frontier Trading Company XXXVII, LLC (2)									Frontier Trading Company XXXVIII, LLC (2)									Frontier Trading Company XXXIX, LLC (2)
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Investment Income:
Interest-net	$	—		$	—		$	—		$	(2,576	)	$	(430	)	$	—		$	—		$	—		$	—
Total Income		—			—			—			(2,576	)		(430	)		—			—			—			—
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		—			—			—			1,616,525			124,173			—			—			—			—
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—			—			—			—
Net change in open trade equity		—			—			—			(2,151,473	)		3,520,288			—			—			—			—
Net unrealized gain/(loss) on option / swap contracts		1,176,515			(423,455	)		—			—			—			—			2,108,782			(561,316	)		—
Trading commissions		—			—			—			(204,324	)		(38,752	)		—			(3,500	)		(3,500	)		—
Net gain/(loss) on investments		1,176,515			(423,455	)		—			(739,272	)		3,605,709			—			2,105,282			(564,816	)		—
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	1,176,515		$	(423,455	)	$	—		$	(741,848	)	$	3,605,279		$	—		$	2,105,282		$	(564,816	)	$	—

(1) Trading Companies XXIX commenced trading operations in November 2014.

(2) Trading Companies XXXIX, XXXIV, XXXV, XXXVII and XXXVIII commenced trading operations in March, July, July, August, and November 2013, respectively.

(3) Trading Company XXIII commenced trading operations in January 2012.

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

F-111

The Trading Companies of the Equinox Frontier Funds

Statements of Changes in Members’ Equity

For the Years Ended December 31, 2014, 2013 and 2012

	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company V, LLC
Members’ Equity, December 31, 2011	$	61,911,024		$	17,314,000		$	20,857,183
Capital Contributed		211,564,017			18,150,000			7,900,000
Capital Distributed		(208,116,721	)		(9,200,000	)		(10,300,000	)
Net Increase in Members’ Equity Resulting From Operations		(3,088,256	)		(4,236,521	)		(2,411,225	)
Members’ Equity, December 31, 2012		62,270,064			22,027,479			16,045,958
Capital Contributed		117,509,825			10,125,000			16,155,594
Capital Distributed		(161,984,012	)		(28,500,000	)		(36,749,771	)
Net Increase in Members’ Equity Resulting From Operations		1,815,698			13,881,550			4,548,219
Members’ Equity, December 31, 2013		19,611,575			17,534,029			—
Capital Contributed		157,856,619			12,312,000			—
Capital Distributed		(169,654,397	)		(37,050,000	)		—
Net Increase in Members’ Equity Resulting From Operations		18,165,908			21,528,940			—
Members’ Equity, December 31, 2014	$	25,979,705		$	14,324,969		$	—
	Frontier Trading Company VII, LLC			Frontier Trading Company IX, LLC			Frontier Trading Company XIV, LLC
Members’ Equity, December 31, 2011	$	21,887,343		$	5,212,171		$	11,920,274
Capital Contributed		124,718,567			1,494,695			187,634,901
Capital Distributed		(128,618,151	)		(5,641,711	)		(188,562,386	)
Net Increase in Members’ Equity Resulting From Operations		(7,137,189	)		(1,065,155	)		32,153,535
Members’ Equity, December 31, 2012		10,850,570			—			43,146,324
Capital Contributed		31,750,000			—			85,030,000
Capital Distributed		(30,849,406	)		—			(99,790,000	)
Net Increase in Members’ Equity Resulting From Operations		(4,747,875	)		—			(24,858,627	)
Members’ Equity, December 31, 2013		7,003,289			—			3,527,697
Capital Contributed		37,505,000			—			21,580,000
Capital Distributed		(33,710,129	)		—			(24,945,000	)
Net Increase in Members’ Equity Resulting From Operations		(558,018	)		0			4,544,325
Members’ Equity, December 31, 2014	$	10,240,142		$	0		$	4,707,022
	Frontier Trading Company XV, LLC			Frontier Trading Company XVII, LLC			Frontier Trading Company XVIII, LLC
Members’ Equity, December 31, 2011	$	15,757,612		$	5,881,772		$	7,406,279
Capital Contributed		59,425,493			—			12,195,284
Capital Distributed		(53,662,213	)		—			(17,422,704	)
Net Increase in Members’ Equity Resulting From Operations		(7,876,115	)		(1,378,028	)		(6,681	)
Members’ Equity, December 31, 2012		13,644,777			4,503,744			2,172,178
Capital Contributed		28,730,000			1,922,241			1,060,000
Capital Distributed		(25,881,300	)		(6,263,498	)		(1,800,000	)
Net Increase in Members’ Equity Resulting From Operations		2,755,237			(162,487	)		(863,803	)
Members’ Equity, December 31, 2013		19,248,714			—			568,375
Capital Contributed		23,175,200			—			—
Capital Distributed		(29,900,000	)		—			(568,375	)
Net Increase in Members’ Equity Resulting From Operations		2,877,056			—			—
Members’ Equity, December 31, 2014	$	15,400,970		$	—		$	—

F-112

The Trading Companies of the Equinox Frontier Funds

Statements of Changes in Members’ Equity

For the Years Ended December 31, 2014, 2013 and 2012

	Frontier Trading Company XXI, LLC			Frontier Trading Company XXIII, LLC (3)			Frontier Trading Company XXIX, LLC (1)
Members’ Equity, December 31, 2011	$	5,900,158		$	—		$	—
Capital Contributed		22,919,497			13,937,606			—
Capital Distributed		(29,644,335	)		(8,151,859	)		—
Net Increase in Members’ Equity Resulting From Operations		824,680			(2,210,683	)		—
Members’ Equity, December 31, 2012		—			3,575,064			—
Capital Contributed		—			15,389,995			—
Capital Distributed		—			(13,224,734	)		—
Net Increase in Members’ Equity Resulting From Operations		—			(1,488,658	)		—
Members’ Equity, December 31, 2013		—			4,251,667			—
Capital Contributed		—			3,895,000			2,265,000
Capital Distributed		—			(12,100,000	)		—
Net Increase in Members’ Equity Resulting From Operations		—			7,478,302			(598,455	)
Members’ Equity, December 31, 2014	$	—		$	3,524,969		$	1,666,545
	Frontier Trading Company  XXXIV, LLC (2)			Frontier Trading Company  XXXV, LLC (2)			Frontier Trading Company XXXVII, LLC (2)
Members’ Equity, December 31, 2011	$	—		$	—		$	—
Capital Contributed		—			—			—
Capital Distributed		—			—			—
Net Increase in Members’ Equity Resulting From Operations		—			—			—
Members’ Equity, December 31, 2012		—			—			—
Capital Contributed		9,600,000			3,400,000			2,880,000
Capital Distributed		—			—			—
Net Increase in Members’ Equity Resulting From Operations		526,168			37,632			(423,455	)
Members’ Equity, December 31, 2013		10,126,168			3,437,632			2,456,545
Capital Contributed		25,645,000			—			—
Capital Distributed		(22,750,000	)		—			—
Net Increase in Members’ Equity Resulting From Operations		5,912,879			3,132,777			1,176,515
Members’ Equity, December 31, 2014	$	18,934,047		$	6,570,409		$	3,633,060
	Frontier Trading Company XXXVIII, LLC (2)			Frontier Trading Company XXXIX, LLC (2)
Members’ Equity, December 31, 2011	$	—		$	—
Capital Contributed		—			—
Capital Distributed		—			—
Net Increase in Members’ Equity Resulting From Operations		—			—
Members’ Equity, December 31, 2012		—			—
Capital Contributed		9,475,000			6,000,000
Capital Distributed		(6,200,000	)		—
Net Increase in Members’ Equity Resulting From Operations		3,605,279			(564,816	)
Members’ Equity, December 31, 2013		6,880,279			5,435,184
Capital Contributed		14,825,252			—
Capital Distributed		(16,650,000	)		—
Net Increase in Members’ Equity Resulting From Operations		(741,848	)		2,105,282
Members’ Equity, December 31, 2014	$	4,313,683		$	7,540,466

(1) Trading Companies XXIX commenced trading operations in November 2014.

(2) Trading Companies XXXIX, XXXIV, XXXV, XXXVII and XXXVIII commenced trading operations in March, July, July, August, and November 2013, respectively.

(3) Trading Company XXIII commenced trading operations in January 2012.

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

F-113

The Trading Companies of Equinox Frontier Funds

Statements of Cash Flows

For the Years Ended December 31, 2014, 2013 and 2012

	Frontier Trading Company  I, LLC									Frontier Trading Company II, LLC									Frontier Trading Company V, LLC
	2014			2013			2012			2014			2013			2012			2014		2013			2012
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	18,165,908		$	1,815,698		$	(3,088,256	)	$	21,528,940		$	13,881,550		$	(4,236,521	)	$	—	$	4,548,219		$	(2,411,225	)
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		(6,262,089	)		26,970,385			913,387			2,361,317			7,312,578			(7,244,094	)		—		14,732,606			4,686,320
Decrease (increase) in open trade equity, at fair value		(52,362	)		(2,385,268	)		(1,038,497	)		848,009			(2,821,855	)		2,539,010			—		1,311,171			127,086
Decrease (increase) in options purchased, at fair value		(122,430	)		273,187			117,460			—			—			4,360			—		—			—
Net realized (gain) loss on swap contracts		—			1,646,391			—			—			—			(9,873	)		—		—			—
Decrease (increase) in options written, at fair value		69,085			18,569			(278,892	)		—			—			—			—		—			—
Sales of swap contracts		—			16,353,608			—			—			—			—			—		—			—
Net unrealized (gain) loss on option/swap contracts		—			(214,265	)		(78,977	)		—			—			(2,882	)		—		—			—
Decrease (increase) in interest receivable		—			—			6,479			155			2,727			—			—		—			(2,181	)
(Decrease) increase in interest payable		(334	)		(4,118	)		—			(421	)		—			—			—		2,181			—
Net cash provided by (used in) operating activities		11,797,778			44,474,187			(3,447,296	)		24,738,000			18,375,000			(8,950,000	)		—		20,594,177			2,400,000
Cash Flows from Financing Activities
Capital Contributed		157,856,619			117,509,825			211,564,017			12,312,000			10,125,000			18,150,000			—		16,155,594			7,900,000
Capital Distributed		(169,654,397	)		(161,984,012	)		(208,116,721	)		(37,050,000	)		(28,500,000	)		(9,200,000	)		—		(36,749,771	)		(10,300,000	)
Net cash provided by (used in) financing activities		(11,797,778	)		(44,474,187	)		3,447,296			(24,738,000	)		(18,375,000	)		8,950,000			—		(20,594,177	)		(2,400,000	)
Net change in cash and cash equivalents		—			—			—			—			—			—			—		—			—
Cash and cash equivalents, beginning of period	$	—		$	—			—		$	—		$	—			—		$	—	$	—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—

F-114

	Frontier Trading Company  VII, LLC									Frontier Trading Company  IX, LLC
	2014			2013			2012			2014		2013		2012
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	(558,018	)	$	(4,747,875	)	$	(7,137,189	)	$	—	$	—	$	(1,065,155	)
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		574,114			5,416,124			32,236,145			—		—		4,767,402
Decrease (increase) in open trade equity, at fair value		(3,660,408	)		(3,638,941	)		(19,227,142	)		—		—		444,769
Decrease (increase) in options purchased, at fair value		(8,688,732	)		2,802,580			(2,901,320	)		—		—		—
Decrease (increase) in written options, at fair value		8,538,167			(732,546	)		928,690			—		—		—
Net realized (gain) loss on swap contracts		—			—			—			—		—		—
(Purchases) of swap contracts		—			—			—			—		—		—
Sales of swap contracts		—			—			—			—		—		—
Net unrealized (gain) loss on swap contracts		—			—			—			—		—		—
Decrease (increase) in interest receivable		—			—			—			—		—		—
(Decrease) increase in interest payable		6			64			100			—		—		—
Net cash provided by (used in) operating activities		(3,794,871	)		(900,594	)		3,899,584			—		—		4,147,016
Cash Flows from Financing Activities
Capital Contributed		37,505,000			31,750,000			124,718,567			—		—		1,494,695
Capital Distributed		(33,710,129	)		(30,849,406	)		(128,618,151	)		—		—		(5,641,711	)
Net cash provided by (used in) financing activities		3,794,871			900,594			(3,899,584	)		—		—		(4,147,016	)
Net change in cash and cash equivalents		—			—			—			—		—		—
Cash and cash equivalents, beginning of period	$	—		$	—			—		$	—	$	—		—
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—	$	—	$	—

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	Frontier Trading Company XIV, LLC									Frontier Trading Company XV, LLC									Frontier Trading Company XVII, LLC (3)
	2014			2013			2012			2014			2013			2012			2014		2013			2012
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	4,544,325		$	(24,858,627	)	$	32,153,535		$	2,877,056		$	2,755,237		$	(7,876,115	)	$	—	$	(162,487	)	$	(1,378,028	)
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		(859,653	)		42,452,595			(33,116,262	)		(484,173	)		(7,303,863	)		679,041			—		—			—
Decrease (increase) in open trade equity, at fair value		(318,684	)		(2,826,621	)		1,881,488			5,197,268			(3,883,574	)		431,207			—		—			—
Decrease (increase) in options purchased, at fair value		—			—			—			—			7,825,475			777,527			—		—			—
Decrease (increase) in written options, at fair value		—			—			—			(865,940	)		(2,239,204	)		222,946			—		—			—
Net realized (gain) loss on swap contracts		—			—			—			—			—			—			—		1,908,743			—
(Purchases) of swap contracts		—			—			—			—			—			—			—		—			—
Sales of swap contracts		—			—			—			—			—			—			—		4,341,257			1,378,028
Net unrealized (gain) loss on swap contracts		—			—			—			—			—			—			—		(1,746,256	)		—
Decrease (increase) in interest receivable		—			—			—			657			(657	)		—			—		—			—
(Decrease) increase in interest payable		(988	)		(7,347	)		8,724			(68	)		(2,114	)		2,114			—		—			—
Net cash provided by (used in) operating activities		3,365,000			14,760,000			927,485			6,724,800			(2,848,700	)		(5,763,280	)		—		4,341,257			—
Cash Flows from Financing Activities
Capital Contributed		21,580,000			85,030,000			187,634,901			23,175,200			28,730,000			59,425,493			—		1,922,241			—
Capital Distributed		(24,945,000	)		(99,790,000	)		(188,562,386	)		(29,900,000	)		(25,881,300	)		(53,662,213	)		—		(6,263,498	)		—
Net cash provided by (used in) financing activities		(3,365,000	)		(14,760,000	)		(927,485	)		(6,724,800	)		2,848,700			5,763,280			—		(4,341,257	)		—
Net change in cash and cash equivalents		—			—			—			—			—			—			—		—			—
Cash and cash equivalents, beginning of period	$	—		$	—			—		$	—		$	—			—		$	—	$	—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—

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	Frontier Trading Company XVIII, LLC									Frontier Trading Company XXI, LLC							Frontier Trading Company XXIII, LLC (3)
	2014			2013			2012			2014		2013		2012			2014			2013			2012
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	—		$	(863,803	)	$	(6,681	)	$	—	$	—	$	824,680		$	7,478,302		$	(1,488,658	)	$	(2,210,683	)
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		568,376			1,518,650			4,723,060			—		—		5,107,786			1,552,458			(839,932	)		(3,343,890	)
Decrease (increase) in open trade equity, at fair value		—			85,660			510,533			—		—		792,372			(825,760	)		163,336			(231,181	)
Decrease (increase) in written options, at fair value		—			—			—			—		—		—			—			—			—
Net realized (gain) loss on swap contracts		—			—			—			—		—		—			—			—			—
(Purchases) of swap contracts		—			—			—			—		—		—			—			—			—
Sales of swap contracts		—			—			—			—		—		—			—			—			—
Net unrealized (gain) loss on swap contracts		—			—			—			—		—		—			—			—			—
Decrease (increase) in interest receivable		—			—			—			—		—		—			—			—			—
(Decrease) increase in interest payable		—			(507	)		508			—		—		—			—			(7	)		7
Net cash provided by (used in) operating activities		568,376			740,000			5,227,420			—		—		6,724,838			8,205,000			(2,165,261	)		(5,785,747	)
Cash Flows from Financing Activities
Capital Contributed		—			1,060,000			12,195,284			—		—		22,919,497			3,895,000			15,389,995			13,937,606
Capital Distributed		(568,376	)		(1,800,000	)		(17,422,704	)		—		—		(29,644,335	)		(12,100,000	)		(13,224,734	)		(8,151,859	)
Net cash provided by (used in) financing activities		(568,376	)		(740,000	)		(5,227,420	)		—		—		(6,724,838	)		(8,205,000	)		2,165,261			5,785,747
Net change in cash and cash equivalents		—			—			—			—		—		—			—			—			—
Cash and cash equivalents, beginning of period	$	—		$	—			—		$	—	$	—		—		$	—		$	—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—	$	—	$	—		$	—		$	—		$	—

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	Frontier Trading Company XXIX, LLC (1)							Frontier Trading Company XXXIV, LLC (2)								Frontier Trading Company XXXV, LLC (2)
	2014			2013		2012		2014			2013			2012		2014			2013			2012
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	(598,455	)	$	—	$	—	$	5,912,879		$	526,168		$	—	$	3,132,777		$	37,632		$	—
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		(1,946,362	)		—		—		(687,693	)		—			—		—			—			—
Decrease (increase) in open trade equity, at fair value		279,840			—		—		—			—			—		—			—			—
Decrease (increase) in written options, at fair value		—			—		—		—			—			—		—			—			—
Net realized (gain) loss on swap contracts		—			—		—		(8,120,787	)		(526,168	)		—		(3,132,777	)		(37,632	)		—
(Purchases) of swap contracts		—			—		—		—			(9,600,000	)		—		—			(3,400,000	)		—
Sales of swap contracts		—			—		—		—			—			—		—			—			—
Net unrealized (gain) loss on swap contracts		—			—		—		—			—			—		—			—			—
Decrease (increase) in interest receivable		—			—		—		—			—			—		—			—			—
(Decrease) increase in interest payable		(23	)		—		—		601			—			—		—			—			—
Net cash provided by (used in) operating activities		(2,265,000	)		—		—		(2,895,000	)		(9,600,000	)		—		—			(3,400,000	)		—
Cash Flows from Financing Activities
Capital Contributed		2,265,000			—		—		25,645,000			9,600,000			—		—			3,400,000			—
Capital Distributed		—			—		—		(22,750,000	)		—			—		—			—			—
Net cash provided by (used in) financing activities		2,265,000			—		—		2,895,000			9,600,000			—		—			3,400,000			—
Net change in cash and cash equivalents		—			—		—		—			—			—		—			—			—
Cash and cash equivalents, beginning of period	$	—		$	—		—	$	—		$	—			—	$	—		$	—			—
Cash and cash equivalents, end of period	$	—		$	—	$	—	$	—		$	—		$	—	$	—		$	—		$	—

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	Frontier Trading Company XXXVII, LLC (2)								Frontier Trading Company XXXVIII, LLC (2)								Frontier Trading Company XXXIX, LLC (2)
	2014			2013			2012		2014			2013			2012		2014			2013			2012
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	1,176,515		$	(423,455	)	$	—	$	(741,848	)	$	3,605,279		$	—	$	2,105,282		$	(564,816	)	$	—
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		—			—			—		415,299			(3,359,991	)		—		3,500			—			—
Decrease (increase) in open trade equity, at fair value		—			—			—		2,151,472			(3,520,288	)		—		—			—			—
Decrease (increase) in written options, at fair value		—			—			—		—			—			—		—			—			—
Net realized (gain) loss on swap contracts		(1,176,515	)		423,455			—		—			—			—		(2,108,782	)		561,316			—
(Purchases) of swap contracts		—			(2,880,000	)		—		—			—			—		—			(5,996,500	)		—
Sales of swap contracts		—			—			—		—			—			—		—			—			—
Net unrealized (gain) loss on swap contracts		—			—			—		—			—			—		—			—			—
Decrease (increase) in interest receivable		—			—			—		—			—			—		—			—			—
(Decrease) increase in interest payable		—			—			—		(175	)		—			—		—			—			—
Net cash provided by (used in) operating activities		—			(2,880,000	)		—		1,824,748			(3,275,000	)		—		—			(6,000,000	)		—
Cash Flows from Financing Activities
Capital Contributed		—			2,880,000			—		14,825,252			9,475,000			—		—			6,000,000			—
Capital Distributed		—			—			—		(16,650,000	)		(6,200,000	)		—		—			—			—
Net cash provided by (used in) financing activities		—			2,880,000			—		(1,824,748	)		3,275,000			—		—			6,000,000			—
Net change in cash and cash equivalents		—			—			—		—			—			—		—			—			—
Cash and cash equivalents, beginning of period	$	—		$	—			—	$	—		$	—			—	$	—		$	—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—	$	—		$	—		$	—	$	—		$	—		$	—

(1) Trading Companies XXIX commenced trading operations in November 2014.

(2) Trading Companies XXXIX, XXXIV, XXXV, XXXVII and XXXVIII commenced trading operations in March, July, July, August, and November 2013, respectively.

(3) Trading Company XXIII commenced trading operations in January 2012.

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

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The Trading Companies of the Equinox Frontier Funds

Notes to Financial Statements

1. Organization and Purpose

These financial statements and related notes pertain to the following companies: Frontier Trading Company I LLC, Frontier Trading Company II LLC, Frontier Trading Company V, LLC, Frontier Trading Company VII, LLC, Frontier Trading Company IX, LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, Frontier Trading Company XVII, LLC, Frontier Trading Company XVIII, LLC, Frontier Trading Company XXI, LLC, Frontier Trading Company XXIII, LLC, , Frontier Trading Company XXIX, LLC Frontier Trading Company XXXIV, LLC, Frontier Trading Company XXXV LLC, Frontier Trading Company XXXVII, LLC, Frontier Trading Company XXXVIII, LLC, and Frontier Trading Company XXXIX, LLC (the “Trading Companies”).

Equinox Frontier Funds (the “Trust”), was formed as a Delaware statutory trust on August 8, 2003, with separate Series of Units (the “Series”). Its term will expire on December 31, 2053 (unless terminated earlier in certain circumstances). The Trust is a multi-advisor commodity pool as described in Commodity Futures Trading Commission, or CFTC Regulation § 4.10(d)(2).

All capital of the Trading Companies is provided by the Series and there are no other investors in the Trading Companies.

Each Trading Company authorizes certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized for the purpose of investing in securities and derivative instruments, and have no operating income or expenses, except for trading income and expenses.

Trading Companies engage in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies) and options contracts and other derivative instruments (including swap contracts) and may, from time to time, engage in cash and spot transactions. A brief description of the Trading Company’s main types of investments is set forth below:

• A futures contract is a standardized contract traded on an exchange that calls for the future delivery of a specified quantity of a commodity at a specified time and place.

• A forward contract is an individually negotiated contract between principals, not traded on an exchange, to buy or sell a specified quantity of a commodity at or before a specified date at a specified price.

• An option on a futures contract, forward contract or a commodity gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract, forward contract or a commodity, as applicable, at a specified price on or before a specified date. Options on futures contracts are standardized contracts traded on an exchange, while options on forward contracts and commodities, referred to collectively as over-the-counter options, generally are individually negotiated, principal-to-principal contracts not traded on an exchange.

• A swap contract generally involves an exchange of a stream of payments between the contracting parties. Swap contracts generally are not uniform and not exchange-traded.

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.

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2. Significant Accounting Policies

The following are the significant accounting policies of the Trading Companies.

Basis of Presentation—The Trading Companies follow 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.

Receivable from Futures Commission Merchants—The Trading Companies deposit assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trading Companies earn interest income on its assets deposited with the FCM.

Use of Estimates—The preparation of financial statements in conformity with GAAP may require the management of the Trading Companies 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.

Investment Transactions—Futures, options on futures, and forward 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 Statement of Operations as a Net change in open trade equity, as there exists a right of offset of unrealized gains or losses in accordance with ASC 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.

Foreign Currency Transactions— The Trading Company’s 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.

Investments and Swaps— The Trading Companies record 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. The Trading Companies strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of management. 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 investment or instrument. 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 utilizing Level 3 Inputs. The significant unobservable inputs used in the fair value measurement of the Trust’s Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Swap Contracts are reported at fair value based upon a weekly indicative value that is calculated by management using bid/ask prices from the counterparty. This fair value is corroborated by valuations provided by a third party pricing service. The third party pricing service

F-121

utilizes a Black Scholes pricing model with input adjustments factoring in volatility and liquidity of the instruments. All valuation processes are monitored by the valuation committee.

Income Taxes—The Trading Companies apply 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 Trading Companies’ 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 Trading Company level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has concluded there is no tax expense, interest or penalties to be recorded by the Trading Companies. The 2011 through 2014 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

Fees and Expenses—The Trading Companies incur no expenses other than trading commissions resulting from normal trading activity. All operating expenses such as legal, accounting, etc. are paid for, without reimbursement, by Equinox Fund Management, LLC, the Managing Owner of the Trust.

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

Reclassification—Certain amounts in the 2013 financial statements have been reclassified to conform with the 2014 presentation. None of the reclasses had an impact on the net asset value or performance of the Trading Companies.

Subsequent Events—The Trading Companies follow the provisions of FASB 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. Refer to Note 9.

3. Fair Value Measurements

In connection with the valuation of investments, the Trading Companies apply ASC 820. ASC 820 provides clarification that when a quoted price in an active market for the identical asset or liability is not available, a reporting entity is required to measure fair value using certain techniques. ASC 820 also clarifies that when estimating the fair value of an asset or liability, a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of an asset or liability. ASC 820 also clarifies that both a quoted price in an active market for the identical asset or liability at the measurement date and the quoted price for the identical asset or liability when traded as an asset or liability 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.

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Level 2 Inputs

Inputs other than quoted prices included in Level 1 that are observable for the financial assets or liabilities, either directly or indirectly. These might include quoted prices for similar financial assets in active markets, quoted prices for identical or similar financial assets in markets that are not active, inputs other than quoted prices that are observable for the financial assets or inputs that are derived principally from or corroborated by market data by correlation or other means.

Level 3 Inputs

Unobservable inputs for determining the fair value of financial assets that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the financial asset.

The Trading Companies uses the following methodologies to value instruments within its financial asset portfolio at fair value:

Trading Securities. These instruments include open trade equity positions (futures contracts) that are actively traded on public markets with quoted pricing for corroboration. Futures contracts are reported at fair value using Level 1 inputs. Trading securities instruments further include open trade equity positions (trading options and currencies) that are quoted prices for identical or similar assets that are not traded on active markets. Trading options and currencies are reported at fair value using Level 2 inputs.

Swap Contracts. Certain Trading Companies strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value basis upon daily reports from the counterparty. The Managing Owner values the investments of based on the CTA’s estimated position information on a same-trading day basis. The Managing Owner reviews and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. The fair value is corroborated through the use of a third party pricing service (“pricing service”). The valuation of swap contracts requires significant estimates utilizing Level 3 Inputs corroborated by management through the use of a third party pricing service (“pricing service”). The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner through the Valuation Committee charted by the Executive Committee of the Trust, engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected; the components of the model, both observable and unobservable; and quality control testing procedures in place. The Valuation committee meets on a monthly basis and as needed to discuss any updates or changes in the valuation process, reporting to the Executive Committee. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and throughout the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each swap and its’ subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by senior financial engineer to ensure design and function of model is stable and perform as expected.

F-123

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process. 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 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 Trading Companies financial asset portfolio measured at fair value on a recurring basis as of December 31, 2014 and 2013, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

December 31, 2014	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Trading Company I LLC
Open Trade Equity (Deficit)	$	3,171,968		$	43,237		$	—	$	3,215,205
Options Purchased		—			288,413			—		288,413
Options Written		—			(253,017	)		—		(253,017	)
Frontier Trading Company II LLC
Open Trade Equity (Deficit)	$	4,029,156		$	(555,872	)		—		3,473,284
Frontier Trading Company VII LLC
Open Trade Equity (Deficit)		3,469,339			—			—		3,469,339
Options Purchased		—			8,787,472			—		8,787,472
Options Written		—			(8,710,817	)		—		(8,710,817	)
Frontier Trading Company XIV, LLC
Open Trade Equity (Deficit)		1,341,051			(316,183	)		—		1,024,868
Frontier Trading Company XV, LLC
Open Trade Equity (Deficit)		1,658,917			—			—		1,658,917
Frontier Trading Company XXIII, LLC
Open Trade Equity (Deficit)		893,605			—			—		893,605
Frontier Trading Company XXIX, LLC
Open Trade Equity (Deficit)		(279,840	)		—			—		(279,840	)
Frontier Trading Company XXXIV, LLC
Swap Contracts		—			—			18,246,955		18,246,955
Frontier Trading Company XXXV, LLC
Swap Contracts		—			—			6,570,409		6,570,409
Frontier Trading Company XXXVII, LLC
Swap Contracts		—			—			3,633,060		3,633,060
Frontier Trading Company XXXVIII, LLC
Open Trade Equity (Deficit)		1,369,043			—			—		1,369,043
Frontier Trading Company XXXIX, LLC
Swap Contracts		—			—			7,543,966		7,543,966

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December 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Trading Company I LLC
Open Trade Equity (Deficit)	$	3,162,843		$	—		$	—	$	3,162,843
Options Purchased		—			165,983			—		165,983
Options Written		—			(183,932	)		—		(183,932	)
Frontier Trading Company II LLC
Open Trade Equity (Deficit)		4,302,702			18,591			—		4,321,293
Frontier Trading Company VII LLC
Open Trade Equity (Deficit)		(191,069	)		—			—		(191,069	)
Options Purchased		—			98,740			—		98,740
Options Written		—			(172,650	)		—		(172,650	)
Frontier Trading Company XIV, LLC
Open Trade Equity (Deficit)		246,639			459,545			—		706,184
Frontier Trading Company XV, LLC
Open Trade Equity (Deficit)		3,317,215			769,823			—		4,087,038
Options Purchased		—			2,769,147			—		2,769,147
Options Written		—			(865,940	)		—		(865,940	)
Frontier Trading Company XXIII, LLC
Open Trade Equity (Deficit)		67,845			—			—		67,845
Frontier Trading Company XXXIV, LLC
Swap Contracts		—			—			10,126,168		10,126,168
Frontier Trading Company XXXIX, LLC
Swap Contracts		—			—			5,435,184		5,435,184
Frontier Trading Company XXXV, LLC
Swap Contracts		—			—			3,437,632		3,437,632
Frontier Trading Company XXXVII, LLC
Swap Contracts		—			—			2,456,545		2,456,545
Frontier Trading Company XXXVIII, LLC
Open Trade Equity (Deficit)		3,520,515			—			—		3,520,515

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 “net realized and unrealized gain/(loss) on investments—net realized and unrealized gain/(loss) on swap contracts” on the statements of operations. During the year ended December 31, 2014, all identified level three assets are components of the Frontier Trading Company XXXIV, XXXV, XXXVII, and XXXIX LLC. During the year ended December 31, 2013, all identified level three assets are components of the Frontier Trading Company I, XVII, XXXIV, XXXV, XXXVII, and XXXIX LLC.

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Swap Contracts	Frontier Trading Company XXXIV LLC For The Year Ending December 31, 2014		Frontier Trading Company XXXIX, LLC For The Year Ending December 31, 2014
Balance of recurring Level 3 assets as of January 1, 2014	$	10,126,168	$	5,435,184
Total gains or losses (realized/unrealized):
Included in earnings-realized		—		—
Included in earnings-unrealized		8,120,787		2,108,782
Included in other comprehensive income		—		—
Purchases, sales, issuances, and settlements, net		—		—
Transfers in and/or out of Level 3		—		—
Balance of recurring Level 3 assets as of December 31, 2014	$	18,246,955	$	7,543,966

	Frontier Trading Company XXXV LLC For The Year Ending December 31, 2014		Frontier Trading Company XXXVII, LLC For The Year Ending December 31, 2014
Balance of recurring Level 3 assets as of January 1, 2014	$	3,437,632	$	2,456,545
Total gains or losses (realized/unrealized):
Included in earnings-realized		—		—
Included in earnings-unrealized		3,132,777		1,176,515
Included in other comprehensive income		—		—
Purchases, sales, issuances, and settlements, net		—		—
Transfers in and/or out of Level 3		—		—
Balance of recurring Level 3 assets as of December 31, 2014	$	6,570,409	$	3,633,060

Swap Contracts	Frontier Trading Company I LLC For The Year Ending December 31, 2013			Frontier Trading Company XVII, LLC For The Year Ending December 31, 2013
Balance of recurring Level 3 assets as of January 1, 2013	$	17,785,734		$	4,503,744
Total gains or losses (realized/unrealized):
Included in earnings-realized		(1,646,391	)		(1,908,743	)
Included in earnings-unrealized		214,266			1,746,256
Purchases, sales, issuances, and settlements, net		(16,353,609	)		(4,341,257	)
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2013	$	—		$	—

	Frontier Trading Company XXXIV LLC For The Year Ending December 31, 2013		Frontier Trading Company XXXIX, LLC For The Year Ending December 31, 2013
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		526,168		(561,316	)
Included in other comprehensive income		—		—
Purchases, sales, issuances, and settlements, net		9,600,000		5,996,500
Transfers in and/or out of Level 3		—		—
Balance of recurring Level 3 assets as of December 31, 2013	$	10,126,168	$	5,435,184

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	Frontier Trading Company XXXV, LLC For The Year Ending December 31, 2013		Frontier Trading Company XXXVII, LLC For The Year Ending December 31, 2013
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		37,632		(423,455	)
Included in other comprehensive income		—		—
Purchases, sales, issuances, and settlements, net		3,400,000		2,880,000
Transfers in and/or out of Level 3		—		—
Balance of recurring Level 3 assets as of December 31, 2013	$	3,437,632	$	2,456,545

The Trading Companies 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 Trading Company’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the year ended December 31, 2014 and 2013, the Trust did not transfer any assets between Levels 1, 2 or 3.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2014.

	Frontier Trading Company XXXIV LLC		Frontier Trading Company XXXV, LLC		Frontier Trading Company XXXVII, LLC		Frontier Trading Company XXXIX, LLC
Swaps	$	8,120,787	$	3,132,777	$	1,176,514	$	2,108,782

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2013.

	Frontier Trading Company XXXIV LLC		Frontier Trading Company XXXV, LLC		Frontier Trading Company XXXVII, LLC			Frontier Trading Company XXXIX, LLC
Swaps	$	526,168	$	37,632	$	(423,455	)	$	(561,316	)

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2012.

	Frontier Trading Company I LLC		Frontier Trading Company XVII LLC
Swaps	$	78,977	$	(1,378,028	)

Per swap disclosure no realized on open swap postions as of 12/31/2012.

4. Swaps

In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures and forward contracts, certain Trading Companies of the Trust will strategically invest a portion or all of their assets in total return swaps, selected at the direction of management. 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 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 Trading Companies’ 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 Trading Company and to provide access to programs and advisors that would not be otherwise available to the Trading Company, and are not used for hedging purposes.

Management follows a procedure in selecting well-established financial institutions which management, 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 relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the managements’ minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies.

The Trading Companies strategically invest assets in one or more swaps linked to certain underlying investments or indices, at the direction of management. The Trading Companies will not own any of the investments or indices referenced by any swap. In addition, the swap counterparty to the Trading Company is not a Trading Advisor to these Trading Companies.

The Trading Companies have invested in the following Swaps as of December 31, 2014.

	XXXIX Brevan Howard Total Return Swap		XXXIV Balanced select swap Total Return Swap		XXXV Diversified select swap Total Return Swap		XXXVII L/S select swap Total Return Swap
Counterparty		DeutscheBank AG		DeutscheBank AG		DeutscheBank AG		DeutscheBank AG
Notional Amount	$	17,663,283	$	67,610,098	$	35,500,000	$	13,590,513
Termination Date		3/26/2018		8/2/2018		8/2/2018		8/7/2018
Cash Collateral	$	5,993,000	$	9,600,000	$	3,400,000	$	2,880,000
Swap Value	$	1,547,466	$	8,646,955	$	3,170,409	$	753,060
Investee Returns		Total Returns		Total Returns		Total Returns		Total Returns
Realized Gain/(Loss)	$	0	$	0	$	0	$	0
Change in Unrealized Gain/(Loss)	$	2,108,782	$	8,120,786	$	3,132,777	$	1,176,515
Fair Value as of 12/31/2014	$	7,543,966	$	18,246,955	$	6,570,409	$	3,633,060

The Trading Companies have invested in the following Swaps as of December 31, 2013.

	Brevan Howard Total Return Swap			XXXIV Balanced select swap Total Return Swap		XXXV Diversified select swap Total Return Swap
Counterparty		DeutscheBank AG			DeutscheBank AG		DeutscheBank AG
Notional Amount	$	18,663,283		$	64,400,000	$	25,500,000
Termination Date		3/26/2018			8/2/2018		8/2/2018
Cash collateral	$	5,996,500		$	9,600,000	$	3,400,000
Swap value	$	(561,316	)	$	526,168	$	37,632
Investee Returns		Total Returns			Total Returns		Total Returns
Realized Gain/(Loss)	$	—		$	—	$	—
Change in Unrealized Gain/(Loss)	$	(561,316)		$	526,168	$	37,632
Fair Value as of 12/31/2013	$	5,435,184		$	10,126,168	$	3,437,632

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	XXXVII L/S select swap Total Return Swap			Balanced Series Option/Swap			Currency Swap Option
Counterparty		DeutscheBank AG			DeutscheBank			Societe Generale
Notional Amount	$	34,400,000		$	0		$	0
Termination Date		8/7/2018			11/21/2014			6/30/2016
Cash collateral	$	2,880,000
Swap value	$	(423,455	)
Investee Returns		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	—		$	(1,646,391	)	$	(1,908,743	)
Change in Unrealized Gain/(Loss)	$	(423,455)		$	214,265			1,746,256
Fair Value as of 12/31/2013	$	2,456,545		$	—		$	—

5. Financial Highlights

The following information presents the financial highlights of the Trading Companies for the years ended December 31, 2014, 2013 and 2012.

	Frontier Trading									Frontier Trading									Frontier Trading
	Company I LLC (2)									Company II LLC (2)									Company V LLC (2)
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014		12/31/2013			12/31/2012
Total Income (loss)		-0.12	%		-0.09	%		-0.20	%		0.03	%		0.08	%		0.14	%		n/a		0.06	%		0.12	%
Total Return		145.03	%		72.48	%		-6.48	%		241.28	%		170.80	%		-9.23	%		n/a		36.79	%		-12.78	%

	Frontier Trading									Frontier Trading							Frontier Trading
	Company VII, LLC (2)									Company IX, LLC (2)							Company XIV, LLC (2)
	12/31/2014			12/31/2013			12/31/2012			12/31/2014		12/31/2013		12/31/2012			12/31/2014			12/31/2013			12/31/2012
Total Income (loss)		-0.03	%		-0.01	%		0.00	%		n/a		n/a		0.50	%		-0.20	%		-0.10	%		-0.39	%
Total Return		37.77	%		-29.85	%		-29.58	%		n/a		n/a		-20.78	%		159.10	%		-73.46	%		98.90	%

	Frontier Trading									Frontier Trading								Frontier Trading
	Company XV, LLC (2)									Company XVII, LLC (1), (2)								Company XVIII, LLC (1), (2)
	12/31/2014			12/31/2013			12/31/2012			12/31/2014		12/31/2013			12/31/2012			12/31/2014		12/31/2013			12/31/2012
Total Income (loss)		-0.02	%		0.03	%		-0.20	%		n/a		0.00	%		0.00	%		n/a		-0.27	%		-0.30	%
Total Return		19.79	%		11.08	%		-48.52	%		n/a		-3.61	%		-23.43	%		n/a		-59.41	%		-23.16	%

	Frontier Trading							Frontier Trading									Frontier Trading
	Company XXI, LLC (1), (2)							Company XXIII, LLC (2), (3)									Company XXIX, LLC (5)
	12/31/2014		12/31/2013		12/31/2012			12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
Total Income (loss)		n/a		n/a		-0.52	%		-0.46	%		-0.40	%		0.00	%		0.01	%		0.00	%		0.00	%
Total Return		n/a		n/a		13.65	%		2148.57	%		-55.09	%		-45.38	%		-37.15	%		0.00	%		0.00	%

	Frontier Trading								Frontier Trading								Frontier Trading
	Company XXXIX, LLC (2)								Company XXXIV, LLC (2), (4)								Company XXXV, LLC (2), (4)
	12/31/2014			12/31/2013			12/31/2012		1/0/1900			12/31/2013			12/31/2012		1/0/1900			12/31/2013			12/31/2012
Total Income (loss)		0.00	%		0.00	%		n/a		-0.05	%		0.00	%		n/a		0.00	%		0.00	%		n/a
Total Return		38.73	%		-9.41	%		n/a		41.75	%		5.48	%		n/a		91.13	%		1.11	%		n/a

	Frontier Trading								Frontier Trading
	Company XXXVII, LLC (2), (4)								Company XXXVIII, LLC (2), (4)
	1/0/1900			12/31/2013			12/31/2012		1/0/1900			12/31/2013			12/31/2012
Total Income (loss)		0.00	%		0.00	%		n/a		-0.07	%		-0.01	%		n/a
Total Return		47.89	%		-14.70	%		n/a		85.85	%		134.53	%		n/a

(1) Trading Companies XVII, XVIII and XXI commenced trading operations in July, October and March 2011, respectively.

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(2) Ratio of total income (loss) to average members’ equity, annualized, if applicable. Net investment gain is “Interest-net”, only, as there are no expenses included with the Trading Companies.

(3) Trading Company XXIII commenced trading operations in January 2012.

(4) Trading Companies XXXIX, XXXIV, XXXV, XXXVII, and XXXVIII commenced trading operations in March, July, August, and November 2013, respectively.

(5) Trading Companies XXIX commenced trading operations in November 2014.

6. Derivative Instruments and Hedging Activities

The Trading Companies’ 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 Trading Companies do not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trading Companies’ derivatives by instrument types as of December 31, 2014 and 2013 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trading Companies’ positions in swap contracts.

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

For The Year Ended December 31, 2014

Monthly average contracts:	Bought		Sold
Frontier Trading Company I LLC		10,431		10,301
Frontier Trading Company II LLC		1,658		1,626
Frontier Trading Company VII, LLC		11,107		11,212
Frontier Trading Company XIV, LLC		3,156		3,140
Frontier Trading Company XV, LLC		4,102		4,066
Frontier Trading Company XXIII, LLC		1,981		1,952
Frontier Trading Company XXIX, LLC		42		22
Frontier Trading Company XXXIV, LLC		1,936		1,938
Frontier Trading Company XXXVIII, LLC		1,730		1,622

For The Year Ended December 31, 2013

Monthly average contracts:	Bought		Sold
Frontier Trading Company I LLC		13,344		13,477
Frontier Trading Company II LLC		1,951		2,039
Frontier Trading Company V LLC		623		771
Frontier Trading Company VII, LLC		11,664		11,995
Frontier Trading Company XIV, LLC		14,726		15,608
Frontier Trading Company XV, LLC		5,432		5,459
Frontier Trading Company XVIII, LLC		356		404
Frontier Trading Company XXIII, LLC		1,834		1,778
Frontier Trading Company XXXVIII, LLC		435		534

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The following tables summarize the trading revenues for the years ended December 31, 2014, 2013 and 2012, approximately by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2014 ⁽²⁾

Type of contract	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company VII, LLC
Metals	$	(437,457	)	$	170,841		$	690,535
Currencies		1,750,349			3,665,521			2,527,403
Energies		1,194,230			5,800,067			(3,255,197	)
Agriculturals		1,309,078			(1,089,242	)		(158,431	)
Interest rates		10,676,345			12,258,469			123,894
Stock indices		3,172,068			1,689,346			219,589
Realized trading income/(loss) (2)	$	17,664,613		$	22,495,002		$	147,793
Type of contract	Frontier Trading Company XIV, LLC			Frontier Trading Company XV, LLC			Frontier Trading Company XXIII, LLC (3)
Metals	$	(882,227	)	$	575,380		$	(217,610	)
Currencies		2,737,165			1,090,109			1,160,826
Energies		237,904			561,158			(605,056	)
Agriculturals		829,935			949,454			—
Interest rates		3,297,947			2,379,839			5,823,668
Stock indices		(1,068,847	)		(875,183	)		667,519
Realized trading income/(loss) (2)	$	5,151,877		$	4,680,757		$	6,829,347
Type of contract	Frontier Trading Company XXIX, LLC (5)			Frontier Trading Company XXXIV, LLC			Frontier Trading Company XXXVIII, LLC
Metals	$	(52,470	)	$	7,721		$	(111,695	)
Currencies		(94,092	)		(261,257	)		5,323,603
Energies		(358,642	)		180			408,068
Agriculturals		(24,200	)		—			(248,904	)
Interest rates		138,650			—			(5,722,822	)
Stock indices		80,496			(1,806,979	)		1,968,275
Realized trading income/(loss) (2)		(310,258	)		(2,060,335	)		1,616,525

F-131

Unrealized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2014 (1)

Type of contract	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company VII, LLC
Metals	$	(111,947	)	$	(379,502	)	$	(67,120	)
Currencies		365,702			(685,924	)		90,671
Energies		389,322			526,450			410,565
Agriculturals		(89,486	)		(281,100	)		967,983
Interest rates		1,577,387			2,337,987			(432,162	)
Stock indices		(946,046	)		(2,365,920	)		(409,378	)
Unrealized trading income/(loss) (1)	$	1,184,932		$	(848,009	)	$	560,559
Type of contract	Frontier Trading Company XIV, LLC			Frontier Trading Company XV, LLC			Frontier Trading Company XXIII, LLC (3)
Metals	$	164,178		$	(593,950	)	$	20,878
Currencies		(743,778	)		(1,724,126	)		(278,910	)
Energies		873,446			875,619			2,817
Agriculturals		(28,250	)		(53,695	)		—
Interest rates		371,048			464,025			1,653,065
Stock indices		(317,959	)		(417,885	)		(572,090	)
Unrealized trading income/(loss) (1)	$	318,685		$	(1,450,012	)	$	825,760
Type of contract	Frontier Trading Company XXIX, LLC (5)			Frontier Trading Company XXXIV, LLC			Frontier Trading Company XXXVIII, LLC (4)
Metals	$	(41,409	)	$	—		$	(53,485	)
Currencies		9,969			—			(285,427	)
Energies		(322,182	)		—			65,813
Agriculturals		(18,006	)		—			(111,612	)
Interest rates		61,567			—			(1,228,893	)
Stock indices		30,221			—			(537,869	)
Unrealized trading income/(loss) (1)		(279,840	)		—			(2,151,473	)

(1) In the Statements of Operations under net change in open trade equity (deficit), at fair value.

(2) In the Statements of Operations under Net realized gain/(loss) on futures, forwards and options.

(3) Frontier Trading Company XXIII, LLC commenced operations in January 2012.

(4) Frontier Trading Company XXXVIII, LLC commenced operations in November 2013.

(5) Trading Company XXIX commenced trading operations in November 2014.

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Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2013 (2)

Type of contract	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company V LLC			Frontier Trading Company VII, LLC
Metals	$	412,573		$	1,614,525		$	(177,747	)	$	(1,480,598	)
Currencies		(814,671	)		3,701,872			1,296,788			790,928
Energies		(2,799,303	)		(2,918,095	)		(1,334,769	)		(4,910,183	)
Agriculturals		(2,421,228	)		2,015,773			471,906			341,441
Interest rates		2,423,384			(7,118,246	)		(757,720	)		598,983
Stock indices		4,755,435			13,887,786			6,411,757			1,459,036
Realized trading income/(loss) (2)	$	1,556,190		$	11,183,615		$	5,910,215		$	(3,200,393	)
Type of contract	Frontier Trading Company XIV, LLC			Frontier Trading Company XV, LLC			Frontier Trading Company XVIII, LLC (3)			Frontier Trading Company XXIII, LLC (3)
Metals	$	6,112,168		$	(493,033	)	$	(247,744	)	$	(322,627	)
Currencies		(19,294,266	)		(79,489	)		(51,616	)		40,582
Energies		(2,176,306	)		(927,698	)		(237,383	)		(252,872	)
Agriculturals		(705,599	)		(618,122	)		(337,113	)		(292,693	)
Interest rates		(22,508,513	)		(1,567,281	)		(571,998	)		(1,305,716	)
Stock indices		12,638,587			3,519,159			703,216			958,376
Realized trading income/(loss) (2)	$	(25,933,929	)	$	(166,464	)	$	(742,638	)	$	(1,174,950	)
Type of contract	Frontier Trading Company XXXVIII, LLC (3)
Metals	$	45,320
Currencies		1,639,963
Energies		(894,269	)
Agriculturals		(604,553	)
Interest rates		(271,753	)
Stock indices		209,465
Realized trading income/(loss) (2)	$	124,173

F-133

Unrealized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2013 (1)

Type of contract	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company V LLC			Frontier Trading Company VII, LLC
Metals	$	1,212,080		$	1,436,076		$	366,938		$	(8,186,850	)
Currencies		104,438			(898,048	)		(374,472	)		2,874,502
Energies		(289,840	)		107,134			136,348			(21,526,796	)
Agriculturals		(63,428	)		515,298			(190,376	)		7,375,646
Interest rates		(1,483,357	)		(1,007,888	)		(97,299	)		17,321,998
Stock indices		2,905,375			2,669,283			(1,152,310	)		5,780,441
Unrealized trading income/(loss) (1)	$	2,385,268		$	2,821,855		$	(1,311,171	)	$	3,638,941
Type of contract	Frontier Trading Company XIV, LLC			Frontier Trading Company XV, LLC			Frontier Trading Company XVIII, LLC (3)			Frontier Trading Company XXIII, LLC (3)
Metals	$	874,183		$	1,897,220		$	24,089		$	40,362
Currencies		1,309,342			2,953,457			(48,985	)		364,150
Energies		(1,070,845	)		(558,216	)		1,489			(58,852	)
Agriculturals		255,624			556,112			40,202			(224,679	)
Interest rates		502,102			(233,344	)		(39,175	)		(978,553	)
Stock indices		956,215			(731,655	)		(63,280	)		694,236
Unrealized trading income/(loss) (1)	$	2,826,621		$	3,883,574		$	(85,660	)	$	(163,336	)
Type of contract	Frontier Trading Company XXXVIII, LLC (3)
Metals	$	105,975
Currencies		1,089,489
Energies		35,080
Agriculturals		265,629
Interest rates		1,233,037
Stock indices		791,078
Unrealized trading income/(loss) (1)	$	3,520,288

(1) In the Statements of Operations under net change in open trade equity (deficit), at fair value.

(2) In the Statements of Operations under Net realized gain/(loss) on futures, forwards and options.

(3) Frontier Trading Company XVIII, LLC commenced operations in October 2011.

(4) Frontier Trading Company XXIII, LLC commenced operations in January 2012.

(5) Frontier Trading Company XXXVIII, LLC commenced operations in November 2013.

F-134

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2012 (2)

Type of contract	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company III LLC			Frontier Trading Company V LLC
Metals	$	1,073,536		$	(695,515	)	$	—		$	(876,030	)
Currencies		(72,453	)		(849,000	)		—			(600,627	)
Energies		2,139,250			(1,973,402	)		—			(2,772,182	)
Agriculturals		2,206,100			(407,523	)		—			(162,926	)
Interest rates		(5,962,492	)		3,312,713			—			4,162,463
Stock indices		(955,723	)		(929,218	)		—			(2,547,143	)
Realized trading income/(loss) (2)	$	(1,571,782	)	$	(1,541,945	)	$	—		$	(2,796,445	)
Type of contract	Frontier Trading Company VI LLC			Frontier Trading Company VII, LLC			Frontier Trading Company IX, LLC			Frontier Trading Company XIV, LLC
Metals	$	—		$	(2,477,120	)	$	(484,830	)	$	(346,874	)
Currencies		—			(58,199	)		(1,170,545	)		11,551,738
Energies		—			(12,210,665	)		151,181			(7,771,337	)
Agriculturals		—			(15,890,742	)		249,196			(585,742	)
Interest rates		—			3,335,233			(457,977	)		31,443,188
Stock indices		—			(792,785	)		1,123,927			2,004,526
Realized trading income/(loss) (2)	$	—		$	(28,094,277	)	$	(589,048	)	$	36,295,498
Type of contract	Frontier Trading Company XV, LLC			Frontier Trading Company XVIII, LLC (3)			Frontier Trading Company XXI, LLC (4)			Frontier Trading Company XXIII, LLC (4)
Metals	$	(6,722,059	)	$	201,264		$	(699,089	)	$	(684,083	)
Currencies		(2,596,001	)		35,336			207,262			483,754
Energies		552,102			468,349			(6,108,999	)		(723,685	)
Agriculturals		1,715,864			114,163			(769,265	)		(1,553,978	)
Interest rates		(162,664	)		(667,998	)		8,930,606			5,186
Stock indices		(1,340,616	)		496,617			263,198			164,494
Realized trading income/(loss) (2)	$	(8,553,374	)	$	647,731		$	1,823,712		$	(2,308,312	)

F-135

Unrealized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2012 (1)

Type of contract	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company III LLC			Frontier Trading Company V LLC
Metals	$	(110,769	)	$	711,013		$	—		$	45,401
Currencies		61,955			(3,426,750	)		—			(87,190	)
Energies		67,588			(304,706	)		—			(29,494	)
Agriculturals		(132,871	)		665,339			—			(489	)
Interest rates		579,973			(270,682	)		—			34,505
Stock indices		252,372			86,776			—			(89,819	)
Unrealized trading income/(loss) (1)	$	718,247		$	(2,539,010	)	$	—		$	(127,086	)
Type of contract	Frontier Trading Company VI LLC			Frontier Trading Company VII, LLC			Frontier Trading Company IX, LLC			Frontier Trading Company XIV, LLC
Metals	$	—		$	433,960		$	(468,789	)	$	(2,409,225	)
Currencies		—			476,938			(1,233,551	)		1,126,149
Energies		—			25,156,302			199,498			1,813,680
Agriculturals		—			(8,633,169	)		287,054			(606,400	)
Interest rates		—			2,344,677			(405,079	)		(2,916,232	)
Stock indices		—			2,937,680			1,176,098			1,110,540
Unrealized trading income/(loss) (1)	$	—		$	22,716,388		$	(444,768	)	$	(1,881,488	)
Type of contract	Frontier Trading Company XV, LLC			Frontier Trading Company XVIII, LLC (3)			Frontier Trading Company XXI, LLC (4)			Frontier Trading Company XXIII, LLC (4)
Metals	$	752,043		$	5,971,843		$	(28,353	)	$	817,959
Currencies		579,363			6,876,046			81,807			(636,313	)
Energies		556,669			5,538,479			(599,044	)		161,761
Agriculturals		(435,339	)		(7,863,600	)		148,522			(826,559	)
Interest rates		(810,952	)		4,841,656			133,585			359,082
Stock indices		622,132			(15,874,956	)		(528,891	)		355,251
Unrealized trading income/(loss) (1)	$	1,263,916		$	(510,533	)	$	(792,373	)	$	231,181

(1) In the Statements of Operations under net change in open trade equity (deficit), at fair value.

(2) In the Statements of Operations under Net realized gain/(loss) on futures, forwards and options.

(3) Frontier Trading Company XVIII, LLC commenced operations in October 2011.

(4) Frontier Trading Company XXI, LLC commenced operations in March 2011.

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 commission merchants (each, an “FCM”) are subject to master netting arrangements and collateral arrangements and meet the U.S. GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a net basis on the statements of financial condition.

F-136

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

As of December 31, 2014	Gross Amounts of recognized Derivative Assets		Gross Amounts of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Frontier Trading Company I, LLC
Open Trade Equity/(Deficit)	$	3,369,866	$	(154,661	)	$	3,215,205
Options Written		—		(253,017	)		(253,017	)
Options Purchased		288,413		—		$	288,413
Frontier Trading Company II, LLC
Open Trade Equity/(Deficit)	$	4,029,155	$	(555,871	)	$	3,473,284
Frontier Trading Company VII, LLC
Open Trade Equity/(Deficit)	$	4,471,373	$	(1,002,034	)	$	3,469,339
Options Purchased		8,787,472		—			8,787,472
Options Written		—		(8,710,817	)		(8,710,817	)
Frontier Trading Company XIV, LLC
Open Trade Equity/(Deficit)	$	1,341,051	$	(316,183	)	$	1,024,868
Frontier Trading Company XV, LLC
Open Trade Equity/(Deficit)	$	2,047,683	$	(388,766	)	$	1,658,917
Frontier Trading Company XXIII, LLC
Open Trade Equity/(Deficit)	$	893,605	$	—		$	893,605
Frontier Trading Company XXIX, LLC
Open Trade Equity/(Deficit)	$	—	$	(279,840	)	$	(279,840	)
Frontier Trading Company XXXIV, LLC
Swap Contracts	$	18,246,955	$	—		$	18,246,955
Frontier Trading Company XXXV, LLC
Swap Contracts	$	6,570,409	$	—		$	6,570,409
Frontier Trading Company XXXVII, LLC
Swap Contracts	$	3,633,060	$	—		$	3,633,060
Frontier Trading Company XXXVIII, LLC
Open Trade Equity/(Deficit)	$	1,369,043	$	—		$	1,369,043
Frontier Trading Company XXXIX, LLC
Swap Contracts	$	7,543,966	$	—		$	7,543,966

F-137

As of December 31, 2013	Gross Amounts of recognized Derivative Assets		Gross Amounts of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Frontier Trading Company I, LLC
Open Trade Equity/(Deficit)	$	3,162,843	$	—		$	3,162,843
Options Purchased		165,983		—			165,983
Options Written		—		(183,932	)		(183,932	)
Swap Contracts							—
Frontier Trading Company II, LLC
Open Trade Equity/(Deficit)	$	4,321,293	$	—		$	4,321,293
Frontier Trading Company VII, LLC
Open Trade Equity/(Deficit)	$	227,827	$	(418,896	)	$	(191,069	)
Options Purchased		98,740		—			98,740
Options Written		—		(172,650	)		(172,650	)
Frontier Trading Company XIV, LLC
Open Trade Equity/(Deficit)	$	706,184	$	—		$	706,184
Frontier Trading Company XV, LLC
Open Trade Equity/(Deficit)	$	4,087,038	$	—		$	4,087,038
Options Purchased		2,769,147		—			2,769,147
Options Written		—		(865,940	)		(865,940	)
Frontier Trading Company XXIII, LLC
Open Trade Equity/(Deficit)	$	75,237	$	(7,392	)	$	67,845
Frontier Trading Company XXXIV, LLC
Swap Contracts	$	10,126,168	$	—		$	10,126,168
Frontier Trading Company XXXIX, LLC
Swap Contracts	$	7,540,466	$	—		$	7,540,466
Frontier Trading Company XXXV, LLC
Swap Contracts	$	3,437,632	$	—		$	3,437,632
Frontier Trading Company XXXVII, LLC
Swap Contracts	$	2,456,545	$	—		$	2,456,545
Frontier Trading Company XXXVIII, LLC
Open Trade Equity/(Deficit)	$	3,520,515	$	—		$	3,520,515

F-138

7. Trading Activities and Related Risks

The purchase and sale of futures and options on futures contracts require margin deposits with futures commission merchants (each, an “FCM”). 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 Statement of Financial Condition, may result in future obligation or loss in excess of the amount paid by the trading Companies 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 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. Management will seek to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time.

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

In the case of forward contracts traded on the interbank market and swaps, neither is traded on exchanges. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. Management 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.

Management has established procedures to actively monitor and minimize market and credit risks. Investors in units of the Equinox Frontier Funds 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.

8. Indemnifications

The Trading Companies have 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

F-139

gross negligence or bad faith. The Trading Companies have had no prior claims or payments pursuant to these agreements. The Trading Companies’ individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trading Companies that have not yet occurred. However, based on experience the Trading Companies expect the risk of loss to be remote.

9. Subsequent Events

None.

F-140

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: March 31, 2015	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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

BY:	/s/	Robert J. Enck	March 31, 2015
		Robert J. Enck, Chairman and Member of the Executive Committee of Equinox Frontier Funds
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Vance Sanders	March 31, 2015
		Vance Sanders, Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Richard E. Bornhoft	March 31, 2015
		Richard E. Bornhoft, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	David P. DeMuth	March 31, 2015
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds

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: March 31, 2015	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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

BY:	/s/	Robert J. Enck	March 31, 2015
		Robert J. Enck, Chairman and Member of the Executive Committee of Equinox Frontier Funds
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Vance Sanders	March 31, 2015
		Vance Sanders, Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Richard E. Bornhoft	March 31, 2015
		Richard E. Bornhoft, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	David P. DeMuth	March 31, 2015
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

	Equinox Frontier Heritage Fund, a Series of Equinox Frontier Funds (Registrant)
Date: March 31, 2015	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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

BY:	/s/	Robert J. Enck	March 31, 2015
		Robert J. Enck, Chairman and Member of the Executive Committee of Equinox Frontier Funds
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Vance Sanders	March 31, 2015
		Vance Sanders, Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Richard E. Bornhoft	March 31, 2015
		Richard E. Bornhoft, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	David P. DeMuth	March 31, 2015
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds

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: March 31, 2015	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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

BY:	/s/	Robert J. Enck	March 31, 2015
		Robert J. Enck, Chairman and Member of the Executive Committee of Equinox Frontier Funds
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Vance Sanders	March 31, 2015
		Vance Sanders, Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Richard E. Bornhoft	March 31, 2015
		Richard E. Bornhoft, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	David P. DeMuth	March 31, 2015
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds

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: March 31, 2015	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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

BY:	/s/	Robert J. Enck	March 31, 2015
		Robert J. Enck, Chairman and Member of the Executive Committee of Equinox Frontier Funds
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Vance Sanders	March 31, 2015
		Vance Sanders, Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Richard E. Bornhoft	March 31, 2015
		Richard E. Bornhoft, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	David P. DeMuth	March 31, 2015
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds

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: March 31, 2015	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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

BY:	/s/	Robert J. Enck	March 31, 2015
		Robert J. Enck, Chairman and Member of the Executive Committee of Equinox Frontier Funds
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Vance Sanders	March 31, 2015
		Vance Sanders, Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Richard E. Bornhoft	March 31, 2015
		Richard E. Bornhoft, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	David P. DeMuth	March 31, 2015
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds

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: March 31, 2015	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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

BY:	/s/	Robert J. Enck	March 31, 2015
		Robert J. Enck, Chairman and Member of the Executive Committee of Equinox Frontier Funds
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Vance Sanders	March 31, 2015
		Vance Sanders, Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Richard E. Bornhoft	March 31, 2015
		Richard E. Bornhoft, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	David P. DeMuth	March 31, 2015
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds

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: March 31, 2015	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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Equinox Fund Management, LLC

BY:	/s/	Robert J. Enck	March 31, 2015
		Robert J. Enck, Chairman and Member of the Executive Committee of Equinox Frontier Funds
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Vance Sanders	March 31, 2015
		Vance Sanders, Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	Richard E. Bornhoft	March 31, 2015
		Richard E. Bornhoft, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds
	/s/	David P. DeMuth	March 31, 2015
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds