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, 2016
	or
o	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 2010, 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 2, Class 3, Class 1a, Class 2a and Class 3a Units;
Equinox Frontier Masters Fund Class 1, Class 2 and Class 3 Units;
Equinox Frontier Balanced Fund Class 1, Class 1AP, Class 2, Class 2a and Class 3a Units;
Equinox Frontier Select Fund Class 1, Class 1AP, and Class 2 Units;
Equinox Frontier Winton Fund Class 1, Class 1AP, and Class 2 Units;
Equinox Frontier Heritage Fund Class 1, Class 1AP, and Class 2 Units

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  o    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  o    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   o

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

Indicate by check mark 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	o		Accelerated Filer	o
Non–Accelerated Filer	x	(Do not check if a smaller reporting company)	Smaller Reporting Company	o

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

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, 2016 were: 438,024 for the Equinox Frontier Diversified Fund, 80,593 for the Equinox Frontier Long/Short Commodity Fund, 142,761 for the Equinox Frontier Masters Fund, 555,520 for the Equinox Frontier Balanced Fund, 122,869 for the Equinox Frontier Select Fund, 185,748 for the Equinox Frontier Winton Fund and 78,770, for the Equinox Frontier Heritage Fund.

Documents Incorporated by Reference

Portions of the Prospectus filed by the registrant on May 2, 2016 pursuant to rule 424(b)(3) of the Securities Act (File No. 333-210313) 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, 2016, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

Table of Contents

			Page
PART I
	Item 1.	Business	1
	Item 1A.	Risk Factors	7
	Item 1B.	Unresolved Staff Comments	23
	Item 2.	Properties	23
	Item 3.	Legal Proceedings	24
	Item 4.	Mine Safety Disclosures	24
PART II
	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	25
	Item 6.	Selected Financial Data	27
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	79
	Item 8.	Financial Statements and Supplementary Data	84
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	84
	Item 9A	Controls and Procedures	84
	Item 9B.	Other Information	85
PART III
	Item 10.	Directors, Executive Officers and Corporate Governance	86
	Item 11.	Executive Compensation	89
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	90
	Item 13.	Certain Relationships and Related Transactions	90
	Item 14.	Principal Accountant Fees and Services	91
PART IV
	Item 15.	Exhibits and Financial Statement Schedules	92
		Index to Financial Statements	F-1
		Signatures	F-305

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”). The Trust 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, as further amended, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders, as amended from time to time (the “Trust Agreement”), unitholders in a Delaware statutory 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 the combined Series of the Trust.

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.

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 affiliated with the Managing Owner (“Trading Company” or “Trading Companies” or to an unaffiliated series limited liability company (“Galaxy Plus entities” or “Galaxy Plus entity”), each of which has one-year renewable contracts with its own independent trading advisor(s) (each a “Trading Advisor”) that will manage all or a portion of the applicable Trading Company’s or Galaxy Plus entity’s assets, and make the trading decisions for the assets of each Series vested in such Trading Company of Galaxy Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of the other Trading Companies and Galaxy Plus entities.

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

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

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

● maintains each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund  are charged a service fee of up to two percent (2.0%) annually of the NAV (or the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. Class 1AP was created as a sub-class of Class 1 and it has been presented separately because the fees applicable to it are different from those applicable to Class 1. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

1

● all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of December 31, 2016, the total Units outstanding were 438,024 for the Equinox Frontier Diversified Fund, 80,593 for the Equinox Frontier Long/Short Commodity Fund, 142,761 for the Equinox Frontier Masters Fund, 555,520 for the Equinox Frontier Balanced Fund, 122,869 for the Equinox Frontier Select Fund, 185,748 for the Equinox Frontier Winton Fund and 78,770, for the Equinox Frontier Heritage Fund.

As of December 31, 2016, the Trust, with respect to the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage separates Units into a maximum of three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Equinox Frontier Balanced Fund separates Units into a maximum of five separate Classes— Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Equinox Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and December 31, 2016, a portion of the interests in Equinox Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, and Frontier Trading Company XXIII LLC held by Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund and Equinox Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program,  the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

2

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

The Managing Owner is a Delaware Limited Liability Company formed in June 2003. The Managing Owner became registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator (“CPO”), as of August 6, 2003, and has been a member of the National Futures Association (the “NFA”) in such capacity since that date. The Managing Owner’s main business office is located at 1775 Sherman Street, Suite 2010, Denver, Colorado 80203, telephone (303) 837-0600. A description of the Managing Owner’s responsibilities to the Trust is contained in a Prospectus dated April 29, 2016, filed with the SEC on May 2, 2016 pursuant to Rule 424(b)(3) of the Securities Act of 1933, as amended (File No. 333-210313), which is referred to herein as the “Prospectus,” under the section captioned “The Managing Owner,” and such description is incorporated herein by reference from the Prospectus.

Regulation

Under the Commodity Exchange Act, as amended, (the “Commodity Exchange Act”) commodity exchanges and commodity futures trading are subject to regulation by the CFTC. The NFA, a registered futures association under the Commodity Exchange Act, is the only non-exchange self-regulatory organization for commodity industry professionals. The CFTC has delegated responsibility to the NFA for the registration of “commodity Trading Advisors,” “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.

3

The Trading Companies and Galaxy Plus entities for each Series of Units engage in the speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swaps) 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 and Galaxy Plus entities have entered into contractual arrangements with independent commodity Trading Advisors that will manage all or a portion of such Trading Company’s and Galaxy Plus entity’s assets and make the trading decisions with respect to the assets of such Trading Company or Galaxy Plus entity.

Selection and Replacement of Trading Advisors

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

The Managing Owner utilizes certain quantitative and qualitative analysis in connection with the identification, evaluation and selection of the Trading Advisors. The Managing Owner’s proprietary and commercial analytical software programs and comprehensive Trading Advisor database provide the quantitative basis for the Trading Advisor selection, portfolio implementation process, and ongoing risk management, monitoring, and review.

The Managing Owner’s research department is continually refining ways to assimilate vast amounts of Trading Advisor performance data and due-diligence information. The proprietary and commercial database of alternative investment programs is always increasing. Research team members regularly interact with Trading Advisors throughout the due diligence and monitoring process. Only those programs that have met strict quantitative and qualitative review are considered as potential managers of client assets. Following is a summary of the quantitative and qualitative analysis:

Quantitative Analysis

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

Qualitative Analysis

Although quantitative analysis statistically identifies the top performing Trading Advisors, qualitative analysis plays a major role in the Trading Advisor evaluation and final selection process. Each Trading Advisor in the Managing Owner’s top docile 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) on-site due diligence, (4) extensive due diligence questionnaires and (5) written review and periodic updates. This information allows a thorough review of each Trading Advisor’s trading philosophy, trading systems and corporate structure.

4

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.

The trading system of each of the major commodity Trading Advisors and the means by which the Series access those Trading Advisors are as follows:

Major Commodity Trading Advisor	Trading System Style	Accessed Through
Aspect Capital Limited	Systematic	Galaxy Plus
Beach Horizon	Systematic	Trading Company
BH-DG Systematic Trading LLP	Systematic	Swap
Chesapeake Capital Corporation	Systematic	Galaxy Plus
Crabel Capital Partners LLPC	Systematic	Swap
Emil Van Essen, LLC	Discretionary	Galaxy Plus
Fort, L.P.	Systematic	Galaxy Plus
H2O Asset Management	Systematic	Swap
J E Moody & Company	Systematic	Swap
Quantitative Investment Management, LLC	Systematic	Galaxy Plus
Quantmetrics Capital Management LLP	Systematic	Galaxy Plus
Quest Partners LLC	Systematic	Galaxy Plus
Red Oak Commodity Advisors, Inc.	Discretionary	Galaxy Plus
Rosetta Capital Management, LLC	Discretionary	Galaxy Plus
Transtrend B.V.	Systematic	Trading Company
Winton Capital Management Ltd.	Systematic	Trading Company

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.

5

As of December 31, 2016, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:

Allocation as of December 31, 2016 (expressed as a percentage of aggregate notional exposure to commodity trading programs)

				Equinox
	Equinox			Frontier			Equinox			Equinox						Equinox			Equinox
	Frontier			Long/Short			Frontier			Frontier			Equinox			Frontier			Frontier
	Diversified			Commodity			Masters			Balanced			Frontier			Winton			Heritage
Advisor	Fund			Fund			Fund			Fund			Select Fund			Fund			Fund
Aspect Capital Limited		5	%		—			—			6	%		—			—			—
Beach Horizon		—			—			—			5	%		—			—			—
BH-DG Systematic Trading LLP		—			—			—			—			41	%		—			44	%
Chesapeake Capital Corporation		9	%		15	%		25	%		—			—			—			—
Crabel Capital Management, LLC		4	%		—			—			5	%		—			—			—
Doherty		3	%								4	%
Emil Van Essen, LLC		8	%		22	%		23	%		7	%		—			—			—
Fort, L.P.		9	%		—			—			11	%		—			—			—
H2O Asset Management		9	%		—			—			12	%		—			—			—
J E Moody & Company		—			10	%		—			—			—			—			—
Landmark		2	%		4	%					4	%
Quantitative Investment Management,LLC		19	%		—			—			21	%		—			—			—
Quantmetrics Capital ManagementLLP		15	%		—			—			14	%		—			—			—
Quest Partners LLC		8	%		—			—			2	%		—			—			—
Red Oak Commodity Advisors, Inc.		—			30	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			19	%		—			—			—			—			—
Transtrend B.V.		—			—			28	%		—			59	%		—			—
Winton Capital Management Ltd.		9	%		—			24	%		9	%		—			100	%		56	%

A description of the trading strategies of the major commodity Trading Advisors, 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.

Financial Information about Geographic Areas

Although the Trust trades in the global futures and forward markets, it does not have operations outside of the United States, and therefore this item is not applicable.

Employees

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

Available Information

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

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Additional Information

On December 5, 2016, Equinox Fund Management, LLC (“Equinox”), Frontier Fund Management LLC (the “New Managing Owner”), and Wakefield Advisors, LLC (“Wakefield”) entered into a Unit Purchase Agreement (the “Agreement”). Equinox was the Managing Owner of the Trust and the Series. Pursuant to the Agreement, Equinox agreed to transfer to the New Managing Owner such amount of Equinox’s General Units (as defined in the Trust Agreement) as the Managing Owner shall be required to hold in its capacity as managing owner of the Trust pursuant to the Trust Agreement, and redeem the remainder of Equinox’s General Units (the “Transaction”).

The Transaction was consummated on March 6, 2017, and upon consummation of the Transaction, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. Consequently, consummation of the Transaction constituted a change of operational control in respect of the Trust and each Series.

In connection with the foregoing, the Trust Agreement was amended to effect certain changes to replace Equinox as the managing owner and to reflect the New Managing Owner as the new managing owner. Also, the New Managing Owner has temporarily suspended the sale of Units (as defined in the Trust Agreement) while the Managing Owner engages with the Securities and Exchange Commission to have declared effective a post-effective amendment to the Series’ registration statements, as well as approval by the NFA. The Series will file Form 8-K to announce the resumption of the sale of Units, which the New Managing Owner expects will occur shortly.

The New Managing Owner is seeking to cause the suspension to be lifted as promptly as practicable.

Any forward-looking statements herein are based on expectations of the New Managing Owner at this time. Whether or not actual results and developments will conform to the New Managing Owner’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in the Series’ prospectuses, general economic, market and business conditions, changes in laws or regulations or other actions made by governmental authorities or regulatory bodies, and other world economic and political developments. The Series and the New Managing Owner undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Item 1A. RISK FACTORS.

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

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

Market Risks

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

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

● changes in interest rates;

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

● weather and climate conditions;

● natural disasters, such as hurricanes;

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● 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.

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

Exchanges of futures for physicals may adversely affect performance.

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

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

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

The Trading Companies or Galaxy Plus entities and Trust may enter into 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 over-the-counter (“OTC”) swap transactions are traded and the credit risk associated with such trading. Any changes will likely impact the way swaps are traded and could impact the trading strategy of the Trust, 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 may remain in effect. Accordingly, even after the new regulatory framework is fully implemented, the risks of OTC foreign exchange transactions may 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 or Galaxy Plus entity that are deposited with commodity brokers or their affiliates may be placed in deposit accounts at U.S. banks. The Federal Deposit Insurance Corporation (FDIC) insures deposit accounts at insured banks for up to $250,000 for each accountholder, and, if the funds in an account can be traced back to multiple individual co-owners, then each co-owner may be entitled to $250,000 in coverage. This amount of deposit insurance coverage was made permanent by the Dodd-Frank Act. Uninsured depositors also may receive funds in the event of a receivership of the bank holding the deposit accounts, but uninsured depositors have a lower priority in respect of payment than insured depositors or certain other creditors, and frequently there are insufficient funds in a receivership estate to pay off uninsured depositors fully or at all. If the FDIC were to become receiver of an insured U.S. bank holding deposit accounts that were established by a commodity broker or one of its affiliates, then it is uncertain whether the commodity broker, the affiliate involved, the Trading Company or Galaxy Plus entity, the Series involved, or the investor would be able to reclaim cash in the deposit accounts in the full amount.

Your investment could be illiquid.

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

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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 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.

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

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

The Trading Companies or Galaxy Plus entities are subject to speculative position limits.

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

In December 2016, the CFTC voted unanimously to repropose regulations implementing limits on speculative positions in 25 core physical commodity futures contracts and their economically equivalent futures, options and swaps. Comments on these regulations were due by the end of February 2017. These rules could have an adverse effect on Trading Advisors’ trading for the Trading Companies and Galaxy Plus entities.

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

We believe that none of the Trading Advisors intend 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(ies) or Galaxy Plus entity(ies) in which such Series invests its assets may require liquidations and contributions from the allocated net assets of another Trading Advisor for such Series.

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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, Trading Programs, or Reference Trading Programs

A Trading Advisor generally is required to recoup previous trading losses in its trading program or a reference trading program, as applicable, before it can earn performance-based compensation. However, the Managing Owner may elect to replace a Trading Advisor, or any trading program or reference trading program, that has a “loss carryforward.” In that case, the trust would lose the “free ride” of any potential recoupment of the prior losses of such Trading Advisor, trading program or reference trading program. In addition, the new Trading Advisor, trading program or reference trading program, or an existing Trading Advisor in respect of a new trading program or reference program, would earn performance-based compensation on the first dollars of investment profits.

It is also possible that (i) the advisory agreement with any Trading Advisor, once it expires, will not be renewed on the same terms as the current advisory agreement for that Trading Advisor, (ii) if assets of any Series allocated to a particular Trading Advisor, trading program or reference trading program are reallocated to a new or different Trading Advisor, trading program or reference trading program, the new or different Trading Advisor, with respect to its applicable trading program or reference trading program, will not manage the assets on terms as favorable to the Series as those previously negotiated, (iii) the addition of a new Trading Advisor, trading program or reference trading program and/or the removal of one of the current Trading Advisors, trading programs or reference trading programs may cause disruptions in trading as assets are reallocated, or (iv) the services of a replacement Trading Advisor, in respect of a trading program, reference program or otherwise, 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, trading program or reference trading program therefore could be significant.

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

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

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

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

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

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

Different markets traded or individual positions held by a Series of Units may be highly correlated to one another at times. Accordingly, a significant change in one such market or position may affect other such markets or positions. The Trading Advisors cannot always predict correlation. Correlation may expose such Series of Units both to significant risk of loss and significant potential for profit.

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

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

Stop-loss Orders May Not Prevent Large Losses.

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

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.

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

Lack of Investor Protection Regulation

The rights of the 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 Galaxy Plus entity or referenced by a swap or other derivative instrument and result in increased volatility, and potentially greater losses. You may lose all or substantially all of your investment in a Series.

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

Each Series is charged brokerage charges, 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.

The Trading Companies are 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.

All of the Series invest 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.

There are certain risks associated with investments in Galaxy Plus entities.

The assets of each Series are substantially invested in commodity pools offered through the Galaxy Plus Platform, and accordingly, each Series’ performance depends substantially upon the performance of each such commodity pool. Factors that may significantly affect a commodity pool’s performance include the investment strategies selected for it by the sponsor, Gemini Alternative Funds, LLC (the “Sponsor” or “Gemini”) and/or such commodity pool’s Trading Advisor in their sole discretion, the commodity pool’s adherence to the selected strategies, the effectiveness of such strategies and the specific trading activities of the commodity pool’s Trading Advisor, including the Trading Advisor’s selection of financial instruments. Each commodity pool on the Galaxy Plus Platform is advised by an independent Trading Advisor. As a result, many of the risks outlined above with respect to the Trading Advisors of each Series will also apply to the Trading Advisors of each commodity pool.

The Galaxy Plus Platform was formed in April 2015 and has a limited history of operations. The commodity pools offered on the platform are recently established with a limited operating history or, in some cases, newly established with no operating history. There is a limited performance history, or in some cases, no performance history, to serve as a factor in evaluating an investment in the commodity pools on the Galaxy Plus Platform.

The Galaxy Plus Platform allows multiple investors to subscribe for interests in its commodity pools. Investors other than a Series could cause a commodity pool to take, or omit to take, actions that may adversely affect the performance of, or value of a Series’ investments in, a commodity pool.

A commodity pool may experience relatively large redemptions or investments related to actions of other investors in the commodity pool. In the event of such redemptions or investments, a Trading Advisor to the commodity pool could be required to sell futures, options or other investments or to invest cash at a time when it is not advantageous to do so, harming the performance of a Series.

The commodity pools on the Galaxy Plus Platform operate independently from each Series, the Trust and the Managing Owner.

The Managing Owner will have no control over, or involvement in, the operation and administration of the commodity pools. Gemini, as the sponsor of the commodity pools, may make operational and administrative decisions that could adversely affect the performance of the commodity pool and the value of a Series’ investment in the commodity pool.

The Galaxy Plus Platform and/or its Sponsor will have the ability to restrict investments into, or divestments from, any of the commodity pools on the Galaxy Plus Platform. The success of each Series depends upon the ability to select Trading Advisors n the Galaxy Plus Platform through investments into, or divestments from, one or more commodity pools. If investments into or out of a commodity pool are limited or restricted by the Galaxy Plus Platform and/or its Sponsor, Gemini, the performance of a Series may be adversely affected.

Unlike the Trading Companies managed by the Managing Owner, the on-going business operations of the Galaxy Plus Platform are administered by Gemini. If Gemini ceases operating, or effects administrative or other changes to, the Galaxy Plus Platform, a Series may no longer be able to access one or more Trading Advisors available through commodity pools on the Galaxy Plus Platform. The inability to gain exposure to Trading Advisors through the Galaxy Plus Platform may materially affect the performance of a Series. Each Series is subject to certain risks related to the operation and administration of the Galaxy Plus Platform by Gemini as a result of its investment in one or more commodity pools on the Galaxy Plus Platform. The investment of each Series in a commodity pool may be adversely affected due to possible human error or fraud on the part of an employee or agent of Gemini, prohibited trading activity by a commodity pool’s Trading Advisors due to a lack of internal controls or failed trading systems, Gemini’s noncompliance with applicable laws, rules and regulations and external events such as service provider failure, hardware or software failure or acts of god.

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In addition, as the use of technology increases, each Series may be more susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Series to lose proprietary information or operational capacity or suffer data corruption. As a result, each Series may incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, and/or financial loss. In addition, cyber security breaches of the Series’ third party service providers or issuers in which the Series invest may also subject the Series to many of the same risks associated with direct cyber security breaches.

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

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

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

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

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

Each of the Series has guaranteed the obligations of the Trading Companies and Galaxy Plus entities under the customer agreements with a variety of Clearing Brokers. In the event that one Series is unable to meet its obligations to the Clearing Brokers, the assets of the other Series will be available to those Clearing Brokers as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the Trading Company or Galaxy Plus entity. As such, even if you are not invested in the defaulting Series, your investment could be impacted. The Trust, or any Series of the Trust, may enter into similar guarantees in the future.

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

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

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

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

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

Each Trading Advisor, Clearing Broker and 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 and Galaxy Plus entities trade. Trust assets could be lost or impounded in such an insolvency during lengthy bankruptcy proceedings. Were a substantial portion of the Trust’s capital tied up in a bankruptcy, the Managing Owner might suspend or limit trading, perhaps causing a Series to miss significant profit opportunities. The Trust is subject to the risk of the inability or refusal to perform on the part of the counterparties with whom contracts are traded. In the event that the Clearing Brokers are unable to perform their obligations, the Trust’s assets are at risk and investors may only recover 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. On December 16, 2015, the CFTC finalized rules regarding margin for uncleared swaps which will impose certain requirements beginning September 1, 2016. These rules require, among other things, daily two-way margin (posting and collecting) for all trades between covered swap entities (“CSEs”) and swap dealers (“SDs”) and major swap participants (“MSPs”), and daily two-way margin for all trades between CSEs and financial end users that have over $8 billion in gross notional exposure in uncleared swaps. The rules also require daily cash payments for all trades between CSEs and SD/MSPs and daily posting for all trades between SD/MSPs and financial end users. There may 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.

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

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

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

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

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

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

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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.

Tax and ERISA Risks

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

21

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

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

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

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

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

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

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

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

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

You will likely recognize short-term capital gain.

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

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

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

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

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

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

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

22

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

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

Regulatory Risks

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

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

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

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

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

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

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

Item 1B. UNRESOLVED STAFF COMMENTS.

None.

Item 2. PROPERTIES.

The Trust does not own or use any physical properties in the conduct of its business. Its assets currently consist of cash items such as custom time deposits, and, through each Trading Company, 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 2010, Denver, Colorado 80203.

23

Item 3. LEGAL PROCEEDINGS.

This section describes the major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Managing Owner or its subsidiaries is a party or to which any of their property is subject. There are no material legal proceedings pending against the Trust or any Series.

On January 19, 2016, the Managing Owner consented to and became the subject of an Order Instituting Administrative and Cease and- Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Section 21C of the Securities Exchange Act of 1934, and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and- Desist Order by the SEC to resolve allegations related to certain disclosures of certain options invested in by certain of the Series of the Trust, as well as the Managing Owner’s calculation and disclosure of management fees paid by investors in certain of the Series.

On or about March 16, 2016, the Managing Owner consented to and became the subject of an Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, Making Findings and Imposing Remedial Sanctions by the CFTC to resolve similar claims. Specifically, each of the SEC and CFTC found that the Trust’s disclosures regarding its methodology of valuing certain derivatives were misleading; that the Trust’s disclosure regarding the transfer of an option between Series was misleading; that the Trust failed to disclose a material subsequent event in the Trust’s Quarterly Report on Form 10-Q for the period ended June 30, 2011; and that the Managing Owner committed a disclosure violation related to how management fees were calculated and paid to the Managing Owner.

Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, the Managing Owner accepted and consented to entry of findings and the imposition of a cease and desist order, censure, payment of disgorgement and prejudgment interest, civil monetary penalties of $400,000 to the SEC and $250,000 to the CTFC, respectively, and undertakings related to public statements, cooperation and payment of the disgorgement, interest and fines.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

24

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 and 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 2.0% of the NAV at which the Units are redeemed. The redemption fee charged will depend on, among other things, the particular Series of Units being redeemed. The Trust Agreement also contains restrictions on the transfer or assignment of the Units.

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

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

25

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, 2016:

	Number of Limited		Number of Units
	Owners		Outstanding
Equinox Frontier Diversified Fund (Class 1)		73		44,569
Equinox Frontier Diversified Fund (Class 2)		341		284,124
Equinox Frontier Diversified Fund (Class 3)		395		105,594
Equinox Frontier Long/Short Commodity Fund (Class 1a)		149		20,628
Equinox Frontier Long/Short Commodity Fund (Class 2)		51		3,924
Equinox Frontier Long/Short Commodity Fund (Class 2a)		54		6,893
Equinox Frontier Long/Short Commodity Fund (Class 3)		287		33,685
Equinox Frontier Long/Short Commodity Fund (Class 3a)		100		10,816
Equinox Frontier Masters Fund (Class 1)		116		47,530
Equinox Frontier Masters Fund (Class 2)		145		41,318
Equinox Frontier Masters Fund (Class 3)		202		51,022
Equinox Frontier Balanced Fund (Class 1)		2,030		422,530
Equinox Frontier Balanced Fund (Class 1AP)		20		4,671
Equinox Frontier Balanced Fund (Class 2)		290		112,166
Equinox Frontier Balanced Fund (Class 2a)		13		1,817
Equinox Frontier Balanced Fund (Class 3a)		64		10,380
Equinox Frontier Select Fund (Class 1)		664		112,059
Equinox Frontier Select Fund (Class 1AP)		7		296
Equinox Frontier Select Fund (Class 2)		50		10,444
Equinox Frontier Winton Fund (Class 1)		498		131,283
Equinox Frontier Winton Fund (Class 1AP)		1		214
Equinox Frontier Winton Fund (Class 2)		36		54,044
Equinox Frontier Heritage Fund (Class 1)		348		62,779
Equinox Frontier Heritiage Fund (Class 1AP)		3		45
Equinox Frontier Heritage Fund (Class 2)		39		15,518

No Units are authorized for issuance by the Trust under equity compensation plans. During the year ended December 31, 2016, no unregistered Units were sold by the Trust. In addition, the Trust did not repurchase any Units under a formal repurchase plan. All Unit redemptions during the year ended December 31, 2016 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, 2016.

26

ITEM 6. SELECTED FINANCIAL DATA.

The selected financial information as of and for the years ended December 31, 2016, 2015, 2014, 2013, and 2012, is taken from the financial statements of the Trust included in section F of this filing and previous filings.

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

27

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2016

							Equinox Frontier
	Equinox Frontier			Equinox Frontier			Long/Short
	Diversified Fund			Masters Fund			Commodity Fund
Interest-net	$	323,854		$	133,801		$	21,855
Total Expenses		3,330,405			1,386,826			506,768
Net gain/(loss) on investments		4,169,841			1,745,161			483,619
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		1,163,290			492,136			(133,170	)
Net income/ (loss) per unit- Class 1		0.91			(0.07	)		—
Net income/ (loss) per unit- Class 1a		—			—			(1.98	)
Net income/ (loss) per unit- Class 2		3.34			2.18			(2.54	)
Net income/ (loss) per unit- Class 2a		—			—			(0.52	)
Net income/ (loss) per unit- Class 3		3.40			2.32			(1.34	)
Net income/ (loss) per unit- Class 3a		—			—			0.64
Total Assets	$	59,238,419		$	17,425,839		$	11,023,280
Total owners’ capital-Class 1		5,189,420			5,361,626			—
Total owners’ capital-Class 1a		—			—			1,913,595
Total owners’ capital-Class 2		38,231,581			5,657,562			808,363
Total owners’ capital-Class 2a		—			—			963,195
Total owners’ capital-Class 3		13,050,390			6,150,119			4,405,863
Total owners’ capital-Class 3a		—			—			1,174,511
Total net asset value per unit- Class 1		116.43			112.80			—
Total net asset value per unit- Class 1a		—			—			92.78
Total net asset value per unit- Class 2		132.94			128.78			129.56
Total net asset value per unit- Class 2a		—			—			105.67
Total net asset value per unit- Class 3		123.27			119.89			130.80
Total net asset value per unit- Class 3a		—			—			107.50
	Equinox Frontier			Equinox Frontier			Equinox Frontier
	Balanced Fund			Heritage Fund			Select Fund
Interest-net	$	96,270		$	1,430		$	1,025
Total Expenses		4,637,078			610,757			792,796
Net gain/(loss) on investments		10,486,586			524,782			2,398,954
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		5,297,666			(301,637	)		617,789
Net income/ (loss) per unit- Class 1		6.77			(4.69	)		3.71
Net income/ (loss) per unit- Class 1AP		11.38			(1.07	)		6.88
Net income/ (loss) per unit- Class 2		15.30			(1.44	)		9.14
Net income/ (loss) per unit- Class 2a		14.17			—			—
Net income/ (loss) per unit- Class 3a		14.12			—			—
Total Assets	$	88,477,739		$	15,420,967		$	16,307,508
Total owners’ capital-Class 1		56,955,371			7,507,072			10,540,702
Total owners’ capital-Class 1AP		677,181			5,826			29,897
Total owners’ capital-Class 2		22,401,557			2,744,375			1,411,440
Total owners’ capital-Class 2a		516,256			—			—
Total owners’ capital-Class 3a		1,749,006			—			—
Total net asset value per unit- Class 1		134.80			119.58			94.06
Total net asset value per unit- Class 1AP		144.97			128.60			101.16
Total net asset value per unit- Class 2		194.99			172.10			134.25
Total net asset value per unit- Class 2a		169.05			—			—
Total net asset value per unit- Class 3a		168.49			—			—
	Equinox Frontier
	Winton Fund
Interest-net	$	7,717
Total Expenses		2,240,389
Net gain/(loss) on investments		1,071,349
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		(1,625,498	)
Net income/ (loss) per unit- Class 1		(9.66	)
Net income/ (loss) per unit- Class 1AP		(5.14	)
Net income/ (loss) per unit- Class 2		(6.53	)
Total Assets	$	41,295,183
Total owners’ capital-Class 1		20,284,935
Total owners’ capital-Class 1AP		35,478
Total owners’ capital-Class 2		11,446,113
Total net asset value per unit- Class 1		154.51
Total net asset value per unit- Class 1AP		166.17
Total net asset value per unit- Class 2		210.98

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AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2015

	Equinox Frontier Diversified Fund			Equinox Frontier Masters Fund			Equinox Frontier Long/Short Commodity Fund
Interest-net	$	603,350		$	260,900		$	141,120
Total Expenses		4,859,068			2,122,056			1,207,403
Net gain/(loss) on investments		11,317,997			1,398,913			(391,811	)
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		2,585,692			(462,243	)		(1,458,094	)
Net income/ (loss) per unit- Class 1		2.43			(3.74	)		—
Net income/ (loss) per unit- Class 1a		—			—			(6.36	)
Net income/ (loss) per unit- Class 2		4.93			(1.93	)		(6.20	)
Net income/ (loss) per unit- Class 2a		—			—			(5.16	)
Net income/ (loss) per unit- Class 3		4.84			(1.49	)		(6.20	)
Net income/ (loss) per unit- Class 3a		—			—			(4.91	)
Total Assets	$	56,164,247		$	23,001,628		$	13,195,609
Total owners’ capital-Class 1		11,814,234			8,323,800			—
Total owners’ capital-Class 1a		—			—			4,053,754
Total owners’ capital-Class 2		34,633,100			7,893,358			993,600
Total owners’ capital-Class 2a		—			—			1,287,665
Total owners’ capital-Class 3		9,267,632			6,611,141			5,906,669
Total owners’ capital-Class 3a		—			—			851,163
Total net asset value per unit- Class 1		115.52			112.87			—
Total net asset value per unit- Class 1a		—			—			94.76
Total net asset value per unit- Class 2		129.60			126.60			132.10
Total net asset value per unit- Class 2a		—			—			106.19
Total net asset value per unit- Class 3		119.87			117.57			132.14
Total net asset value per unit- Class 3a		—			—			106.86
	Equinox Frontier Balanced Fund			Equinox Frontier Heritage Fund			Equinox Frontier Select Fund
Interest-net	$	29,151		$	1		$	—
Total Expenses		5,591,382			797,551			968,941
Net gain/(loss) on investments		4,329,355			555,165			272,917
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		(1,492,595	)		(450,548	)		(730,624	)
Net income/ (loss) per unit- Class 1		(3.51	)		(6.01	)		(5.26	)
Net income/ (loss) per unit- Class 1AP		0.39			(2.26	)		(2.54	)
Net income/ (loss) per unit- Class 2		0.53			(3.02	)		(3.37	)
Net income/ (loss) per unit- Class 2a		1.86			—			—
Net income/ (loss) per unit- Class 3a		1.85			—			—
Total Assets	$	91,069,226		$	15,625,364		$	19,996,286
Total owners’ capital-Class 1		62,563,337			8,628,726			11,710,517
Total owners’ capital-Class 1AP		714,747			58,523			47,365
Total owners’ capital-Class 2		22,708,408			2,853,353			1,338,173
Total owners’ capital-Class 2a		548,070			—			—
Total owners’ capital-Class 3a		2,435,421			—			—
Total net asset value per unit- Class 1		128.03			124.27			90.35
Total net asset value per unit- Class 1AP		133.59			129.67			94.28
Total net asset value per unit- Class 2		179.69			173.54			125.11
Total net asset value per unit- Class 2a		154.88			—			—
Total net asset value per unit- Class 3a		154.37			—			—
	Equinox Frontier Winton Fund
Interest-net	$	28
Total Expenses		2,967,166
Net gain/(loss) on investments		(2,967,138	)
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		(2,160,638	)
Net income/ (loss) per unit- Class 1		(11.78	)
Net income/ (loss) per unit- Class 1AP		(6.87	)
Net income/ (loss) per unit- Class 2		(8.72	)
Total Assets	$	41,615,649
Total owners’ capital-Class 1		23,022,800
Total owners’ capital-Class 1AP		36,576
Total owners’ capital-Class 2		11,882,167
Total net asset value per unit- Class 1		164.17
Total net asset value per unit- Class 1AP		171.31
Total net asset value per unit- Class 2		217.51

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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		21,323,765		8,093,183		1,582,778
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		14,287,705		5,452,158		1,077,686
Net income/ (loss) per unit- Class 1		25.99		24.78		—
Net income/ (loss) per unit- Class 1a		—		—		8.39
Net income/ (loss) per unit- Class 2		30.32		29.07		13.04
Net income/ (loss) per unit- Class 2a		—		—		11.01
Net income/ (loss) per unit- Class 3		30.82		27.15		13.04
Net income/ (loss) per unit- Class 3a		—		—		11.30
Total Assets	$	62,725,802	$	26,576,520	$	16,879,229
Total owners’ capital-Class 1		19,195,036		11,850,911		—
Total owners’ capital-Class 1a		—		—		5,776,906
Total owners’ capital-Class 2		35,224,292		8,868,743		1,246,481
Total owners’ capital-Class 2a		—		—		1,702,551
Total owners’ capital-Class 3		5,588,281		4,988,200		7,233,099
Total owners’ capital-Class 3a		—		—		657,882
Total net asset value per unit- Class 1		113.09		116.61		—
Total net asset value per unit- Class 1a		—		—		101.12
Total net asset value per unit- Class 2		124.67		128.53		138.30
Total net asset value per unit- Class 2a		—		—		111.35
Total net asset value per unit- Class 3		115.03		119.06		138.34
Total net asset value per unit- Class 3a		—		—		111.77
	Equinox Frontier Balanced Fund		Equinox Frontier Heritage Fund		Equinox Frontier Select Fund
Interest-net	$	27,454	$	1	$	—
Total Expenses		7,434,719		1,056,664		1,364,426
Net gain/(loss) on investments		33,601,230		4,838,618		3,799,808
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		19,364,501		2,812,848		2,435,382
Net income/ (loss) per unit- Class 1		25.25		28.23		15.75
Net income/ (loss) per unit- Class 1AP		30.58		33.13		21.29
Net income/ (loss) per unit- Class 2		38.67		42.35		24.34
Net income/ (loss) per unit- Class 2a		34.22		—		—
Net income/ (loss) per unit- Class 3a		34.11		—		—
Total Assets	$	110,738,530	$	16,906,298	$	15,556,907
Total owners’ capital-Class 1		72,098,275		9,761,819		13,663,563
Total owners’ capital-Class 1AP		748,275		58,378		47,785
Total owners’ capital-Class 2		23,550,697		3,207,182		1,558,130
Total owners’ capital-Class 2a		600,287		—		—
Total owners’ capital-Class 3a		2,528,303		—		—
Total net asset value per unit- Class 1		131.54		130.28		95.61
Total net asset value per unit- Class 1AP		133.20		131.93		96.82
Total net asset value per unit- Class 2		179.16		176.56		128.48
Total net asset value per unit- Class 2a		153.02		—		—
Total net asset value per unit- Class 3a		152.52		—		—
	Equinox Frontier Winton Fund
Interest-net	$	55
Total Expenses		3,960,912
Net gain/(loss) on investments		12,603,511
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		8,642,654
Net income/ (loss) per unit- Class 1		36.36
Net income/ (loss) per unit- Class 1AP		39.25
Net income/ (loss) per unit- Class 2		52.06
Total Assets	$	41,541,451
Total owners’ capital-Class 1		26,870,878
Total owners’ capital-Class 1AP		38,042
Total owners’ capital-Class 2		13,142,313
Total net asset value per unit- Class 1		175.95
Total net asset value per unit- Class 1AP		178.18
Total net asset value per unit- Class 2		226.23

30

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		—

31

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 attributable to controlling interests		(5,319,266	)		618,878			(6,542,114	)
Net income/ (loss) per unit- Class 1		(5.00	)		0.86			(0.72	)
Net income/ (loss) per unit- Class 1a		—			—			(13.13	)
Net income/ (loss) per unit- Class 2		(3.48	)		2.78			(16.32	)
Net income/ (loss) per unit- Class 2a		—			—			(11.78	)
Net income/ (loss) per unit- Class 3		—			—			(16.27	)
Total Assets	$	116,445,177		$	51,943,272		$	63,948,673
Total owners’ capital-Class 1		58,999,936			34,603,499			—
Total owners’ capital-Class 1a		—			—			18,983,538
Total owners’ capital-Class 2		56,181,636			16,882,659			6,898,785
Total owners’ capital-Class 2a		—			—			10,882,111
Total owners’ capital-Class 3		—			—			19,761,047
Total net asset value per unit- Class 1		94.40			101.11			135.41
Total net asset value per unit- Class 1a		—			—			108.58
Total net asset value per unit- Class 2		100.48			107.61			145.65
Total net asset value per unit- Class 2a		—			—			115.45
Total net asset value per unit- Class 3		—			—			145.69
	Equinox Frontier Balanced Fund			Equinox Frontier Heritage Fund			Equinox Frontier Select Fund
Interest-net	$	276,272		$	134,302		$	263,049
Total Expenses		16,386,180			1,822,802			2,449,160
Net gain/(loss) on investments		7,382,357			(681,944	)		(2,138,461	)
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		(13,154,863	)		(2,370,444	)		(4,324,572	)
Net income/ (loss) per unit- Class 1		(8.18	)		10.18			(12.36	)
Net income/ (loss) per unit- Class 1a		(4.13	)		—			—
Net income/ (loss) per unit- Class 2		(5.82	)		(9.03	)		(12.29	)
Net income/ (loss) per unit- Class 2a		(3.99	)		—			—
Net income/ (loss) per unit- Class 3a		(4.40	)		—			—
Total Assets	$	247,702,914		$	20,925,980		$	25,650,403
Total owners’ capital-Class 1		143,906,872			16,680,498			22,266,758
Total owners’ capital-Class 2		51,459,568			4,073,041			3,077,883
Total owners’ capital-Class 2a		1,009,520			—			—
Total owners’ capital-Class 3a		3,776,790			—			—
Total net asset value per unit- Class 1		116.32			94.55			78.66
Total net asset value per unit- Class 1a		104.32			—			—
Total net asset value per unit- Class 2		149.20			120.67			99.55
Total net asset value per unit- Class 2a		124.36			—			—
Total net asset value per unit- Class 3a		123.96			—			—
	Equinox Frontier Winton Fund
Interest-net	$	531,125
Total Expenses		2,435,758
Net gain/(loss) on investments		(1,356,583	)
Net increase/(decrease) in owners’ capital resulting from operations attributable to controlling interests		(3,261,216	)
Net income/ (loss) per unit- Class 1		(10.40	)
Net income/ (loss) per unit- Class 2		(7.52	)
Total Assets	$	41,241,712
Total owners’ capital-Class 1		30,645,208
Total owners’ capital-Class 2		10,314,326
Total net asset value per unit- Class 1		130.73
Total net asset value per unit- Class 2		158.30
Total net asset value per unit- Class 3		—

32

Supplementary Quarterly Financial Information

The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2016. The information in this chart has been prepared under the consolidation accounting policy discussed in Note 2 of the Series of Equinox Frontier Funds Financial Statements that accompany this filing. That policy was implemented in the current year. Previously filed quarterly data was prepared prior to the implementation of this accounting policy and has been modified accordingly.

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
	2016 (unaudited)			2016 (unaudited)			2016 (unaudited)			2016 (unaudited)
Equinox Frontier Diversified Fund:
Net gain (loss) on investments	$	2,972,555			(793,944	)		(297,399	)	$	2,288,629
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	1,533,771			(790,611	)		(359,558	)	$	779,688
Increase (decrease) in net asset value per Class 1 units	$	2.91		$	(0.37	)	$	(2.27	)	$	0.64
Increase (decrease) in net asset value per Class 2 units	$	3.84		$	0.17		$	(1.98	)	$	1.31
Increase (decrease) in net asset value per Class 3 units	$	3.63		$	0.23		$	(1.75	)	$	1.29
Net asset value per Class 1 units	$	118.43		$	118.06		$	115.79		$	116.43
Net asset value per Class 2 units	$	133.44		$	133.61		$	131.63		$	132.94
Net asset value per Class 3 units	$	123.50		$	123.73		$	121.98		$	123.27
Equinox Frontier Masters Fund:
Net gain (loss) on investments	$	1,866,339		$	395,214		$	66,778		$	(583,170	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	1,350,376		$	136,389		$	(58,348	)	$	(936,281	)
Increase (decrease) in net asset value per Class 1unit	$	6.14		$	0.84		$	(0.81	)	$	(6.24	)
Increase (decrease) in net asset value per Class 2 unit	$	7.47		$	1.54		$	(0.31	)	$	(6.52	)
Increase (decrease) in net asset value per Class 3 unit	$	7.02		$	1.50		$	(0.20	)	$	(6.00	)
Net asset value per Class 1 unit	$	119.01		$	119.85		$	119.04		$	112.80
Net asset value per Class 2 unit	$	134.07		$	135.61		$	135.30		$	128.78
Net asset value per Class 3 unit	$	124.59		$	126.09		$	125.89		$	119.89
Equinox Frontier Long/Short Commodity Fund:
Net gain (loss) on investments	$	80,555			435,335		$	(263,816	)	$	231,545
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	(240,272	)		103,878		$	(329,162	)	$	332,386
Increase (decrease) in net asset value per Class 1a units	$	(2.21	)	$	0.40		$	(3.21	)	$	3.04
Increase (decrease) in net asset value per Class 2 units	$	(2.60	)	$	1.05		$	(4.99	)	$	4.00
Increase (decrease) in net asset value per Class 2a units	$	(2.03	)	$	1.10		$	(3.49	)	$	3.90
Increase (decrease) in net asset value per Class 3 units	$	(2.61	)	$	0.92		$	(3.68	)	$	4.03
Increase (decrease) in net asset value per Class 3a units	$	(1.97	)	$	0.73		$	(2.15	)	$	4.03
Net asset value per Class 1a units	$	92.55		$	92.95		$	89.74		$	92.78
Net asset value per Class 2 units	$	129.50		$	130.55		$	125.56		$	129.56
Net asset value per Class 2a units	$	104.16		$	105.26		$	101.77		$	105.67
Net asset value per Class 3 units	$	129.53		$	130.45		$	126.77		$	130.80
Net asset value per Class 3a units	$	104.89		$	105.62		$	103.47		$	107.50
Equinox Frontier Balanced Fund:
Net gain (loss) on investments	$	5,049,993			506,563			1,713,116		$	3,216,914
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	3,122,472			228,316			(385,973	)	$	2,332,851
Increase (decrease) in net asset value per Class 1 units	$	4.15		$	(1.68	)	$	0.02		$	4.28
Increase (decrease) in net asset value per Class 1AP units (8)	$	5.38		$	(0.74	)	$	1.08		$	5.66
Increase (decrease) in net asset value per Class 2 units	$	7.23		$	(1.00	)	$	1.46		$	7.61
Increase (decrease) in net asset value per Class 2a units	$	6.61		$	(0.55	)	$	1.41		$	6.70
Increase (decrease) in net asset value per Class 3a units	$	6.59		$	(0.55	)	$	1.40		$	6.68
Net asset value per Class 1 units	$	132.18		$	130.50		$	130.52		$	134.80
Net asset value per Class 1AP units (8)	$	138.97		$	138.23		$	139.31		$	144.97
Net asset value per Class 2 units	$	186.92		$	185.92		$	187.38		$	194.99
Net asset value per Class 2a units	$	161.49		$	160.94		$	162.35		$	169.05
Net asset value per Class 3a units	$	160.96		$	160.41		$	161.81		$	168.49
Equinox Frontier Select Fund:
Net gain (loss) on investments	$	2,458,845		$	83,339		$	10,160		$	(153,390	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	1,325,471		$	(184,145	)	$	(234,575	)	$	(288,962	)
Increase (decrease) in net asset value per Class 1 units	$	9.05		$	(1.28	)	$	(1.86	)	$	(2.20	)
Increase (decrease) in net asset value per Class 1AP units (8)	$	10.22		$	(0.57	)	$	(1.18	)	$	(1.59	)
Increase (decrease) in net asset value per Class 2 units	$	13.57		$	(0.76	)	$	(1.57	)	$	(2.10	)
Net asset value per Class 1 units	$	99.40		$	98.12		$	96.26		$	94.06
Net asset value per Class 1AP units (8)	$	104.50		$	103.93		$	102.75		$	101.16
Net asset value per Class 2 units	$	138.68		$	137.92		$	136.35		$	134.25
Equinox Frontier Winton Fund:
Net gain (loss) on investments	$	3,032,321		$	2,031,063		$	(1,783,567	)	$	(2,208,468	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	1,166,285		$	575,743		$	(1,643,430	)	$	(1,724,096	)
Increase (decrease) in net asset value per Class 1 units	$	5.01		$	2.35		$	(8.31	)	$	(8.71	)
Increase (decrease) in net asset value per Class 1AP units (8)	$	6.55		$	3.82		$	(7.46	)	$	(8.05	)
Increase (decrease) in net asset value per Class 2 units	$	8.31		$	4.85		$	(9.47	)	$	(10.22	)
Net asset value per Class 1 units	$	169.18		$	171.53		$	163.22		$	154.51
Net asset value per Class 1AP units (8)	$	177.86		$	181.68		$	174.22		$	166.17
Net asset value per Class 2 units	$	225.82		$	230.67		$	221.20		$	210.98
Equinox Frontier Heritage Fund:
Net gain (loss) on investments	$	1,237,263		$	(39,331	)	$	(386,484	)	$	(286,666	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	631,785		$	(74,435	)	$	(429,665	)	$	(429,322	)
Increase (decrease) in net asset value per Class 1 units	$	6.49		$	(0.99	)	$	(5.13	)	$	(5.06	)
Increase (decrease) in net asset value per Class 1AP units (8)	$	7.80		$	(0.02	)	$	(4.41	)	$	(4.44	)
Increase (decrease) in net asset value per Class 2 units	$	10.43		$	(0.03	)	$	(5.89	)	$	(5.95	)
Net asset value per Class 1 units	$	130.76		$	129.77		$	124.64		$	119.58
Net asset value per Class 1AP units (8)	$	137.47		$	137.45		$	133.04		$	128.60
Net asset value per Class 2 units	$	183.97		$	183.94		$	178.05		$	172.10

33

The following summarized quarterly financial information presents the Trust’s results of operations for the three-month periods ended March 31, June 30, September 30, and December 31, 2015.

	1st Quarter		2nd Quarter			3rd Quarter			4th Quarter
	2015 (unaudited)		2015 (unaudited)			2015 (unaudited)			2015 (unaudited)
Equinox Frontier Diversified Fund:
Net gain (loss) on investments	$	15,234,471	$	(7,276,498	)	$	3,137,315		$	222,709
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	13,030,463	$	(7,505,363	)	$	885,542		$	(3,824,950	)
Increase (decrease) in net asset value per Class 1 units	$	18.57	$	(16.11	)	$	1.45		$	2.43
Increase (decrease) in net asset value per Class 2 units	$	21.09	$	(17.27	)	$	2.19		$	4.93
Increase (decrease) in net asset value per Class 3 units	$	19.54	$	(15.87	)	$	2.09		$	4.84
Net asset value per Class 1 units	$	131.66	$	115.55		$	117.00		$	115.52
Net asset value per Class 2 units	$	145.76	$	128.49		$	130.68		$	129.60
Net asset value per Class 3 units	$	134.57	$	118.70		$	120.79		$	119.87
Equinox Frontier Masters Fund:
Net gain (loss) on investments	$	3,440,003	$	(3,430,447	)	$	1,409,605		$	(20,248	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	2,578,394	$	(3,793,874	)	$	746,021		$	7,216
Increase (decrease) in net asset value per Class 1unit	$	11.77	$	(18.37	)	$	3.30		$	(3.74	)
Increase (decrease) in net asset value per Class 2 unit	$	13.59	$	(19.80	)	$	4.22		$	(1.93	)
Increase (decrease) in net asset value per Class 3 unit	$	12.67	$	(18.28	)	$	3.99		$	(1.49	)
Net asset value per Class 1 unit	$	128.38	$	110.01		$	113.31		$	112.87
Net asset value per Class 2 unit	$	142.12	$	122.32		$	126.54		$	126.60
Net asset value per Class 3 unit	$	131.73	$	113.45		$	117.44		$	117.57
Equinox Frontier Long/Short Commodity Fund:
Net gain (loss) on investments	$	2,732,204	$	(1,822,067	)	$	(1,047,364	)	$	(1,915,295	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	2,316,181	$	(2,045,099	)	$	(1,251,451	)	$	(477,725	)
Increase (decrease) in net asset value per Class 1a units	$	19.58	$	(13.53	)	$	(8.87	)	$	(6.36	)
Increase (decrease) in net asset value per Class 2 units	$	27.90	$	(18.04	)	$	(11.63	)	$	(6.20	)
Increase (decrease) in net asset value per Class 2a units	$	22.14	$	(47.46	)	$	(9.36	)	$	(5.16	)
Increase (decrease) in net asset value per Class 3 units	$	27.72	$	(17.86	)	$	(11.63	)	$	(6.20	)
Increase (decrease) in net asset value per Class 3a units	$	22.32	$	(14.45	)	$	(9.34	)	$	(4.91	)
Net asset value per Class 1a units	$	120.70	$	107.17		$	98.30		$	94.76
Net asset value per Class 2 units	$	166.20	$	148.16		$	136.53		$	132.10
Net asset value per Class 2a units	$	133.49	$	119.03		$	109.67		$	106.19
Net asset value per Class 3 units	$	166.06	$	148.20		$	136.57		$	132.14
Net asset value per Class 3a units	$	134.09	$	119.64		$	110.30		$	106.86
Equinox Frontier Balanced Fund:
Net gain (loss) on investments	$	16,254,937	$	(11,603,137	)	$	(16,101	)	$	(306,344	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	12,927,288	$	(12,148,257	)	$	(1,161,838	)	$	(1,109,788	)
Increase (decrease) in net asset value per Class 1 units	$	17.26	$	(16.98	)	$	(1.92	)	$	(3.51	)
Increase (decrease) in net asset value per Class 1AP units (8)	$	18.60	$	(16.31	)	$	(0.96	)	$	0.39
Increase (decrease) in net asset value per Class 2 units	$	25.01	$	(21.93	)	$	(1.29	)	$	0.53
Increase (decrease) in net asset value per Class 2a units	$	21.74	$	(18.40	)	$	(0.74	)	$	1.86
Increase (decrease) in net asset value per Class 3a units	$	21.67	$	(18.34	)	$	(0.74	)	$	1.85
Net asset value per Class 1 units	$	148.80	$	131.82		$	129.90		$	128.03
Net asset value per Class 1AP units (8)	$	151.80	$	135.49		$	134.53		$	133.59
Net asset value per Class 2 units	$	204.17	$	182.24		$	180.95		$	179.69
Net asset value per Class 2a units	$	174.76	$	156.36		$	155.62		$	154.88
Net asset value per Class 3a units	$	174.19	$	155.85		$	155.11		$	154.37
Equinox Frontier Select Fund:
Net gain (loss) on investments	$	2,741,233	$	(4,071,120	)	$	1,808,306		$	(205,502	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	1,683,063	$	(2,913,177	)	$	895,851		$	(396,361	)
Increase (decrease) in net asset value per Class 1 units	$	10.55	$	(18.85	)	$	5.85		$	(5.26	)
Increase (decrease) in net asset value per Class 1AP units (8)	$	11.49	$	(18.57	)	$	6.74		$	(2.54	)
Increase (decrease) in net asset value per Class 2 units	$	15.25	$	(24.64	)	$	8.94		$	(3.37	)
Net asset value per Class 1 units	$	106.16	$	87.31		$	93.16		$	90.35
Net asset value per Class 1AP units (8)	$	108.31	$	89.74		$	96.48		$	94.28
Net asset value per Class 2 units	$	143.73	$	119.09		$	128.03		$	125.11
Equinox Frontier Winton Fund:
Net gain (loss) on investments	$	4,997,118	$	(5,119,775	)	$	1,646,828		$	(143,546	)
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	3,676,291	$	(5,700,069	)	$	885,063		$	(1,021,923	)
Increase (decrease) in net asset value per Class 1 units	$	15.95	$	(26.05	)	$	3.50		$	(11.78	)
Increase (decrease) in net asset value per Class 1AP units (8)			$	(25.31	)	$	4.93		$	(6.87	)
Increase (decrease) in net asset value per Class 2 units	$	17.59	$	(32.13	)	$	6.25		$	(8.72	)
Net asset value per Class 1 units	$	191.90	$	165.85		$	169.35		$	164.17
Net asset value per Class 1AP units (8)			$	170.46		$	175.39		$	171.31
Net asset value per Class 2 units	$	195.77	$	216.43		$	222.68		$	217.51
Equinox Frontier Heritage Fund:
Net gain (loss) on investments	$	3,048,084	$	(2,770,445	)	$	105,347		$	172,179
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	1,767,687	$	(2,101,869	)	$	319,718		$	(436,084	)
Increase (decrease) in net asset value per Class 1 units	$	17.59	$	(21.77	)	$	3.05		$	(6.01	)
Increase (decrease) in net asset value per Class 1AP units (8)	$	18.93	$	(21.25	)	$	4.14		$	(2.26	)
Increase (decrease) in net asset value per Class 2 units	$	25.33	$	(28.44	)	$	5.54		$	(3.02	)
Net asset value per Class 1 units	$	147.87	$	126.10		$	129.15		$	124.27
Net asset value per Class 1AP units (8)	$	150.86	$	129.61		$	133.75		$	129.67
Net asset value per Class 2 units	$	201.89	$	173.45		$	178.99		$	173.54

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

	1st Quarter			2nd Quarter		3rd Quarter		4th Quarter
	2014 (unaudited)			2014 (unaudited)		2014 (unaudited)		2014 (unaudited)
Equinox Frontier Diversified Fund (1):
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 (2):
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 (3):
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 (4):
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 (8)						$	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 (8)						$	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 (6):
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 (8)						$	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 (8)						$	149.92	$	178.18
Net asset value per Class 2 units	$	172.12		$	183.72	$	190.34	$	226.23
Equinox Frontier Heritage Fund (7):
Net gain (loss) on investments	$	(1,236,579	)	$	1,418,344	$	370,678	$	3,381,113
Net increase/(decrease) in capital resulting from operations attributable to controlling interests	$	(1,412,412	)	$	832,265	$	677,551	$	2,177,452
Increase (decrease) in net asset value per Class 1 units	$	(6.64	)	$	7.02	$	6.37	$	21.33
Increase (decrease) in net asset value per Class 1AP units (8)						$	10.70	$	22.43
Increase (decrease) in net asset value per Class 2 units	$	(7.80	)	$	10.31	$	9.60	$	30.03
Net asset value per Class 1 units	$	95.41		$	102.58	$	108.95	$	130.28
Net asset value per Class 1AP units (8)						$	109.50	$	131.93
Net asset value per Class 2 units	$	126.41		$	136.93	$	146.53	$	176.56

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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, forward (including interbank foreign currencies) and options contracts and other derivative instruments (including swaps). The Trust allocates funds to affiliated Trading Companies and Galaxy Plus entities, each of which has one-year renewable contracts with its own independent Trading Advisor(s) that will manage all or a portion of the applicable Trading Company’s or Galaxy Plus entity’s assets, and make the trading decisions for the assets of each Series vested in such Trading Company or Gemini Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of each other Trading Company and Galaxy Plus entity. The Trust has an investment objective of increasing the value of the Units over the long term (capital appreciation), while controlling risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments (currencies). For additional overview of the Trust’s structure and business activities, see Item 1 “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 and Galaxy Plus entities. The majority of these investments are exchange traded contracts valued upon exchange settlement prices or non-exchange traded contracts and obligations with valuation based on third-party quoted dealer values on the Interbank market.

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

Investment Transactions and Valuation

The Managing Owner has evaluated the nature and type of transactions processed and estimates that it makes in preparing the Trust’s financial statements and related disclosures and has 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.

36

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, 2016, cash deposited at the clearing brokers was $31,611,050 for the Trust. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. Currently, with the Federal Funds target rate at 0.00% to 0.25%, this amount is estimated to be 0.00%. In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds and time deposits. Aggregate interest income from all sources, including assets held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to the Series was paid to the Managing Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. The amount reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero.

Approximately 10% to 30% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations there under. Approximately 2% to 6% of the Trust’s assets are expected to be deposited with over-the-counter counterparties in order to initiate and maintain forward and swap contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining approximately 64% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of December 31, 2016, total cash and cash equivalents held at banking institutions were $674,227 for the Equinox Frontier Diversified Fund, $0 for the Equinox Frontier Long/Short Commodity Fund, $546,509 for the Equinox Frontier Masters Fund, $1,083,579 for the Equinox Frontier Balanced Fund, $432,021 for the Equinox Frontier Select Fund, $1,628,208 for the Equinox Frontier Winton Fund, and $382,499 for the Equinox Frontier Heritage Fund.

As a commodity pool, the Registrant has large cash positions. Such cash positions are used to pay margin for the trading of futures, forwards and options, and also to pay redemptions. Generally, the Registrant has not been forced to liquidate positions to fund redemptions. During the fiscal year ended December 31, 2016, the Registrant was able to pay all redemptions.

Off-Balance Sheet Risk

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

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

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

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

Disclosure of Contractual Obligations

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

Results of Operations for the Twelve Months Ended December 31, 2016

Series Returns and Other Information

The returns for each Series and Class of Units for the twelve months ended December 31, 2016, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2016. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed.

Equinox Frontier Diversified Fund

2016

The Equinox Frontier Diversified Fund – Class 1 NAV gained 0.79% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Diversified Fund – Class 2 NAV gained 2.58% for the twelve months ended December 31, 2016 net of fees and expenses; the Equinox Frontier Diversified Fund – Class 3 NAV gained 2.84% for the twelve months ended December 31, 2016 net of fees and expenses. For the twelve months ended December 31, 2016 the Equinox Frontier Diversified Fund recorded a net gain on investments of $4,169,841, net investment income of $323,854, and total expenses of $3,330,405, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $1,163,290. The NAV per Unit, Class 1, increased from $115.52 at December 31, 2015, to $116.43 as of December 31, 2016. The NAV per Unit, Class 2, increased from $129.60 at December 31, 2015, to $132.94 as of December 31, 2016. The NAV per Unit, Class 3, increased from $119.87 at December 31, 2015, to $123.27 as of December 31, 2016. Total Class 1 subscriptions and redemptions for the period were $560,094 and $7,446,278, respectively. Total Class 2 subscriptions and redemptions for the period were $8,879,067 and $6,038,305, respectively. Total Class 3 subscriptions and redemptions for the period were $6,329,267 and $2,690,710, respectively. Ending capital at December 31, 2016, is $5,189,420 for Class 1 and $38,231,581 for Class 2 and $13,050,390 for Class 3.

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

Sector Attribution for the Equinox Frontier Diversified Fund

39

Two of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2016. Stock Indices and Currencies were profitable while Interest Rates, Energies, Agriculturals, and Metals finished negative for the quarter.

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

In terms of major CTA performance, four of the ten major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2016. Emil Van Essen, H2O, QIM and Quantmetrics finished positive for the quarter. Aspect, Chesapeake, Crabel, Fort, Quest, and Winton finished negative for the quarter. In terms of YTD performance Crabel, Emil Van Essen, and QIM are positive YTD while Aspect, Chesapeake, Fort, H2O, Quantmetrics, Quest, and Winton are negative YTD.

Equinox Frontier Long/Short Commodity Fund

2016

The Equinox Frontier Long/Short Commodity Fund – Class 2 NAV lost 2.09% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 1.01% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 2.09% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 0.49% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3a NAV gained 0.60% for the twelve months ended December 31, 2016, net of fees and expenses.

For the twelve months ended December 31, 2016, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $483,619, net investment income of $21,855, and total expenses of $506,768, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $133,170 after operations attributable to non-controlling interests of $131,876. The NAV per Unit, Class 2, decreased from $132.10 at December 31, 2015, to $129.56 as of December 31, 2016. The NAV per Unit, Class 3, decreased from $132.14 at December 31, 2015, to $130.80 as of December 31, 2016. The NAV per Unit, Class 1a, decreased from $94.76 at December 31, 2015, to $92.78 as of December 31, 2016. The NAV per Unit, Class 2a, decreased from $106.19 at December 31, 2015, to $105.67 as of December 31, 2016. The NAV per Unit, Class 3a, decreased from $106.86 at December 31, 2015, to $107.50 as of December 31, 2016. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $167,296, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $0 and $1,457,594, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $0 and $2,078,012, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $0 and $314,992, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $534,064 and $210,324, respectively. Ending capital at December 31, 2016, is $808,137 for Class 2, $4,404,630 for Class 3, 1,913,059 for Class 1a, $962,925 for Class 2a and $1,174,183 for Class 3a.

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

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Sector Attribution for the Equinox Frontier Long/Short Commodity Fund

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Three of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q4 2016. Energies, Softs, and Financials finished positive for the quarter while Base Metals, Meats, Grains, and Precious Metals finished negative for the quarter.

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

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

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

Equinox Frontier Masters Fund

2016

The Equinox Frontier Masters Fund – Class 1 NAV lost 0.06% for the twelve months ended December 31, 2016, net of fees and expenses, the Equinox Frontier Masters Fund – Class 2 NAV gained 1.72% for the twelve months ended December 31, 2016, net of fees and expenses, the Equinox Frontier Masters Fund – Class 3 NAV gained 1.97% for the twelve months ended December 31, 2016, net of fees and expenses.

For the twelve months ended December 31, 2016 the Equinox Frontier Masters Fund recorded a net gain on investments of $1,745,161, net investment income of $133,801, and total expenses of $1,386,826, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $492,136. The NAV per Unit, Class 1, decreased from $112.87 at December 31, 2015, to $112.80 as of December 31, 2016. The NAV per Unit, Class 2, increased from $126.60 at December 31, 2015, to $128.78 as of December 31, 2016. The NAV per Unit, Class 3 increased from $117.57 at December 31, 2015 to $119.89 as of December 31, 2016. Total Class 1 subscriptions and redemptions for the twelve months were $125,188 and $3,203,465, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $157,500 and $2,592,906, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $1,835,158 and $2,472,603, respectively. Ending capital at December 31, 2016, is $5,361,626 for Class 1, $5,657,562 for Class 2 and $6,150,119 for Class 3.

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

Sector Attribution for the Equinox Frontier Masters Fund

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Two of the seven sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2016. Stock Indices and Hybrids were positive while, Metals, Currencies, Energies, Agriculturals, and Interest Rates were negative for the quarter.

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

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

Equinox Frontier Balanced Fund

2016

The Equinox Frontier Balanced Fund – Class 1 NAV gained 5.29% for the twelve months ended December 31, 2016, net of fees and expenses; The Equinox Frontier Balanced Fund – Class 1AP NAV gained 8.52% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV gained 8.51% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV gained 9.15% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV gained 9.15% for the twelve months ended December 31, 2016, net of fees and expenses.

For the twelve months ended December 31, 2016, the Equinox Frontier Balanced Fund recorded net gain on investments of $10,486,586, net investment income of $96,270, and total expenses of $4,637,078, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $5,297,666 after operations attributable to non- controlling interests of $648,112. The NAV per Unit, Class 1, increased from $128.03 at December 31, 2015, to $134.80 at December 31, 2016 The NAV per Unit, Class 1AP, increased from $133.59 at December 31, 2015, to $144.97 at December 31, 2016 The NAV per Unit, Class 2, increased from $179.69 at December 31, 2015, to $194.99 at December 31, 2016. For Class 2a, the NAV per Unit increased from $154.88 at December 31, 2015, to $169.05 at December 31, 2016. For Class 3a, the NAV per Unit increased from $154.37 at December 31, 2015, to $168.49 at December 31, 2016. Total Class 1 subscriptions and redemptions for the twelve months were $214,073 and $8,950,159, respectively. Total Class 1AP subscriptions and redemptions for the twelve months were $0 and $95,000, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $19,471 and $2,180,977, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $0 and $78,366, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $0 and $897,320, respectively. Ending capital at December 31, 2016, was $56,955,371 for Class 1, $677,181 for Class 1 AP, $22,401,557 for Class 2, $516,256 for Class 2a and $1,749,006 for Class 3a.

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

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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 2016. Currencies, Stock Indices Agricultures and Metals were profitable while Interest Rates and Energies finished negative for the quarter.

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

In terms of major CTA performance, Beach Horizon, Emil Van Essen, H2O, QIM, and Quantmetrics finished positive for the quarter. Aspect, Crabel, Fort, and Winton finished negative for the quarter. Brandywine, Cantab, Crabel, Emil Van Essen, Fort, H2O, and QIM were positive YTD. Aspect, Beach Horizon, Quantmetrics, and Winton were negative YTD. The series deallocated to Brandywine and Cantab during the year.

Equinox Frontier Select Fund

2016

The Equinox Frontier Select Fund – Class 1 NAV gained 4.11% for the twelve months ended December 31, 2016, net of fees and expenses; The Equinox Frontier Select Fund – Class 1AP NAV gained 7.30% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Select Fund – Class 2 NAV gained 7.31% for the twelve months ended December 31, 2016, net of fees and expenses.

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For the twelve months ended December 31, 2016, the Equinox Frontier Select Fund recorded net gain on investments of $2,398,954, net investment income of $1,025, and total expenses of $792,796, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $617,789 after operations attributable to non-controlling interests of $989,394. The NAV per Unit, Class 1, increased from $90.35 at December 31, 2015, to $94.06 as of December 31, 2016. The NAV per Unit, Class 1AP, increased from $94.28 at December 31, 2015, to $101.16 as of December 31, 2016. The NAV per Unit, Class 2, increased from $125.11 at December 31, 2015, to $134.25 as of December 31, 2016. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2016, were $16,022 and $1,700,518, respectively. Total Class 1AP subscriptions and redemptions for the twelve months ended December 31, 2016, were $0 and $21,949, respectively. Total Class 2 subscriptions and redemptions for the twelve months ended December 31, 2016, were $0 and $25,360, respectively. Ending capital, at December 31, 2016, was $10,540,702 for Class 1, $ 29,897 for Class 1AP, and $1,411,440 for Class 2.

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

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Sector Attribution for the Equinox Frontier Select Fund

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Three of the seven sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2016. Currencies, Metals, and Stock Indices were positive while, Energies, Agriculturals, Interest Rates, and Hybrids were negative for the quarter.

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

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

Equinox Frontier Winton Fund

2016

The Equinox Frontier Winton Fund – Class 1 NAV lost 5.88% for the twelve months ended December 31, 2016, net of fees and expenses; The Equinox Frontier Winton Fund – Class 1AP NAV lost 3.00% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Winton Fund – Class 2 NAV lost 3.00% for the twelve months ended December 31, 2016, net of fees and expenses.

For the twelve months ended December 31, 2016, the Equinox Frontier Winton Fund recorded net gain on investments of $1,071,349, net investment income of $7,717, and total expenses of $2,240,389, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $1,625,498 after operations attributable to non-controlling interests of $464,175. The NAV per Unit, Class 1, decreased from $164.17 at December 31, 2015 to $154.51 as of December 31, 2016. The NAV per Unit, Class 1AP, decreased from $171.31 at December 31, 2015 to $166.17 as of December 31, 2016. The NAV per Unit, Class 2, decreased from $217.51 at December 31, 2015, to $210.98 as of December 31, 2016. Total Class 1 subscriptions for the year were $159,082 and redemptions were $1,620,516. Total Class 1AP subscriptions for the year were $0 and redemptions were $0. Total Class 2 subscriptions for the year were $0 and redemptions were $88,086. Ending capital, at December 31, 2016, was $20,228,679 for Class 1, $35,380 for Class 1AP, and $11,446,113 for Class 2.

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

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Sector Attribution for the Equinox Frontier Winton Fund

Two of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2016. Currencies and Stock Indices were positive while Metals, Energies, Agriculturals, and Interest Rates were negative for the quarter.

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

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Equinox Frontier Heritage Fund

2016

The Equinox Frontier Heritage Fund – Class 1 NAV lost 3.77% for the twelve months ended December 31, 2016, net of fees and expenses; The Equinox Frontier Heritage Fund – Class 1AP NAV lost 0.83% for the twelve months ended December 31, 2016, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 2 NAV lost 0.83% for the twelve months ended December 31, 2016, net of fees and expenses. For the twelve months ended December 31, 2016, the Equinox Frontier Heritage Fund recorded net gain on investments of $524,782, net investment income of $1,430, and total expenses of $610,757, resulting in a net decrease in Owners’ capital from operations of $301,637, after non-controlling interest of $217,092. The NAV per Unit, Class 1, decreased from $124.27 at December 31, 2015, to $119.58 as of December 31, 2016. The NAV per Unit, Class 1AP, decreased from $129.67 at December 31, 2015, to $128.60 as of December 31, 2016. The NAV per Unit, Class 2, decreased from $173.54 at December 31, 2015, to $172.10 as of December 31, 2016. Total Class 1 subscriptions and redemptions for the twelve months were $35,716 and $871,326, respectively. Total Class 1AP subscriptions and redemptions for the twelve months were $0 and $56,051, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $90,031, respectively. Ending capital, at December 31, 2016, was $7,507,072 for Class 1, $5,826 for Class 1AP and $2,744,375 for Class 2.

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

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Sector Attribution for the Equinox Frontier Heritage Fund

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Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2016. Currencies and Stock Indices were positive while Metals, Energies, Agriculturals, and Interest Rates were negative for the quarter.

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

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

Results of Operations for the Twelve Months Ended December 31, 2015

The returns for each Series and Class of Units for the twelve months ended December 31, 2015, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2015. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance of the various Series’ positions within each of the relevant sectors during the prior three quarters were included in the Trust’s quarterly reports on Form 10-Q previously filed.

Equinox Frontier Diversified Fund

2015

The Equinox Frontier Diversified Fund– Class 1 NAV gained 2.15% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Diversified Fund– Class 2 NAV gained 3.95% for the twelve months ended December 31, 2015 net of fees and expenses; the Equinox Frontier Diversified Fund-Class 3 NAV gained 4.21% for the twelve months ended December 31, 2015 net of fees and expenses. For the twelve months ended December 31, 2015 the Equinox Frontier Diversified Fund recorded a net gain on investments of $7,062,279, net investment income of $603,350, and total expenses of $4,859,068, resulting in a net increase in Owners’ capital from operations of $2,585,692. The NAV per Unit, Class 1, increased from $113.09 at December 31, 2014, to $115.52 as of December 31, 2015. The NAV per Unit, Class 2, increased from $124.67 at December 31, 2014, to $129.60 as of December 31, 2015. The NAV per Unit, Class 3, increased from $115.03 at December 31, 2014 to $119.87 at December 31, 2015. Total Class 1 subscriptions and redemptions for the period were $1,849,550 and $10,085,317, respectively. Total Class 2 subscriptions and redemptions for the period were $4,193,326 and $6,595,532, respectively. Total Class 3 subscriptions and redemptions for the period were $6,490,334 and $2,875,045, respectively. Ending capital at December 31, 2015, was $11,814,234 for Class 1, $34,633,100 for Class 2 and $9,267,632 for Class 3.

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

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Sector Attribution for the Equinox Frontier Diversified Fund

Two of the six sectors traded in the Equinox Frontier Diversified Fund were profitable in Q4 2015. Metals and Energies were profitable while Currencies, Energies, Interest Rates and Stock Indices finished negative for the quarter.

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

In terms of major CTA performance, seven of the eleven major CTAs in the Equinox Frontier Diversified Fund were profitable in Q4 2015. Chesapeake, Crabel, Doherty, Emil Van Essen, H20, QIM and Winton finished positive for the quarter. Brevan Howard, Fort, Quantmetrics and Quest finished negative for the quarter. In terms of YTD performance Chesapeake, Doherty, Emil Van Essen, H20, QIM and Winton are positive YTD while Brevan Howard, Fort, Quatmetrics, Quest and Crabel are negative YTD.

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Equinox Frontier Long/Short Commodity Fund

2015

The Equinox Frontier Long/Short Commodity Fund – Class 2 NAV lost 4.48% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3 NAV lost 4.48% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 1a NAV lost 6.29% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 2a NAV lost 4.63% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund – Class 3a NAV lost 4.39% for the twelve months ended December 31, 2015, net of fees and expenses.

For the twelve months ended December 31, 2015, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $391,811, net investment income of $141,120, and total expenses of $1,207,403, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $1,458,094. The NAV per Unit, Class 2, decreased from $138.30 at December 31, 2014, to $132.10 as of December 31, 2015. The NAV per Unit, Class 3, decreased from $138.34 at December 31, 2014, to $132.14 as of December 31, 2015. The NAV per Unit, Class 1a, decreased from $101.12 at December 31, 2014, to $94.76 as of December 31, 2015. The NAV per Unit, Class 2a, decreased from $111.35 at December 31, 2014, to $106.19 as of December 31, 2015. The NAV per Unit, Class 3a, decreased from $111.77 at December 31, 2014, to $106.86 as of December 31, 2015. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $226,318, respectively. Total Class 3 subscriptions and redemptions for the twelve months were $0 and $1,101,195, respectively. Total Class 1a subscriptions and redemptions for the twelve months were $67,800 and $1,587,283, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $29,300 and $402,748, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $415,099 and $167,791, respectively. Ending capital at December 31, 2015, was $993,600 for Class 2, $5,906,669 for Class 3, $4,053,754 for Class 1a, $1,287,665 for Class 2a and $851,163 for Class 3a.

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

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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 2015. Base Metals and Energies finished positive for the quarter while Meats, Grains, Precious Metals, Precious Metals, Financials and Softs finished negative for the quarter.

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

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

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

Equinox Frontier Masters Fund

2015

The Equinox Frontier Masters Fund – Class 1 NAV lost 3.21% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Masters Fund – Class 2 NAV lost 1.50% for the twelve months ended December 31, 2015, net of fees and expenses, the Equinox Frontier Masters Fund – Class 3 NAV lost 1.25% for the twelve months ended December 31, 2015, net of fees and expenses.

For the twelve months ended December 31, 2015 the Equinox Frontier Masters Fund recorded a net gain on investments of $1,398,913, net investment income of $260,900, and total expenses of $2,122,056, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $462,243. The NAV per Unit, Class 1, decreased from $116.61 at December 31, 2014, to $112.87 as of December 31, 2015. The NAV per Unit, Class 2, decreased from $128.53 at December 31, 2014, to $126.60 as of December 31, 2015. The NAV per Unit, Class 3 decreased from $119.06 at December 31, 2014 to $117.57 as of December 31, 2015. Total Class 1 subscriptions and redemptions for the period were $2,092,649 and $5,299,823, respectively. Total Class 2 subscriptions and redemptions for the period were $174,300 and $1,041,711, respectively. Total Class 3 subscriptions and redemptions for the period were $3,820,000 and $2,162,727, respectively. Ending capital at December 31, 2015, was $8,323,800 for Class 1, $7,893,358 for Class 2 and $6,611,141 for Class 3.

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

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Sector Attribution for the Equinox Frontier Masters Fund

Two of the seven sectors traded in the Equinox Frontier Masters Fund were profitable in Q4 2015. Metals and Energies were positive while Currencies, Agriculturals, Interest Rates, Stock Indices and Hybrids were negative for the quarter.

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

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

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Equinox Frontier Balanced Fund

2015

The Equinox Frontier Balanced Fund – Class 1 NAV lost 2.67% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 1AP NAV gained 0.29% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2 NAV gained 0.30% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 2a NAV gained 1.22% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Balanced Fund – Class 3a NAV gained 1.21% for the twelve months ended December 31, 2015, net of fees and expenses.

For the twelve months ended December 31, 2015, the Equinox Frontier Balanced Fund recorded net gain on investments of $4,329,355, net investment income of $29,151, and total expenses of $5,591,382, resulting in a net decrease in Owners’ capital from operations attributable to controlling interests of $1,492,595 after operations attributable to non- controlling interests of $259,719. The NAV per Unit, Class 1, decreased from $131.54 at December 31, 2014, to $128.03 at December 31, 2015. The NAV per Unit, Class 1AP, increased from $133.20 at December 31, 2014, to $133.59 at December 31, 2015. The NAV per Unit, Class 2, increased from $179.16 at December 31, 2014, to $179.69 at December 31, 2015. For Class 2a, the NAV per Unit increased from $153.02 at December 31, 2014, to $154.88 at December 31, 2015. For Class 3a, the NAV per Unit increased from $152.52 at December 31, 2014, to $154.37 at December 31, 2015. Total Class 1 subscriptions and redemptions for the twelve months were $215,189 and $8,249,954, respectively. Total Class 1AP subscriptions and redemptions for the twelve months were $1,457 and $39,001, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $19,235 and $982,356, respectively. Total Class 2a redemptions for the twelve month period were $60,850. There were no Class 2a subscriptions. Total Class 3a redemptions for the period were $127,078. There were no Class 3 subscriptions. Ending capital at December 31, 2015, was $62,563,337 for Class 1, $714,747 for Class 1AP, $22,708,408 for Class 2, $548,070 for Class 2a and $2,435,421 for Class 3a.

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

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Sector Attribution for the Frontier Equinox Frontier Balanced Fund

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Two of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q4 2015. Currencies and Energies were profitable while Metals, Agriculturals, Interest Rates and Stock Indices finished negative for the quarter.

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

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

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Equinox Frontier Select Fund

2015

The Equinox Frontier Select Fund – Class 1 NAV lost 5.50% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Select Fund – Class 1AP NAV lost 2.62% for the twelve months ended December 31, 2015, net of fees and expenses. The Equinox Frontier Select Fund – Class 2 NAV lost 2.62% for the twelve months ended December 31, 2015, net of fees and expenses.

For the twelve months ended December 31, 2015, the Equinox Frontier Select Fund recorded net gain on investments of $272,917, net investment income of $0, and total expenses of $968,941, resulting in a net decrease in Owners’ capital from operations of $730,624. The NAV per Unit, Class 1, decreased from $95.61 at December 31, 2014, to $90.35 as of December 31, 2015. The NAV per Unit, Class 1AP, decreased from $96.82 at December 31, 2014, to $94.28 as of December 31, 2015. The NAV per Unit, Class 2, decreased from $128.48 at December 31, 2014, to $125.11 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2015, were $18,418 and $1,275,096, respectively. Total Class 1AP subscriptions and redemptions for the twelve months ended December 31, 2015, were $930 and $0, respectively. Total Class 2 redemptions for the twelve months ended December 31, 2015, were $187,051. There were no Class 2 subscriptions. Ending capital at December 31, 2015, was $11,710,517 for Class 1, $47,365 for Class 1AP and $1,338,173 for Class 2.

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

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Sector Attribution for the Equinox Frontier Select Fund

Two of the seven sectors traded in the Equinox Frontier Select Fund were profitable in Q4 2015. Metals and Energies were positive while Agriculturals, Currencies, Interest Rates, Hybrids and Stock Indices were negative for the quarter.

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

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

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Equinox Frontier Winton Fund

2015

The Equinox Frontier Winton Fund – Class 1 NAV lost 6.70% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Winton Fund – Class 1AP NAV lost 3.86% for the twelve months ended December 31, 2015, net of fees and expenses the Equinox Frontier Winton Fund – Class 2 NAV lost 3.85% for the twelve months ended December 31, 2015, net of fees and expenses.

For the twelve months ended December 31, 2015, the Equinox Frontier Winton Fund recorded net gain on investments of $1,380,625, net investment income of $28, and total expenses of $2,967,166, resulting in a net decrease in Owners’ capital from operations of $2,160,638. The NAV per Unit, Class 1, decreased from $175.95 at December 31, 2014 to $164.17 as of December 31, 2015. The NAV per Unit, Class 1AP, decreased from $178.18 at December 31, 2014 to $171.31 as of December 31, 2015. The NAV per Unit, Class 2, decreased from $226.23 at December 31, 2014, to $217.51 as of December 31, 2015. Total Class 1 subscriptions for the year were $175,616 and redemptions were $2,337,287. There were no Class 1AP subscriptions or redemptions for 2015. Total Class 2 redemptions for the year were $787,381. There were no Class 2 subscriptions. Ending capital at December 31, 2015, was $23,022,800 for Class 1, $36,576 for Class 1AP and $11,882,167 for Class 2.

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

Sector Attribution for the Equinox Frontier Winton Fund

Two of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q4 2015. Currencies and Energies were positive while Metals, Agriculturals, Interest Rates and Stock Indices were negative for the quarter.

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

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Equinox Frontier Heritage Fund

2015

The Equinox Frontier Heritage Fund – Class 1 NAV lost 4.61% for the twelve months ended December 31, 2015, net of fees and expenses; the Equinox Frontier Heritage Fund – Class 1AP NAV lost 1.71% for the twelve months ended December 31, 2015, net of fees and expenses. the Equinox Frontier Heritage Fund – Class 2 NAV lost 1.71% for the twelve months ended December 31, 2015, net of fees and expenses. For the twelve months ended December 31, 2015, the Equinox Frontier Heritage Fund recorded net gain on investments of $555,165, net investment income of $1, and total expenses of $797,550, resulting in a net decrease in Owners’ capital from operations of $450,548, after non-controlling interest of $208,163. The NAV per Unit, Class 1, decreased from $130.28 at December 31, 2014, to $124.27 as of December 31, 2015. The NAV per Unit, Class 1AP, decreased from $131.93 at December 31, 2014, to $129.67 as of December 31, 2015. The NAV per Unit, Class 2, decreased from $176.56 at December 31, 2014, to $173.54 as of December 31, 2015. Total Class 1 subscriptions and redemptions for the twelve months were $41,712 and $766,234, respectively. Total Class 1AP subscriptions for the twelve months were $1,288. There were no redemptions for Class 1AP. Total Class 2 redemptions for the twelve months were $312,995. There were no subscriptions for Class 2. Ending capital at December 31, 2015, was $8,628,726 for Class 1, $58,523 for Class 1AP and $2,853,353 for Class 2.

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

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Sector Attribution for the Equinox Frontier Heritage Fund

Two of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q4 2015. Metals and Energies were positive while Currencies, Agriculturals, Interest Rates and Stock Indices were negative for the quarter.

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

In terms of major CTA performance, Brevan Howard finished down for both the quarter and the year, while Winton finished down YTD as well.

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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 $21,323,765, net investment income of $579,067, and total expenses of $7,289,756, resulting in a net increase in Owners’ capital from operations of $14,613,076. The NAV per Unit, Class 1, increased from $87.10 at December 31, 2013, to $113.09 as of December 31, 2014. The NAV per Unit, Class 2, increased from $94.35 at December 31, 2013, to $124.67 as of December 31, 2014. The NAV per Unit, Class 3, increased from $84.21 at December 31, 2013 to $115.03 at December 31, 2014. Total Class 1 subscriptions and redemptions for the period were $954,684 and $14,939,576, respectively. Total Class 2 subscriptions and redemptions for the period were $695,759 and $8,646,009, respectively. Total Class 3 subscriptions and redemptions for the period were $5,633,483 and $1,437,475, respectively. Ending capital at December 31, 2014, was $19,195,036 for Class 1, $35,224,292 for Class 2 and $5,588,281 for Class 3.

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

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Sector Attribution for the Equinox Frontier Diversified Fund

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

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

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

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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.

Sector Attribution for the Equinox Frontier Long/Short Commodity Fund

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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.

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Equinox Frontier Masters Fund

2014

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

For the twelve months ended December 31, 2014 the Equinox Frontier Masters Fund recorded a net gain on investments of $8,093,183, net investment income of $298,175, and total expenses of $2,939,200, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $5,452,158. The NAV per Unit, Class 1, increased from $91.83 at December 31, 2013, to $116.61 as of December 31, 2014. The NAV per Unit, Class 2, increased from $99.46 at December 31, 2013, to $128.53 as of December 31, 2014. The NAV per Unit, Class 3 increased from $91.91 at December 31, 2013 to $119.06 as of December 31, 2014. Total Class 1 subscriptions and redemptions for the period were $574,921 and $14,142,871, respectively. Total Class 2 subscriptions and redemptions for the period were $35,000 and $3,624,212, respectively. Total Class 3 subscriptions and redemptions for the period were $5,049,885 and $1,407,811, respectively. Ending capital at December 31, 2014, was $11,850,911 for Class 1, $8,868,743 for Class 2 and $4,988,200 for Class 3.

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

Sector Attribution for the Equinox Frontier Masters Fund

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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.

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 $33,601,230, net investment income of $27,454, and total expenses of $7,434,719, resulting in a net increase in Owners’ capital from operations attributable to controlling interests of $19,364,501 after operations attributable to non- controlling interests of $6,829,464. The NAV per Unit, Class 1, increased from $106.29 at December 31, 2013, to $131.54 at December 31, 2014. The NAV per Unit, Class 1AP, increased from $102.62 at July 31, 2014, to $133.20 at December 31, 2014. The NAV per Unit, Class 2, increased from $140.49 at December 31, 2013, to $179.16 at December 31, 2014. For Class 2a, the NAV per Unit increased from $118.80 at December 31, 2013, to $153.02 at December 31, 2014. For Class 3a, the NAV per Unit increased from $118.41 at December 31, 2013, to $152.52 at December 31, 2014. Total Class 1 subscriptions and redemptions for the twelve months were $154,471 and $22,310,597, respectively. Total Class 1AP subscriptions and redemptions for the twelve months 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.

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Sector Attribution for the Frontier Equinox Frontier Balanced Fund

73

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 twelve months ended December 31, 2014, were $194,475 and $156,681, respectively. Total Class 2 redemptions for the twelve months ended December 31, 2014, were $488,584. There were no Class 2 subscriptions. Ending capital at December 31, 2014, was $13,663,563 for Class 1, $47,785 for Class 1AP and $1,558,130 for Class 2.

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

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Sector Attribution for the Equinox Frontier Select Fund

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

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

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

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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 year were $288,379 and redemptions were $266,356. Total Class 2 redemptions for the year were $352,627. There were no Class 2 subscriptions. Ending capital at December 31, 2014, was $26,870,878 for Class 1, $38,042 for Class 1AP and $13,142,313 for Class 2.

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

Sector Attribution for the Equinox Frontier Winton Fund

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

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

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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 twelve months were $244,674 and $202,374, respectively. Total Class 2 redemptions for the twelve months were $417,710. There were no subscriptions for Class 2. Ending capital at December 31, 2014, was $9,761,819 for Class 1, $58,378 for Class 1AP and $3,207,182 for Class 2.

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

Sector Attribution for the Equinox Frontier Heritage Fund

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

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

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

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

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

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

Quantitative Market Risk

Trading Risk

The Series’ approximate risk exposure in the various market sectors traded by its Trading 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 and Galaxy Plus entities) open positions is directly reflected in the Series’ earnings, realized or unrealized gain/loss.

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

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

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

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

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

Equinox Frontier Diversified Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	54,560		0.10	%	$	1,482,594		2.66	%
Currencies		6,695,287		11.86	%		1,825,578		3.28	%
Stock Indices		136,448		0.24	%		2,256,114		4.05	%
Metals		76,463		0.14	%		290,196		0.52	%
Agriculturals/Softs		56,026		0.10	%		1,230,266		2.21	%
Energy		34,416		0.06	%		1,558,897		2.80	%
Total:	$	7,053,200		12.50	%	$	8,643,645		15.52	%

Equinox Frontier Long/Short Commodity Fund:

	December 31, 2016						December 31, 2015
	VALUE			% OF TOTAL			VALUE		% OF TOTAL
	AT RISK			CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	(3,667	)		-0.04	%	$	308,877		2.36	%
Currencies		4,103,478			44.30	%		593,315		4.53	%
Stock Indices		(4,847	)		-0.05	%		176,530		1.35	%
Metals		(1,394	)		-0.02	%		27,511		0.21	%
Agriculturals/Softs		(82	)		0.00	%		343,977		2.63	%
Energy		(2,483	)		-0.03	%		1,795,669		13.71	%
Total:	$	4,091,005			44.16	%	$	3,245,879		24.79	%

Equinox Frontier Masters Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	147,424		0.86	%	$	745,322		3.26	%
Currencies		846,815		4.93	%		1,116,000		4.89	%
Stock Indices		162,087		0.94	%		1,155,610		5.06	%
Metals		132,588		0.77	%		120,696		0.53	%
Agriculturals/Softs		80,299		0.47	%		581,297		2.55	%
Energy		102,721		0.60	%		828,577		3.63	%
Total:	$	1,471,934		8.57	%	$	4,547,502		19.92	%

Equinox Frontier Balanced Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	111,080		0.13	%	$	2,770,118		3.07	%
Currencies		16,050,306		19.50	%		2,793,664		3.10	%
Stock Indices		251,376		0.31	%		3,101,604		3.44	%
Metals		203,879		0.25	%		452,392		0.50	%
Agriculturals/Softs		310,953		0.38	%		2,343,248		2.60	%
Energy		59,842		0.07	%		2,470,484		2.74	%
Total:	$	16,987,436		20.64	%	$	13,931,510		15.45	%

Equinox Frontier Select Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	142,902		0.89	%	$	501,177		2.52	%
Currencies		3,767,631		23.44	%		667,887		3.35	%
Stock Indices		108,220		0.67	%		949,390		4.77	%
Metals		106,501		0.66	%		60,331		0.30	%
Agriculturals/Softs		56,513		0.35	%		326,993		1.64	%
Energy		101,803		0.63	%		115,282		0.58	%
Total:	$	4,283,570		26.64	%	$	2,621,060		13.16	%

Equinox Frontier Winton Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	181,898		0.45	%	$	783,573		1.90	%
Currencies		2,203,203		5.42	%		1,718,649		4.16	%
Stock Indices		496,922		1.22	%		706,493		1.71	%
Metals		291,318		0.72	%		273,910		0.66	%
Agriculturals/Softs		222,576		0.55	%		691,213		1.67	%
Energy		113,092		0.28	%		347,931		0.84	%
Total:	$	3,509,009		8.64	%	$	4,521,769		10.94	%

Equinox Frontier Heritage Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	35,111		0.34	%	$	181,696		1.17	%
Currencies		3,730,499		36.37	%		343,190		2.22	%
Stock Indices		91,176		0.89	%		133,965		0.87	%
Metals		52,124		0.51	%		52,162		0.34	%
Agriculturals/Softs		38,923		0.38	%		132,697		0.86	%
Energy		22,016		0.21	%		63,333		0.41	%
Total:	$	3,969,849		38.70	%	$	907,043		5.87	%

80

As of December 31, 2016, a portion of the assets of the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Select Fund and Equinox Frontier Heritage Fund are invested in 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.

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, 2016 and 2015, on foreign markets. All open position trading risk exposures of the Series have been included in calculating the figures set forth below. 

Equinox Frontier Diversified Fund

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	35,331		0.06	%	$	648,857		1.08	%
Currencies		6,213,135		11.00	%		448,492		0.75	%
Stock Indices		107,207		0.19	%		626,690		1.04	%
Metals		—		0.00	%		63,844		0.11	%
Agriculturals/Softs		6,155		0.01	%		105,154		0.18	%
Total:	$	6,361,828		11.26	%	$	1,893,037		3.16	%

Equinox Frontier Long/Short Commodity Fund

	December 31, 2016						December 31, 2015
	VALUE			% OF TOTAL			VALUE		% OF TOTAL
	AT RISK			CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	(3,398	)		-0.04	%	$	92,077		0.55	%
Currencies		4,105,061			44.32	%		25,503		0.15	%
Stock Indices		(4,548	)		-0.05	%		65,299		0.39	%
Metals		—			0.00	%		2,581		0.02	%
Agriculturals/Softs		—			0.00	%		4,969		0.03	%
Total:	$	4,097,115			44.23	%	$	190,429		1.14	%

Equinox Frontier Masters Fund

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	107,034		0.62	%	$	350,746		1.36	%
Currencies		116,702		0.68	%		411,728		1.60	%
Stock Indices		109,865		0.64	%		241,648		0.94	%
Metals		35,070		0.20	%		26,150		0.10	%
Agriculturals/Softs		12,297		0.07	%		48,090		0.19	%
Energy		5,981		0.03	%		—		0.00	%
Total:	$	386,949		2.24	%	$	1,078,362		4.19	%

Equinox Frontier Balanced Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	84,522		0.10	%	$	1,285,354		1.18	%
Currencies		14,167,369		17.21	%		653,928		0.60	%
Stock Indices		181,960		0.22	%		1,049,217		0.97	%
Metals		93,238		0.11	%		103,957		0.10	%
Agriculturals/Softs		62,286		0.08	%		220,476		0.20	%
Energy		10,780		0.01	%		9,593		0.01	%
Total:	$	14,600,155		17.73	%	$	3,322,525		3.06	%

Equinox Frontier Select Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	108,091		0.67	%	$	277,612		1.82	%
Currencies		3,234,059		20.12	%		441,529		2.89	%
Stock Indices		66,205		0.41	%		160,956		1.05	%
Metals		40,789		0.25	%		16,211		0.11	%
Agriculturals/Softs		10,232		0.06	%		41,291		0.27	%
Energy		6,957		0.04	%		—		0.00	%
Total:	$	3,466,333		21.55	%	$	937,599		6.14	%

Equinox Frontier Winton Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	107,843		0.27	%	$	241,773		0.60	%
Currencies		296,219		0.73	%		19,055		0.05	%
Stock Indices		383,250		0.94	%		234,669		0.59	%
Metals		—		0.00	%		44,840		0.11	%
Agriculturals/Softs		24,539		0.06	%		15,623		0.04	%
Total:	$	811,851		2.00	%	$	555,960		1.39	%

Equinox Frontier Heritage Fund:

	December 31, 2016					December 31, 2015
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	21,939		0.21	%	$	57,621		0.35	%
Currencies		3,396,210		33.11	%		7,690		0.05	%
Stock Indices		71,061		0.69	%		47,088		0.28	%
Metals		—		0.00	%		8,028		0.05	%
Agriculturals/Softs		4,283		0.04	%		2,797		0.02	%
Total:	$	3,493,493		34.05	%	$	123,224		0.75	%

81

As of December 31, 2016, a portion of the assets of the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Select Fund and Equinox Frontier Heritage Fund are invested in 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, 2016, by market sector.

Interest Rates

Interest rate risk is one of the principal market exposures of each Series. Interest rate movements directly affect the price of interest rate futures positions held and indirectly the value of a Trading Company’s stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact profitability. The primary interest rate exposure is to interest rate fluctuations in the U.S. and the other G-7 countries. However, the Trading Companies and Galaxy Plus entities also may take futures positions on the government debt of smaller nations. The Managing Owner anticipates that G-7 interest rates will remain the primary market exposure of each Trading Company and Galaxy Plus entities and accordingly of each Series for the foreseeable future. The changes in interest rates which are expected to have the most effect on the Series are changes in long-term, as opposed to short-term rates. Most of the speculative positions to be held by the Trading Companies and Galaxy Plus entities will be in medium- to long-term instruments. Consequently, even a material change in short-term rates is expected to have little effect on the Series if the medium- to long-term rates remain steady. Aggregate interest income from all sources, including assets held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to each Series was paid to the Managing Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. In addition, if interest rates fall below 0.75%, the Managing Owner is paid the difference between the Trust’s annualized interest income that is allocated to each of such Series and 0.75%. Interest income above what is paid to the Managing Owner is retained by the Series. The amounts reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero.

Currencies

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

82

Stock Indices

For each Series, its primary equity exposure is equity price risk in the G-7 countries as well as other smaller jurisdictions. Each Series of the Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices.

Metals

For each Series, its metals market exposure is fluctuations in the price of both precious metals, including gold and silver, as well as base metals including aluminum, copper, nickel and zinc. Some metals, such as gold, are used as surrogate stores of value, in place of hard currency, and thus have currency or interest rate risk associated with them relative to their price in a specific currency. Other metals, such as silver, platinum, copper and steel, have substantial industrial applications, and may be subject to forces affecting industrial production and demand.

Agriculturals/Softs

Each Series may also invest in raw commodities and may thus have exposure to agricultural price movements, which are often directly affected by severe or unexpected weather conditions or by political events in countries that comprise significant sources of commodity supply.

Energy

For each Series its primary energy market exposure is in oil, gas and other energy product price movements, often resulting from political developments and ongoing conflicts in the Middle East. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Other Trading Risks

As a result of leverage, small changes in the price of a Trading Company’s positions may result in substantial losses for a Series. Futures, forwards and options are typically traded on margin. This means that a small amount of capital can be used to invest in contracts of much greater total value. The resulting leverage means that a relatively small change in the market price of a contract can produce a substantial loss. Like other leveraged investments, any purchase or sale of a contract may result in losses in excess of the amount invested in that contract. The Trading Companies and Galaxy Plus entities may lose more than their initial margin deposits on a trade.

The Trading Companies’ and Galaxy Plus entities’ trading is subject to execution risks. Market conditions may make it impossible for the Trading Advisors to execute a buy or sell order at the desired price, or to close out an open position. Daily price fluctuation limits are established by the exchanges and approved by the CFTC. When the market price of a contract reaches its daily price fluctuation limit, no trades can be executed at prices outside the limit. The holder of a contract may therefore be locked into an adverse price movement for several days or more and lose considerably more than the initial margin put up to establish the position. Thinly traded or illiquid markets also can make it difficult or impossible to execute trades. The Trading Advisor’s positions are subject to speculative limits. The CFTC and domestic exchanges have established speculative position limits on the maximum futures position which any person, or group of persons acting in concert, may hold or control in particular futures contracts or options on futures contracts traded on U.S. commodity exchanges. Under current regulations, other accounts of the Trading Advisors are combined with the positions held by them on behalf of the applicable Trading Company and Galaxy Plus entity for position limit purposes. This trading could preclude additional trading in these commodities by the Trading Advisors for the accounts of the Series.

Systematic strategies do not consider fundamental types of data and do not have the benefit of discretionary decision making. The assets of the Series are allocated to Trading Advisors that rely on technical, systematic strategies that do not take into account factors external to the market itself (although certain of these strategies may have minor discretionary elements incorporated into their systematic strategy). The widespread use of technical trading systems frequently results in numerous Trading Advisors attempting to execute similar trades at or about the same time, altering trading patterns and affecting market liquidity. Furthermore, the profit potential of trend-following systems may be diminished by the changing character of the markets, which may make historical price data (on which technical programs are based) only marginally relevant to future market patterns. Systematic strategies are developed on the basis of a statistical analysis of market prices. Consequently, any factor external to the market itself that dominates prices that a discretionary decision maker may take into account may cause major losses for a systematic strategy. For example, a pending political or economic event may be very likely to cause a major price movement, but a systematic strategy may continue to maintain positions indicated by its trading method that might incur major losses if the event proved to be adverse.

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

83

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Managing Owner attempts to manage the risk of the Trust’s open positions is essentially the same in all market categories traded. The Managing Owner applies risk management policies to trading which generally are designed to limit the total exposure of assets under management. In addition, the Managing Owner follows diversification guidelines which are often formulated in terms of the balanced volatility between markets and correlated groups.

Cyber Risks and Security

The Trust’s business requires it to use and store investor, employee and business partner personally identifiable information (“PII”). This may include, among other information, names, addresses, phone numbers, email addresses, contact preferences, tax identification numbers and payment account information.

The Trust requires user names and passwords in order to access its information technology systems. The Trust also uses encryption and authentication technologies designed to secure the transmission and storage of data and prevent access to Trust data or accounts. These security measures are subject to third-party security breaches, employee error, malfeasance, faulty password management, or other irregularities. To help protect investors and the Trust, the Trust monitors accounts and systems for unusual activity and may freeze accounts under suspicious circumstances.

The Trust devotes significant resources to network security, data encryption and other security measures to protect its systems and data, but these security measures cannot provide absolute security. To the extent the Trust was to experience a breach of its systems and was unable to protect sensitive data, such a breach could materially damage business partner and investor relationships. Moreover, if a computer security breach affects the Trust’s systems or results in the unauthorized release of PII, the Trust’s reputation and brand could be materially damaged and the Trust could be exposed to a risk of loss or litigation and possible liability. While the Trust maintains insurance coverage that, subject to policy terms and conditions and subject to a significant self-insured retention, is designed to address certain aspects of cyber risks, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise in the continually evolving area of cyber risk.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

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

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

None.

Item 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the management of the Managing Owner, including its Chief Executive Officer and Principal Financial Officer, the Trust evaluated the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), for the Trust and each Series as of December 31, 2016 (the “Evaluation Date”). Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Based upon our evaluation, the Chief Executive Officer and Principal Financial Officer of the Managing Owner concluded that, as of the Evaluation Date, the disclosure controls and procedures for the Trust and each Series were effective to provide reasonable assurance that they are timely alerted to the material information relating to the Trust and each Series required to be included in the Trust’s periodic SEC filings.

84

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, 2016, 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, 2016, the internal control over financial reporting for the Trust and each Series is effective based on the criteria established in the 2013 Internal Control-Integrated Framework.

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

Changes in Internal Control Over Financial Reporting.

There were changes in the Trust’s internal control over financial reporting for the year ended December 31, 2016 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting as a result of the transition to accessing investment via Galaxy Plus and financial reporting transition to Gemini Hedge Fund Administration.

Scope of Exhibit 31 Certifications

The certifications of the Chief Executive Officer and the Principal Financial Officer of the Managing Owner and the New Managing Owner as of December 31, 2016 and as of March 31, 2017 (the date of this filing) are included as Exhibits 31.1 and 31.2, respectively, to this Form 10-K apply not only to the Trust as a whole but also to each Series individually.

Item 9B. OTHER INFORMATION.

None.

85

Part III

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

The Trust has no directors or executive officers and also does not have any employees. The Trust is managed solely by Equinox Fund Management, LLC, a Delaware limited liability company formed in June 2003, in the capacity as managing owner. The Managing Owner became registered with the CFTC as CPO as of August 6, 2003, and has been a member in the National Futures Association (the “NFA”), in such capacity since that date. On March 6, 2017, a transaction was consummated that gave operational control of the Trust to Frontier Fund Management, LLC and from that date Frontier Fund Management, LLC became the New Managing Owner.

Principals of the Managing Owner

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

Robert J. Enck, is the President and Chief Executive Officer (“CEO”), and serves as chairman of the 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 and as an associated person and swap associated person of the Managing Owner since July 2014. 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 multi-national pharmaceutical services firm with nearly two billion dollars in annual revenues. Mr. Enck joined Quintiles as a result of Quintiles’ acquisition of Beansprout Networks, an internet company designed to foster effective communication between parents and the pediatricians and child-care providers who care for their children where Mr. Enck served as CEO. As CEO of Beansprout from March 2001 to March 2003, Mr. Enck conceived of and executed a dramatic refocus of the company and engineered the successful transaction with Quintiles. Prior to joining Beansprout, from September 1998 to March 2001, Mr. Enck was President of Rx Remedy Information Services, a company focused on providing pharmaceutical firms with longitudinal patient-reported health care information. Before that, Mr. Enck was with Summit Medical Systems, a healthcare software and support services corporation, from January 1994 to September 1998, where he held a number of senior-level positions, including President and General Manager of its subsidiary, Medical Information Systems (MIS), as well as Vice President of Sales and Marketing of parent company, Summit. Mr. Enck joined Summit when it was a private firm and was a member of the management team that grew the business and conducted a successful IPO. Additionally, Mr. Enck served as President of MIS, where he executed its sale to United Healthcare. Earlier, he spent nine years, from March 1985 to January 1994, with Bristol-Myers Squibb, a global pharmaceutical company, and held management positions in the areas of managed care, government programs and sales management. Mr. Enck holds a B.S. degree in Natural Sciences from St. John’s University, Collegeville, MN and an MBA in Management from the University of St. Thomas, St. Paul, MN. Mr. Enck currently holds SEC/FINRA Series 7, 24 and 63 registrations.

Stacy Gillespie, is the Chief Compliance Officer (“CCO”) of the Managing Owner and has served in this role since August 2016. Ms. Gillespie is currently employed by Cipperman Compliance Services, LLC (“CCS”), a Wayne, Pennsylvania-based third party provider of compliance services with which the Managing Owner has entered into a relationship. Ms. Gillespie has been associated with CCS since September 2015 and has served as Chief Compliance Officer for a number of registered investment advisers in the scope of her responsibilities with CCS. Prior to her affiliation with CCS, from December 2012 to August 2015, Ms. Gillespie was employed by the Private Client Group at Boenning & Scattergood (“Boenning”), an independent securities, asset management and investment banking firm, serving as the chief compliance officer. In addition to her role at Boenning, Ms. Gillespie served as the CCO of 1914 Advisors, Boenning’s retail asset management division from August 2007 until August 2015. Prior to Boenning, Ms. Gillespie served as an associate vice president of compliance at Lockwood Advisors, a registered investment advisor from August 2005 to July 2007. Ms. Gillespie holds a bachelor’s degree in political science from Adelphi University and an MBA from Pennsylvania State University. She holds Series 7, 63, 65, 24, 53 and 79 licenses.

Principals of the New Managing Owner

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

Patrick J. Kane is the Chairman of the New Managing Owner since January 2012. Previously, Mr. Kane was the head of alternative investments at Oppenheimer Asset Management until June 2011, overseeing approximately $3 billion in hedge funds and private equity investments. Mr. Kane joined Oppenheimer in 2001 as a senior member of the fund of hedge funds team. Mr. Kane has worked in the alternative investments industry since 1989. Prior to joining Oppenheimer in 2001, Mr. Kane worked for Dunbar Capital Management, a boutique fund of funds manager. Mr. Kane previously worked for Brandywine Asset Management, an alternative investment firm in Thornton, PA. At Brandywine, he was the Director of Trading, responsible for all trading on the managed futures and statistical arbitrage market-neutral equity hedge funds. Before that, he worked for Tricon Investments, an energy focused hedge fund, based in Somerset, NJ. Mr. Kane is also a member of the investment subcommittee that serves the University of Scranton endowment. Mr. Kane holds a Bachelor of Science in Accounting from the University of Scranton.

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Patrick F. Hart III, is the Chief Executive Officer of the New Managing Owner since January 2012. Mr. Hart has been involved in the alternative investment industry for over thirty years, having specialized in the design, implementation and management of structured hedge fund and managed futures products for private and institutional clients worldwide. Mr. Hart is also the Chief Executive Officer and President of Three Palms, LLC (est. June 2003). Further, he is founder, Chief Executive Officer and Managing Partner of Hart Financial Group, LLC, a registered commodity pool operator, where he has been registered as an associated person and listed as a principal since August 1998. Lastly, Mr. Hart founded Pyxis GFS in October 2008. Pyxis provides comprehensive administration, accounting and reporting services to alternative investment managers and funds.

Previous affiliations of Mr. Hart include Northfield Trading, LP where he was listed as a principal and registered as an associated person of the Trading Advisor from March 2007 to December 2014. From June 2009 through October 2013 Mr. Hart was listed as a principal, and from July 2009 through October 2013 he was registered as an associated person, with the trading advisory firm Strategic Capital Management, LLC. At the same firm’s affiliated commodity pool operator, Strategic Fund Management, he was listed as a principal from July 2009 through May 2013 and registered as an associated person from August 2009 through May 2013. Mr. Hart was also listed as a principal of the commodity Trading Advisor, Seven Trust Global Advisors, LLC, from January 2007 to March 2011 and registered as an associated person from April 2007 through March 2011. At the same firm’s affiliated commodity pool operator, CTP Fund Management, LLC, he was listed as a principal from January 2008 to June 2011 and registered as an associated person from April 2008 through June 2011.

Mr. Hart served nine years on the Introducing Broker Advisory Committee of the National Futures Association, or NFA. Additionally, he has served periodically on the NFA Arbitration and Nominating Committees since 1988. Mr. Hart has been a frequent guest speaker at international conferences and symposiums on the topic of alternative investment strategies. Moreover, Mr. Hart has contributed to numerous articles in leading investment publications and is a contributing author to the “Handbook of Managed Futures—Performance, Evaluation and Analysis” (McGraw-Hill 1997). Mr. Hart received a B.S. in Economics from Colorado State University in 1983. He holds FINRA Series 7, 63, and the CFTC/NFA Series 3 registrations. Mr. Hart also is a registered representative of ALPS Distributors, Inc.

Michael B. Egan II, is the Secretary of the New Managing Owner since January 2012. Mr. Egan brings more than 25 years of alternative investment experience with a focus on commodity Trading Advisor research and multi-advisor portfolio construction. As a member of Frontier Fund Management LLC’s portfolio management team, Mr. Egan is involved in day-to-day portfolio and risk management for all of Frontier Fund Management LLC’s funds’ offerings as well as the development and structuring of new products. In addition, Mr. Egan has also served as Research Director of Three Palms, LLC since its founding in June 2003. He also serves as President of Hart Financial Group, LLC, a registered Commodity Pool Operator, where he has been registered as a principal since April 2015 and associated person since May 2006. Mr. Egan was also registered as an associated person of the Commodity Trading Advisor Seven Trust Global Advisors, LLC from July 2008 through March 2011. From January 1991 through April 2009, Mr. Egan was the Director of Research for Hart Asset Management Group, Inc. (formerly Hart-Bornhoft Group, Inc.), a registered Commodity Pool Operator and Commodity Trading Advisor and was listed as a principal from December 1998 through April 2009. Mr. Egan received a Bachelor of Science Degree in Finance from Colorado State University in 1990 and he is licensed with the NFA and CFTC and holds a Series 3 certification.

Garrett W. Phillips, is the Chief Operations Officer and Treasurer of the New Managing Owner since October 2016. He has also worked as the Chief Executive Officer for the investment fund servicing business, Pyxis Global Financial Services, since its founding in 2010. At Pyxis he manages a team that provides administrative and accounting services for clients that are investment advisors, mutual funds and hedge funds. Prior to Frontier Fund Management LLC and PyxisGFS, Mr. Phillips was an Operations Manager for the investment management group of Legent Bank & Trust (formerly known as Legent Clearing Corp.), a correspondent broker/dealer providing clearing and settlement services to small and medium-size independent broker/dealers. Mr. Phillips studied accounting and economics at the University of Colorado, holds Series 7 and 24 securities licenses and has worked in the accounting field since 1996. His most recent experience is in alternative investments, investment fund operations and fund administration.

Effective December 2015, Equinox has engaged Cipperman Compliance Services, LLC to provide outsourced compliance services for Equinox Institutional Asset Management, LP, Equinox Group Distributors, LLC, Equinox Fund Management, LLC, and Equinox Financial Services.

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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 David P. 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.”

David P. DeMuth, 70 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.

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

Executive Committee of the New Managing Owner

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

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

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

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

Section 16(a) Beneficial Ownership Reporting Compliance

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

Audit Committee Financial Expert

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

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Code of Ethics

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

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

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

Item 11. EXECUTIVE COMPENSATION.

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

Management Fees

Each Series of Units pays to the Managing Owner a monthly management fee equal to a certain percentage of the assets in Trading Companies attributable to such Series’ (including nominal assets), calculated on a daily basis. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series’ (including notional assets), calculated on a monthly basis. For both assets in Trading Companies and in Galaxy Plus entities, the annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund; 0.75% for the Equinox Frontier Diversified Fund; 2.0% for the Equinox Frontier Masters Fund and Equinox Frontier Winton 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. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) for each Series.

Incentive Fees

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

Interest Income

Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) of average net assets is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to each Series was paid to the Managing Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series.

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Other Fees

From January 1, 2016 through October 23, 2016, the Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund (collectively, the “Closed Series”) paid to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% per annum of such Series’ NAV, calculated daily; thereafter each of the Closed Series pays to the Managing Owner a FCM Fee of up to 2.25% per annum of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of the applicable Series. From January 1, 2016 through April 28, 2016, the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund (collectively, the “Open Series”) paid to the Managing Owner a FCM Fee of up to 2.25% per annum and a custodial/due diligence fee of 0.12% per annum of such Series’ NAV, calculated daily; thereafter each of such Open Series pays to the Managing Owner a FCM Fee of up to 2.25% per annum of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 0.12% per annum of such Series’ NAV, calculated daily. Also, monthly service fees of up to 3.0% and 2.0% of the NAV, calculated daily, are paid to the Managing Owner for the Closed Series and the Open Series, respectively. The Managing Owner pays the service fees 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, 2016:

Equinox Fund Management, LLC*:

		Percentage Ownership
Series/Class of Units	Units Owned	of Each Class
Equinox Frontier Diversified Fund– Class 2	3,462	1.20%
Equinox Frontier Diversified Fund– Class 3	275	0.26%
Equinox Frontier Long/Short Commodity Fund – Class 2	2,316	37.12%
Equinox Frontier Long/Short Commodity Fund – Class 2a	2,222	24.38%
Equinox Frontier Long/Short Commodity Fund – Class 3a	109	1.00%
Equinox Frontier Masters Fund – Class 2	2,615	5.95%
Equinox Frontier Masters Fund – Class 3	275	0.54%
Equinox Frontier Balanced Fund – Class 2	2,720	2.37%
Equinox Frontier Balanced Fund – Class 2a	1,237	40.50%
Equinox Frontier Select Fund – Class 2	70	0.67%
Equinox Frontier Winton Fund – Class 2	207	0.38%
Equinox Frontier Heritage Fund – Class 2	428	2.68%

* The Managing Owner is required to maintain at least a 1% interest in the aggregate capital as well as in certain series, profits and losses of the Trust. The Managing Owner’s interest of $2,276,211 in the aggregate capital of the Trust of $219,211,435 at December 31, 2016 is 1.04%.

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.”

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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 RSM US LLP, the Trust’s independent registered public accounting firm, for the years ended December 31, 2016 and 2015. In accordance with the prospectus of the Trust, the Managing Owner has agreed to pay all costs of the Trust, and the Trust therefore bears no direct obligation to its independent registered public accounting firm.

FEE CATEGORY	2016		2015
Audit Fees(1)	$	299,500	$	292,500
Audit-Related Fees(2)	$	0	$	0
Tax Fees(3)	$	0	$	0
All Other Fees(4)	$	0	$	0
TOTAL FEES	$	299,500	$	292,500

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

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

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

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

The Managing Owner approved all the services provided by RSM US LLP to the Trust described above. The Managing Owner has determined that the payments made to RSM US LLP for these services during 2016 and 2015 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.

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Part IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a)(1) and (2)	The response to these portions of Item 15 is submitted as a separate section of this report commencing on page F-1.
(a)(3)	Exhibits (numbered in accordance with Item 601 of Regulation S-K).
1.1	Form of Selling Agent Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents****
1.2	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents**
1.3	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents***
1.4	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents***
1.5	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents****
1.6	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents****
4.1	Restated Declaration of Trust and Second Amended and Restated Trust and Trust Agreement of the Registrant +++
4.11	First Amendment to Second Amended and Restated Trust and Trust Agreement of the Registrant++++
4.2	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)****
10.2	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+

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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***
10.6	Form of Platform Agreement among Galaxy Plus Fund LLC, Gemini Alternative Funds, LLC and the Trust#
10.7	Form of Fund Services Agreement between the Trust and Gemini Fund Services, LLC##
10.8	Form of Administrative Services Agreement between Gemini Hedge Fund Services, LLC and the Managing Owner###
21.1	Subsidiaries of Registrant. (filed herewith)
23.1	Consent of Independent Registered Public Accounting Firm (filed herewith)
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)
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

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

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

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

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

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

++ Previously filed on May 2, 2016 pursuant to Rule 424(b)(3) of the Securities Act (File No. 333-210313).

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

++++ Previously filed as Exhibit 4.1 on Form 8-K, filed on March 10, 2017.

# Previously filed as Exhibit 10.1 on Form 8-K, filed on October 19, 2016.

## Previously filed as Exhibit 10.2 on Form 8-K, filed on October 19, 2016.

### Previously filed as Exhibit 10.3 on Form 8-K, filed on October 19, 2016.

^ Submitted electronically herewith.

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INDEX TO THE SERIES FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	F-3
Statements of Financial Condition as of December 31, 2016 and 2015	F-4
Condensed Schedules of Investments as of December 31, 2016	F-7
Condensed Schedules of Investments as of December 31, 2015	F-10
Statements of Operations for the years ended December 31, 2016, 2015 and 2014	F-13
Statements of Changes in Owners’ Capital for the years ended December 31, 2016, 2015 and 2014	F-16
Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014	F-20
Notes to Financial Statements	F-23

INDEX TO THE TRUST FINANCIAL STATEMENTS (1)

Report of Independent Registered Public Accounting Firm	F-55
Consolidated Statements of Financial Condition as of December 31, 2016 and 2015	F-56
Consolidated Condensed Schedules of Investments as of December 31, 2016	F-57
Consolidated Condensed Schedules of Investments as of December 31, 2015	F-58
Consolidated Statements of Operations for the years ended December 31, 2016, 2015 and 2014	F-59
Consolidated Statements of Changes in Owners’ Capital for the years ended December 31, 2016, 2015 and 2014	F-60
Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014	F-61
Notes to Consolidated Financial Statements	F-62

INDEX TO TRADING COMPANY FINANCIAL STATEMENTS (2)

Report of Independent Registered Public Accounting Firm	F-80
Statements of Financial Condition as of December 31, 2016 and 2015	F-81
Condensed Schedules of Investments as of December 31, 2016	F-82
Condensed Schedules of Investments as of December 31, 2015	F-83
Statements of Operations for the years ended December 31, 2016, 2015 and 2014	F-85
Statements of Changes in Members’ Equity for the years ended December 31, 2016, 2015 and 2014	F-86
Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014	F-87
Notes to Financial Statements	F-88

F-1

INDEX TO GALAXY PLUS FUND 2016 FINANCIAL STATEMENTS
Financial Report for Galaxy Plus Fund LLC	F-105
Financial Report for Galaxy Plus Fund – Aspect Master Fund (532) LLC	F-127
Financial Report for Galaxy Plus Fund – Chesapeake Master Fund (518) LLC	F-145
Financial Report for Galaxy Plus Fund – Doherty Master Fund (528) LLC	F-163
Financial Report for Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC	F-181
Financial Report for Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC	F-200
Financial Report for Galaxy Plus Fund – LRR Master Fund (522) LLC	F-218
Financial Report for Galaxy Plus Fund – QIM Master Fund (526) LLC	F-237
Financial Report for Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC	F-255
Financial Report for Galaxy Plus Fund – Quest Master Fund (517) LLC	F-270
Financial Report for Galaxy Plus Fund – Quest FIT Fund (535) LLC	F-288

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

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

(3) Financial statements of each of the Galaxy Plus entities are included in accordance with Rule 3-09 of Regulation S-X under the Securities Act of 1933, as amended. Although not required pursuant to Rule 3-09 of Regulation S-X under the Securities Act of 1933, financial statements of the Galaxy Plus entities are also included in the interest of providing a more complete presentation.

F-2

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, 2016 and 2015, and the related statements of operations, changes in owners’ capital, and cash flows for each of the three years in the period ended December 31, 2016. These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits 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, 2016 and 2015, and the results of their operations and their cash flows for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 11 to the financial statements, on March 6, 2017 a unit purchase agreement between Frontier Fund Management LLC (New Managing Owner) and Equinox Fund Management (Equinox) was consummated whereby Equinox’s general units were transferred to the New Managing Owner. Upon consummation, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox.

/s/ RSM US LLP

Denver, Colorado

March 31, 2017

F-3

The Series of Equinox Frontier Funds

Statements of Financial Condition

December 31, 2016 and December 31, 2015

	Equinox Frontier				Equinox Frontier				Equinox Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	12/31/2016		12/31/2015		12/31/2016		12/31/2015		12/31/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	674,227	$	3,283,973	$	546,509	$	1,421,994	$	—	$	570,169
U.S. Treasury securities, at fair value		6,525,280		27,604,916		4,313,843		11,953,206		—		4,792,817
Swap contracts, at fair value		8,637,847		8,685,849		—		—		4,220,468		4,332,428
Investments in private investment companies, at fair value		38,845,974		—		5,653,708		—		6,715,142		—
Investments in unconsolidated trading companies, at fair value		4,201,628		16,094,207		6,678,106		9,409,930		—		3,414,663
Prepaid service fees - Class 1		—		16,160		—		7,355		—		736
Interest receivable		121,792		479,142		80,516		207,473		—		83,190
Receivable from related parties		231,671		—		153,157		1,670		87,670		1,606
Other assets		—		—		—		—		—		—
Total Assets	$	59,238,419	$	56,164,247	$	17,425,839	$	23,001,628	$	11,023,280	$	13,195,609
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	—	$	1,524	$	—	$	1,290	$	—	$	—
Owner redemptions payable		61,482		9,030		131,841		9,558		5,738		796
Incentive fees payable to Managing Owner		—		204,914		—		42,251		—		28,408
Management fees payable to Managing Owner		23,496		81,940		50,174		54,674		—		48,210
Interest payable to Managing Owner		—		11,661		—		4,957		—		1,368
Service fees payable to Managing Owner		15,193		17,020		9,037		12,098		3,542		6,841
Trading fees payable to Managing Owner		147,183		121,065		57,890		48,501		23,478		17,129
Payables to related parties		—		2,126		—		—		1,603,124		—
Advance on unrealized Swap Appreciation		2,500,000		—		—		—		115,000		—
Other liabilities		19,674		1		7,590		—		6,871		6
Total Liabilities		2,767,028		449,281		256,532		173,329		1,757,753		102,758
CAPITAL
Managing Owner  - Class 2		460,196		2,616,258		336,691		712,391		299,889		407,255
Managing Owner  - Class 2a		—		—		—		—		234,742		235,971
Managing Owner  - Class 3		33,899		32,964		32,970		32,332		—		—
Managing Owner  - Class 3a		—		—		—		—		11,715		11,690
Limited Owner  - Class 1		5,189,420		11,814,234		5,361,626		8,323,800		—		—
Limited Owner  - Class 1a		—		—		—		—		1,913,595		4,053,754
Limited Owner  - Class 2		37,771,385		32,016,842		5,320,871		7,180,967		508,474		586,345
Limited Owner  - Class 2a		—		—		—		—		728,453		1,051,694
Limited Owner  - Class 3		13,016,491		9,234,668		6,117,149		6,578,809		4,405,863		5,906,669
Limited Owner  - Class 3a		—		—		—		—		1,162,796		839,473
Total Owners’ Capital		56,471,391		55,714,966		17,169,307		22,828,299		9,265,527		13,092,851
Non-Controlling Interests		—		—		—		—		—		—
Total Capital		56,471,391		55,714,966		17,169,307		22,828,299		9,265,527		13,092,851
Total Liabilities and Capital	$	59,238,419	$	56,164,247	$	17,425,839	$	23,001,628	$	11,023,280	$	13,195,609
Units Outstanding
Class 1		44,569		102,269		47,531		73,747		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A		20,628		42,778
Class 2		287,586		267,240		43,933		62,347		6,240		7,522
Class 2a		N/A		N/A		N/A		N/A		9,115		12,127
Class 3		105,869		77,316		51,297		56,230		33,685		44,702
Class 3a		N/A		N/A		N/A		N/A		10,925		7,965
Net Asset Value per Unit
Class 1	$	116.43	$	115.52	$	112.80	$	112.87		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A	$	92.78	$	94.76
Class 2	$	132.94	$	129.60	$	128.78	$	126.60	$	129.56	$	132.10
Class 2a		N/A		N/A		N/A		N/A	$	105.67	$	106.19
Class 3	$	123.27	$	119.87	$	119.89	$	117.57	$	130.80	$	132.14
Class 3a		N/A		N/A		N/A		N/A	$	107.50	$	106.86

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, 2016 and December 31, 2015

	Equinox Frontier Balanced Fund				Equinox Frontier Select Fund
	12/31/2016		12/31/2015		12/31/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	1,083,579	$	4,895,183	$	432,021	$	220,371
U.S. Treasury securities, at fair value		9,770,117		41,148,676		2,912,611		1,852,429
Receivable from futures commission merchants		6,647,098		7,517,903		8,208,218		13,281,151
Open trade equity, at fair value		237,661		11,530		686,022		462,339
Swap contracts, at fair value		18,939,450		19,157,520		—		—
Investments in private investment companies, at fair value		45,305,273		—		—		—
Investments in unconsolidated trading companies, at fair value		5,965,331		17,623,968		3,910,866		4,147,840
Interest receivable		182,355		714,434		54,363		32,153
Receivable from related parties		346,875		—		103,407		—
Other assets		—		12		—		3
Total Assets	$	88,477,739	$	91,069,226	$	16,307,508	$	19,996,286
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	—	$	15,538	$	—	$	1,335
Owner redemptions payable		780,970		440,090		134,579		16,670
Incentive fees payable to Managing Owner		—		106,563		—		—
Management fees payable to Managing Owner		25,217		80,574		21,219		22,884
Interest payable to Managing Owner		21,606		77,642		3,518		3,549
Service fees payable to Managing Owner		129,956		145,576		25,966		29,092
Trading fees payable to Managing Owner		203,324		57,450		18,129		8,515
Risk analysis fees payable		1,155		—		2,303		—
Payables to related parties		—		24,069		—		1,495
Advance on unrealized Swap Appreciation		4,926,555		—		—		—
Other liabilities		89,585		—		11,939		156
Total Liabilities		6,178,368		947,502		217,653		83,696
CAPITAL
Managing Owner  - Class 2		530,387		1,429,544		9,397		8,814
Managing Owner  - Class 2a		209,112		191,645		—		—
Limited Owner  - Class 1		56,955,371		62,563,337		10,540,702		11,710,517
Limited Owner  - Class 1AP		677,181		714,747		29,897		47,365
Limited Owner  - Class 2		21,871,170		21,278,864		1,402,043		1,329,359
Limited Owner  - Class 2a		307,144		356,425		—		—
Limited Owner  - Class 3a		1,749,006		2,435,421		—		—
Total Owners’ Capital		82,299,371		88,969,983		11,982,039		13,096,055
Non-Controlling Interests		—		1,151,741		4,107,816		6,816,535
Total Capital		82,299,371		90,121,724		16,089,855		19,912,590
Total Liabilities and Capital	$	88,477,739	$	91,069,226	$	16,307,508	$	19,996,286
Units Outstanding
Class 1		422,529		488,680		112,059		129,612
Class 1AP		4,671		5,351		296		503
Class 2		114,886		126,375		10,514		10,696
Class 2a		3,054		3,539		N/A		N/A
Class 3a		10,380		15,776		N/A		N/A
Net Asset Value per Unit
Class 1	$	134.80	$	128.03	$	94.06	$	90.35
Class 1AP	$	144.97	$	133.59	$	101.16	$	94.28
Class 2	$	194.99	$	179.69	$	134.25	$	125.11
Class 2a	$	169.05	$	154.88		N/A		N/A
Class 3a	$	168.49	$	154.37		N/A		N/A

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

F-5

The Series of Equinox Frontier Funds

Statements of Financial Condition

December 31, 2016 and December 31, 2015

	Equinox Frontier Winton Fund				Equinox Frontier Heritage Fund
	12/31/2016		12/31/2015		12/31/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	1,628,208	$	2,928,616	$	382,499	$	655,319
U.S. Treasury securities, at fair value		15,533,863		24,617,817		3,701,890		5,508,577
Receivable from futures commission merchants		17,996,697		12,744,570		—		—
Open trade equity, at fair value		1,222,524		599,579		—		—
Investments in unconsolidated trading companies, at fair value		4,072,450		297,554		2,744,640		1,405,586
Swap contracts, at fair value		—		—		8,391,414		7,960,268
Interest receivable		289,933		427,511		69,095		95,612
Receivable from related parties		551,508		—		131,430		—
Other assets		—		2		—		2
Total Assets	$	41,295,183	$	41,615,649	$	15,420,968	$	15,625,364
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	—	$	13,524	$	—	$	3,251
Owner redemptions payable		23,162		51,671		—		84,355
Management fees payable to Managing Owner		256,824		93,171		56,501		21,490
Interest payable to Managing Owner		30,730		49,624		7,420		11,066
Service fees payable to Managing Owner		39,370		44,422		16,457		18,807
Trading fees payable to Managing Owner		55,142		22,405		17,953		7,457
Risk analysis fees payable		12,215		—		—		—
Payables to related parties		—		31,638		—		4,416
Advance on unrealized Swap Appreciation		—		—		1,900,000		—
Other liabilities		2,880		—		18,085		—
Total Liabilities		420,323		306,455		2,016,416		150,842
CAPITAL
Managing Owner  - Class 2		43,553		44,962		73,660		74,329
Limited Owner  - Class 1		20,284,935		23,022,800		7,507,072		8,628,726
Limited Owner  - Class 1AP		35,478		36,576		5,826		58,523
Limited Owner  - Class 2		11,402,560		11,837,205		2,670,715		2,779,024
Total Owners’ Capital		31,766,526		34,941,543		10,257,273		11,540,602
Non-Controlling Interests		9,108,334		6,367,651		3,147,279		3,933,920
Total Capital		40,874,860		41,309,194		13,404,552		15,474,522
Total Liabilities and Capital	$	41,295,183	$	41,615,649	$	15,420,968	$	15,625,364
Units Outstanding
Class 1		131,283		140,239		62,779		69,436
Class 1AP		214		214		45		452
Class 2		54,251		54,629		15,946		16,441
Net Asset Value per Unit
Class 1	$	154.51	$	164.17	$	119.58	$	124.27
Class 1AP	$	166.17	$	171.31	$	128.60	$	129.67
Class 2	$	210.98	$	217.51	$	172.10	$	173.54

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

F-6

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2016

			Equinox Frontier					Equinox Frontier					Equinox Frontier
			Diversified Fund					Masters Fund					Long/Short Commodity Fund
			Fair		% of Total Capital			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)			Value		(Net Asset Value)
SWAPS (1)
		Frontier XXXV Diversified select swap (U.S.)	$	8,637,847		15.30	%	$	—		—		$	—		—
		Frontier XXXVII L/S select swap (U.S.)		—		—			—		—			4,220,468		45.55	%
		Total Swaps	$	8,637,847		15.30	%	$	—		—		$	4,220,468		45.55	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Chesapeake Feeder Fund (518)	$	6,399,628		11.33	%	$	3,455,090		20.12	%	$	1,610,890		17.39	%
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		3,558,715		6.30	%		2,198,618		12.81	%		1,611,845		17.40	%
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		2,412,065		4.27	%		—		—			—		—
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		4,103,564		7.27	%		—		—			—		—
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		7,819,114		13.85	%		—		—			—		—
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		8,600,401		15.23	%		—		—			—		—
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		2,996,494		5.31	%		—		—			—		—
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,856,786		3.29	%		—		—			—		—
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		1,099,207		1.95	%		—		—			3,492,407		37.69	%
		Total Private Investment Companies	$	38,845,974		68.77	%	$	5,653,708		32.93	%	$	6,715,142		72.46	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Equinox Frontier Trading Company XXXVIII, LLC	$	1,710,707		3.03	%	$	1,130,943		6.59	%	$	—		—
		Equinox Frontier Trading Company XV, LLC		—		—			4,107,816		23.93	%		—		—
		Equinox Frontier Trading Company II, LLC		2,490,921		4.41	%		1,439,347		8.38	%		—		—
		Total Investment in Unconsolidated Trading Companies	$	4,201,628		7.44	%	$	6,678,106		38.90	%	$	—		0.00	%
			Fair Value					Fair Value					Fair Value
U.S. TREASURY SECURITIES (2)
FACE VALUE
$	15,900,000	US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)	$	3,138,309		5.56	%	$	2,074,726		12.08	%	$	—		—
$	16,400,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		3,386,971		6.00	%		2,239,117		13.04	%		—		—
			$	6,525,280		11.56	%	$	4,313,843		25.13	%	$	—		—
			Face Value					Face Value
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	2,489,283				$	1,645,658
		US Treasury Note 6.875% due 08/15/2025 (2)		2,567,563					1,697,408
			$	5,056,846				$	3,343,066
			Cost					Cost
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	3,502,510				$	2,315,499
		US Treasury Note 6.875% due 08/15/2025 (2)		3,596,193					2,377,432
			$	7,098,703				$	4,692,931

(1) See Note 4 to the Financial Statements.

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

(3) See Note 5 to the Financial Statements.

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

F-7

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2016

			Equinox Frontier						Equinox Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital			Fair			% of Total Capital
Description			Value			(Net Asset Value)			Value			(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various base metals futures contracts (U.S.)	$	11,675			0.01	%	$	56,169			0.35	%
		Various currency futures contracts (Europe)		—			—			73,909			0.46	%
		Various currency futures contracts (Far East)		—			—			1,360			0.01	%
		Various currency futures contracts (Oceanic)		—			—			(41,946	)		-0.26	%
		Various currency futures contracts (U.S.)		39,959			0.05	%		10,283			0.06	%
		Various energy futures contracts (U.S.)		(10,780	)		-0.01	%		163,930			1.02	%
		Various energy futures contracts (Europe)		—			—			4,150			0.03	%
		Various energy futures contracts (Far East)		—			—			8,788			0.05	%
		Various interest rates futures contracts (Canada)		—			—			(503	)		0.00	%
		Various interest rates futures contracts (Europe)		—			—			166,812			1.04	%
		Various interest rates futures contracts (Oceanic)		—			—			444			0.00	%
		Various interest rates futures contracts (U.S.)		—			—			18,191			0.11	%
		Various precious metal futures contracts (Far East)		—			—			1,950			0.01	%
		Various soft futures contract (Europe)		—			—			1,956			0.01	%
		Various soft futures contract (Far East)		—			—			111			0.00	%
		Various soft futures contract (U.S.)		—			—			(39,001	)		-0.24	%
		Various soft futures contracts (Far East)		—			—			2,808			0.02	%
		Various soft futures contract (U.S.)		(54,314	)		-0.07	%		—			—
		Various stock index futures contracts (Canada)		—			—			1,894			0.01	%
		Various stock index futures contracts (Europe)		3,375			0.00	%		56,849			0.35	%
		Various stock index futures contracts (Far East)		25,750			0.03	%		31,540			0.20	%
		Various stock index futures contracts (Oceanic)		—			—			4,760			0.03	%
		Various stock index futures contracts (U.S.)		(29,115	)		-0.04	%		(53,378	)		-0.33	%
		Total Long Futures Contracts	$	(13,450	)		-0.03	%	$	471,076			2.93	%
SHORT FUTURES CONTRACTS*
		Various base metals futures contracts (U.S.)	$	81,563			0.10	%	$	(29,896	)		-0.19	%
		Various currency futures contracts (Canada)		—			—			195			0.00	%
		Various currency futures contracts (Europe)		—			—			85,470			0.53	%
		Various currency futures contracts (Far East)		—			—			19,041			0.12	%
		Various currency futures contracts (Oceanic)		—			—			4,623			0.03	%
		Various currency futures contracts (U.S.)		—			—			(8,460	)		-0.05	%
		Various interest rates futures contracts (Canada)		6,253			0.01	%		155			0.00	%
		Various interest rates futures contracts (Europe)		—			—			(8,823	)		-0.05	%
		Various interest rates futures contracts (Far East)		686			0.00	%		(6,019	)		-0.04	%
		Various interest rates futures contracts (Oceanic)		26,568			0.03	%		(1,211	)		-0.01	%
		Various interest rates futures contracts (U.S.)		—			—			45,201			0.28	%
		Various precious metal futures contracts (U.S.)		4,790			0.01	%		29,150			0.18	%
		Various soft futures contract (U.S.)		110,548			0.13	%		—			0.00	%
		Various soft futures contracts (Europe)		53,851			0.07	%		14,154			0.09	%
		Various soft futures contracts (U.S.)		15,398			0.02	%		46,657			0.29	%
		Various stock index futures contracts (Africa)		2,440			0.00	%		—			0.00	%
		Various stock index futures contracts (Europe)		—			—			(2,802	)		-0.02	%
		Various stock index futures contracts (Far East)		—			—			(2,456	)		-0.02	%
		Various stock index futures contracts (U.S.)		—			—			23,255			0.14	%
		Total Short Futures Contracts	$	302,097			0.37	%	$	208,234			1.29	%
CURRENCY FORWARDS*
		Various currency forwards contracts (NA)	$	(50,986	)		-0.06	%	$	6,712			0.04	%
		Total Currency Forwards	$	(50,986	)		-0.06	%	$	6,712			0.04	%
		Total Open Trade Equity (Deficit)	$	237,661			0.28	%	$	686,022			4.26	%
SWAP (1)
		Frontier XXXIV Balanced select swap (U.S.)	$	18,939,450			23.01	%	$	—			—
		Total Swap	$	18,939,450			23.01	%	$	—			—
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	$	4,190,798			5.09	%	$	—			—
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		2,786,543			3.39	%		—			—
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		4,114,892			5.00	%		—			—
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		7,071,313			8.59	%		—			—
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		12,623,819			15.34	%		—			—
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		10,626,274			12.91	%		—			—
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		2,989,088			3.63	%		—			—
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		902,546			1.10	%		—			—
		Total Private Investment Companies	$	45,305,273			55.05	%	$	—			—
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Equinox Frontier Trading Company II, LLC	$	3,403,939			4.14	%	$	—			—
		Equinox Frontier Trading Company XXXVIII, LLC		2,561,392			3.11	%		763,587			4.75	%
		Equinox Frontier Trading Company XXXIX, LLC		—			—			3,147,279			19.56	%
		Total Investment in Unconsolidated Trading Companies	$	5,965,331			7.25	%	$	3,910,866			24.31	%
			Fair Value						Fair Value
U.S. TREASURY SECURITIES (2)
FACE VALUE
$	15,900,000	US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)	$	4,698,901			5.71	%	$	1,400,809			8.71	%
$	16,400,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		5,071,216			6.16	%		1,511,802			9.40	%
			$	9,770,117			11.87	%	$	2,912,611			18.10	%
			Face Value						Face Value
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	3,727,134					$	1,111,111
		US Treasury Note 6.875% due 08/15/2025 (2)		3,844,339						1,146,052
			$	7,571,473					$	2,257,163
			Cost						Cost
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	5,244,210					$	1,563,373
		US Treasury Note 6.875% due 08/15/2025 (2)		5,384,478						1,605,189
			$	10,628,688					$	3,168,562

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

(1) See Note 4 to the Financial Statements.

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

(3) See Note 5 to the Financial Statements.

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

F-8

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2016

			Equinox Frontier						Equinox Frontier
			Winton Fund						Heritage Fund
			Fair			% of Total Capital			Fair		% of Total Capital
		Description	Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various base metals futures contracts (U.S.)	$	(88,088	)		-0.22	%	$	—		—
		Various energy futures contracts (U.S.)		65,612			0.16	%		—		—
		Various interest rates futures contracts (Europe)		88,638			0.22	%		—		—
		Various interest rates futures contracts (Oceanic)		(341	)		0.00	%		—		—
		Various interest rates futures contracts (U.S.)		7,094			0.02	%		—		—
		Various precious metal futures contracts (U.S.)		(3,860	)		-0.01	%		—		—
		Various soft futures contract (U.S.)		(84,938	)		-0.21	%		—		—
		Various soft futures contracts (Canada)		(2,131	)		-0.01	%		—		—
		Various stock index futures contracts (Canada)		(969	)		0.00	%		—		—
		Various stock index futures contracts (Europe)		242,128			0.59	%		—		—
		Various stock index futures contracts (Far East)		305,316			0.75	%		—		—
		Various stock index futures contracts (Oceanic)		57,116			0.14	%		—		—
		Various stock index futures contracts (U.S.)		(201,831	)		-0.49	%		—		—
		Total Long Futures Contracts	$	383,746			0.94	%	$	—		—
SHORT FUTURES CONTRACTS*
		Various base metals futures contracts (U.S.)	$	(252,279	)		-0.62	%	$	—		—
		Various currency futures contracts (Canada)		11,540			0.03	%		—		—
		Various currency futures contracts (Europe)		272,806			0.67	%		—		—
		Various currency futures contracts (Far East)		168,888			0.41	%		—		—
		Various currency futures contracts (Oceanic)		2,980			0.01	%		—		—
		Various currency futures contracts (U.S.)		9,590			0.02	%		—		—
		Various energy futures contracts (U.S.)		(82,280	)		-0.20	%		—		—
		Various interest rates futures contracts (Canada)		(1,012	)		0.00	%		—		—
		Various interest rates futures contracts (Europe)		(8,794	)		-0.02	%		—		—
		Various interest rates futures contracts (Far East)		(11,060	)		-0.03	%		—		—
		Various interest rates futures contracts (Oceanic)		(2,831	)		-0.01	%		—		—
		Various interest rates futures contracts (U.S.)		127,078			0.31	%		—		—
		Various precious metal futures contracts (U.S.)		174,345			0.43	%		—		—
		Various soft futures contract (Europe)		44,780			0.11	%		—		—
		Various soft futures contract (U.S.)		291,378			0.71	%		—		—
		Various stock index futures contracts (Africa)		2,019			0.00	%		—		—
		Various stock index futures contracts (U.S.)		(7,228	)		-0.02	%		—		—
		Total Short Futures Contracts	$	739,920			1.80	%	$	—		—
CURRENCY FORWARDS*
		Various currency forwards contracts (NA)	$	98,858			0.24	%	$	—		—
		Total Currency Forwards	$	98,858			0.24	%	$	—		—
		Total Open Trade Equity (Deficit)	$	1,222,524			2.98	%	$	—		—
SWAP (1)
		Frontier Brevan Howard swap (U.S.)	$	—			—		$	8,391,414		62.60	%
		Total Swap	$	—			—		$	8,391,414		62.60	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Equinox Frontier Trading Company II, LLC	$	—			—		$	1,774,130		13.24	%
		Equinox Frontier Trading Company XXXVIII, LLC		4,072,450			9.96	%		970,510		7.24	%
		Total Investment in Unconsolidated Trading Companies	$	4,072,450			9.96	%	$	2,744,640		20.48	%
			Fair Value						Fair Value
U.S. TREASURY SECURITIES (2)
FACE VALUE
$	15,900,000	US Treasury Note 6.000% due 02/15/2026 (Cost $36,863,436)	$	7,470,952			18.28	%	$	1,780,410		13.28	%
$	16,400,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		8,062,911			19.73	%		1,921,480		14.33	%
			$	15,533,863			38.00	%	$	3,701,890		27.61	%
			Face Value						Face Value
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	5,925,905					$	1,412,208
		US Treasury Note 6.875% due 08/15/2025 (2)		6,112,254						1,456,617
			$	12,038,159					$	2,868,825
			Cost						Cost
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	8,337,960					$	1,987,027
		US Treasury Note 6.875% due 08/15/2025 (2)		8,560,976						2,040,174
			$	16,898,936					$	4,027,201

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

(1) See Note 4 to the Financial Statements.

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

(3) See Note 5 to the Financial Statements.

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

F-9

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015

			Equinox Frontier					Equinox Frontier					Equinox Frontier
			Diversified Fund					Masters Fund					Long/Short Commodity Fund
			Fair		% of Total Capital			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)			Value		(Net Asset Value)
SWAPS (1)
		Frontier XXXIV Balanced select swap (U.S.)	$	—		—		$	—		—		$	—		—
		Frontier Brevan Howard swap (U.S.)		—		—			—		—			—		—
		Frontier XXXV Diversified select swap (U.S.)		8,685,849		15.59	%		—		—			—		—
		Frontier XXXVII L/S select swap (U.S.)		—		—			—		—			4,332,428		33.09	%
		Total Swaps	$	8,685,849		15.59	%	$	—		0.00	%	$	4,332,428		33.09	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Equinox Frontier Trading Company I, LLC	$	10,703,800		19.21	%	$	1,061,509		4.65	%	$	525,389		5.67	%
		Equinox Frontier Trading Company II, LLC		1,755,041		3.15	%		1,080,538		4.73	%		—		—
		Equinox Frontier Trading Company VII, LLC		1,883,299		3.38	%		940,686		4.12	%		2,544,994		27.47	%
		Equinox Frontier Trading Company XV, LLC		—		—			5,975,464		26.18	%		—		—
		Equinox Frontier Trading Company XXIII, LLC		1,151,741		2.07	%		—		—			—		—
		Equinox Frontier Trading Company XXXVIII, LLC		600,326		1.08	%		351,733		1.54	%		344,280		3.72	%
			$	16,094,207		28.89	%	$	9,409,930		41.22	%	$	3,414,663		36.84	%
			Fair Value					Fair Value					Fair Value
U.S. TREASURY SECURITIES (2)
FACE VALUE
$	67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	21,022,579		37.73	%	$	9,102,988		39.88	%	$	3,649,979		27.88	%
$	20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		6,582,337		11.81	%		2,850,218		12.49	%		1,142,838		8.73	%
			$	27,604,916		49.54	%	$	11,953,206		52.37	%	$	4,792,817		36.61	%
			Face Value					Face Value					Face Value
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	15,743,566				$	6,817,122				$	2,733,427
		US Treasury Note 6.875% due 08/15/2025 (2)		4,699,572					2,034,962					815,948
				—					—					—
			$	20,443,138				$	8,852,084				$	3,549,375
			Cost					Cost					Cost
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	20,999,686				$	9,093,075				$	3,646,004
		US Treasury Note 6.875% due 08/15/2025 (2)		6,582,337					2,850,218					1,142,838
				—					—					—
			$	27,582,023				$	11,943,293				$	4,788,842

(1) See Note 4 to the Financial Statements.

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

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

F-10

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015

			Equinox Frontier						Equinox Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital			Fair			% of Total Capital
Description			Value			(Net Asset Value)			Value			(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various base metals futures contracts (Europe)	$	46,701			0.05	%	$	(50,387	)		-0.25	%
		Various base metals futures contracts (U.S.)		650			—			—			—
		Various currency futures contracts (Singapore)		—			—			6,824			0.03	%
		Various currency futures contracts (U.S.)		(30,157	)		-0.03	%		(11,664	)		-0.06	%
		Various energy futures contracts (Europe)		—			—			13,493			0.07	%
		Various energy futures contracts (Far East)		605			—			—			—
		Various energy futures contracts (U.S.)		(237,837	)		-0.27	%		—			—
		Various interest rates futures contracts (Canada)		58,668			0.07	%		8,285			0.04	%
		Various interest rates futures contracts (Europe)		(132,159	)		-0.15	%		(380,769	)		-1.91	%
		Various interest rates futures contracts (Far East)		93,495			0.11	%		22,925			0.11	%
		Various interest rates futures contracts (Oceanic)		14,834			0.02	%		(1,711	)		-0.01	%
		Various interest rates futures contracts (U.S.)		(163,570	)		-0.18	%		(35,830	)		-0.18	%
		Various precious metal futures contracts  (U.S.)		(6,180	)		-0.01	%		—			—
		Various soft futures contracts (Canada)		—			—			68			—
		Various soft futures contracts (Europe)		394			—			238			—
		Various soft futures contracts (Oceanic)		—			—			5,505			0.03	%
		Various soft futures contracts (U.S.)		(87,878	)		-0.10	%		17,813			0.09	%
		Various stock index futures contracts (Canada)		(2,002	)		—			—			—
		Various stock index futures contracts (Europe)		38,507			0.04	%		14,580			0.07	%
		Various stock index futures contracts (Far East)		(14,865	)		-0.02	%		(33,510	)		-0.17	%
		Various stock index futures contracts (Oceanic)		13,845			0.02	%		(1,931	)		-0.01	%
		Various stock index futures contracts (U.S.)		25,421			0.03	%		(4,360	)		-0.02	%
		Total Long Futures Contracts	$	(381,528	)		-0.42	%	$	(430,431	)		-2.16	%
SHORT FUTURES CONTRACTS*
		Various base metals futures contracts (Europe)	$	(5,389	)		-0.01	%	$	109,629			0.55	%
		Various base metals futures contracts (U.S.)		(11,475	)		-0.01	%		(4,250	)		-0.02	%
		Various currency futures contracts (U.S.)		188,615			0.21	%		32,835			0.17	%
		Various energy futures contracts (Europe)		—			—			29,608			0.15	%
		Various energy futures contracts (Far East)		1,020			—			410			—
		Various energy futures contracts (U.S.)		97,810			0.11	%		586,716			2.95	%
		Various interest rates futures contracts (Canada)		—			—			(63	)		—
		Various interest rates futures contracts (Europe)		2,481			—			3,113			0.02	%
		Various interest rates futures contracts (Oceanic)		(3,367	)		—			(12,330	)		-0.06	%
		Various interest rates futures contracts (U.S.)		28,086			0.03	%		50,113			0.25	%
		Various precious metal futures contracts  (Far East)		466			—			4,026			0.02	%
		Various precious metal futures contracts  (U.S.)		3,105			—			93,125			0.47	%
		Various precious metal futures contracts (Far East)		—			—			(2,639	)		-0.01	%
		Various soft futures contract (Europe)		(1,700	)		—			2,000			0.01	%
		Various soft futures contracts (Canada)		(1,305	)		—			—			—
		Various soft futures contracts (Europe)		1,832			—			6,824			0.03	%
		Various soft futures contracts (Far East)		2,791			—			—			—
		Various soft futures contracts (Singapore)		—			—			930			—
		Various soft futures contracts (U.S.)		48,192			0.05	%		34,651			0.17	%
		Various stock index futures contracts (Africa)		(751	)		—			(1,849	)		-0.01	%
		Various stock index futures contracts (Europe)		(5,629	)		-0.01	%		8,952			0.05	%
		Various stock index futures contracts (Far East)		3,179			—			5,289			0.03	%
		Various stock index futures contracts (Mexico)		717			—			74			—
		Various stock index futures contracts (U.S.)		17,499			0.02	%		(17,786	)		-0.09	%
		Various stock index futures contracts (Warsaw)		—			—			(3,926	)		-0.02	%
		Total Short Futures Contracts	$	366,177			0.41	%	$	925,452			4.65	%
CURRENCY FORWARDS*
		Various currency forwards contracts (NA)	$	26,881			0.03	%	$	(32,682	)		-0.16	%
		Total Currency Forwards	$	26,881			0.03	%	$	(32,682	)		-0.16	%
		Total Open Trade Equity (Deficit)	$	11,530			0.02	%	$	462,339			2.32	%
SWAPS (1)
		Frontier XXXIV Balanced select swap (U.S.)	$	19,157,520			21.26	%	$	—			0.00	%
		Total Swaps	$	19,157,520			21.26	%	$	—			0.00	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Equinox Frontier Trading Company I, LLC	$	10,856,046			12.05	%	$	—			—
		Equinox Frontier Trading Company II, LLC		2,283,605			2.53	%		—			—
		Equinox Frontier Trading Company VII, LLC		2,633,484			2.92	%		—			—
		Equinox Frontier Trading Company XV, LLC		841,070			0.93	%		—			—
		Equinox Frontier Trading Company XXXVIII, LLC		1,009,763			1.12	%		213,920			1.33	%
		Equinox Frontier Trading Company XXXIX, LLC		—			—			3,933,920			24.45	%
			$	17,623,968			19.56	%	$	4,147,840			25.78	%
			Fair Value						Fair Value
U.S. TREASURY SECURITIES (2)
FACE VALUE
$	67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	31,336,857			34.77	%	$	1,410,721			7.08	%
$	20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		9,811,819			10.89	%		441,708			2.22	%
			$	41,148,676			45.66	%	$	1,852,429			9.30	%
			Face Value						Face Value
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	23,467,807					$	1,056,473
		US Treasury Note 6.875% due 08/15/2025 (2)		7,005,315						315,365
			$	30,473,122					$	1,371,838
			Cost						Cost
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	31,302,731					$	1,409,185
		US Treasury Note 6.875% due 08/15/2025 (2)		9,811,820						441,708
			$	41,114,551					$	1,850,893

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

(1) See Note 4 to the Financial Statements.

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

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

F-11

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015

			Equinox Frontier						Equinox Frontier
			Winton Fund						Heritage Fund
			Fair			% of Total Capital			Fair		% of Total Capital
		Description	Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various base metals futures contracts (Europe)	$	(1,294	)		—		$	—		—
		Various base metals futures contracts (U.S.)		—			—			—		—
		Various currency futures contracts (Singapore)		—			—			—		—
		Various currency futures contracts (U.S.)		(26,609	)		-0.06	%		—		—
		Various energy futures contracts (Europe)		—			—			—		—
		Various energy futures contracts (Far East)		—			—			—		—
		Various energy futures contracts (U.S.)		—			—			—		—
		Various interest rates futures contracts (Canada)		10,868			0.03	%		—		—
		Various interest rates futures contracts (Europe)		(126,797	)		-0.31	%		—		—
		Various interest rates futures contracts (Far East)		68,874			0.17	%		—		—
		Various interest rates futures contracts (Oceanic)		(3,134	)		-0.01	%		—		—
		Various interest rates futures contracts (U.S.)		(317,169	)		-0.77	%		—		—
		Various precious metal futures contracts  (U.S.)		—			—			—		—
		Various soft futures contracts (Canada)		—			—			—		—
		Various soft futures contracts (Europe)		—			—			—		—
		Various soft futures contracts (Oceanic)		—			—			—		—
		Various soft futures contracts (U.S.)		4,274			0.01	%		—		—
		Various stock index futures contracts (Canada)		—			—			—		—
		Various stock index futures contracts (Europe)		36,783			0.09	%		—		—
		Various stock index futures contracts (Far East)		(83,141	)		-0.20	%		—		—
		Various stock index futures contracts (Oceanic)		—			—			—		—
		Various stock index futures contracts (U.S.)		148,532			0.36	%		—		—
		Total Long Futures Contracts	$	(288,813	)		-0.70	%	$	—		—
SHORT FUTURES CONTRACTS*
		Various base metals futures contracts (Europe)	$	134,930			0.33	%	$	—		—
		Various base metals futures contracts (U.S.)		(11,450	)		-0.03	%		—		—
		Various currency futures contracts (U.S.)		466,490			1.13	%		—		—
		Various energy futures contracts (Europe)		—			—			—		—
		Various energy futures contracts (Far East)		—			—			—		—
		Various energy futures contracts (U.S.)		142,483			0.35	%		—		—
		Various interest rates futures contracts (Canada)		—			—			—		—
		Various interest rates futures contracts (Europe)		—			—			—		—
		Various interest rates futures contracts (Far East)		—			—			—		—
		Various interest rates futures contracts (Oceanic)		(3,043	)		-0.01	%		—		—
		Various interest rates futures contracts (U.S.)		(266	)		—			—		—
		Various precious metal futures contracts  (Far East)		—			—			—		—
		Various precious metal futures contracts  (U.S.)		244,230			0.59	%		—		—
		Various precious metal futures contracts (Far East)		—			—			—		—
		Various soft futures contract (Europe)		(1,140	)		—			—		—
		Various soft futures contracts (Canada)		(16	)		—			—		—
		Various soft futures contracts (Europe)		3,608			0.01	%		—		—
		Various soft futures contracts (Far East)		—			—			—		—
		Various soft futures contracts (Singapore)		—			—			—		—
		Various soft futures contracts (U.S.)		137,220			0.33	%		—		—
		Various stock index futures contracts (Africa)		(7,124	)		-0.02	%		—		—
		Various stock index futures contracts (Canada)		(2,344	)		-0.01	%		—		—
		Various stock index futures contracts (Europe)		(1,191	)		—			—		—
		Various stock index futures contracts (Far East)		22,625			0.05	%		—		—
		Various stock index futures contracts (Mexico)		—			—			—		—
		Various stock index futures contracts (Oceanic)		—			—			—		—
		Various stock index futures contracts (U.S.)		(68,081	)		-0.16	%		—		—
		Various stock index futures contracts (Warsaw)		—			—			—		—
		Total Short Futures Contracts	$	1,056,931			2.56	%	$	—		—
CURRENCY FORWARDS*
		Various currency forwards contracts (NA)	$	(168,539	)		-0.41	%	$	—		—
		Total Currency Forwards	$	(168,539	)		-0.41	%	$	—		—
		Total Open Trade Equity (Deficit)	$	599,579			1.45	%	$	—		—
OPTIONS PURCHASED*
		Various energy futures contracts (U.S.)	$	—			—		$	—		—
		Various soft futures contracts (U.S.)		—			—			—		—
		Various stock index futures contracts (U.S.)		—			—			—		—
		Total Options Purchased	$	—			—		$	—		—
OPTIONS WRITTEN*
		Various energy futures contracts (U.S.)	$	—			—		$	—		—
		Various soft futures contracts (U.S.)		—			—			—		—
		Various stock index futures contracts (U.S.)		—			—			—		—
		Total Options Written	$	—			—		$	—		—
SWAPS (1)
		Frontier Brevan Howard swap (U.S.)	$	—			—		$	7,960,268		51.44	%
		Total Swaps	$	—			—		$	7,960,268		51.44	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (1)
		Equinox Frontier Trading Company II, LLC	$	—			—		$	1,248,467		8.07	%
		Equinox Frontier Trading Company XXXVIII, LLC		297,554			0.72	%		157,119		1.02	%
		Total Investment in Unconsolidated Trading Companies	$	297,554			0.72	%	$	1,405,586		9.09	%
			Fair Value						Fair Value
U.S. TREASURY SECURITIES (2)
FACE VALUE
$	67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	18,747,748			45.38	%	$	4,195,068		27.11	%
$	20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		5,870,069			14.21	%		1,313,509		8.49	%
			$	24,617,817			59.59	%	$	5,508,577		35.60	%
			Face Value						Face Value
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	14,039,970					$	3,141,637
		US Treasury Note 6.875% due 08/15/2025 (2)		4,191,036						937,802
			$	18,231,006					$	4,079,439
			Cost						Cost
Additional Disclosure on U.S. Treasury Securities
		US Treasury Note 6.000% due 02/15/2026 (2)	$	18,727,332					$	4,190,501
		US Treasury Note 6.875% due 08/15/2025 (2)		5,870,069						1,313,509
			$	24,597,401					$	5,504,010

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

(1) See Note 4 to the Financial Statements.

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

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

F-12

The Series of Equinox Frontier Funds

Statements of Operations

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Diversified Fund									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Investment income:
Interest - net	$	323,854		$	603,350		$	579,067		$	133,801		$	260,900		$	298,175		$	21,855		$	141,120		$	216,027
Total Income		323,854			603,350			579,067			133,801			260,900			298,175			21,855			141,120			216,027
Expenses:
Incentive Fees		1,144,159			2,068,435			4,461,365			245,244			618,626			1,123,545			46,931			322,090			253,177
Management Fees		503,844			983,948			1,042,209			452,071			696,963			903,032			201,423			532,836			821,891
Service Fees - Class 1		247,399			412,335			499,021			151,627			226,790			309,234			66,889			109,284			132,136
Trading Fees		1,435,003			1,394,350			1,287,161			537,884			579,677			603,389			191,525			243,193			280,737
Total Expenses		3,330,405			4,859,068			7,289,756			1,386,826			2,122,056			2,939,200			506,768			1,207,403			1,487,941
Investment (loss) - net		(3,006,551	)		(4,255,718	)		(6,710,689	)		(1,253,025	)		(1,861,156	)		(2,641,025	)		(484,913	)		(1,066,283	)		(1,271,914	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			8,599,684			15,855,703			—			—			—			(90,214	)		—			(2,580,860	)
Net unrealized gain/(loss) on private investment companies		80,689			—			—			78,993			—			—			(216,197	)		—			—
Net realized gain/(loss) on private investment companies		277,315			—			—			73,108			—			—			13,263			—			—
Net change in open trade equity/(deficit)		—			450,401			1,421,570			—			—			—			693,263			—			961,346
Net unrealized gain/(loss) on swap contracts		(48,002	)		2,115,441			3,132,776			—			—			—			(111,960	)		(300,633	)		1,176,514
Net realized gain/(loss) on U.S. Treasury securities		1,794,297			270,582			(84,779	)		483,811			111,668			(51,271	)		103,299			46,795			(36,613	)
Net unrealized gain/(loss) on U.S. Treasury securities		(990,689	)		(516,327	)		2,895,653			(227,159	)		(198,693	)		1,525,265			193,551			(204,014	)		1,119,787
Trading commissions		(62	)		(443,692	)		(543,102	)		—			—			—			(1,085	)		—			(415,315	)
Change in fair value of investments in unconsolidated trading companies		3,056,293			841,908			5,136,823			1,336,408			1,485,938			6,619,189			(100,301	)		66,041			1,357,919
Net gain/(loss) on investments		4,169,841			11,317,997			27,814,644			1,745,161			1,398,913			8,093,183			483,619			(391,811	)		1,582,778
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		1,163,290			7,062,279			21,103,955			492,136			(462,243	)		5,452,158			(1,294	)		(1,458,094	)		310,864
Less:  Operations attributable to non-controlling interests		—			4,476,587			6,816,250			—			—			—			131,876			—			(766,822	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	1,163,290		$	2,585,692		$	14,287,705		$	492,136		$	(462,243	)	$	5,452,158		$	(133,170	)	$	(1,458,094	)	$	1,077,686
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	0.91		$	2.43		$	25.99		$	(0.07	)	$	(3.74	)	$	24.78			N/A			N/A			N/A
Class 1a		N/A			N/A			N/A			N/A			N/A			N/A		$	(1.98	)	$	(6.36	)	$	8.39
Class 2	$	3.34		$	4.93		$	30.32		$	2.18		$	(1.93	)	$	29.07		$	(2.54	)	$	(6.20	)	$	13.04
Class 2a		N/A			N/A			N/A			N/A			N/A			N/A		$	(0.52	)	$	(5.16	)	$	11.01
Class 3	$	3.40		$	4.84		$	30.82		$	2.32		$	(1.49	)	$	27.15		$	(1.34	)	$	(6.20	)	$	13.04
Class 3a		N/A			N/A			N/A			N/A			N/A			N/A		$	0.64		$	(4.91	)	$	11.30

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

F-13

The Series of the Equinox Frontier Funds

Statements of Operations

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Balanced Fund									Equinox Frontier Select Fund
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Investment income:
Interest - net	$	96,270		$	29,151		$	27,454		$	1,025		$	—		$	—
Total Income		96,270			29,151			27,454			1,025			—			—
Expenses:
Incentive Fees		1,395,151			1,707,167			3,620,437			41,072			158,971			363,142
Management Fees		494,734			1,029,988			1,092,555			271,176			304,539			496,959
Risk analysis Fees		4,844			—			—			14,228			—			—
Service Fees - Class 1		1,833,220			2,113,776			2,027,439			351,053			395,169			394,486
Trading Fees		909,129			740,451			694,288			115,267			110,262			109,839
Other Fees		—			—			—			—			—			—
Total Expenses		4,637,078			5,591,382			7,434,719			792,796			968,941			1,364,426
Investment (loss) - net		(4,540,808	)		(5,562,231	)		(7,407,265	)		(791,771	)		(968,941	)		(1,364,426	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		3,778,432			(164,986	)		14,306,201			2,106,971			1,385,609			—
Net unrealized gain/(loss) on private investment companies		2,077,438			—			—			—			—			—
Net realized gain/(loss) on private investment companies		412,944			—			—			—			—			—
Net change in open trade equity/(deficit)		(340,656	)		(1,623,264	)		(375,319	)		187,115			(1,200,359	)		—
Net unrealized gain/(loss) on swap contracts		(218,070	)		910,566			8,120,996			—			—			—
Net realized gain/(loss) on U.S. Treasury securities		2,885,429			411,406			(152,688	)		70,928			22,783			(25,780	)
Net unrealized gain/(loss) on U.S. Treasury securities		(1,874,454	)		(1,350,252	)		4,748,522			(199,159	)		35,623			679,186
Trading commissions		(169,263	)		(461,386	)		(1,140,403	)		(135,497	)		(131,806	)		—
Change in fair value of investments in unconsolidated trading companies		3,934,786			6,607,271			6,355,205			368,596			161,067			3,146,402
Net gain/(loss) on investments		10,486,586			4,329,355			31,862,514			2,398,954			272,917			3,799,808
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		5,945,778			(1,232,876	)		24,455,249			1,607,183			(696,024	)		2,435,382
Less: Operations attributable to non-controlling interests		648,112			259,719			5,090,748			989,394			34,600			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	5,297,666		$	(1,492,595	)	$	19,364,501		$	617,789		$	(730,624	)	$	2,435,382
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	6.77		$	(3.51	)	$	25.25		$	3.71		$	(5.26	)	$	15.75
Class 1AP	$	11.38		$	0.39		$	30.58		$	6.88		$	(2.54	)	$	21.29
Class 2	$	15.30		$	0.53		$	38.67		$	9.14		$	(3.37	)	$	24.34
Class 2a	$	14.17		$	1.86		$	34.22			N/A			N/A			N/A
Class 3a	$	14.12		$	1.85		$	34.11			N/A			N/A			N/A

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

F-14

The Series of the Equinox Frontier Funds

Statements of Operations

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Winton Fund									Equinox Frontier Heritage Fund
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Investment income:
Interest - net	$	7,717		$	28		$	55		$	1,430		$	1		$	1
Total Income		7,717			28			55			1,430			1			1
Expenses:
Incentive Fees		99,067			715,409			1,800,488			9,072			132,676			370,450
Management Fees		1,069,141			1,199,380			1,172,990			242,764			280,570			327,702
Risk analysis Fees		70,193			—			—			—			—			—
Service Fees - Class 1		681,308			764,354			724,365			254,775			287,946			270,399
Trading Fees		320,680			288,023			263,069			104,146			96,359			88,113
Total Expenses		2,240,389			2,967,166			3,960,912			610,757			797,551			1,056,664
Investment (loss) - net		(2,232,672	)		(2,967,138	)		(3,960,857	)		(609,327	)		(797,550	)		(1,056,663	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		592,863			3,365,969			—			—			—			—
Net change in open trade equity/(deficit)		466,267			(2,127,402	)		—			—			—			—
Net unrealized gain/(loss) on swap contracts		—			—			—			431,146			419,803			2,105,281
Net realized gain/(loss) on U.S. Treasury securities		1,975,992			230,502			(59,132	)		395,730			52,675			(19,370	)
Net unrealized gain/(loss) on U.S. Treasury securities		(1,697,773	)		(600,814	)		2,248,070			(386,234	)		(137,580	)		615,266
Trading commissions		(85,587	)		(45,180	)		—			(7,026	)		—			—
Change in fair value of investments in unconsolidated trading companies		(180,413	)		557,550			10,414,573			91,166			220,267			2,137,441
Net gain/(loss) on investments		1,071,349			1,380,625			12,603,511			524,782			555,165			4,838,618
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(1,161,323	)		(1,586,513	)		8,642,654			(84,545	)		(242,385	)		3,781,955
Less: Operations attributable to non-controlling interests		464,175			574,125			—			217,092			208,163			969,107
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,625,498	)	$	(2,160,638	)	$	8,642,654		$	(301,637	)	$	(450,548	)	$	2,812,848
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(9.66	)	$	(11.78	)	$	36.36		$	(4.69	)	$	(6.01	)	$	28.23
Class 1AP	$	(5.14	)	$	(6.87	)	$	39.25		$	(1.07	)	$	(2.26	)	$	33.13
Class 2	$	(6.53	)	$	(8.72	)	$	52.06		$	(1.44	)	$	(3.02	)	$	42.35

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

F-15

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Diversified Fund																							Equinox Frontier Masters Fund
	Class 1			Class 1			Class 2			Class 2			Class 3		Class 3									Class 1			Class 2			Class 2			Class 3			Class 3
	Managing Owner			Limited Owners			Managing Owner			Limited Owners			Managing Owner		Limited Owners			Non- Controlling Interests			Total			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Non- Controlling Interests		Total
Owners’ Capital, December 31, 2013	$	23,953		$	28,720,094		$	1,904,782		$	32,810,209		$	—	$	—		$	—		$	63,459,038		$	23,115,495		$	559,668		$	9,846,494		$	223,853		$	25,274		$	—	$	33,770,784
Sale of Units		—			954,684			—			695,759			23,159		5,610,324			—			7,283,926			574,921			—			35,000			—			5,049,885			—		5,659,806
Redemption of Units		(23,159	)		(14,916,417	)		—			(8,646,009	)		—		(1,437,479	)		—			(25,023,064	)		(14,142,871	)		—			(3,624,212	)		—			(1,407,811	)		—		(19,174,894	)
Change in control of ownership - Trading Companies		—			—			—			—			—		—			5,601,517			5,601,517			—			—			—			—			—			—		—
Operations attributable to non-controlling interests		—			—			—			—			—		—			6,816,250			6,816,250			—			—			—			—			—			—		—
Net increase/(decrease) in Owners’ Capital resulting from operations		(794	)		4,436,675			612,097			7,847,454			8,473		1,383,804			—			14,287,709			2,303,366			163,539			1,888,254			(191,112	)		1,288,111			—		5,452,158
Owners’ Capital, December 31, 2014		—			19,195,036			2,516,879			32,707,413			31,632		5,556,649			12,417,767			72,425,376			11,850,911			723,207			8,145,536			32,741			4,955,459			—		25,707,854
Sale of Units		—			1,849,550			—			4,193,326			—		6,490,334			—			12,533,210			2,092,649			—			174,300			—			3,820,000			—		6,086,949
Redemption of Units		—			(10,085,317	)		—			(6,595,532	)		—		(2,875,045	)		—			(19,555,894	)		(5,299,823	)		—			(1,041,711	)		—			(2,162,727	)		—		(8,504,261	)
Change in control of ownership - Trading Companies		—			—			—			—			—		—			(16,894,354	)		(16,894,354	)		—			—			—			—			—			—		—
Operations attributable to non-controlling interests		—			—			—			—			—		—			4,476,587			4,476,587			—			—			—			—			—			—		—
Payment made by the Managing Owner		—			47,134			—			82,416			—		14,799			—			144,349			—			—			—			—			—			—		—
Net increase/(decrease) in Owners’ Capital resulting from operations		—			807,831			99,379			1,629,219			1,332		47,931			—			2,585,692			(319,937	)		(10,816	)		(97,158	)		(409	)		(33,923	)		—		(462,243	)
Owners’ Capital, December 31, 2015		—			11,814,234			2,616,258			32,016,842			32,964		9,234,668			—			55,714,966		$	8,323,800		$	712,391		$	7,180,967		$	32,332		$	6,578,809		$	—	$	22,828,299
Sale of Units		—			560,094			—			8,879,067			—		797,382			—			10,236,543			125,188			—			157,500			—			—			—		282,688
Redemption of Units		—			(1,914,393	)		(2,223,584	)		(3,814,721	)		—		(2,690,710	)		—			(10,643,408	)		(1,368,307	)		(387,936	)		(2,204,970	)		—			(2,472,603	)		—		(6,433,816	)
Transfer of Units In(Out)		—			(5,531,885	)		—			—			—		5,531,885			—			—			(1,835,158	)		—			—			—			1,835,158			—		—
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		—			261,370			67,522			690,197			935		143,266			—			1,163,290			116,103			12,236			187,374			638			175,785			—		492,136
Owners’ Capital, December 31, 2016	$	—		$	5,189,420		$	460,196		$	37,771,385		$	33,899	$	13,016,491		$	—		$	56,471,391		$	5,361,626		$	336,691		$	5,320,871		$	32,970		$	6,117,149		$	—	$	17,169,307
Owners’ Capital - Units, December 31, 2013		—			329,730			20,188			347,739			—		—									251,718			5,627			98,997			275			2,436
Sale of Units		—			10,369			—			6,902			275		62,999									5,990			—			364			—			53,790
Redemption of Units		—			(170,374	)		—			(92,295	)		—		(14,691	)								(156,076	)		—			(35,985	)		—			(14,604	)
Owners’ Capital - Units, December 31, 2014		—			169,725			20,188			262,346			275		48,308									101,632			5,627			63,376			275			41,622
Sale of Units		—			15,495			—			31,914			—		51,978									17,886			—			1,377			—			32,012
Redemption of Units		—			(82,951	)		—			(47,208	)		—		(23,245	)								(45,771	)		—			(8,033	)		—			(17,679	)
Owners’ Capital - Units, December 31, 2015		—			102,269			20,188			247,052			275		77,041									73,747			5,627			56,720			275			55,955
Sale of Units (including transfers)		—			4,688			—			55,161			—		50,540									1,044			—			1,216			—			14,898
Redemption of Units (including transfers)		—			(62,388	)		(16,726	)		(18,089	)		—		(21,987	)								(27,261	)		(3,012	)		(16,618	)		—			(19,831	)
Owners’ Capital - Units, December 31, 2016		—			44,569			3,462			284,124			275		105,594									47,530			2,615			41,318			275			51,022
											(1)					(1)															(1)						(1)
Net asset value per unit at December 31, 2013				$	87.10					$	94.35				$	84.21									91.83						99.46						91.91
Change in net asset value per unit for the year ended December 31, 2014					25.99						30.32					30.82									24.78						29.07						27.15
Net asset value per unit at December 31, 2014					113.09						124.67					115.03									116.61						128.53						119.06
Change in net asset value per unit for the year ended December 31, 2015					2.43						4.93					4.84									(3.74	)					(1.93	)					(1.49	)
Net asset value per unit at December 31, 2015					115.52						129.60					119.87								$	112.87					$	126.60					$	117.57
Change in net asset value per unit for the Twelve months ended December 31, 2016					0.91						3.34					3.40									(0.07	)					2.18						2.32
Net asset value per unit at December 31, 2016				$	116.43					$	132.94				$	123.27								$	112.80					$	128.78					$	119.89

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

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

F-16

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Long/Short Commodity Fund
	Class 2						Class 3			Class 1a			Class 2a						Class 3a
	Managing																								Non-Controlling
	Owner			Limited Owners			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Interests			Total
Owners’ Capital, December 31, 2013	$	386,171		$	2,985,627		$	9,619,596		$	8,752,826		$	222,971		$	2,880,434		$	10,991		$	246,480		$	3,229,042		$	28,334,138
Sale of Units		—			—			—			107,716			—			—			—			514,745			—			622,461
Redemption of Units		—			(2,130,879	)		(2,978,679	)		(3,407,382	)		—			(1,485,154	)		—			(186,230	)		—			(10,188,324	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—			—			—			(2,462,220	)		(2,462,220	)
Contributions		—			—			—			—			—			—			—			—			—			—
Distributions		—			—			—			—			—			—			—			—			—			—
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			(766,822	)		(766,822	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		40,206			(34,644	)		592,182			323,746			24,463			59,837			1,237			70,659			—			1,077,686
Owners’ Capital, December 31, 2014		426,377			820,104			7,233,099			5,776,906			247,434			1,455,117			12,228			645,654			—			16,616,919
Sale of Units		—			—			—			67,800			—			29,300			—			415,099			—			512,199
Redemption of Units		—			(226,318	)		(1,101,195	)		(1,587,283	)		—			(402,748	)		—			(167,791	)		—			(3,485,335	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—			—			—			—			—
Contributions		—			—			—			—			—			—			—			—			—			—
Distributions		—			—			—			—			—			—			—			—			—			—
Payment made by the Managing Owner					69,364			397,940			312,393						90,860						36,605						907,162
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			—			—
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(19,122	)		(76,805	)		(623,175	)		(516,062	)		(11,463	)		(120,835	)		(538	)		(90,094	)		—			(1,458,094	)
Owners’ Capital, December 31, 2015		407,255			586,345			5,906,669			4,053,754			235,971			1,051,694			11,690			839,473			—			13,092,851
Sale of Units		—			—			—			—			—			—			—			314,062			—			314,062
Redemption of Units		(100,160	)		(67,136	)		(1,457,594	)		(1,858,010	)		—			(314,992	)		—			(210,324	)		—			(4,008,216	)
Transfer of Units In(Out)		—			—			—			(220,002	)		—			—			—			220,002			—			—
Change in control of ownership - Trading Companies		—			—			—			—			—			—			—			—			(131,876	)		(131,876	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			131,876			131,876
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(7,206	)		(10,735	)		(43,212	)		(62,147	)		(1,229	)		(8,249	)		25			(417	)		—			(133,170	)
Owners’ Capital, December 31, 2016	$	299,889		$	508,474		$	4,405,863		$	1,913,595		$	234,742		$	728,453		$	11,715		$	1,162,796		$	—		$	9,265,527
Owners’ Capital - Units, December 31, 2013		3,083			23,835			76,774			94,391			2,222			28,708			109			2,454
Sale of Units		—			—			—			1,292			—			—			—			5,229
Redemption of Units		—			(17,905	)		(24,489	)		(38,553	)		—			(15,639	)		—			(1,906	)
Owners’ Capital - Units, December 31, 2014		3,083			5,930			52,285			57,130			2,222			13,069			109			5,777
Sale of Units		—			—			—			648			—			276			—			3,511
Redemption of Units		—			(1,491	)		(7,583	)		(15,000	)		—			(3,440	)		—			(1,432	)
Owners’ Capital - Units, December 31, 2015		3,083			4,439			44,702			42,778			2,222			9,905			109			7,856
Sale of Units (including transfers)		—			—			—			—			—			—			—			4,929
Redemption of Units (including transfers)		(767	)		(515	)		(11,017	)		(22,150	)		—			(3,012	)		—			(1,969	)
Owners’ Capital - Units, December 31, 2016		2,316			3,924			33,685			20,628			2,222			6,893			109			10,816
				(1)												(1)						(1)
Net asset value per unit at December 31, 2013				$	125.26		$	125.30		$	92.73					$	100.34					$	100.47
Change in net asset value per unit for the year ended December 31, 2014					13.04			13.04			8.39						11.01						11.30
Net asset value per unit at December 31, 2014					138.30			138.34			101.12						111.35						111.77
Change in net asset value per unit for the year ended December 31, 2015					(6.20	)		(6.20	)		(6.36	)					(5.16	)					(4.91	)
Net asset value per unit at December 31, 2015					132.10			132.14			94.76						106.19						106.86
Change in net asset value per unit for the Twelve months ended December 31, 2016					(2.54	)		(1.34	)		(1.98	)					(0.52	)					0.64
Net asset value per unit at December 31, 2016				$	129.56		$	130.80		$	92.78					$	105.67					$	107.50

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

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

F-17

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Balanced Fund
	Class 1			Class 1AP			Class 2						Class 2a					Class 3a
							Managing						Managing		Limited						Non-Controlling
	Limited Owners			Limited Owners			Owner			Limited Owners			Owner		Owners			Limited Owners			Interests			Total
Owners’ Capital, December 31, 2013	$	80,801,534		$	—		$	1,374,533		$	25,236,584		$	147,003	$	344,576		$	2,322,629		$	11,599,368		$	121,826,227
Sale of Units		154,471			1,011,652			—			14,424			—		—			—			—			1,180,547
Redemption of Units		(22,310,597	)		(453,561	)		(250,000	)		(7,840,417	)		—		(30,794	)		(360,701	)		—			(31,246,070	)
Change in control of ownership - Trading Companies		—			—			—			—			—		—			—			(7,745,842	)		(7,745,842	)
Contributions		—			—			—			—			—		—			—			—			—
Distributions		—			—			—			—			—		—			—			—			—
Operations attributable to non-controlling interests		—			—			—			—			—		—			—			5,090,748			5,090,748
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		13,452,867			190,184			300,822			4,714,751			42,341		97,161			566,375			—			19,364,501
Owners’ Capital, December 31, 2014		72,098,275			748,275			1,425,355			22,125,342			189,344		410,943			2,528,303			8,944,274			108,470,111
Sale of Units		215,189			1,457			—			19,235			—		—			—			—			235,881
Redemption of Units		(8,249,954	)		(39,001	)		—			(982,356	)		—		(60,850	)		(127,078	)		—			(9,459,239	)
Change in control of ownership - Trading Companies		—			—			—			—			—		—			—			(8,052,252	)		(8,052,252	)
Contributions		—			—			—			—			—		—			—			—			—
Distributions		—			—			—			—			—		—			—			—			—
Payments made by the Managing Owner		115,486			1,222			—			38,375			—		885			4,131			—			160,099
Operations attributable to non-controlling interests		—			—			—			—			—		—			—			259,719			259,719
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(1,615,659	)		2,794			4,189			78,268			2,301		5,447			30,065			—			(1,492,595	)
Owners’ Capital, December 31, 2015		62,563,337			714,747			1,429,544			21,278,864			191,645		356,425			2,435,421			1,151,741			90,121,724
Sale of Units		214,073			—			4,923			14,548			—		—			—			—			233,544
Redemption of Units		(8,950,159	)		(95,000	)		(1,020,943	)		(1,160,034	)		—		(78,366	)		(897,320	)		—			(12,201,822	)
Transfer of Units In(Out)		—			—			—			—			—		—			—			—			—
Change in control of ownership - Trading Companies		—			—			—			—			—		—			—			(1,799,853	)		(1,799,853	)
Operations attributable to non-controlling interests		—			—			—			—			—		—			—			648,112			648,112
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		3,128,120			57,434			116,863			1,737,792			17,467		29,085			210,905			—			5,297,666
Owners’ Capital, December 31, 2016	$	56,955,371		$	677,181		$	530,387		$	21,871,170		$	209,112	$	307,144		$	1,749,006		$	—		$	82,299,371
Owners’ Capital - Units, December 31, 2013		760,206			—			9,784			179,627			1,237		2,901			19,615
Sale of Units		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
Sale of Units		1,584			10			—			101			—		—			—
Redemption of Units		(61,021	)		(277	)		—			(5,173	)		—		(384	)		(801	)
Owners’ Capital - Units, December 31, 2015		488,680			5,351			7,956			118,419			1,237		2,302			15,776
Sale of Units (including transfers)		1,630			—			—			105			—		—			—
Redemption of Units (including transfers)		(67,780	)		(680	)		(5,236	)		(6,358	)		—		(485	)		(5,396	)
Owners’ Capital - Units, December 31, 2016		422,530			4,671			2,720			112,166			1,237		1,817			10,380
										(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
Change in net asset value per unit for the year ended December 31, 2015		(3.51	)		0.39						0.53					1.86			1.85
Net asset value per unit at December 31, 2015		128.03			133.59						179.69					154.88			154.37
Change in net asset value per unit for the Twelve months ended December 31, 2016		6.77			11.38						15.30					14.17			14.12
Net asset value per unit at December 31, 2016	$	134.80		$	144.97					$	194.99				$	169.05		$	168.49

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

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

F-18

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Select Fund																		Equinox Frontier Winton Fund																	Equinox Frontier Heritage Fund
	Class 1			Class 1AP			Class 2												Class 1			Class 1AP			Class 2											Class 1			Class 1AP			Class 2
																															Non-
	Limited			Limited			Managing			Limited			Non-Controlling						Limited			Limited			Managing			Limited			Controlling					Limited			Limited			Managing			Limited			Non-Controlling
	Owners			Owners			Owner			Owners			Interests			Total			Owners			Owners			Owner			Owners			Interests		Total			Owners			Owners			Owner			Owners			Interests			Total
Owners’ Capital, December 31, 2013	$	15,852,947		$	—		$	7,336		$	1,751,565		$	—		$	17,611,848		$	26,164,147		$	—		$	36,002		$	10,424,688		$	—	$	36,624,837		$	11,328,406		$	—		$	57,484		$	2,792,578		$	2,415,637		$	16,594,105
Sale of Units		10,580			194,475			—			—			—			205,055			169,066			288,379			—			—			—		457,445			26,517			244,674			—			—			—			271,191
Redemption of Units		(4,337,542	)		(156,681	)		—			(488,584	)		—			(4,982,807	)		(5,054,720	)		(266,356	)		—			(352,627	)		—		(5,673,703	)		(3,615,044	)		(202,374	)		—			(417,710	)		—			(4,235,128	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—			—			—			—			—			—		—			—			—			—			—			154,754			154,754
Contributions		—			—			—			—			—			—			—			—			—			—			—		—			—			—			—			—			—			—
Distributions		—			—			—			—			—			—			—			—			—			—			—		—			—			—			—			—			—			—
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			—			—			—			—		—			—			—			—			—			969,107			969,107
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		2,137,578			9,991			1,716			286,097			—			2,435,382			5,592,385			16,019			10,762			3,023,488			—		8,642,654			2,021,940			16,078			18,137			756,693			—			2,812,848
Owners’ Capital, December 31, 2014		13,663,563			47,785			9,052			1,549,078			—			15,269,478			26,870,878			38,042			46,764			13,095,549			—		40,051,233			9,761,819			58,378			75,621			3,131,561			3,539,498			16,566,877
Sale of Units		18,418			930			—			—			—			19,348			175,616			—			—			—			—		175,616			41,712			1,288			—			—			—			43,000
Redemption of Units		(1,275,096	)		—			—			(187,051	)		—			(1,462,147	)		(2,337,287	)		—			—			(787,381	)		—		(3,124,668	)		(766,234	)		—			—			(312,995	)		—			(1,079,229	)
Change in control of ownership - Trading Companies		—			—			—			—			6,781,935			6,781,935			—			—			—			—			5,793,526		5,793,526			—			—			—			—			186,259			186,259
Contributions		—			—			—			—			—			—			—			—			—			—			—		—			—			—			—			—			—			—
Distributions		—			—			—			—			—			—			—			—			—			—			—		—			—			—			—			—			—			—
Operations attributable to non-controlling interests		—			—			—			—			34,600			34,600			—			—			—			—			574,125		574,125			—			—			—			—			208,163			208,163
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(696,368	)		(1,350	)		(238	)		(32,668	)		—			(730,624	)		(1,686,407	)		(1,466	)		(1,802	)		(470,963	)		—		(2,160,638	)		(408,571	)		(1,143	)		(1,292	)		(39,542	)		—			(450,548	)
Owners’ Capital, December 31, 2015		11,710,517			47,365			8,814			1,329,359			6,816,535			19,912,590			23,022,800			36,576			44,962			11,837,205			6,367,651		41,309,194		$	8,628,726		$	58,523		$	74,329		$	2,779,024		$	3,933,920		$	15,474,522
Sale of Units		16,022			—			—			—			—			16,022			159,082			—			—			—			—		159,082			35,716			—			—			—			—			35,716
Redemption of Units		(1,700,518	)		(21,949	)		—			(25,360	)		—			(1,747,827	)		(1,620,516	)		—			—			(88,086	)		—		(1,708,602	)		(871,326	)		(56,051	)		—			(90,031	)		—			(1,017,408	)
Change in control of ownership - Trading Companies		—			—			—			—			(3,698,113	)		(3,698,113	)		—			—			—			—			2,276,508		2,276,508			—			—			—			—			(1,003,733	)		(1,003,733	)
Operations attributable to non-controlling interests		—			—			—			—			989,394			989,394			—			—			—			—			464,175		464,175			—			—			—			—			217,092			217,092
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		514,681			4,481			583			98,044			—			617,789			(1,276,431	)		(1,098	)		(1,409	)		(346,559	)		—		(1,625,497	)		(286,044	)		3,354			(669	)		(18,278	)		—			(301,637	)
Owners’ Capital, December 31, 2016	$	10,540,702		$	29,897		$	9,397		$	1,402,043		$	4,107,816		$	16,089,855		$	20,284,935		$	35,478			43,553		$	11,402,560		$	9,108,334	$	40,874,860		$	7,507,072		$	5,826		$	73,660		$	2,670,715		$	3,147,279		$	13,404,552
Owners’ Capital - Units, December 31, 2013		198,518			—			70			16,820									187,438			—			207			59,854								111,005			—			428			20,807
Sale of Units		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
Sale of Units		193			9			—			—									1,010			—			—			—								315			9			—			—
Redemption of Units		(13,494	)		—			—			(1,432	)								(13,488	)		—			—			(3,464	)							(5,806	)		—			—			(1,723	)
Owners’ Capital - Units, December 31, 2015		129,612			503			70			10,626									140,239			214			207			54,422								69,436			452			428			16,013
Sale of Units (including transfers)		168			—			—			—									963			—			—			—								281			—			—			—
Redemption of Units (including transfers)		(17,721	)		(207	)		—			(182	)								(9,919	)		—			—			(378	)							(6,938	)		(407	)		—			(495	)
Owners’ Capital - Units, December 31, 2016		112,059			296			70			10,444									131,283			214			207			54,044								62,779			45			428			15,518
										(1)																		(1)																	(1)
Net asset value per unit at December 31, 2013	$	79.86		$	75.53					$	104.14								$	139.59		$	138.93					$	174.17								102.05		$	98.80						134.21
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
Change in net asset value per unit for the year ended December 31, 2015		(5.26	)		(2.54	)					(3.37	)								(11.78	)		(6.87	)					(8.72	)							(6.01	)		(2.26	)					(3.02	)
Net asset value per unit at December 31, 2015		90.35			94.28						125.11									164.17			171.31						217.51							$	124.27		$	129.67					$	173.54
Change in net asset value per unit for the Twelve months ended December 31, 2016		3.71			6.88						9.14									(9.66	)		(5.14	)					(6.53	)							(4.69	)		(1.07	)					1.44
Net asset value per unit at December 31, 2016	$	94.06		$	101.16					$	134.25								$	154.51		$	166.17					$	210.98							$	119.58		$	128.60					$	172.10

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

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

F-19

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Diversified Fund									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	1,163,290		$	7,062,279		$	21,103,995		$	492,136		$	(462,243	)	$	5,452,158		$	(1,294	)	$	(1,458,094	)	$	310,864
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity/(deficit), at fair value		—			3,215,206			(3,215,206	)		—			—			—			(693,263	)		—			(191,069	)
Net change in options purchased, at fair value		—			288,413			(288,413	)		—			—			—			—			—			98,740
Net change in options written, at fair value		—			(253,018	)		253,018			—			—			—			—			—			(172,650	)
Net change in ownership allocation of U.S. Treasury securities		1,325,836			(886,791	)		(2,537,145	)		1,494,674			2,661,543			1,670,108			717,209			2,673,304			4,101,132
Net unrealized (gain)/loss on swap contracts		48,002			(2,115,441	)		(3,132,777	)		—			—			—			111,960			300,633			(1,176,515	)
Net unrealized (gain)/loss on U.S. Treasury securities		990,689			516,327			(2,895,653	)		227,159			198,693			(1,525,265	)		(193,551	)		204,014			(1,119,787	)
Net realized (gain)/loss on U.S. Treasury securities		(1,794,297	)		(270,582	)		84,779			(483,811	)		(111,668	)		51,271			(103,299	)		(46,795	)		36,613
Net unrealized gain/(loss) on private investment companies		(80,689	)		—			—			(78,993	)		—			—			216,197			—			—
Net realized gain/(loss) on private investment companies		(277,315	)		—			—			(73,108	)		—			—			(13,263	)		—			—
(Purchases) sales of:
Purchases of swap contracts		—			—			—			—			—			—			—			(1,000,000	)		—
Sales of U.S. Treasury securities		27,076,226			8,875,032			15,921,359			8,781,991			3,807,003			8,685,478			5,321,261			1,963,944			6,563,688
Purchase of U.S. Treasury securities		(6,518,818	)		(4,787,243	)		(3,569,582	)		(2,380,650	)		(2,291,604	)		(1,657,268	)		(948,803	)		(1,395,765	)		(900,875	)
Purchase of Private Investment Companies		(40,310,981	)		—			—			(5,984,940	)		—			—			(7,427,743	)		—			—
Sale of Private Investment Companies		1,823,011			—			—			483,333			—			—			509,667			—			—
Increase and/or decrease in:
Receivable from futures commission merchants		—			22,731,129			(22,731,129	)		—			—			—			—			—			7,836,808
Change in control of ownership - trading companies		—			(16,894,354	)		5,601,517			—			—			—			—			—			(2,462,220	)
Change in control of ownership - private investment companies		—			—			—			—			—			—			—			—			—
Investments in unconsolidated trading companies, at fair value		11,850,295			(9,499,828	)		14,242,893			2,731,824			(1,507,952	)		1,264,732			3,976,050			400,191			(3,159,085	)
Prepaid service fees - Class 1		16,160			(6,626	)		(4,588	)		7,355			(1,352	)		5,162			736			(231	)		3,202
Interest receivable		357,350			(1,892	)		44,025			126,957			41,777			71,847			83,190			42,710			105,214
Receivable from related parties		(189,387	)		—			1,035			(151,487	)		—			(990	)		(86,061	)		—			346
Other assets		—			249,997			(249,997	)		—			1,380			—			—			1,006			—
Payable to related parties		—			(2,182,911	)		—			—			—			—			—			—			—
Incentive fees payable to Managing Owner		(204,914	)		(4,546	)		1,812,275			(42,251	)		(679,792	)		722,043			(28,408	)		(130,252	)		158,660
Management fees payable to Managing Owner		(58,444	)		(4,507	)		(15,018	)		(4,500	)		(9,823	)		(42,530	)		(48,210	)		2,849			(59,522	)
Interest payable to Managing Owner		(11,661	)		(11,919	)		(52	)		(4,957	)		(1,941	)		(2,689	)		(1,368	)		(2,345	)		(4,252	)
Trading fees payable to Managing Owner		26,118			(17,885	)		(3,182	)		9,389			(7,411	)		(16,775	)		6,349			(7,307	)		(10,352	)
Service fees payable to Managing Owner		(1,827	)		(245	)		(11,358	)		(3,061	)		(5,162	)		(18,598	)		(3,299	)		(3,721	)		(4,403	)
Payables to related parties		(2,126	)		1			2,332			—			—			—			1,615,683			—			—
Interest payable		—			—			—			—			—			—			—			5			—
Other liabilities		19,673			—			—			7,590			—			(1	)		41			—			—
Net cash provided by (used in) operating activities		(4,753,809	)		6,000,596			20,413,128			5,154,650			1,631,448			14,658,683			3,009,781			1,544,146			9,954,537
Cash Flows from Financing Activities:
Proceeds from sale of units		10,236,543			12,533,210			7,283,926			282,688			6,086,949			5,659,806			314,062			512,199			622,461
Payment for redemption of units		(10,643,408	)		(19,555,894	)		(25,023,060	)		(6,433,816	)		(8,504,261	)		(19,174,893	)		(4,008,216	)		(3,485,335	)		(10,188,324	)
Payment made by the Managing Owner		—			144,349			—			—			—			—			—			907,162			—
Pending owner additions		(1,524	)		(3	)		(765	)		(1,290	)		(766	)		704			—			—			(2	)
Advance on unrealized Swap Appreciation		2,500,000			—			—			—			—			—			115,000			—			—
Owner redemptions payable		52,452			(48,923	)		(290,488	)		122,283			9,558			(71,188	)		(796	)		(18,782	)		(88,311	)
Net cash used in financing activities		2,144,063			(6,927,261	)		(18,030,387	)		(6,030,135	)		(2,408,520	)		(13,585,571	)		(3,579,950	)		(2,084,756	)		(9,654,176	)
Net increase (decrease) in cash and cash equivalents		(2,609,746	)		(926,665	)		2,382,741			(875,485	)		(777,072	)		1,073,112			(570,169	)		(540,610	)		300,361
Cash and cash equivalents, beginning of period		3,283,973			4,210,638			1,827,897			1,421,994			2,199,066			1,125,954			570,169			1,110,779			810,418
Cash and cash equivalents, end of period	$	674,227		$	3,283,973		$	4,210,638		$	546,509		$	1,421,994		$	2,199,066		$	—		$	570,169		$	1,110,779

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

F-20

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Balanced Fund									Equinox Frontier Select Fund
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	5,945,778		$	(1,232,876	)	$	24,455,249		$	1,607,183		$	(696,024	)	$	2,435,382
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity, at fair value		340,656			3,286,019			637,703			(187,115	)		(462,339	)		—
Net change in options purchased, at fair value		—			—			165,915			—			—			—
Net change in options written, at fair value		—			—			(183,856	)		—			—			—
Net change in ownership allocation of U.S. Treasury securities		14,565,822			(8,151,611	)		7,558,953			(401,816	)		4,797,257			862,967
Net unrealized (gain)/loss on swap contracts		218,070			(910,566	)		(8,124,951	)		—			—			—
Net unrealized (gain)/loss on U.S. Treasury securities		1,874,454			1,350,252			(4,748,522	)		199,159			(35,623	)		(679,186	)
Net realized (gain)/loss on U.S. Treasury securities		(2,885,429	)		(411,406	)		152,688			(70,928	)		(22,783	)		25,780
Net unrealized gain/(loss) on private investment companies		(2,077,438	)		—			—			—			—			—
Net realized gain/(loss) on private investment companies		(412,944	)		—			—			—			—			—
(Purchases) sales of:
Sales of U.S. Treasury securities		27,164,277			14,050,672			28,506,883			(465,831	)		797,588			4,254,841
Purchases of U.S. Treasury securities		(9,340,565	)		(6,360,723	)		(4,547,467	)		(320,766	)		(911,929	)		(637,256	)
Purchase of Private Investment Companies		(45,466,085	)		—			—			—			—			—
Sale of Private Investment Companies		2,651,184			—			—			—			—			—
Increase and/or decrease in:
Receivable from futures commission merchants		870,805			15,172,045			776,104			5,072,933			(13,281,151	)		—
Change in control of ownership - trading companies		—			(8,052,252	)		(7,745,842	)		(3,711,863	)		6,781,935			—
Change in control of ownership - private investment companies		(1,799,853	)		—			—			—			—			—
Investments in unconsolidated trading companies, at fair value		11,091,850			719,959			(4,630,612	)		200,521			3,954,301			(1,237,597	)
Prepaid service fees - Class 1		—			—			234			—			67,394			—
Interest receivable		532,079			(74,665	)		299,585			(22,210	)		—			41,596
Receivable from related parties		(346,874	)		—			—			(103,408	)		—			—
Other assets		12			250,001			(249,962	)		3			(3	)		—
Incentive fees payable to Managing Owner		(106,563	)		(1,686,755	)		1,101,401			—			(185,791	)		185,791
Management fees payable to Managing Owner		(55,357	)		(20,634	)		(11,877	)		11,972			(4,951	)		(21,963	)
Interest payable to Managing Owner		(56,036	)		(7,334	)		(61,306	)		(31	)		(9,714	)		(9,135	)
Trading fees payable to Managing Owner		145,874			(8,587	)		(7,088	)		9,614			(1,604	)		(1,426	)
Service fees payable to Managing Owner		(15,620	)		(21,575	)		(23,135	)		(3,126	)		(3,428	)		(6,525	)
Risk analysis fees payable		1,155			—			—			2,303			—			—
Payables to related parties		(24,069	)		9,135			2,801			(1,495	)		511			511
Other liabilities		89,594			—			—			11,782			156			—
																	—
Net cash provided by operating activities		2,904,777			7,899,099			33,322,898			1,826,881			783,802			5,213,780
Cash Flows from Financing Activities:
Proceeds from sale of units		233,544			235,881			1,180,547			16,022			19,348			205,055
Payment for redemption of units		(12,201,822	)		(9,459,239	)		(31,246,070	)		(1,747,827	)		(1,462,147	)		(4,982,811	)
Payment made by the Managing Owner		—			160,099						—			—
Pending owner additions		(15,538	)		(2,464	)		3,325			(1,335	)		(150	)		491
Advance on unrealized Swap Appreciation		4,926,555			—			—			—			—			—
Owner redemptions payable		340,880			417,297			(908,760	)		117,909			1,238			(53,166	)
Net cash used in financing activities		(6,716,381	)		(8,648,426	)		(30,970,958	)		(1,615,231	)		(1,441,711	)		(4,830,431	)
Net increase (decrease) in cash and cash equivalents		(3,811,604	)		(749,327	)		2,351,940			211,650			(657,909	)		383,349
Cash and cash equivalents, beginning of period		4,895,183			5,644,510			3,292,570			220,371			878,280			494,931
Cash and cash equivalents, end of period	$	1,083,579		$	4,895,183		$	5,644,510		$	432,021		$	220,371		$	878,280

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

F-21

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Years Ended December 31, 2016, 2015 and 2014

	Equinox Frontier Winton Fund									Equinox Frontier Heritage Fund
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(1,161,323	)	$	(1,586,513	)	$	8,642,654		$	(84,545	)	$	(242,385	)	$	3,781,955
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity, at fair value		(466,267	)		(599,579	)		—			—			—			—
Net change in ownership allocation of U.S. Treasury securities		1,773,178			1,003,454			(9,377,294	)		6,880			389,760			(329,908	)
Net unrealized (gain)/loss on swap contracts		—			—			—			(431,146	)		(419,803	)		(2,105,281	)
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		1,697,773			600,814			(2,248,070	)		386,234			137,580			(615,266	)
Net realized (gain) loss on U.S. Treasury securities, at fair value		(1,975,992	)		(230,502	)		59,132			(395,730	)		(52,675	)		19,370
(Purchases) sale of:
Sales of U.S. Treasury Securities		12,826,803			8,047,027			12,579,837			2,939,044			1,818,125			3,621,880
Purchases of U.S. Treasury Securities		(5,237,808	)		(4,444,636	)		(3,006,874	)		(1,129,741	)		(1,004,975	)		(665,088	)
Increase and/or decrease in:
Receivable from futures commission merchants		(5,252,127	)		(12,744,570	)		—			—			—			—
Change in control of ownership of trading companies		2,119,833			5,793,526			—			(1,004,235	)		186,259			154,754
Investments in unconsolidated trading companies, at fair value		(3,774,896	)		7,182,104			299,665			(1,362,538	)		137,800			345,880
Interest receivable		137,578			27,334			(76,776	)		26,517			8,845			16,459
Receivable from related parties		(551,508	)		—			—			(107,442	)		—			—
Other assets		2			(2	)		—			2			(2	)		—
Incentive fees payable to Managing Owner		—			(1,178,364	)		1,078,104			—			(239,327	)		223,916
Management fees payable to Managing Owner		163,653			(21,652	)		(13,274	)		35,011			(6,454	)		(671	)
Interest payable to Managing Owner		(18,894	)		(14,098	)		3,857			(3,646	)		(3,477	)		(5,224	)
Trading fees payable to Managing Owner		32,737			(4,285	)		2,846			10,496			(1,219	)		(536	)
Service fees payable to Managing Owner		(5,052	)		(8,331	)		(301	)		(2,350	)		(2,157	)		(4,521	)
Risk analysis fees payable		12,215			—			—			—			—
Payables to related parties		(31,638	)		15,177			11,402			(4,416	)		1,238			1,903
Other liabilities		2,878			—			—			18,083			—			—
Net cash provided by operating activities		291,145			1,836,904			7,954,908			(1,103,522	)		707,133			4,439,622
Cash Flows from Financing Activities:
Proceeds from sale of units		159,082			175,616			457,445			35,716			43,000			271,191
Payment for redemption of units		(1,708,602	)		(3,124,668	)		(5,673,701	)		(1,017,408	)		(1,079,229	)		(4,235,128	)
Pending owner additions		(13,524	)		(1,979	)		3,589			(3,251	)		(130	)		504
Advance on unrealized Swap Appreciation		—			—			—			1,900,000			—			—
Owner redemptions payable		(28,509	)		29,769			(54,998	)		(84,355	)		62,947			21,408
Net cash used in financing activities		(1,591,553	)		(2,921,262	)		(5,267,665	)		830,702			(973,412	)		(3,942,025	)
Net increase (decrease) in cash and cash equivalents		(1,300,408	)		(1,084,358	)		2,687,243			(272,820	)		(266,279	)		497,597
Cash and cash equivalents, beginning of period		2,928,616			4,012,974			1,325,731			655,319			921,598			424,001
Cash and cash equivalents, end of period	$	1,628,208		$	2,928,616		$	4,012,974		$	382,499		$	655,319		$	921,598

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

F-22

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

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

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

The Trust, with respect to each Series:

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

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

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

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

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

F-23

● maintains each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. Class 1AP was created as a sub-class of Class 1 and it has been presented separately because the fees applicable to it are different from those applicable to Class 1. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

● all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of December 31, 2016, the Trust, with respect to the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Select Fund Equinox Frontier Winton Fund and Equinox Frontier Heritage separates Units into a maximum of three separate Classes- Class 1, Class 2 and Class 1AP. The Trust, with respect to the Equinox Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Equinox Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and December 31, 2016, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, and Frontier Trading Company XXIII LLC held by Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund and Equinox Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

F-24

As of December 31, 2016, Equinox Frontier Winton Fund has invested a portion of its assets in a single Trading Company, and a single Trading Advisor manages 100% of the assets invested in such Trading Company. Each of the remaining Series has invested a portion of its assets in several different Trading Companies or Galaxy Plus entities and one or more Trading Advisors may manage the assets invested in such Trading Companies or Galaxy Plus entities.

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

2. Significant Accounting Policies

The following are the significant accounting policies of the Series of the Trust.

Basis of Presentation—The Series of the Trust follow U.S. Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, condensed schedules of investments, results of operations, changes in capital and cash flows. The Trust is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946.

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee, all of which is allocated to the Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. This represents a change in accounting policy from prior year in which controlling and majority interest was calculated on each Series pro-rata notional ownership of the Trading Company. The two measurements approximate each other and, as such, do not have a material impact on the presentation on the statements of financial condition or results of operations. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in Private Investment Companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies.

Galaxy Plus entities are co-mingled investment vehicles. In addition to the Series, there are other non-affiliated investors in Galaxy Plus. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Series ownership percentage in Galaxy Plus. It is expected that ownership percentage will fluctuate (sometimes significantly) on a week by week basis which could also result in frequent changes in the consolidating Series. Such fluctuations make consolidating the financial statements of the Galaxy Plus entities both impractical and misleading. Non-consolidation of these Galaxy Plus entities presents a more useful financial statement for the readers. As such, management has decided that presenting Galaxy Plus entities on a non-consolidated basis as investments in other investments companies (a “fund of funds” approach) is appropriate and preferable to the users of these financial statements. Refer to Note 5 for additional disclosures related to these private investment companies.

As of December 31, 2016, the consolidated statement of financial condition of Equinox Frontier Balanced Fund included the assets and liabilities of its majority interest in Frontier Trading Company I, LLC and Frontier Trading Company XXXIV, LLC.

F-25

For the year ended December 31, 2016, the consolidated statement of operations of Equinox Frontier Balanced Fund included the earnings of its majority interest in Frontier Trading Company I, LLC and Frontier Trading Company XXXIV, LLC as well as the results from operations for those Trading Companies up to the date that those Trading Companies ceased operations. Those Trading Companies that ceased operations during the year include Frontier Trading Company XIV, LLC on April 21, 2016, Frontier Trading Company XXIII, LLC on July 22, 2016, and Frontier Trading Company XXIX, LLC on January 29, 2016.

As of December 31, 2016 and December 31, 2015, the consolidated statement of financial condition of Equinox Frontier Long/Short Commodity Fund included the assets and liabilities of its majority owned Trading Company, Frontier Trading Company XXXVII, LLC.

For the year ended December 31, 2015, the consolidated statement of operations of Equinox Frontier Long/Short Commodity Fund included the earnings of its majority owned Trading Company listed above. For the year ended December 31, 2016, the consolidated statement of operations of Equinox Frontier Long/Short Commodity Fund included the earnings of its majority owned Trading Company listed above through the date that the Trading Company ceased operations and Frontier Trading Company VII LLC through April 28, 2016.

As of December 31, 2016 and December 31, 2015, the consolidated statement of financial condition of Equinox Frontier Diversified Fund included the assets and liabilities of its majority owned Frontier Trading Company XXXV, LLC.

For the year ended December 31, 2015, the consolidated statement of operations of Equinox Frontier Diversified Fund included the earnings of its majority owned Trading Company listed above and the earnings of Frontier Trading Company I, LLC from January 1, 2015 to August 10, 2015. For the year ended December 31, 2016, the consolidated statement of operations of Equinox Frontier Diversified Fund included the earnings of its majority owned Trading Company listed above.

As of and for the years ended December 31, 2016 and December 31, 2015, the consolidated statement of financial condition and statement of operations of Equinox Frontier Heritage Fund included the assets and liabilities, and earnings, respectively, of its majority owned Trading Company, Frontier Trading Company XXXIX, LLC.

As of and for the year ended December 31, 2015, the consolidated statement of financial condition and statement of operations of Equinox Frontier Select Fund included the assets and liabilities, and earnings, respectively, of its majority owned Trading Company, Frontier Trading Company XV, LLC except for the earnings from January 1, 2015 to January 2, 2015. For the year ended December 31, 2016, the consolidated statement of operations of Equinox Frontier Select Fund included the earnings of its majority owned Trading Company listed above.

As of and for the year ended December 31, 2016 and 2015, the consolidated statement of financial condition and statement of operations of Equinox Frontier Winton Fund included the assets and liabilities, and earnings, respectively, of its majority owned Trading Company, Frontier Trading Company II, LLC.

As of and for the year ended December 31, 2016 and 2015, Equinox Frontier Master Fund did not have a majority interest in any Trading Company.

Each of the Series has invested in Frontier Trading Company XXXVIII, LLC on the same basis as its ownership in the cash pool. Frontier Trading Company XXXVIII, LLC’s assets, liabilities and earnings are allocated to all of the Series of the Trust based on their proportionate share of the cash pool. Each Series investment in the Frontier Trading Company XXXVIII, LLC is listed under Investments in unconsolidated trading companies, at fair value on the Statements of Financial Condition.

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

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

Interest Income—U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasuries and assets held at a futures commission merchant (“FCM”), of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1, and Class 2 only), Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to each Series was paid to the Managing Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the statement of operations.

F-26

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 deposit assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $2,631,477 for the Equinox Frontier Balanced Fund, $5,344,783 for the Equinox Frontier Select Fund, and $14,604,203 for the Equinox Frontier Winton Fund.

Investment Transactions—Futures, options on futures, forward and swap contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are settled. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as open trade equity (deficit) for futures and forwards as there exists a right of offset of unrealized gains or losses in accordance with ASC 210, Balance Sheet (“ASC 210”) and Accounting Standards Update (ASU) 2013-01, Balance Sheet (Topic 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.

Purchase and Sales of Private Investment Companies—The Series are able to subscribe into and redeem from the Galaxy Plus entities on a weekly basis. The value of the Private Investment Companies is determined by the Sponsor and reported on a daily basis. The change in value is calculated as the difference between the total purchase proceeds and the fair value calculated by the Sponsor and is recorded as net unrealized gain/(loss) on private investment companies on the statements of operations.

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

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

Each Series allocates funds to an affiliated Trading Company, or Companies, of the Trust or Galaxy Plus. Each Trading Company allocates all of its daily trading gains or losses to the Series in proportion to each Series’ ownership trading level interest in the Trading Company, adjusted on a daily basis (except for Trading Advisors and other investments such as swaps that are directly allocated to a specific Series). Likewise, trading gains and losses earned and incurred by the Series through their investments in Galaxy Plus entities are allocated to those Series on a daily basis. The allocation of gains and losses in Galaxy Plus entities are based on each Series pro-rata shares of the trading level of that entity which is updated at the beginning of each month or more frequently if there is a subscription or redemption activity in the entity. The value of all open contracts and cash held at clearing brokers is similarly allocated to the Series in proportion to each Series’ funds allocated to the Trading Companies or Galaxy Plus entities.

F-27

Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Investments in Private Investment Companies are valued utilizing the net asset values as a practical expedient. Certain Series of the Trust strategically invest a portion or all of their assets in total return swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported at fair value based upon daily reports from the counterparty. The Managing Owner reviews and approves current day pricing of the commodity Trading Advisor (“CTA”) positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts.

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 2013 through 2016 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

In the opinion of the Managing Owner, (i) the Trust, with respect to the Series, is treated as a partnership for federal income tax purposes and, assuming that at least 90% of the gross income of the Trust constitutes “qualifying income” within the meaning of Section 7704(d) of the Code, (ii) the Trust is not a publicly traded partnership treated as a corporation, and (iii) the discussion set forth in the Prospectus under the heading “U.S. Federal Income Tax Consequences” correctly summarizes the material federal income tax consequences as of the date of the Prospectus to potential U.S. Limited Owners of the purchase, ownership and disposition of Units of the Trust.

Fees and Expenses—All management fees, incentive fees, service fees and trading fees of the Trust, with respect to the Series, are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, selling agent service fees and all other operating expenses and continuing offering costs of the Trust, with respect to the Series. Only management fees and incentive fees related to assets allocated through Trading Companies are included as expenses on the Statement of Operations. The Series are all charged management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the Statements of Operations.

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents.

F-28

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 May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” ASU No. 2015-07 removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at NAV using the practical expedient under “Fair Value Measurements and Disclosures (Topic 820).” ASU No. 2015-07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-07 is required to be applied retrospectively to all periods presented beginning in the year of adoption. Since ASU No. 2015-07 only impacts the Series’ disclosures, adoption does not affect the Series’ financial condition, results of operations, or cash flows.

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 does not have a material effect on the Series financial statements.

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

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

F-29

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 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 upon daily reports from the counterparty. In addition, a third party takes receives the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner’s Valuation Committee for evaluation and resolution.

Investment in Unconsolidated Trading Companies. This investment represents the fair value of the allocation of cash, futures, forwards, options and swaps to each respective Series relative to its trading allocations from unconsolidated Trading Companies. A Series may redeem its investment in any of the Trading Companies on a daily basis at the Trading Company’s stated net asset value. Each of the Series, all of which are under the same management as the Trading Companies, has access to the underlying positions of the Trading Companies, and as such, the level determination is reflected on that look-through basis. Any redemption of an investment in a Trading Company classified as Level 3 will reflect that classification of the underlying investment owned by the Trading Company. As such, the Series report investments in unconsolidated Trading Companies at fair value using the corresponding inputs of the underlying securities of the Trading Companies which results in the Series reporting the corresponding level determination from the inputs of the Trading Company.

Investments in Private Investment Companies. Investments in private investment companies are valued utilizing the net asset values provided by the underlying Private Investment Companies as a practical expedient. The Fund applies the practical expedient to its investments in Private Investment Companies on an investment-by-investment basis, and consistently with the Fund’s entire position in a particular investment, unless it is probable that the Fund will sell a portion of an investment at an amount different from the net asset value of the investment. Management has adopted Accounting Standards Update (“ASU”) ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) — a consensus of the Emerging Issues Task Force issued, on May 1, 2015. The guidance in this standard was effective for interim and annual periods beginning after December 15, 2015. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy below.

F-30

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, 2016 and December 31, 2015 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value. Investments in private investment companies are valued utilizing the net asset values provided by the underlying private investment companies as a practical expedient. Each Series applies the practical expedient to its investments in private investment companies on an investment-by-investment basis, and consistently with the Series entire position in a particular investment, unless it is probable that the Series will sell a portion of an investment at an amount different from the net asset value of the investment.

								Total
December 31, 2016	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Equinox Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	4,188,662	$	12,966		$	—	$	4,201,628
Swap Contracts		—		—			8,637,847		8,637,847
U.S. Treasury Securities		6,525,280		—			—		6,525,280
Equinox Frontier Masters Fund
Investment in Unconsolidated Trading Companies		6,667,632		10,474			—		6,678,106
U.S. Treasury Securities		4,313,843		—			—		4,313,843
Equinox Frontier Long/Short Commodity Fund
Swap Contracts		—		—			4,220,468		4,220,468
Equinox Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		5,998,541		(33,210	)		—		5,965,331
Open Trade Equity (Deficit)		288,647		(50,986	)		—		237,661
Swap Contracts		—		—			18,939,450		18,939,450
U.S. Treasury Securities		9,770,117		—			—		9,770,117
Equinox Frontier Select Fund
Investment in Unconsolidated Trading Companies		759,978		3,609			3,147,279		3,910,866
Open Trade Equity (Deficit)		679,310		6,712			—		686,022
U.S. Treasury Securities		2,912,611		—			—		2,912,611
Winton Fund
Investment in Unconsolidated Trading Companies		4,020,731		51,719			—		4,072,450
Open Trade Equity (Deficit)		1,123,666		98,858			—		1,222,524
U.S. Treasury Securities		15,533,863		—			—		15,533,863
Equinox Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		2,735,614		9,026			—		2,744,640
Swap Contracts		—		—			8,391,414		8,391,414
U.S. Treasury Securities		3,701,890		—			—		3,701,890

F-31

							Total
December 31, 2015	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Equinox Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	15,844,097	$	250,110	$	—	$	16,094,207
Swap Contracts		—		—		8,685,849		8,685,849
U.S. Treasury Securities		27,604,916		—		—		27,604,916
Equinox Frontier Masters Fund
Investment in Unconsolidated Trading Companies		9,383,235		26,695		—		9,409,930
U.S. Treasury Securities		11,953,206		—		—		11,953,206
Equinox Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		3,355,174		59,489		—		3,414,663
Swap Contracts		—		—		4,332,428		4,332,428
U.S. Treasury Securities		4,792,817		—		—		4,792,817
Equinox Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		17,357,475		266,493		—		17,623,968
Open Trade Equity (Deficit)		11,530		—		—		11,530
Swap Contracts		—		—		19,157,520		19,157,520
U.S. Treasury Securities		41,148,676		—		—		41,148,676
Equinox Frontier Select Fund
Investment in Unconsolidated Trading Companies		213,921		—		3,933,919		4,147,840
Open Trade Equity (Deficit)		462,339		—		—		462,339
U.S. Treasury Securities		1,852,429		—		—		1,852,429
Equinox Frontier Winton Fund
Investment in Unconsolidated Trading Companies		297,554		—		—		297,554
Open Trade Equity (Deficit)		599,579		—		—		599,579
U.S. Treasury Securities		24,617,817		—		—		24,617,817
Equinox Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		1,403,461		2,125		—		1,405,586
Swap Contracts		—		—		7,960,268		7,960,268
U.S. Treasury Securities		5,508,577		—		—		5,508,577

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses 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, 2016 and 2015, all identified Level 3 assets were components of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund.

F-32

2016:

For the Year Ended December 31, 2016

Swaps:

				Equinox Frontier
	Equinox Frontier Diversified Fund			Long/Short Commodity Fund			Equinox Frontier Balanced Fund
Balance of recurring Level 3 assets as of January 1, 2016	$	8,685,849		$	4,332,428		$	19,157,520
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—			—
Included in earnings-unrealized		(48,002	)		(111,960	)		(218,070	)
Change in ownership allocation		—			—			—
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2016		8,637,847		$	4,220,468		$	18,939,450

	Equinox Frontier Heritage
	Fund
Balance of recurring Level 3 assets as of January 1, 2016	$	7,960,268
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		431,146
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2016	$	8,391,414

Investments in Unconsolidated Trading Companies:

	Equinox Frontier Select
	Fund
Balance of recurring Level 3 assets as of January 1, 2016	$	3,933,919
Change in fair value of investments in unconsolidated trading companies		368,596
Advance on unrealized Swap Appreciation		(1,155,236	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2016	$	3,147,279

F-33

2015:

For the Year Ended December 31, 2015

Swaps:

			Equinox Frontier
	Equinox Frontier		Long/Short			Equinox Frontier
	Diversified Fund		Commodity Fund			Balanced Fund
Balance of recurring Level 3 assets as of January 1, 2015	$	6,570,408	$	3,633,060		$	18,246,954
Total gains or losses (realized/unrealized):
Included in earnings-realized		—		—			—
Included in earnings-unrealized		2,115,441		(300,632	)		910,566
Purchases of investments		—		1,000,000			—
Sales of investments		—		—			—
Change in ownership allocation of total return swaps		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance of recurring Level 3 assets as of December 31, 2015	$	8,685,849	$	4,332,428		$	19,157,520

	Equinox Frontier
	Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2015	$	7,540,465
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		419,803
Purchases of investments		—
Sales of investments		—
Change in ownership allocation of total return swaps		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2015	$	7,960,268

Investments in Unconsolidated Trading Companies:

	Equinox Frontier
	Select Fund
Balance of recurring Level 3 assets as of January 1, 2015	$	3,539,498
Change in fair value of investments in unconsolidated trading companies		394,421
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		—
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2015	$	3,933,919

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, 2016 and year ended December 31, 2015, the Trust did not transfer any assets between Levels 1, 2 or 3.

The amounts reflected in the change in ownership allocation result from changes in ownership in the underlying Trading Companies at the Series level, which have resulted in changes in consolidation or de-consolidation by the Series. The ownership in the Trading Companies is accounted for under the equity method, which approximates fair value. The Equinox Frontier Heritage Fund and the Equinox Frontier Select Fund jointly own the Frontier Brevan Howard swap. The Equinox Frontier Heritage Fund owns the majority interest in the Frontier Brevan Howard swap.

F-34

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2016:

				Equinox Frontier
	Equinox Frontier			Long/Short Commodity			Equinox Frontier			Equinox Frontier
	Diversified Fund			Fund			Balanced Fund			Heritage Fund
Swaps	$	(48,002	)	$	(111,960	)	$	(218,070	)	$	431,146

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

			Equinox Frontier
	Equinox Frontier		Long/Short Commodity			Equinox Frontier			Equinox Frontier
	Diversified Fund		Fund			Balanced Fund			Heritage Fund
Swaps	$	2,115,441	$	(300,633	)	$	(910,566	)	$	419,803

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

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

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4. Swap Contracts

In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures, option on futures and forward contracts, certain Series of the Trust will strategically invest a portion or all of their assets in total return swaps, 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, 2016 and December 31, 2015, approximately 10.2% and 9.3%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the Statements of Financial Condition. The cash held with the counterparty is not restricted.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000, and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit. The funds are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. As of December 31, 2016, the Equinox Frontier Balanced Fund, the Equinox Frontier Diversified Fund, the Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Heritage Fund, had $4,926,555, $2,500,000, $115,000, and $1,900,000, respectively, in cash holdings as shown in the Fund’s Statements of Financial Conditions under advance on unrealized swap appreciation, which relates to the Trading Companies’ total return swaps with Deutsche Bank AG

The Series have invested in the following swaps as of and for the year ended December 31, 2016:

		Equinox Frontier Diversified	Equinox Frontier Long/Short
	Equinox Frontier Balanced Fund	Fund	Commodity Fund	Equinox Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$22,580,043	$13,851,707	$1,877,692	$11,413,283
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$9,600,000	$3,400,000	$3,880,000	$5,986,000
Swap Value	$9,339,450	$5,237,847	$340,468	$2,405,414
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	($218,070)	($48,002)	($111,960)	$431,146
Fair Value as of 12/31/2016	$18,939,450	$8,637,847	$4,220,468	$8,391,414
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

F-36

The Series have invested in the following swaps as of and for the year ended December 31, 2015:

		Equinox Frontier Diversified	Equinox Frontier Long/Short
	Equinox Frontier Balanced Fund	Fund	Commodity Fund	Equinox Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$22,580,043	$13,851,707	$1,877,692	$12,663,283
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$9,600,000	$3,400,000	$3,880,000	$5,993,000
Swap Value	$9,557,519	$5,285,849	$452,428	$1,967,269
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$910,566	$2,115,441	($300,633)	$419,803
Fair Value as of 12/31/2015	$19,157,519	$8,685,849	$4,332,428	$7,960,269

5. Investments in Unconsolidated Trading Companies and Private Investment Companies

Investments in unconsolidated Trading Companies and Private Investment Companies represent cash and open trade equity invested in the Trading and Private Investment Companies as well as by each Series and cumulative trading profits or losses allocated to each Series by the Trading Companies and Private Investment Companies. Trading Companies and Private Investment Companies allocate trading profits or losses on the basis of the proportion of each Series’ capital allocated for trading to each respective Trading Company, which bears no relationship to the amount of cash invested by a Series in the Trading Company and Private Investment Companies. The Trading Companies are valued using the equity method of accounting, which approximates fair value. Investments in Private Investment Companies are valued using the NAV provided by the underlying private investment.

F-37

The following table summarizes each of the Series’ investments in unconsolidated Trading and Private Investment Companies as of December 31, 2016 and 2015:

	As of December 31, 2016					As of December 31, 2015
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested					Capital Invested
	in Unconsolidated Trading and					in Unconsolidated Trading and
Series	Private Investment Companies			Fair Value		Private Investment Companies			Fair Value
Equinox Frontier Diversified Fund —
Frontier Trading Companies II and XXXVIII		7.44	%	$	4,201,628		28.89	%	$	16,094,207
Galaxy Plus Fund - Chesapeake Feeder Fund (518)		11.33	%		6,399,628		—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		6.30	%		3,558,715		—			—
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		4.27	%		2,412,065		—			—
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		7.27	%		4,103,564		—			—
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		13.85	%		7,819,114		—			—
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		15.23	%		8,600,401		—			—
Galaxy Plus Fund - Quest Feeder Fund (517)		5.31	%		2,996,494		—			—
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		3.29	%		1,856,786		—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		1.95	%		1,099,207		—			—
Equinox Frontier Masters Fund —
Frontier Trading Companies II, XV and XXXVIII		38.79	%	$	6,678,106		33.94	%	$	9,409,930
Galaxy Plus Fund - Chesapeake Feeder Fund (518)		20.12	%		3,455,090		—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		12.81	%		2,198,618		—			—
Equinox Frontier Long/Short Commodity Fund —
Frontier Trading Company XXXVIII		—		$	—		26.08	%	$	3,414,663
Galaxy Plus Fund - Chesapeake Feeder Fund (518)		17.39	%		1,610,890		—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		17.40	%		1,611,845		—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		37.70	%		3,492,407		—			—
Equinox Frontier Balanced Fund —
Frontier Trading Companies II and XXXVIII		7.25	%	$	5,965,331		19.81	%	$	17,623,968
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		5.09	%		4,190,798		—			—
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		3.39	%		2,786,543		—			—
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		5.00	%		4,114,892		—			—
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		8.59	%		7,071,313		—			—
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		15.34	%		12,623,819		—			—
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		12.91	%		10,626,274		—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		3.63	%		2,989,088		—			—
Galaxy Plus Fund - Quest Feeder Fund (517)		1.10	%		902,546		—			—
Equinox Frontier Select Fund —
Frontier Trading Companies XXXVIII and XXXIX		24.33	%	$	3,910,866		31.67	%	$	4,147,840
Equinox Frontier Winton Fund —
Frontier Trading Company XXXVIII		9.96	%	$	4,072,450		20.82	%	$	7,274,269
Equinox Frontier Heritage Fund —
Frontier Trading Companies II and XXXVIII		20.48	%	$	2,744,640		13.45	%	$	1,405,586

The Galaxy Plus entities are made up a feeder funds in which the Series invest and master trading entities into which the feeder funds invest. No investment held by the Galaxy Plus master trading entity is greater than 5% of the Series’ total capital.

F-38

The following table summarizes each of the Series’ equity in earnings from unconsolidated Trading and Private Investment Companies for the years ended December 31, 2016, 2015 and 2014:

	Year Ended December 31, 2016												Year Ended December 31, 2015												Year Ended December 31, 2014
	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	$	(260,168	)	$	1,794,827		$	(157,591	)	$	1,377,068		$	(174,766	)	$	636,671		$	(1,288,141	)	$	(826,236	)	$	(56,592	)	$	861,109		$	(449,346	)	$	355,167
Frontier Trading Company II LLC		(41,971	)		375,453			(167,387	)		166,096			(14,685	)		1,025,202			(406,220	)		604,297			(18,020	)		3,293,893			(112,838	)		3,163,035
Frontier Trading Company VII, LLC		(80,881	)		(566,171	)		2,065,216			1,418,164			(314,705	)		4,741,557			(2,805,251	)		1,621,601			(411,960	)		202,844			(189,827	)		(398,943	)
Frontier Trading Company XIV, LLC		—			—			—			—			—			—			—			—			(176,563	)		453,928			(194,219	)		83,146
Frontier Trading Company XV, LLC		—			—			—			—			—			—			—			—			(35,322	)		226,177			(719,332	)		(528,477	)
Frontier Trading Company XXIII, LLC		(35,775	)		705,939			(7,381	)		662,782			(74,373	)		591,314			(260,757	)		256,184			(56,661	)		2,355,129			250,228			2,548,696
Frontier Trading Company XXXVIII, LLC		(27,594	)		(774,261	)		219,387			(582,468	)		(32,830	)		(469,048	)		(312,060	)		(813,938	)		(42,802	)		491,468			(534,467	)		(85,801	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(3,869	)		(34,071	)		(105,274	)		(143,214	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		(149,772	)		298,066			(250,532	)		(102,238	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(27,745	)		85,845			9,802			67,902			—			—			—			—			—			—			—			—
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(183,726	)		1,333,450			(536,657	)		613,067			—			—			—			—			—			—			—			—
Galaxy Plus Fund - FORT Global Managed Futures Feeder Fund (510) LLC		(77,260	)		(333,316	)		(134,742	)		(545,318	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			168,157			168,157			—			—			—			—			—			—			—			—
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(150,214	)		1,801,432			126,477			1,777,695			—			—			—			—			—			—			—			—
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(187,460	)		(50,960	)		(3,553	)		(241,973	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(100,928	)		(1,316,487	)		181,341			(1,236,074	)		—			—			—			—			—			—			—			—
Total	$	(1,327,363	)	$	3,319,746		$	1,407,263		$	3,399,647		$	(611,359	)	$	6,525,696		$	(5,072,429	)	$	841,908		$	(797,920	)	$	7,884,548		$	(1,949,801	)	$	5,136,823
Equinox Frontier Masters Fund
Frontier Trading Company I LLC	$	(8,585	)	$	(261,142	)	$	(80,621	)	$	(350,348	)	$	(19,418	)	$	1,409,880		$	(731,212	)	$	659,250		$	(29,964	)	$	2,475,252		$	846,879		$	3,292,168
Frontier Trading Company II LLC		(47,472	)		224,660			(93,987	)		83,200			(9,119	)		572,163			(270,658	)		292,386			(12,830	)		2,110,837			(41,715	)		2,056,292
Frontier Trading Company XIV, LLC		—			—			—			—			—			—			—			—			(157,662	)		256,238			(220,014	)		(121,438	)
Frontier Trading Company XV, LLC		(81,133	)		556,129			515,821			990,817			(58,573	)		672,604			(578,027	)		36,004			(95,155	)		1,821,877			(298,358	)		1,428,364
Frontier Trading Company XXXVIII, LLC		(14,141	)		(157,740	)		(2,979	)		(174,860	)		(13,922	)		(268,618	)		(95,734	)		(378,274	)		(21,756	)		140,219			(295,159	)		(176,696	)
Frontier Trading Company VII, LLC		(48,485	)		(371,921	)		1,208,006			787,600			(173,078	)		5,008,076			(3,958,426	)		876,572			(7,353	)		(276,940	)		424,792			140,499
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		(137,582	)		164,544			(213,762	)		(186,800	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(174,044	)		803,903			(290,958	)		338,901			—			—			—			—			—			—			—			—
Total	$	(511,443	)	$	958,432		$	1,041,519		$	1,488,510		$	(274,110	)	$	7,394,105		$	(5,634,057	)	$	1,485,938		$	(324,720	)	$	6,527,483		$	416,425		$	6,619,189
Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	(4,003	)	$	(145,864	)	$	(32,717	)	$	(182,583	)	$	(2,922	)	$	156,796		$	2,785		$	156,659		$	—		$	—		$	—		$	—
Frontier Trading Companies VII, LLC	$	(30,875	)	$	12,784		$	312,798		$	294,706			(242,250	)		2,483,192			(2,226,339	)		14,603			(299,598	)		1,967,325			(225,547	)		1,442,177
Frontier Trading Companies XVIII, LLC		—			—			—			—			—			—			—			—			(15,497	)		72,295			(141,056	)		(84,258	)
Frontier Trading Company XXXVIII, LLC		481			(202,254	)		(106,559	)		(308,333	)		(7,510	)		(34,498	)		(63,213	)		(105,221	)		—			—			—			—
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		(80,356	)		76,603			(60,807	)		(64,560	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(144,093	)		371,651			(44,364	)		183,194			—			—			—			—			—			—			—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(321,568	)		(321,568	)		—			—			—			—			—			—			—			—
Total	$	(258,847	)	$	112,919		$	(253,217	)	$	(399,144	)	$	(252,682	)	$	2,605,490		$	(2,286,767	)	$	66,041		$	(315,095	)	$	2,039,620		$	(366,603	)	$	1,357,919
Equinox Frontier Balanced Fund
Frontier Trading Company I LLC	$	(291,912	)	$	2,837,851		$	335,254			2,881,192		$	(398,418	)	$	5,226,529		$	700,620			5,528,731		$	(297,247	)	$	5,035,125		$	(115,047	)	$	4,622,830
Frontier Trading Company II LLC		(46,423	)		503,024			(202,956	)		253,645			(19,305	)		1,235,015			(499,116	)		716,594			(23,501	)		4,239,577			(319,850	)		3,896,226
Frontier Trading Company V LLC		—			—			—			—			—			—			—			—			—			—			—			—
Frontier Trading Company VII, LLC		(97,941	)		(464,066	)		2,290,012			1,728,005			—			—			—			—			(424,248	)		(527,556	)		479,923			(471,881	)
Frontier Trading Company XIV, LLC		—			—			—			—			(351,880	)		5,102,783			(3,041,589	)		1,709,314			(75,543	)		(1,180,680	)		610,861			(645,362	)
Frontier Trading Company XV, LLC		—			—			—			—			(140	)		(89,150	)		89,443			153			(63,893	)		(160,880	)		(379,890	)		(604,663	)
Frontier Trading Company XVIII, LLC		—			—			—			—			—			—			—			—			(69,979	)		240,985			(611,413	)		(440,407	)
Frontier Trading Company XXXVIII, LLC		(50,346	)		(933,870	)		45,351			(938,865	)		(50,360	)		(940,340	)		(356,821	)		(1,347,521	)		—			—			—			—
Frontier Trading Company XXXIX, LLC		1,439			9,370			—			10,809			—			—			—			—			—			—			(1,538	)		(1,538	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(4,516	)		(51,106	)		(157,835	)		(213,457	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(38,036	)		146,344			14,161			122,469			—			—			—			—			—			—			—			—
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(198,195	)		1,635,772			(663,594	)		773,983			—			—			—			—			—			—			—			—
Galaxy Plus Fund - FORT Global Managed Futures Feeder Fund (510) LLC		(107,226	)		(573,181	)		(250,610	)		(931,017	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			475,116			475,116			—			—			—			—			—			—			—			—
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(190,774	)		2,874,017			206,726			2,889,969			—			—			—			—			—			—			—			—
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(194,640	)		(62,341	)		(4,212	)		(261,193	)		—			—			—			—			—			—			—			—
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(25,081	)		(394,581	)		54,174			(365,488	)		—			—			—			—			—			—			—			—
Total	$	(1,243,650	)	$	5,527,232		$	2,141,586		$	6,425,168		$	(820,103	)	$	10,534,837		$	(3,107,463	)	$	6,607,271		$	(954,411	)	$	7,646,571		$	(336,954	)	$	6,355,205
Equinox Frontier Select Fund
Frontier Trading Company XV, LLC	$	—		$	—		$	—		$	—		$	(551	)	$	(27,784	)	$	2,173		$	(25,285	)	$	(114,984	)	$	2,118,779		$	268,057		$	2,271,852
Frontier Trading Company XXXVIII, LLC		(6,694	)		107,531			15,974			116,811			(2,400	)		(20,889	)		2,353			(21,812	)		(9,950	)		48,480			(134,625	)		(96,095	)
Frontier Trading Company XXXIX, LLC		(3,394	)		—			255,179			251,785			—			—			208,164			208,164			(1,556	)		—			972,201			970,645
Total	$	(10,088	)	$	107,531		$	271,153		$	368,596		$	(2,951	)	$	(48,673	)	$	212,691		$	161,067		$	(126,490	)	$	2,167,259		$	1,105,633		$	3,146,402
Equinox Frontier Winton Fund
Frontier Trading Company II LLC	$	—		$	—		$	—		$	—		$	(30,241	)	$	1,667,631		$	(315,582	)	$	1,321,808		$	(56,653	)	$	10,628,427		$	(345,639	)	$	10,226,134
Frontier Trading Company XXXVIII, LLC		(47,781	)		(149,255	)		16,046			(180,989	)		(29,071	)		(537,770	)		(197,417	)		(764,258	)		(35,145	)		543,298			(319,714	)		188,439
Total	$	(47,781	)	$	(149,255	)	$	16,046		$	(180,989	)	$	(59,312	)	$	1,129,861		$	(512,999	)	$	557,550		$	(91,798	)	$	11,171,725		$	(665,353	)	$	10,414,573
Equinox Frontier Heritage Fund
Frontier Trading Company II LLC	$	(70,018	)	$	271,702		$	(119,174	)	$	82,510		$	(9,825	)	$	656,945		$	(261,763	)	$	385,357		$	(12,408	)	$	2,222,268		$	(27,968	)	$	2,181,892
Frontier Trading Company XXXVIII, LLC		(10,777	)		(5,851	)		(10,397	)		(27,026	)		(6,511	)		(117,306	)		(41,273	)		(165,090	)		(9,194	)		79,780			(115,037	)		(44,451	)
Total	$	(80,795	)	$	265,851		$	(129,571	)	$	55,484		$	(16,336	)	$	539,639		$	(303,036	)	$	220,267		$	(21,602	)	$	2,302,048		$	(143,005	)	$	2,137,441

F-39

The Series investments in private investment companies have certain redemption and liquidity restrictions which are described in the following table:

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Equinox Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Weekly	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Weekly	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Weekly	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Weekly	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Weekly	None
Equinox Frontier Masters Fund
Trend Following
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Weekly	None
Equinox Frontier Long/Short Commodity Fund
Trend Following
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Weekly	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Weekly	None
Equinox Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Weekly	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Weekly	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Weekly	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Weekly	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Weekly	None

F-40

6. Transactions with Affiliates

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

Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the nominal assets of such Series allocated to Trading Companies, calculated on a daily basis. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series’ (including nominal assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. The total amount of assets of a Series allocated to Trading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the Trading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the Trading Advisors and any reference programs, is referred to herein as the “nominal assets” of the Series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 1AP, Class 2a and Class 3a, 2.0% for the Equinox Frontier Winton Fund, Equinox Frontier Long/Short Commodity Fund Class 1a, Class 2a, and Class 3a and Equinox Frontier Masters Fund, 0.75% for Equinox Frontier Diversified Fund, 2.5% for the Equinox Frontier Heritage Fund and Equinox Frontier Select Fund, and 3.5% for the Equinox Frontier Long/Short Commodity Fund Class 1, Class 2 and Class 3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the Series by the Managing Owner. As of the date of this Form 10-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, from January 1, 2016 through October 23, 2016, the Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund paid to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% per annum of such Series’ NAV, calculated daily; thereafter each of the Series pays to the Managing Owner a FCM Fee of up to 2.25% per annum of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of the applicable Series. From January 1, 2016 through April 28, 2016, the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund paid to the Managing Owner a FCM Fee of up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily; thereafter each of such Series pays to the Managing Owner a FCM Fee of up to 2.25% of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

F-41

Incentive Fees—Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations Because the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Equinox Frontier Balanced Fund and the Equinox Frontier Diversified Fund and 20% for the Equinox Frontier Winton Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

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

F-42

The following table summarizes fees earned by the Managing Owner for the years ended December 31, 2016, 2015 and 2014.

For the Year Ended December 31, 2016	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	1,144,159	$	503,844	$	247,399	$	1,435,003
Equinox Frontier Masters Fund		245,244		452,071		151,627		537,884
Equinox Frontier Long/Short Commodity Fund		46,931		201,423		66,889		191,525
Equinox Frontier Balanced Fund		1,395,151		494,734		1,833,220		909,129
Equinox Frontier Select Fund		41,072		271,176		351,053		115,267
Equinox Frontier Winton Fund		99,067		1,069,141		681,308		320,680
Equinox Frontier Heritage Fund		9,072		242,764		254,775		104,146
For the Year Ended December 31, 2015	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	2,068,435	$	983,948	$	412,335	$	1,394,350
Equinox Frontier Masters Fund		618,626		696,963		226,790		579,677
Equinox Frontier Long/Short Commodity Fund		322,090		532,836		109,284		243,193
Equinox Frontier Balanced Fund		1,707,167		1,029,988		2,113,776		740,451
Equinox Frontier Select Fund		158,971		304,539		395,169		110,262
Equinox Frontier Winton Fund		715,409		1,199,380		764,354		288,023
Equinox Frontier Heritage Fund		132,676		280,570		287,946		96,359
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

F-43

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

As of December 31, 2016
	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Equinox Frontier Diversified Fund	$	—	$	23,496	$	—	$	15,193	$	147,183
Equinox Frontier Masters Fund		—		50,174		—		9,037		57,890
Equinox Frontier Long/Short Commodity Fund		—		—		—		3,542		23,478
Equinox Frontier Balanced Fund		—		25,217		21,606		129,956		203,324
Equinox Frontier Select Fund		—		21,219		3,518		25,966		18,129
Equinox Frontier Winton Fund		—		256,824		30,730		39,370		55,142
Equinox Frontier Heritage Fund		—		56,501		7,420		16,457		17,953

As of December 31, 2015
	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Equinox Frontier Diversified Fund	$	204,914	$	81,940	$	11,661	$	17,020	$	121,065
Equinox Frontier Masters Fund		42,251		54,674		4,957		12,098		48,501
Equinox Frontier Long/Short Commodity Fund		28,408		48,210		1,368		6,841		17,129
Equinox Frontier Balanced Fund		106,563		80,574		77,642		145,576		57,450
Equinox Frontier Select Fund		—		22,884		3,549		29,092		8,515
Equinox Frontier Winton Fund		—		93,171		49,624		44,422		22,405
Equinox Frontier Heritage Fund		—		21,490		11,066		18,807		7,457

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

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), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund, and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to each Series was paid to the Managing Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series.

F-44

The following table outlines the amounts paid by each Series to the Managing Owner and its ratio to average net assets for the years ended December 31, 2016, 2015 and 2014:

	2016		2015		2014		2016			2015			2014
	Gross Amount		Gross Amount		Gross Amount
	Paid to the		Paid to the		Paid to the		Ratio to			Ratio to			Ratio to
	Managing		Managing		Managing		Average Net			Average Net			Average Net
	Owner		Owner		Owner		Assets			Assets			Assets
Equinox Frontier Diversified Fund Class 1	$	9,494	$	42,063	$	56,582		0.12	%		0.26	%		0.30	%
Equinox Frontier Diversified Fund Class 2		39,041		88,023		81,752		0.11	%		0.26	%		0.28	%
Equinox Frontier Diversified Fund Class 3		12,736		20,751		6,433		0.10	%		0.25	%		0.19	%
Equinox Frontier Masters Fund Class 1		9,336		27,443		42,395		0.14	%		0.27	%		0.36	%
Equinox Frontier Masters Fund Class 2		9,303		22,999		25,486		0.14	%		0.27	%		0.31	%
Equinox Frontier Masters Fund Class 3		8,976		14,793		6,663		0.13	%		0.27	%		0.23	%
Equinox Frontier Long/Short Commodity Fund Class 2		197		2,633		4,779		0.02	%		0.22	%		0.36	%
Equinox Frontier Long/Short Commodity Fund Class 3		1,391		15,721		22,800		0.03	%		0.22	%		0.31	%
Equinox Frontier Long/Short Commodity Fund Class 1a		1,108		11,732		18,852		0.03	%		0.22	%		0.32	%
Equinox Frontier Long/Short Commodity Fund Class 2a		282		3,498		6,122		0.02	%		0.22	%		0.35	%
Equinox Frontier Long/Short Commodity Fund Class 3a		171		1,695		1,454		0.02	%		0.21	%		0.27	%
Equinox Frontier Balanced Fund Class 1		450,536		805,984		846,398		0.74	%		1.15	%		1.34	%
Equinox Frontier Balanced Fund Class 1AP		5,135		8,750		3,342		0.74	%		1.14	%		0.02	%
Equinox Frontier Balanced Fund Class 2		165,519		278,159		275,448		0.73	%		1.14	%		1.34	%
Equinox Frontier Balanced Fund Class 2a		828		1,311		1,252		0.15	%		0.23	%		0.25	%
Equinox Frontier Balanced Fund Class 3a		3,650		5,976		5,429		0.15	%		0.23	%		0.26	%
Equinox Frontier Select Fund Class 1		38,569		65,986		152,289		0.33	%		0.50	%		1.22	%
Equinox Frontier Select Fund Class 1AP		135		244		223		0.32	%		0.50	%		0.00	%
Equinox Frontier Select Fund Class 2		4,752		7,429		17,051		0.33	%		0.50	%		1.23	%
Equinox Frontier Winton Fund Class 1		315,194		450,697		418,922		1.39	%		1.77	%		1.82	%
Equinox Frontier Winton Fund Class 1AP		518		676		544		1.39	%		1.77	%		0.02	%
Equinox Frontier Winton Fund Class 2		167,500		209,259		188,681		1.39	%		1.62	%		1.75	%
Equinox Frontier Heritage Fund Class 1		76,936		113,684		121,694		0.91	%		1.19	%		1.45	%
Equinox Frontier Heritage Fund Class 1AP		340		726		337		1.00	%		1.18	%		0.01	%
Equinox Frontier Heritage Fund Class 2		26,337		37,732		36,285		0.91	%		1.18	%		1.36	%
Total	$	1,347,984	$	2,237,964	$	2,341,213

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $0, $955,000 and, $1,040,000, respectively, for the years ended December 31, 2016, 2015 and 2014, respectively.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $776,430, $623,715 and, $1,136,465, respectively, for the years ended December 31, 2016, 2015 and 2014.

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

During the year, Equinox Frontier Long/Short Commodity Fund borrowed from the pooled cash management account to fund a portion of its investments in Galaxy Plus entities. As of December 31, 2016, the Equinox Frontier Long/Short Commodity Fund owes the other Series $1,608,862. Equinox Frontier Long/Short Commodity Fund is being charged an annual interest rate of 0.25% on this borrowing.

F-45

During the year ended December 31, 2016, each Series changed its administrator from BNP Paribas to Gemini Hedge Fund Services, LLC. Gemini Hedge Fund Services, LLC is an affiliate of the Sponsor.

During the year ended December 31, 2016, each Series changed its transfer agency provider from Phoenix American Financial Services, Inc. to Gemini Fund Services, LLC. Gemini Fund Services, LLC is an affiliate of the Sponsor.

7. Financial Highlights

The following information presents the financial highlights of the Series for the years ended December 31, 2016, 2015 and 2014. This data has been derived from the information presented in the financial statements.

	Equinox Frontier Diversified Fund									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2015	$	115.52		$	129.60		$	119.87		$	112.87		$	126.60		$	117.57		$	94.76		$	132.10		$	106.19		$	132.14		$	106.86
Net operating results:
Interest income		0.67			0.75			0.70			0.77			0.87			0.81			0.19			0.26			0.20			0.26			0.21
Expenses		(10.13	)		(7.17	)		(6.64	)		(9.79	)		(8.07	)		(7.50	)		(5.68	)		(5.17	)		(4.17	)		(5.18	)		(4.21	)
Net gain/(loss) on investments, net of non-controlling interests		10.37			9.76			9.34			8.95			9.38			9.01			3.50			2.37			3.46			3.58			4.64
Net income/(loss)		0.91			3.34			3.40			(0.07	)		2.18			2.32			(1.98	)		(2.54	)		(0.52	)		(1.34	)		0.64
Net asset value, December 31, 2016	$	116.43		$	132.94		$	123.27		$	112.80		$	128.78		$	119.89		$	92.78		$	129.56		$	105.67		$	130.80		$	107.50
Ratios to average net assets
Net investment income/(loss)		-10.07	%		-5.79	%		-5.79	%		-9.87	%		-6.84	%		-6.84	%		-7.65	%		-4.84	%		-4.84	%		-4.84	%		-4.83	%
Expenses before incentive fees (3)(4)		8.82	%		4.54	%		4.54	%		9.54	%		6.51	%		6.51	%		7.49	%		4.68	%		4.68	%		4.68	%		4.63	%
Expenses after incentive fees (3)(4)		10.83	%		6.55	%		6.55	%		10.75	%		7.72	%		7.72	%		7.91	%		5.10	%		5.10	%		5.10	%		5.09	%
Total return before incentive fees (2)		2.79	%		4.58	%		4.84	%		1.15	%		2.93	%		3.18	%		-1.67	%		-1.50	%		-0.07	%		-0.60	%		1.05	%
Total return after incentive fees (2)		0.79	%		2.58	%		2.84	%		-0.06	%		1.72	%		1.97	%		-2.09	%		-1.92	%		-0.49	%		-1.01	%		0.60	%
	Equinox Frontier Balanced Fund																		Equinox Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2015	$	128.03		$	133.59		$	179.69		$	154.88		$	154.37					$	90.35		$	94.28		$	125.11
Net operating results:
Interest income		0.15			0.15			0.21			0.18			0.18						0.01			0.00			0.01
Expenses		(8.21	)		(4.49	)		(6.04	)		(5.22	)		(5.21	)					(6.11	)		(3.30	)		(4.37	)
Net gain/(loss) on investments, net of non-controlling interests		14.83			15.72			21.13			19.21			19.15						9.81			10.18			13.50
Net income/(loss)		6.77			11.38			15.30			14.17			14.12						3.71			6.88			9.14
Net asset value, December 31, 2016	$	134.80		$	144.97		$	194.99		$	169.05		$	168.49					$	94.06		$	101.16		$	134.25
Ratios to average net assets
Net investment income/(loss)		-7.65	%		-3.62	%		-3.62	%		-3.62	%		-3.62	%					-8.44	%		-4.26	%		-4.24	%
Expenses before incentive fees (3)(4)		6.20	%		2.16	%		2.16	%		2.16	%		2.16	%					8.14	%		3.94	%		3.94	%
Expenses after incentive fees (3)(4)		7.80	%		3.77	%		3.77	%		3.77	%		3.77	%					8.45	%		4.26	%		4.26	%
Total return before incentive fees (2)		6.89	%		10.12	%		10.12	%		10.75	%		10.75	%					4.42	%		7.61	%		7.62	%
Total return after incentive fees (2)		5.29	%		8.52	%		8.51	%		9.15	%		9.15	%					4.11	%		7.30	%		7.31	%
		Equinox Frontier Winton Fund									Equinox Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2015	$	164.17		$	171.31		$	217.51		$	124.27		$	129.67		$	173.54
Net operating results:
Interest income		0.04			0.04			0.05			0.02			0.00			0.02
Expenses		(12.41	)		(7.86	)		(9.99	)		(7.76	)		(4.25	)		(5.60	)
Net gain/(loss) on investments, net of non-controlling interests		2.72			2.68			3.41			3.05			3.18			4.14
Net income/(loss)		(9.66	)		(5.14	)		(6.53	)		(4.69	)		(1.07	)		(1.44	)
Net asset value, December 31, 2016	$	154.51		$	166.17		$	210.98		$	119.58		$	128.60		$	172.10
Ratios to average net assets
Net investment income/(loss)		-9.91	%		-5.88	%		-5.88	%		-8.17	%		-4.15	%		-4.14	%
Expenses before incentive fees (3)(4)		9.66	%		5.63	%		5.63	%		8.11	%		4.07	%		4.07	%
Expenses after incentive fees (3)(4)		9.94	%		5.91	%		5.91	%		8.19	%		4.15	%		4.15	%
Total return before incentive fees (2)		-5.60	%		-2.71	%		-2.72	%		-3.69	%		-0.75	%		-0.75	%
Total return after incentive fees (2)		-5.88	%		-3.00	%		-3.00	%		-3.77	%		-0.83	%		-0.83	%

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

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

(3) 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.

(4) Expense ratios do not include mangement and incentive fees at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees are included in the total return.

F-46

	Equinox Frontier Diversified Fund									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 3			Class 1a			Class 2a			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2014	$	113.09		$	124.67		$	115.03		$	116.61		$	128.53		$	119.06		$	138.30		$	138.34		$	101.12		$	111.35		$	111.77
Net operating results:
Interest income		1.25			1.38			1.27			1.26			1.39			1.29			1.30			1.30			0.94			1.04			1.04
Expenses		(12.26	)		(10.18	)		(9.38	)		(11.75	)		(10.13	)		(9.34	)		(10.10	)		(10.10	)		(9.53	)		(8.12	)		(8.06	)
Net gain/(loss) on investments, net of non-controlling interests		13.46			13.73			12.95			6.75			6.81			6.56			2.60			2.60			2.23			1.92			2.11
Net income/(loss)		2.43			4.93			4.84			(3.74	)		(1.93	)		(1.49	)		(6.20	)		(6.20	)		(6.36	)		(5.16	)		(4.91	)
Net asset value, December 31, 2015	$	115.52		$	129.60		$	119.87		$	112.87		$	126.60		$	117.57		$	132.10		$	132.14		$	94.76		$	106.19		$	106.86
Ratios to average net assets (3)
Net investment income/(loss)		-9.10	%		-6.56	%		-6.56	%		-8.92	%		-6.70	%		-6.70	%		-6.03	%		-6.03	%		-8.11	%		-6.03	%		-6.03	%
Expenses before incentive fees (4)		6.60	%		4.06	%		4.06	%		7.45	%		5.23	%		5.23	%		4.89	%		4.89	%		6.97	%		4.89	%		4.78	%
Expenses after incentive fees (4)		10.13	%		7.59	%		7.59	%		9.99	%		7.77	%		7.77	%		6.91	%		6.91	%		9.00	%		6.91	%		6.91	%
Total return before incentive fees (2)		5.68	%		7.49	%		7.74	%		-0.67	%		1.03	%		1.28	%		-2.46	%		-2.45	%		-4.26	%		-2.61	%		-2.26	%
Total return after incentive fees (2)		2.15	%		3.95	%		4.21	%		-3.21	%		-1.50	%		-1.25	%		-4.48	%		-4.48	%		-6.29	%		-4.63	%		-4.39	%
	Equinox Frontier Balanced Fund																		Equinox Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2014	$	131.54		$	133.20		$	179.16		$	153.02		$	152.52					$	95.61		$	96.82		$	128.48
Net operating results:
Interest income		0.04			0.04			0.06			0.05			0.05						0.00			0.00			0.00
Expenses		(8.91	)		(4.94	)		(6.65	)		(5.70	)		(5.68	)					(6.63	)		(3.84	)		(5.11	)
Net gain/(loss) on investments, net of non-controlling interests		5.36			5.29			7.12			7.51			7.50						1.37			1.30			1.74
Net income/(loss)		(3.51	)		0.39			0.53			1.86			1.85						(5.26	)		(2.54	)		(3.37	)
Net asset value, December 31, 2015	$	128.03		$	133.59		$	179.69		$	154.88		$	154.37					$	90.35		$	94.28		$	125.11
Ratios to average net assets (3)
Net investment income/(loss)		-6.50	%		-3.50	%		-3.50	%		-3.50	%		-3.50	%					-6.91	%		-3.91	%		-3.91	%
Expenses before incentive fees (4)		4.80	%		1.80	%		1.80	%		1.80	%		1.80	%					5.82	%		2.82	%		2.82	%
Expenses after incentive fees (4)		6.53	%		3.53	%		3.53	%		3.53	%		3.53	%					6.91	%		3.91	%		3.91	%
Total return before incentive fees (2)		-0.94	%		2.02	%		2.03	%		2.95	%		2.95	%					-4.42	%		-1.54	%		-1.54	%
Total return after incentive fees (2)		-2.67	%		0.29	%		0.30	%		1.22	%		1.21	%					-5.50	%		-2.62	%		-2.62	%
	Equinox Frontier Winton Fund									Equinox Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2014	$	175.95		$	178.18		$	226.23		$	130.28		$	131.93		$	176.56
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(15.25	)		(10.28	)		(13.06	)		(9.27	)		(5.42	)		(7.26	)
Net gain/(loss) on investments, net of non-controlling interests		3.47			3.41			4.34			3.26			3.16			4.24
Net income/(loss)		(11.78	)		(6.87	)		(8.72	)		(6.01	)		(2.26	)		(3.02	)
Net asset value, December 31, 2015	$	164.17		$	171.31		$	217.51		$	124.27		$	129.67		$	173.54
Ratios to average net assets (3)
Net investment income/(loss)		-8.74	%		-5.74	%		-5.74	%		-6.97	%		-3.97	%		-3.97	%
Expenses before incentive fees (4)		6.88	%		3.88	%		3.88	%		5.94	%		2.94	%		2.94	%
Expenses after incentive fees (4)		8.74	%		5.74	%		5.74	%		6.97	%		3.97	%		3.97	%
Total return before incentive fees (2)		-4.83	%		-1.99	%		-1.99	%		-3.58	%		-0.68	%		-0.68	%
Total return after incentive fees (2)		-6.70	%		-3.86	%		-3.85	%		-4.61	%		-1.71	%		-1.71	%

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

(2) 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.

F-47

	Equinox Frontier Diversified Fund (5)									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 3			Class 1a			Class 2a			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2013	$	87.10		$	94.35		$	84.21		$	91.83		$	99.46		$	91.91		$	125.26		$	125.30		$	92.73		$	100.34		$	100.47
Net operating results:
Interest income		0.94			1.03			1.01			1.08			1.19			1.16			1.47			1.47			1.09			1.18			1.22
Expenses		(13.06	)		(12.11	)		(11.89	)		(11.55	)		(10.53	)		(10.27	)		(9.22	)		(9.26	)		(8.72	)		(7.40	)		(7.64	)
Net gain/(loss) on investments, net of non-controlling interests		38.11			41.40			41.70			35.25			38.41			36.26			20.79			20.83			16.02			17.23			17.72
Net income/(loss)		25.99			30.32			30.82			24.78			29.07			27.15			13.04			13.04			8.39			11.01			11.30
Net asset value, December 31, 2014	$	113.09		$	124.67		$	115.03		$	116.61		$	128.53		$	119.06		$	138.30		$	138.34		$	101.12		$	111.35		$	111.77
Ratios to average net assets (3)
Net investment income/(loss)		-13.72	%		-11.36	%		-11.36	%		-11.32	%		-9.17	%		-9.17	%		-6.27	%		-6.27	%		-8.35	%		-6.27	%		-6.27	%
Expenses before incentive fees (4)		6.62	%		4.26	%		4.26	%		8.08	%		5.92	%		5.92	%		6.06	%		6.06	%		8.15	%		6.06	%		6.02	%
Expenses after incentive fees (4)		14.78	%		12.41	%		12.41	%		12.49	%		10.34	%		10.34	%		7.46	%		7.46	%		9.54	%		7.46	%		7.46	%
Total return before incentive fees (2)		38.00	%		40.29	%		44.75	%		31.40	%		33.64	%		33.96	%		11.80	%		11.80	%		10.44	%		12.37	%		12.68	%
Total return after incentive fees (2)		29.84	%		32.14	%		36.60	%		26.98	%		29.23	%		29.54	%		10.41	%		10.41	%		9.05	%		10.97	%		11.25	%
	Equinox Frontier Balanced Fund (6)																		Equinox Frontier Select Fund (6)
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2013	$	106.29		$	102.62		$	140.49		$	118.80		$	118.41					$	79.86		$	75.53		$	104.14
Net operating results:
Interest income		0.03			0.03			0.04			0.04			0.04						0.00			0.00			0.00
Expenses		(9.48	)		(6.71	)		(8.38	)		(7.17	)		(7.13	)					(7.61	)		(5.48	)		(6.93	)
Net gain/(loss) on investments, net of non-controlling interests		34.70			37.26			47.01			41.35			41.20						23.36			26.77			31.27
Net income/(loss)		25.25			30.58			38.67			34.22			34.11						15.75			21.29			24.34
Net asset value, December 31, 2014	$	131.54		$	133.20		$	179.16		$	153.02		$	152.52					$	95.61		$	96.82		$	128.48
Ratios to average net assets (3)
Net investment income/(loss)		-8.79	%		-5.79	%		-5.79	%		-5.79	%		-5.79	%					-9.61	%		-6.61	%		-6.61	%
Expenses before incentive fees (4)		4.92	%		1.92	%		1.92	%		1.92	%		1.92	%					7.14	%		4.14	%		4.14	%
Expenses after incentive fees (4)		8.82	%		5.82	%		5.82	%		5.82	%		5.82	%					9.61	%		6.61	%		6.61	%
Total return before incentive fees (2)		27.65	%		33.69	%		31.42	%		32.70	%		32.70	%					22.20	%		30.66	%		25.85	%
Total return after incentive fees (2)		23.76	%		29.80	%		27.53	%		28.80	%		28.81	%					19.72	%		28.19	%		23.37	%
	Equinox Frontier Winton Fund (6)									Equinox Frontier Heritage Fund (6)
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2013	$	139.59		$	138.93		$	174.17		$	102.05		$	98.80		$	134.21
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(17.82	)		(13.99	)		(17.09	)		(10.02	)		(7.36	)		(9.27	)
Net gain/(loss) on investments, net of non-controlling interests		54.18			53.24			69.15			38.25			40.49			51.62
Net income/(loss)		36.36			39.25			52.06			28.23			33.13			42.35
Net asset value, December 31, 2014	$	175.95		$	178.18		$	226.23		$	130.28		$	131.93		$	176.56
Ratios to average net assets (3)
Net investment income/(loss)		-12.22	%		-9.22	%		-9.22	%		-9.68	%		-6.67	%		-6.67	%
Expenses before incentive fees (4)		7.09	%		4.09	%		4.09	%		6.53	%		3.53	%		3.53	%
Expenses after incentive fees (4)		12.22	%		9.22	%		9.22	%		9.68	%		6.67	%		6.67	%
Total return before incentive fees (2)		31.18	%		33.38	%		35.02	%		30.81	%		36.68	%		34.70	%
Total return after incentive fees (2)		26.05	%		28.25	%		29.89	%		27.66	%		33.53	%		31.56	%

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

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

(3) Annualized with the exception of incentive fees.

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

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

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

F-48

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, 2016 and 2015 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

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

For the Year Ended December 31, 2016
Monthly average contracts:
	Bought		Sold
Equinox Frontier Balanced Fund		3,551		3,667
Equinox Frontier Long/Short Commodity Fund		17		7
Equinox Frontier Select Fund		2,403		2,134
Equinox Frontier Winton Fund		646		768

For the Year Ended December 31, 2015
Monthly average contracts:
	Bought		Sold
Equinox Frontier Balanced Fund		5,930		6,000
Equinox Frontier Diversified Fund		7,657		7,698
Equinox Frontier Select Fund		2,213		2,285
Equinox Frontier Winton Fund		629		697

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

F-49

The following tables summarize the trading revenues for the years ended December 31, 2016, 2015 and 2014 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2016

	Equinox Frontier
	Long/Short			Equinox Frontier			Equinox Frontier			Equinox Frontier
Type of contract	Commodity Fund			Balanced Fund			Select Fund			Winton Fund
Metals	$	(34,888	)	$	182,563		$	(410,694	)	$	(2,388,858	)
Currencies		—			(13,492	)		900,699			2,423,468
Energies		62,750			(486,968	)		(341,104	)		(1,997,815	)
Agriculturals		(118,076	)		104,957			(239,338	)		(645,570	)
Interest rates		—			5,052,510			1,821,479			3,484,057
Stock indices		—			(1,061,138	)		375,929			(282,419	)
Realized trading income/(loss)(1)	$	(90,214	)	$	3,778,432		$	2,106,971		$	592,863

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2015

	Equinox Frontier			Equinox Frontier			Equinox Frontier			Equinox Frontier
Type of contract	Diversified Fund			Balanced Fund			Select Fund			Winton Fund
Metals	$	(290,825	)	$	(1,177,902	)	$	318,485		$	1,193,164
Currencies		1,383,673			(1,439,511	)		(1,139,499	)		(708,080	)
Energies		583,688			1,689,728			2,554,163			4,578,349
Agriculturals		(393,721	)		(713,403	)		(430,337	)		163,315
Interest rates		4,591,068			2,060,482			465,975			2,023,333
Stock indices		2,725,801			(584,380	)		(383,178	)		(3,884,112	)
Realized trading income/(loss)(1)	$	8,599,684		$	(164,986	)	$	1,385,609		$	3,365,969

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2014

	Equinox Frontier
	Long/Short			Equinox Frontier			Equinox Frontier
Type of contract	Commodity Fund			Balanced Fund			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

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

F-50

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

for the Year Ended December 31, 2016

	Equinox Frontier
	Long/Short			Equinox Frontier			Equinox Frontier			Equinox Frontier
Type of contract	Commodity Fund			Balanced Fund			Select Fund			Winton Fund
Metals	$	40,106		$	60,680		$	(97,042	)	$	(577,784	)
Currencies		88,181			(568,349	)		231,035			92,870
Energies		310,673			127,622			(457,542	)		(165,261	)
Agriculturals		265,514			(8,243	)		(47,280	)		105,158
Interest rates		6,479			88,321			435,147			699,717
Stock indices		(17,690	)		(40,687	)		122,797			311,568
Change in unrealized trading income/(loss)(1)	$	693,263		$	(340,656	)	$	187,115		$	466,268

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

for the Year Ended December 31, 2015

	Equinox Frontier			Equinox Frontier			Equinox Frontier			Equinox Frontier
Type of contract	Diversified Fund			Balanced Fund			Select Fund			Winton Fund
Metals	$	826,351		$	98,396		$	341,471		$	(258,245	)
Currencies		(193,292	)		326,929			68,644			(1,135,570	)
Energies		147,793			(655,732	)		(87,484	)		(477,721	)
Agriculturals		90,444			(27,073	)		(193,259	)		195,067
Interest rates		(924,670	)		(1,209,945	)		(1,031,494	)		(587,015	)
Stock indices		503,775			(155,839	)		(298,237	)		136,082
Change in unrealized trading income/(loss)(1)	$	450,401		$	(1,623,264	)	$	(1,200,359	)	$	(2,127,402	)

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

for the Year Ended December 31, 2014

	Equinox Frontier
	Long/Short			Equinox Frontier			Equinox Frontier
Type of contract	Commodity Fund			Balanced Fund			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

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

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

F-51

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, 2016 and 2015.

As of December 31, 2016

						Net Amounts
	Gross Amounts of		Gross Amounts offset			Presented in the
	recognized		in the Statements of			Statements of
	Derivative Assets		Financial Condition			Financial Condition
Equinox Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	515,659	$	(277,998	)	$	237,661
Swap Contracts		18,939,450		—			18,939,450
Equinox Frontier Diversified Fund
Swap Contracts	$	8,637,847	$	—		$	8,637,847
Equinox Frontier Long/Short Commodity Fund
Swap Contracts	$	4,220,468	$	—		$	4,220,468
Equinox Frontier Heritage Fund
Swap Contracts	$	8,391,414	$	—		$	8,391,414
Equinox Frontier Select Fund
Open Trade Equity/(Deficit)	$	1,136,504	$	(450,482	)	$	686,022
Equinox Frontier Winton Fund
Open Trade Equity/(Deficit)	$	2,393,850	$	(1,171,326	)	$	1,222,524

As of December 31, 2015

						Net Amounts
	Gross Amounts of		Gross Amounts offset			Presented in the
	recognized		in the Statements of			Statements of
	Derivative Assets		Financial Condition			Financial Condition
Equinox Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	26,882	$	(15,352	)	$	11,530
Swap Contracts		19,157,520		—			19,157,520
Equinox Frontier Diversified Fund
Swap Contracts	$	8,685,849	$	—		$	8,685,849
Equinox Frontier Long/Short Commodity Fund
Swap Contracts	$	4,332,428	$	—		$	4,332,428
Equinox Frontier Heritage Fund
Swap Contracts	$	7,960,268	$	—		$	7,960,268
Equinox Frontier Select Fund
Open Trade Equity/(Deficit)	$	495,020	$	(32,681	)	$	462,339
Equinox Frontier Winton Fund
Open Trade Equity/(Deficit)	$	768,118	$	(168,539	)	$	599,579

F-52

9. Trading Activities and Related Risks

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

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

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

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

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

10. Indemnifications and Guarantees

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

The Trust has guaranteed the obligations of the Trading Companies under the customer agreements with UBS Securities LLC as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities LLC, the assets of the other Series will be available to UBS Securities LLC as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the Trading Company. The Series have not recorded any liability for the indemnifications in the accompanying financial statement, as it expects any possibility of losses to be remote. As of September 2016, the Trust no longer uses UBS Securities LLC as a Clearing Broker.

F-53

11. Subsequent Events

On December 5, 2016, Equinox Fund Management, LLC (“Equinox”), Frontier Fund Management LLC (the “New Managing Owner”), and Wakefield Advisors, LLC (“Wakefield”) entered into a Unit Purchase Agreement (the “Agreement”). Equinox was the Managing Owner of the Trust and the Series. Pursuant to the Agreement, Equinox agreed to transfer to the New Managing Owner such amount of Equinox’s General Units (as defined in the Trust Agreement) as the Managing Owner shall be required to hold in its capacity as managing owner of the Trust pursuant to the Trust Agreement, and redeem the remainder of Equinox’s General Units (the “Transaction”).

The Transaction was consummated on March 6, 2017, and upon consummation of the Transaction, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. Consequently, consummation of the Transaction constituted a change of operational control in respect of the Trust and each Series.

In connection with the foregoing, the Trust Agreement was amended to effect certain changes to replace Equinox as the Managing Owner and to reflect the New Managing Owner as the new managing owner. Also, the New Managing Owner has temporarily suspended the sale of Units (as defined in the Trust Agreement) while the Managing Owner engages with the Securities and Exchange Commission to have declared effective a post-effective amendment to the Series’ registration statements, as well as approval by the NFA. The Series will file Form 8-K to announce the resumption of the sale of Units, which the New Managing Owner expects will occur shortly.

The New Managing Owner is seeking to cause the suspension to be lifted as promptly as practicable.

Any forward-looking statements herein are based on expectations of the New Managing Owner at this time. Whether or not actual results and developments will conform to the New Managing Owner’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in the Series’ prospectuses, general economic, market and business conditions, changes in laws or regulations or other actions made by governmental authorities or regulatory bodies, and other world economic and political developments. The Series and the New Managing Owner undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

F-54

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, 2016 and 2015, and the related consolidated statements of operations, changes in owners’ capital, and cash flows for each of the three years in the period then ended. These consolidated financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits 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, 2016 and 2015, and the results of their operations and their cash flows for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 10 to the consolidated financial statements, on March 6, 2017 a unit purchase agreement between Frontier Fund Management LLC (New Managing Owner) and Equinox Fund Management (Equinox) was consummated whereby Equinox’s general units were transferred to the New Managing Owner. Upon consummation, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox.

/s/ RSM US LLP

Denver, Colorado

March 31, 2017

F-55

Equinox Frontier Funds

Consolidated Statements of Financial Condition

December 31, 2016 and 2015

	12/31/16		12/31/15
ASSETS
Cash and cash equivalents	$	4,747,043	$	13,975,625
U.S. Treasury securities, at fair value		42,757,604		117,478,438
Receivable from futures commission merchants		32,852,013		72,731,570
Open trade equity, at fair value		2,146,207		—
Options purchased, at fair value		—		526,288
Swap contracts, at fair value		40,189,178		40,136,065
Investments in private investment companies, at fair value		107,717,118		—
Prepaid service fees		—		24,251
Interest receivable		798,053		2,039,516
Receivables from related parties		87,670		3,120
Other assets		—		17
Total Assets	$	231,294,886	$	246,914,890
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	4,348,870
Written options, at fair value		—		165,760
Pending owner additions		—		36,462
Owner redemptions payable		1,137,772		612,170
Incentive fees payable to Managing Owner		—		382,136
Management fees payable to Managing Owner		433,430		402,943
Interest payable to Managing Owner		63,275		162,121
Trading fees payable to Managing Owner		523,099		282,522
Service fees payable to Managing Owner		239,520		273,856
Risk analysis fees payable		15,673		—
Payables to related parties		85,078		63,744
Advance on unrealized Swap Appreciation		9,441,555		—
Other liabilities		144,049		7
Total Liabilities		12,083,451		6,730,591
OWNERS CAPITAL
Managing Owner Units		2,276,211		5,798,155
Limited Owner Units		216,935,224		234,386,144
Total Owners Capital		219,211,435		240,184,299
Total Liabilities and Owners Capital	$	231,294,886	$	246,914,890

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

F-56

Equinox Frontier Fund

Consolidated Condensed Schedule of Investments

December 31, 2016

			Fair			% of Total Capital
Description			Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
		Various base metals futures contracts (U.S.)	$	(20,244	)		-0.01	%
		Various currency futures contracts (Europe)		73,909			0.03	%
		Various currency futures contracts (Far East)		1,360			0.00	%
		Various currency futures contracts (Oceanic)		(41,946	)		-0.02	%
		Various currency futures contracts (U.S.)		50,242			0.02	%
		Various energy futures contracts (U.S.)		218,762			0.10	%
		Various energy futures contracts (Europe)		4,150			0.00	%
		Various energy futures contracts (Far East)		8,788			0.00	%
		Various interest rates futures contracts (Canada)		(503	)		0.00	%
		Various interest rates futures contracts (Europe)		255,450			0.12	%
		Various interest rates futures contracts (Oceanic)		103			0.00	%
		Various interest rates futures contracts (U.S.)		25,285			0.01	%
		Various precious metal futures contracts (U.S.)		(3,860	)		0.00	%
		Various precious metal futures contracts (Far East)		1,950			0.00	%
		Various soft futures contract (Europe)		1,956			0.00	%
		Various soft futures contract (Canada)		(1,115	)		0.00	%
		Various soft futures contract (Far East)		111			0.00	%
		Various soft futures contract (U.S.)		(178,253	)		-0.08	%
		Various soft futures contracts (Far East)		2,808			0.00	%
		Various stock index futures contracts (Canada)		925			0.00	%
		Various stock index futures contracts (Europe)		302,352			0.14	%
		Various stock index futures contracts (Far East)		362,606			0.17	%
		Various stock index futures contracts (Oceanic)		61,876			0.03	%
		Various stock index futures contracts (U.S.)		(284,324	)		-0.13	%
		Total Long Futures Contracts	$	842,388			0.38	%
SHORT FUTURES CONTRACTS *
		Various base metals futures contracts (U.S.)	$	(200,612	)		-0.09	%
		Various currency futures contracts (Canada)		11,735			0.01	%
		Various currency futures contracts (Europe)		358,276			0.16	%
		Various currency futures contracts (Far East)		187,929			0.09	%
		Various currency futures contracts (Oceanic)		7,603			0.00	%
		Various currency futures contracts (U.S.)		1,130			0.00	%
		Various energy futures contracts (U.S.)		(82,280	)		-0.04	%
		Various interest rates futures contracts (Canada)		5,396			0.00	%
		Various interest rates futures contracts (Europe)		(17,617	)		-0.01	%
		Various interest rates futures contracts (Far East)		(16,393	)		-0.01	%
		Various interest rates futures contracts (Oceanic)		22,526			0.01	%
		Various interest rates futures contracts (U.S.)		172,279			0.08	%
		Various precious metal futures contracts (U.S.)		208,285			0.10	%
		Various soft futures contract (U.S.)		401,926			0.18	%
		Various soft futures contracts (Europe)		111,769			0.05	%
		Various soft futures contracts (U.S.)		62,055			0.03	%
		Various stock index futures contracts (Africa)		4,459			0.00	%
		Various stock index futures contracts (Canada)		—			0.00	%
		Various stock index futures contracts (Europe)		(2,802	)		0.00	%
		Various stock index futures contracts (Far East)		(2,456	)		0.00	%
		Various stock index futures contracts (Oceanic)		—			0.00	%
		Various stock index futures contracts (U.S.)		16,027			0.01	%
		Total Short Futures Contracts	$	1,249,235			0.57	%
CURRENCY FORWARDS *
		Various currency forwards contracts (NA)	$	54,584			0.02	%
		Total Currency Forwards	$	54,584			0.02	%
		Total Open Trade Equity (Deficit)	$	2,146,207			0.97	%
SWAPS (1)
		Frontier Brevan Howard swap (U.S.)	$	8,391,414			3.83	%
		Frontier XXXIV Balanced select swap (U.S.)		18,939,450			8.65	%
		Frontier XXXV Diversified select swap (U.S.)		8,637,847			3.94	%
		Frontier XXXVII L/S select swap (U.S.)		4,220,467			1.93	%
		Total Swaps	$	40,189,178			18.35	%
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	$	11,559,976			5.28	%
		Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		11,465,608			5.23	%
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		6,526,957			2.98	%
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		11,174,877			5.10	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		20,442,933			9.33	%
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		19,226,675			8.78	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		3,899,040			1.78	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (517) LLC		11,197,020			5.11	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		4,643,329			2.12	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		7,580,703			3.46	%
		Total Private Investment Companies	$	107,717,118			49.17	%
			Fair Value			Fair Value
U.S. TREASURY SECURITIES
FACE VALUE
$	16,400,000	US Treasury Note 6.000% due 02/15/2026 (Cost $22,970,250)	$	22,193,498			10.13	%
$	15,900,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		20,564,106			9.39	%
		Total U.S. Treasury Securities	$	42,757,604			19.52	%

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

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

(2) See Notes to Consolidated Financial Statements, Note 5.

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

F-57

Equinox Frontier Fund

Consolidated Condensed Schedule of Investments

December 31, 2015

			Fair			% of Total Capital
Description			Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
		Various base metals futures contracts (Europe)	$	(96,596	)		-0.04	%
		Various base metals futures contracts (U.S.)		(1,250,449	)		-0.52	%
		Various currency futures contracts (Singapore)		6,824			0.00	%
		Various currency futures contracts (U.S.)		54,431			0.02	%
		Various energy futures contracts (Europe)		13,493			0.01	%
		Various energy futures contracts (Far East)		605			0.00	%
		Various energy futures contracts (U.S.)		(2,605,923	)		-1.08	%
		Brent Crude Oil Settling 1/29/2016 (Number of Contracts: 546)		(3,709,735	)		-1.54	%
		WTI Crude Oil Settling 5/31/2016 (Number of Contracts: 925)		(7,677,427	)		-3.20	%
		Heating Oil Settling 1/29/2016 (Number of Contracts: 314)		(4,145,156	)		-1.73	%
		Various interest rates futures contracts (Canada)		111,674			0.05	%
		Various interest rates futures contracts (Europe)		(686,234	)		-0.29	%
		Various interest rates futures contracts (Far East)		304,974			0.13	%
		Various interest rates futures contracts (Oceanic)		(19,910	)		-0.01	%
		Various interest rates futures contracts (U.S.)		(568,406	)		-0.24	%
		Various precious metal futures contracts (U.S.)		(2,773,754	)		-1.15	%
		Various soft futures contracts (Canada)		513			0.00	%
		Various soft futures contracts (Europe)		73,103			0.03	%
		Various soft futures contracts (Oceanic)		5,505			0.00	%
		Various soft futures contracts (U.S.)		349,981			0.15	%
		Various stock index futures contracts (Canada)		(43,551	)		-0.02	%
		Various stock index futures contracts (Europe)		100,955			0.04	%
		Various stock index futures contracts (Far East)		(184,632	)		-0.08	%
		Various stock index futures contracts (Oceanic)		(2,642	)		0.00	%
		Various stock index futures contracts (U.S.)		135,830			0.06	%
		Total Long Futures Contracts	$	(22,606,527	)		-9.41	%
SHORT FUTURES CONTRACTS *
		Various base metals futures contracts (Europe)	$	402,411			0.17	%
		Various base metals futures contracts (U.S.)		113,542			0.05	%
		Various currency futures contracts (U.S.)		1,304,853			0.54	%
		Various energy futures contracts (Europe)		29,608			0.01	%
		Various energy futures contracts (Far East)		1,430			0.00	%
		Various energy futures contracts (U.S.)		3,963,547			1.65	%
		WTI Crude Oil Settling 4/30/2016 (Number of Contracts: 845)		4,039,571			1.68	%
		WTI Crude Oil Settling 6/29/2016 (Number of Contracts: 756)		3,923,021			1.63	%
		Heating Oil Settling 8/1/2016 (Number of Contracts: 210)		3,342,927			1.39	%
		Various interest rates futures contracts (Canada)		912			0.00	%
		Various interest rates futures contracts (Europe)		130,658			0.05	%
		Various interest rates futures contracts (Far East)		(18,300	)		-0.01	%
		Various interest rates futures contracts (Oceanic)		(171,001	)		-0.07	%
		Various interest rates futures contracts (U.S.)		148,445			0.06	%
		Various precious metal futures contracts (Far East)		4,492			0.00	%
		Various precious metal futures contracts (U.S.)		1,320,899			0.55	%
		Various precious metal futures contracts (Far East)		(2,639	)		0.00	%
		Various soft futures contract (Europe)		(10,130	)		0.00	%
		Various soft futures contracts (Canada)		(1,321	)		0.00	%
		Various soft futures contracts (Europe)		49,202			0.02	%
		Various soft futures contracts (Far East)		(1,348	)		0.00	%
		Various soft futures contracts (Singapore)		930			0.00	%
		Various soft futures contracts (U.S.)		(364,588	)		-0.15	%
		Various stock index futures contracts (Africa)		(10,962	)		0.00	%
		Various stock index futures contracts (Canada)		(23,117	)		-0.01	%
		Various stock index futures contracts (Europe)		(23,385	)		-0.01	%
		Various stock index futures contracts (Far East)		87,447			0.04	%
		Various stock index futures contracts (Mexico)		790			0.00	%
		Various stock index futures contracts (Oceanic)		(12,679	)		-0.01	%
		Various stock index futures contracts (U.S.)		(39,052	)		-0.02	%
		Various stock index futures contracts (Warsaw)		(3,926	)		0.00	%
		Total Short Futures Contracts	$	18,182,237			7.57	%
CURRENCY FORWARDS *
		Various currency forwards contracts (NA)	$	75,418			0.03	%
		Total Currency Forwards	$	75,418			0.03	%
		Total Open Trade Equity (Deficit)	$	(4,348,872	)		-1.81	%
OPTIONS PURCHASED *
		Various energy futures contracts (U.S.)	$	154,530			0.06	%
		Various stock index futures contracts (U.S.)		371,758			0.15	%
		Total Options Purchased	$	526,288			0.21	%
OPTIONS WRITTEN *
		Various energy futures contracts (U.S.)	$	(165,760	)		-0.07	%
		Total Options Written	$	(165,760	)		-0.07	%
SWAPS (1)
		Frontier Brevan Howard swap (U.S.)	$	7,960,269			3.31	%
		Frontier XXXIV Balanced select swap (U.S.)		19,157,519			7.98	%
		Frontier XXXV Diversified select swap (U.S.)		8,685,849			3.62	%
		Frontier XXXVII L/S select swap (U.S.)		4,332,428			1.80	%
		Total Swaps	$	40,136,065			16.71	%
			Fair Value			Fair Value
U.S. TREASURY SECURITIES
FACE VALUE
$	67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	89,465,938			37.25	%
$	20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		28,012,500			11.66	%
		Total U.S. Treasury Securities	$	117,478,438			48.91	%

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 1 percent of Net

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

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

F-58

Equinox Frontier Funds

Consolidated Statements of Operations

For the Years Ended December 31, 2016, 2015 and 2014

	2016			2015			2014
Investment income:
Interest - net	$	585,952		$	1,034,549		$	1,121,287
Total Income		585,952			1,034,549			1,121,287
Expenses:
Incentive Fees		2,980,696			5,723,374			11,993,289
Management Fees		3,235,153			5,028,224			5,857,792
Risk analysis Fees		89,265			—			—
Service Fees - Class 1		3,586,271			4,309,654			4,357,428
Trading Fees		3,613,634			3,452,315			3,327,096
Total Expenses		13,505,019			18,513,567			25,535,605
Investment income/(loss) - net		(12,919,067	)		(17,479,018	)		(24,414,318	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		4,588,561			34,717,764			56,215,423
Net unrealized gain/(loss) on private investment companies		4,405,026			—			—
Net realized gain/(loss) on private investment companies		776,630			—			—
Net change in open trade equity/(deficit)		6,811,181			(19,985,903	)		(1,839,399	)
Net unrealized gain/(loss) on swap contracts		53,113			3,145,177			14,538,860
Net realized gain/(loss) on U.S. Treasury securities		7,709,486			1,146,411			(429,638	)
Net unrealized gain/(loss) on U.S. Treasury securities		(5,181,917	)		(2,972,057	)		13,833,243
Trading commissions		(732,436	)		(2,741,423	)		(3,832,184	)
Net gain/(loss) on investments		18,429,644			13,309,969			78,486,305
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	5,510,577		$	(4,169,049	)	$	54,071,987

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

F-59

Equinox Frontier Funds

Consolidated Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Managing			Limited
	Owner			Owners			Total
Owners’ Capital, December 31, 2013	$	4,801,516		$	296,220,779		$	301,022,295
Sale of Units		23,159			15,657,259			15,680,418
Redemption of Units		(317,674	)		(100,250,717	)		(100,568,391	)
Net increase/(decrease) in Owners’
Capital resulting from operations		1,165,260			52,906,727			54,071,987
Owners’ Capital, December 31, 2014		5,672,261			264,534,048			270,206,309
Sale of Units		—			19,606,202			19,606,202
Redemption of Units		—			(46,670,773	)		(46,670,773	)
Payment made by Managing Owner		—			1,211,610			1,211,610
Net increase/(decrease) in Owners’
Capital resulting from operations		125,894			(4,294,943	)		(4,169,049	)
Owners’ Capital, December 31, 2015		5,798,155			234,386,144			240,184,299
Sale of Units		4,923			11,272,734			11,277,657
Redemption of Units		(3,732,623	)		(34,028,475	)		(37,761,098	)
Net increase/(decrease) in Owners’
Capital resulting from operations		205,756			5,304,821			5,510,577
Owners’ Capital, December 31, 2016	$	2,276,211		$	216,935,224		$	219,211,435

The consolidated Trust is not unitized as are the individual Series of the Trust

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

F-60

Equinox Frontier Funds

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2016, 2015 and 2014

	2016			2015			2014
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	5,510,577		$	(4,169,049	)	$	54,071,987
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity		(7,171,709	)		19,173,292			850,228
Net change in options purchased		526,288			8,549,595			(6,042,013	)
Net change in options written		(165,760	)		(8,798,078	)		7,741,316
Net unrealized (gain)/loss on swap contracts		(53,113	)		(3,145,177	)		(14,535,358	)
Net unrealized (gain)/loss on U.S. Treasury securities		5,181,917			2,972,057			(13,833,243	)
Net realized (gain)/loss on U.S. Treasuries securities		(7,709,486	)		(1,146,411	)		429,638
Net unrealized gain/(loss) on private investment companies		(4,405,026	)		—			—
Net realized gain/(loss) on private investment companies		(776,630	)		—			—
(Purchases) sales of:
(Purchases) of swap contracts		—			(1,000,000	)		—
(Purchases) of U.S. Treasury securities		(25,877,151	)		(21,196,875	)		(14,984,410	)
Sales of U.S. Treasury securities		102,379,233			39,359,391			82,112,859
(Purchases) of Private Investment Companies		(107,326,025	)		—			—
Sales of Private Investment Companies		5,467,195			—			—
U.S. Treasury interest and premium paid/amortized		746,321			2,486,916			—
Increase and/or decrease in:
Receivable from futures commission merchants		39,879,557			(6,820,222	)		(4,768,450	)
Prepaid service fees		24,251			(8,209	)		4,010
Interest receivable		1,241,463			111,502			501,949
Receivable from related parties		(84,550	)		2,541			390
Other assets		29			499,993			(499,955	)
Interest payable		—			—			—
Incentive fees payable to Managing Owner		(382,136	)		(6,283,192	)		5,254,068
Management fees payable to Managing Owner		30,487			(65,211	)		(137,065	)
Interest payable to Managing Owner		(98,846	)		(40,965	)		(78,476	)
Trading fees payable to Managing Owner		240,577			(42,332	)		(36,543	)
Service fees payable to Managing Owner		(34,336	)		(62,259	)		(68,919	)
Risk analysis fees payable		15,673			—			—
Payables to related parties		21,334			25,817			18,978
Other liabilities		144,042			(6	)		—
Net cash provided by operating activities		7,324,176			20,403,118			96,000,991
Cash Flows from Financing Activities:
Proceeds from sale of capital		11,277,657			19,606,202			15,680,430
Payment for redemption of capital		(37,761,098	)		(46,670,773	)		(100,568,391	)
Payment from the Managing Owner		—			1,211,610			—
Pending owner additions		(36,462	)		(5,492	)		7,842
Advance on unrealized Swap Appreciation		9,441,555			—			—
Redemptions payable		525,602			453,104			(1,445,885	)
Net cash used in financing activities		(16,552,746	)		(25,405,349	)		(86,326,004	)
Net increase (decrease) in cash and cash equivalents		(9,228,570	)		(5,002,231	)		9,674,987
Cash and cash equivalents, beginning of period		13,975,613			18,977,844			9,302,857
Cash and cash equivalents, end of period	$	4,747,043		$	13,975,613		$	18,977,844

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

F-61

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 and is set to expire on December 31, 2053. The Trust is a multi-advisor commodity pool, as described in CFTC Regulation § 4.10(d)(2). The Trust has authority to issue separate Series of Units pursuant to the requirements of the Trust Act. The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act. It is managed by the Managing Owner.

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

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

The Trust has seven (7) separate and distinct Series of Units issued and outstanding: Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund. The Trust financial statements are comprised of unitized Series which are consolidated into the Trust financial statements. However, the consolidated Trust does not issue units.

The Trust, with respect to each Series:

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

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

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

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

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

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● maintains each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. Class 1AP was created as a sub-class of Class 1 and it has been presented separately because the fees applicable to it are different from those applicable to Class 1. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

● all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund or Equinox Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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, 2016, the Trust, with respect to the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2, and Class 1AP. The Trust, with respect to the Equinox Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1a, Class 2, Class 3, Class 2a and Class 3a. The Trust, with respect to the Equinox Frontier Balanced Fund separates Units into a maximum of five Classes—Class 1, Class 1AP, Class 2, Class 2a and Class 3a. Between April 15, 2016 and December 31, 2016, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, and Frontier Trading Company XXIII, LLC held by Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Balanced Fund, and Equinox Frontier Long/Short Commodity Fund were exchanged for equivalent interests in Galaxy Plus. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, and the assets of Frontier Trading Company XXIII, LLC, which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Master Funds in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC. The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series’ assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

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

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

Basis of Presentation—The Trust follows GAAP, as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, condensed schedules of investments, results of operations, changes in capital and cash flows. The Trust is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946.

Consolidation— The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and the risk analysis fee, all of which is allocated to the Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Investments interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Trust’s interest in the NAV in the Galaxy Plus entities. The equity interest held by Trust is shown as investments in private investment companies in the statements of financial condition. The income or is shown in the statements of operations as net unrealized gain/(loss) on private investment companies. The Trading Companies and Series of the Trust are consolidated by the Trust.

Galaxy Plus entities are co-mingled investment vehicles. In addition to the Trust, there are other non-affiliated investors in Galaxy Plus. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Trust ownership percentage in Galaxy Plus. It is expected that ownership percentage will fluctuate (sometimes significantly) on a week by week basis which could also result in frequent changes in the consolidating Series. Such fluctuations make consolidating the financial statements of the Galaxy Plus entities both impractical and misleading. Non-consolidation of these Galaxy Plus entities presents a more useful financial statement for the readers. As such, management has decided that presenting Galaxy Plus entities on a non-consolidated basis as investments in other investments companies (a “fund of funds” approach) is appropriate and preferable to the users of these financial statements. Refer to Note 5 for additional disclosures related to these private investment companies.

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

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

Interest Income—U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasuries and assets held at a futures commission merchant (“FCM”), of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1, and Class 2 only), Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to each Series was paid to the Managing Owner from January 1, 2016 through April 28, 2016, thereafter 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the statement of operations.

F-64

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. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $2,631,477 for the Frontier Trading Company I LLC, $3,623,496 for the Frontier Trading Company XV LLC, and $14,604,203 for the Frontier Trading Company II LLC.

Investment Transactions—Futures, options on futures, forward and swap contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are settled. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the consolidated statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with FASB ASC 210, Balance Sheet (“ASC 210”) and Accounting Standards Update (ASU) 2013-01, Balance Sheet (Topic 210).

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

Purchase and Sales of Private Investment Companies – The Trust is able to subscribe into and redeem from the Galaxy Plus entities on a weekly basis. The value of the Private Investment Companies is determined by the Sponsor and reported on a daily basis. The change in value is calculated as the difference between the total purchase proceeds and the fair value calculated by the Sponsor and is recorded as net unrealized gain/(loss) on private investment companies on the statements of operations.

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

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

Each Series allocates funds to an affiliated Trading Company, or Companies, of the Trust, or unaffiliated Galaxy Plus entity. Each Trading Company allocates all of its daily trading gains or losses to the Series in proportion to each Series’ ownership trading level interest in the Trading Company, adjusted on a daily basis (except for Trading Advisors and other investments such as swaps that are directly allocated to a specific series). Likewise, trading gains and losses earned and incurred by the Series through their investments in Galaxy Plus entities are allocated to those Series on a daily basis. The allocation of gains and losses in Galaxy Plus entities are based on each Series pro-rata shares of the trading level of that entity which is updated at the beginning of each month or more frequently if there is a subscription or redemption activity in the entity. The value of all open contracts and cash held at clearing brokers is similarly allocated to the Series in proportion to each Series’ funds allocated to the Trading Companies or Galaxy Plus entities.

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

F-65

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 year ended December 31, 2016. The 2013 through 2016 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

In the opinion of the Managing Owner, (i) the Trust is treated as a partnership for Federal income tax purposes and, assuming that at least 90% of the gross income of the Trust constitutes “qualifying income” within the meaning of Section 7704(d) of the Code, (ii) the Trust is not a publicly traded partnership treated as a corporation, and (iii) the discussion set forth in the Prospectus under the heading “U.S. Federal Income Tax Consequences” correctly summarizes the material Federal income tax consequences as of the date of the Prospectus to potential U.S. Limited Owners of the purchase, ownership and disposition of Series Units of the Trust.

Fees and Expenses—All management fees, incentive fees, service fees and trading fees of the Trust are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, Selling Agent Service fees and all other operating expenses and continuing offering costs of the Trust. Only management fees and incentive fees related to assets allocated through Trading Companies are included as expenses on the Statement of Operations. The Series are all charge management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the Statements of Operations.

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents.

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

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

Recently Adopted Accounting Pronouncements— In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” ASU No. 2015-07 removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at NAV using the practical expedient under “Fair Value Measurements and Disclosures (Topic 820).” ASU No. 2015-07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-07 is required to be applied retrospectively to all periods presented beginning in the year of adoption. Since ASU No. 2015-07 will only impact the Trust’s disclosures, adoption does not affect the Trust’s financial condition, results of operations, or cash flows.

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 does not have a material effect on the Trust financial statements.

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

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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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 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 upon daily reports from the counterparty. In addition, a third party takes receives the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner’s Valuation Committee for evaluation and resolution.

Investments in Private Investment Companies. Investments in private investment companies are valued utilizing the net asset values provided by the underlying Private Investment Companies as a practical expedient. The Fund applies the practical expedient to its investments in Private Investment Companies on an investment-by-investment basis, and consistently with the Fund’s entire position in a particular investment, unless it is probable that the Fund will sell a portion of an investment at an amount different from the net asset value of the investment. Management has adopted Accounting Standards Update (“ASU”) ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) — a consensus of the Emerging Issues Task Force issued, on May 1, 2015. The guidance in this standard was effective for interim and annual periods beginning after December 15, 2015. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy below.

The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, in aggregate, measured at fair value on a recurring basis as of December 31, 2016 and 2015, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

									Total
December 31, 2016	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	2,091,623		$	54,584		$	—	$	2,146,207
Swap Contracts		—			—			40,189,178		40,189,178
U.S. Treasury Securities		42,757,604			—			—		42,757,604
									Total
December 31, 2015	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	(4,424,290	)	$	75,418		$	—	$	(4,348,872	)
Swap Contracts		—			—			40,136,065		40,136,065
U.S. Treasury Securities		117,478,438			—			—		117,478,438
Purchased Options		—			526,288			—		526,288
Written Options		—			(165,760	)		—		(165,760	)

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

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	For the Year ended
	December 31, 2016
Balance of recurring Level 3 assets as of January 1, 2016	$	40,136,065
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		53,113
Purchases of investments		—
Sales of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2016	$	40,189,178
	For the Year ended
	December 31, 2015
Balance of recurring Level 3 assets as of January 1, 2015	$	35,990,887
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		3,145,178
Purchases of investments		1,000,000
Sales of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2015	$	40,136,065

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, 2016 and 2015, the Trust did not transfer any assets between Levels 1, 2 and 3.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2016:

Swaps $ 53,113

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

Swaps $ 3,145,177

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

Swaps $ 14,535,358

4. Swap Contracts

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

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

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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, 2016 and 2015, approximately 10.2% and $22,866,000 and 9.3% or $22,873,000, 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, 2016:

	Brevan Howard	XXXIV Balanced select swap	XXXV Diversified select swap	XXXVII L/S select swap
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$11,413,283	$22,580,043	$13,851,707	$1,877,692
Termination Date	3/26/2018	8/2/2018	8/2/2018	8/7/2018
Cash Collateral	$5,986,000	$9,600,000	$3,400,000	$3,880,000
Swap Value	$2,405,414	$9,339,450	$5,237,847	$340,468
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$431,146	($218,070)	($48,002)	($111,960)
Fair Value as of 12/31/2016	$8,391,414	$18,939,450	$8,637,847	$4,220,468
Advance on swap appreciation	($1,900,000)	($4,926,555)	($2,500,000)	($115,000)

The Trust had invested in the following swaps as of and for the year ended December 31, 2015:

	Brevan Howard	XXXIV Balanced Select Swap	XXXV Diversified Select Swap	XXXVII L/S Select Swap
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$12,663,283	$22,580,043	$13,851,707	$1,877,592
Termination Date	3/26/2018	8/2/2018	8/2/2018	8/7/2018
Cash Collateral	$5,993,000	$9,600,000	$3,400,000	$3,880,000
Swap Value	$1,967,269	$9,557,519	$5,285,749	$452,428
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$419,803	$910,566	$2,115,441	($300,633)
Fair Value as of 12/31/2015	$7,960,269	$19,157,519	$8,685,749	$4,332,428

5. Investments in Private Investment Companies

Investments in Private Investment Companies represent cash and open trade equity invested in the Private Investment Companies as well as the cumulative trading profits or losses allocated to the Trust by the Private Investment Companies. Private Investment Companies allocate trading profits or losses on the basis of the proportion of the Trust’s capital allocated for trading to each respective Private Investment Company, which bears no relationship to the amount of cash invested by the Trust in the Private Investment Companies. Investments in Private Investment Companies are valued using the NAV provided by the underlying private investment.

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The following table summarizes each of the Trust’s investments in Private Investment Companies as of December 31, 2016:

	As of December 31, 2016
	Percentage of Trust Total
	Capital Invested in
	Private Investment Companies			Fair Value
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		5.28	%	$	11,559,976
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		5.23	%		11,465,608
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		2.98	%		6,526,957
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		5.10	%		11,174,877
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		9.33	%		20,442,933
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		8.78	%		19,226,675
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1.78	%		3,899,040
Galaxy Plus Fund - Quest Fit Feeder Fund (517) LLC		5.11	%		11,197,020
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		2.12	%		4,643,329
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		3.46	%		7,580,703

The Galaxy Plus entities are made up a feeder funds in which the Trust invests and master trading entities into which the feeder funds invest. No investment held by the Galaxy Plus master trading entity is greater than 5% of the Trust’s total capital.

The following table summarizes each of the Trust’s equity in earnings from Private Investment Companies for the year ended December 31, 2016:

	Year Ended December 31, 2016
							Change in
	Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(8,385	)		(85,177	)		(263,109	)		(356,671	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		(367,710	)		539,213			(525,101	)		(353,598	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(65,781	)		232,189			23,963			190,371
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(700,058	)		4,144,776			(1,535,573	)		1,909,145
Galaxy Plus Fund - FORT Global Managed Futures Feeder Fund (510) LLC		(184,486	)		(906,497	)		(385,352	)		(1,476,335	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			321,705			321,705
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(340,988	)		4,675,449			333,203			4,667,664
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(382,100	)		(113,301	)		(7,765	)		(503,166	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(126,009	)		(1,711,068	)		235,515			(1,601,562	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		(27,048	)		2,328,567			134,141			2,435,659
Total	$	(2,202,565	)	$	9,104,151		$	(1,668,373	)	$	5,233,212

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The Trust’s investments in private investment companies have certain redemption and liquidity restrictions which are described in the following table:

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Weekly	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Weekly	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Weekly	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Weekly	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Weekly	None

6. Transactions with Affiliates

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

Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the nominal assets of such Series allocated to Trading Companies, calculated on a daily basis. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series’ (including notional assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. The total amount of assets of a Series allocated to Trading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the Trading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the Trading Advisors and any reference programs, is referred to herein as the “nominal assets” of the Series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 1AP, Class 2a and Class 3a, 2.0% for the Equinox Frontier Winton Fund, Equinox Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a and Equinox Frontier Masters Fund, 0.75% for Equinox Frontier Diversified Fund, 2.5% for the Equinox Frontier Heritage Fund and Equinox Frontier Select Fund, and 3.5% for the Equinox Frontier Long/Short Commodity Fund Class 1, Class 2 and Class 3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the Series by the Managing Owner. As of the date of this Form 10-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.

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

Trading Fees— In connection with each Series’ trading activities, from January 1, 2016 through October 23, 2016, the Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund paid to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% per annum of such Series’ NAV, calculated daily; thereafter each of the Series pays to the Managing Owner a FCM Fee of up to 2.25% per annum of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of the applicable Series. From January 1, 2016 through April 28, 2016, the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund paid to the Managing Owner a FCM Fee of up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily; thereafter each of such Series pays to the Managing Owner a FCM Fee of up to 2.25% of nominal assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

Incentive Fees— Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations Because the Equinox Frontier Balanced Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, and Equinox Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Equinox Frontier Balanced Fund and the Equinox Frontier Diversified Fund and 20% for the Equinox Frontier Winton Fund, Equinox Frontier Heritage Fund, Equinox Frontier Select Fund, Equinox Frontier Long/Short Commodity Fund and Equinox Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

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

As of December 31, 2016, the Trust has a payable to the Managing Owner in the amounts of $0, $433,430, $63,275, $523,099, and $239,520 for incentive fees, management fees, interest, trading fees, and service fees, respectively. As of December 31, 2015, the Trust has a payable to the Managing Owner in the amounts of $382,136, $402,943, $162,121, $282,522 and $273,856 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the year ended December 31, 2016, the Trust paid the Managing Owner $2,980,696, $3,235,153, $3,586,271 and $3,613,634 for incentive fees, management fees, service fees, and trading fees, respectively.

For the year ended December 31, 2015, the Trust paid the Managing Owner $5,723,374, $5,028,224, $4,309,654 and $3,452,315 for incentive fees, management fees, service fees, and trading fees, respectively.

For the year ended December 31, 2014, the Trust paid the Managing Owner $11,993,289, $5,857,792, $4,357,428 and $3,327,096 for incentive fees, management fees, service fees, and trading fees, respectively.

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

F-73

For the years ended December 31, 2016, 2015 and 2014 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $87, $28,202, and ($19,369) respectively.

Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Equinox Frontier Masters Fund, and Equinox Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a only), 20% of the total interest allocated to each Series was paid to the Managing Owner from January 1, 2016 through April 28, 2016; thereafter 100% of the interest is retained by the respective Series. During the years ended December 31, 2016, 2015 and 2014, the Trust paid $1,347,984, $2,237,965 and $2,341,213, respectively of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $0, $955,000 and, $1,040,000, respectively, for the years ended December 31, 2016, 2015 and 2014, respectively.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $776,430, $623,715 and, $1,136,465, respectively, for the years ended December 31, 2016, 2015 and 2014.

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

During the year ended December 31, 2016 each Series changed its administrator from BNP Paribas to Gemini Hedge Fund Services, LLC. Gemini Hedge Fund Services, LLC is an affiliate of the Sponsor.

During the year ended December 31, 2016, each Series changed its transfer agency provider from Phoenix American Financial Services, Inc. to Gemini Fund Services, LLC. Gemini Fund Services, LLC is an affiliate of the Sponsor.

7. Financial Highlights

The following information presents the financial highlights of the Trust for the year ended December 31, 2016, 2015 and 2014. This data has been derived from the information presented in the consolidated financial statements.

	2016			2015			2014
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-5.50	%		-6.70	%		-9.32	%
Expenses before incentive fees (3)(4)		4.48	%		4.90	%		5.17	%
Expenses after incentive fees (3)(4)		5.75	%		7.10	%		9.75	%
Total return before incentive fees (2)		3.62	%		0.60	%		25.23	%
Total return after incentive fees (2)		2.35	%		-1.60	%		20.65	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

(3) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Consolidated Statements of Operations of the Trust. See footnote 6.

(4) Expense ratios do not include management and incentive fees at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees are included in the total return.

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

F-74

8. 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, 2016 and 2015 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts.

For the years ended December 31, 2016, 2015 and 2014, the monthly average of futures contracts bought was approximately 31,405, 40,214, and 28,999, respectively and sold was approximately 31,157, 40,589, and 28,961 respectively.

The following tables summarize the trading revenues for the years ended December 31, 2016, 2015 and 2014 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2016 ⁽¹⁾

Type of contract
Metals	$	(6,470,215	)
Currencies		(325,860	)
Energies		(1,704,062	)
Agriculturals		(1,356,271	)
Interest rates		15,051,999
Stock indices		(607,029	)
Realized trading income/(loss)(1)	$	4,588,561

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

for the Year Ended December 31, 2016 ⁽²⁾

Type of contract
Metals	$	2,214,634
Currencies		(833,869	)
Energies		2,892,066
Agriculturals		419,663
Interest rates		1,370,283
Stock indices		748,403
Change in unrealized trading income/(loss)(2)	$	6,811,181

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

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

F-75

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2015 ⁽¹⁾

Type of contract
Metals	$	2,815,290
Currencies		20,181
Energies		24,010,764
Agriculturals		(1,076,371	)
Interest rates		7,698,430
Stock indices		1,249,470
Realized trading income/(loss)(1)	$	34,717,764

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

for the Year Ended December 31, 2015 ⁽²⁾

Type of contract
Metals	$	(2,022,111	)
Currencies		(661,383	)
Energies		(11,513,437	)
Agriculturals		(220,936	)
Interest rates		(5,067,720	)
Stock indices		(500,317	)
Change in unrealized trading income/(loss)(2)	$	(19,985,903	)

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

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

F-76

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.

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

F-77

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, 2016 and 2015:

As of December 31, 2016						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts		offset in the			Statements of
	of recognized		Statements of			Financial
	Derivative Assets		Financial Condition			Condition
Open Trade Equity/(Deficit)	$	2,998,612	$	(852,405	)	$	2,146,207
Swap Contracts		40,189,178		—			40,189,178

Offsetting of Derivative Assets and Liabilities

As of December 31, 2015						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts		offset in the			Statement of
	of recognized		Statement of			Financial
	Derivative Assets		Financial Condition			Condition
Open Trade Equity/(Deficit)	$	2,101,541	$	(6,450,411	)	$	(4,348,870	)
Options Purchased		526,288		—			526,288
Options Written		—		(165,760	)		(165,760	)
Swap Contracts		40,136,065		—			40,136,065

8. Trading Activities and Related Risks

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

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

F-78

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

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

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

9. Indemnifications and Guarantees

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

The Trust has guaranteed the obligations of the trading companies under the customer agreements with UBS Securities LLC as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities LLC, the assets of the other Series will be available to UBS Securities LLC as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the trading company. The Trust has not recorded any liability for the indemnifications in the accompanying financial statements as it expects any possibility of losses to be remote.

10. Subsequent Events

On December 5, 2016, Equinox Fund Management, LLC (“Equinox”), Frontier Fund Management LLC (the “New Managing Owner”), and Wakefield Advisors, LLC (“Wakefield”) entered into a Unit Purchase Agreement (the “Agreement”). Equinox was the Managing Owner of the Trust and the Series. Pursuant to the Agreement, Equinox agreed to transfer to the New Managing Owner such amount of Equinox’s General Units (as defined in the Trust Agreement) as the Managing Owner shall be required to hold in its capacity as managing owner of the Trust pursuant to the Trust Agreement, and redeem the remainder of Equinox’s General Units (the “Transaction”).

The Transaction was consummated on March 6, 2017, and upon consummation of the Transaction, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. Consequently, consummation of the Transaction constituted a change of operational control in respect of the Trust and each Series.

In connection with the foregoing, the Trust Agreement was amended to effect certain changes to replace Equinox as the Managing Owner and to reflect the New Managing Owner as the new managing owner. Also, the New Managing Owner has temporarily suspended the sale of Units (as defined in the Trust Agreement) while the Managing Owner engages with the Securities and Exchange Commission to have declared effective a post-effective amendment to the Series’ registration statements, as well as approval by the NFA. The Series will file Form 8-K to announce the resumption of the sale of Units, which the New Managing Owner expects will occur shortly.

The New Managing Owner is seeking to cause the suspension to be lifted as promptly as practicable.

Any forward-looking statements herein are based on expectations of the New Managing Owner at this time. Whether or not actual results and developments will conform to the New Managing Owner’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in the Series’ prospectuses, general economic, market and business conditions, changes in laws or regulations or other actions made by governmental authorities or regulatory bodies, and other world economic and political developments. The Series and the New Managing Owner undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

F-79

Report of Independent Registered Public Accounting Firm

To the Executive Committee and Equinox Frontier Funds,

as members of the Frontier Trading Companies

We have audited the accompanying statements of financial condition, including the condensed schedules of investments, of the Frontier Trading Company I, LLC, Frontier Trading Company II, LLC, Frontier Trading Company VII, LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, 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, 2016 and 2015, and the related statements of operations, changes in members’ equity, and cash flows for each of the three years in the periods then ended. 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 audits 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 VII, LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, 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, 2016 and 2015, and the results of their operations and their cash flows for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 9 to the financial statements, on March 6, 2017 a unit purchase agreement between Frontier Fund Management LLC (New Managing Owner) and Equinox Fund Management (Equinox) was consummated whereby Equinox’s general units were transferred to the New Managing Owner. Upon consummation, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox.

/s/ RSM US LLP

Denver, Colorado

March 31, 2017

F-80

The Trading Companies of the Frontier Fund

Statements of Financial Condition

December 31, 2016 and 2015

	Frontier Trading				Frontier Trading				Frontier Trading
	Company I, LLC				Company II, LLC				Company VII, LLC (1)
	12/31/2016		12/31/2015		12/31/2016		12/31/2015		12/31/2016		12/31/2015
ASSETS
Receivable from futures commission merchants	$	6,647,098	$	22,187,113	$	17,996,697	$	12,744,570	$	—	$	14,330,819
Open trade equity, at fair value		237,661		755,452		1,222,524		599,579		—		—
Options purchased, at fair value		—		371,758		—		—		—		154,380
Interest receivable		—		—		—		217		—		—
Total Assets	$	6,884,759	$	23,314,323	$	19,219,221	$	13,344,366	$	—	$	14,485,199
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Interest payable	$	—	$	1,816	$	—	$	—	$	—	$	238
Risk analysis fee payable		1,155		—		12,215		—		—		—
Options written, at fair value		—		165,760		—		—		—		—
Open trade deficit, at fair value		—		—		—		—		—		6,482,499
Total Liabilities		1,155		167,576		12,215		—		—		6,482,737
MEMBERS’ EQUITY (Net Asset Value)		6,883,604		23,146,747		19,207,006		13,344,366		—		8,002,462
Total Liabilities and Members’ Equity	$	6,884,759	$	23,314,323	$	19,219,221	$	13,344,366	$	—	$	14,485,199
	Frontier Trading				Frontier Trading				Frontier Trading
	Company XIV, LLC (2)				Company XV, LLC				Company XXIII, LLC (3)
	12/31/2016		12/31/2015		12/31/2016		12/31/2015		12/31/2016		12/31/2015
ASSETS
Receivable from futures commission merchants	$	—	$	3,409,216	$	8,207,387	$	13,281,153	$	—	$	3,093,791
Open trade equity, at fair value		—		34,484		642,494		462,340		—		—
Interest receivable		—		211		—		—		—		—
Total Assets	$	—	$	3,443,911	$	8,849,881	$	13,743,493	$	—	$	3,093,791
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Interest payable	$	—	$	—	$	304	$	156	$	—	$	—
Risk analysis fee payable		—		—		2,303		—		—		—
Open trade deficit, at fair value		—		—		—		—		—		27,706
Total Liabilities		—		—		2,607		156		—		27,706
MEMBERS’ EQUITY (Net Asset Value)		—		3,443,911		8,847,274		13,743,337		—		3,066,085
Total Liabilities and Members’ Equity	$	—	$	3,443,911	$	8,849,881	$	13,743,493	$	—	$	3,093,791
	Frontier Trading				Frontier Trading				Frontier Trading
	Company XXIX, LLC (4)				Company XXXIV LLC				Company XXXV LLC
	12/31/2016		12/31/2015		12/31/2016		12/31/2015		12/31/2016		12/31/2015
ASSETS
Receivable from futures commission merchants	$	—	$	1,014,896	$	—	$	—	$	—	$	—
Open trade equity, at fair value		—		4,750		—		—		—		—
Swap contracts, at fair value		—		—		18,939,450		19,157,522		8,637,847		8,685,850
Total Assets	$	—	$	1,019,646	$	18,939,450	$	19,157,522	$	8,637,847	$	8,685,850
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Advance on unrealized swap appreciations	$	—	$	—	$	4,926,555	$	—	$	2,500,000	$	—
Total Liabilities		—		—		4,926,555		—		2,500,000		—
MEMBERS’ EQUITY (Net Asset Value)		—		1,019,646		14,012,895		19,157,522		6,137,847		8,685,850
Total Liabilities and Members’ Equity	$	—	$	1,019,646	$	18,939,450	$	19,157,522	$	8,637,847	$	8,685,850
	Frontier Trading				Frontier Trading				Frontier Trading
	Company XXXVII LLC				Company XXXVIII LLC				Company XXXIX LLC
	12/31/2016		12/31/2015		12/31/2016		12/31/2015		12/31/2016		12/31/2015
ASSETS
Receivable from futures commission merchants	$	—	$	—	$	—	$	2,670,015	$	—	$	—
Open trade equity, at fair value		—		—		—		304,878		—		—
Investments in private investment companies, at fair value		—		—		11,184,103		—		—		—
Swap contracts, at fair value		4,220,468		4,332,427		—		—		8,391,414		7,960,269
Total Assets	$	4,220,468	$	4,332,427	$	11,184,103	$	2,974,893	$	8,391,414	$	7,960,269
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Advance on unrealized swap appreciations	$	115,000	$	—	$	—	$	—	$	1,900,000	$	—
Interest payable		—		—		—		198		—		—
Total Liabilities		115,000		—		—		198		1,900,000		—
MEMBERS’ EQUITY (Net Asset Value)		4,105,468		4,332,427		11,184,103		2,974,695		6,491,414		7,960,269
Total Liabilities and Members’ Equity	$	4,220,468	$	4,332,427	$	11,184,103	$	2,974,893	$	8,391,414	$	7,960,269

(1) Trading Company VII ceased trading operations April 28, 2016

(2) Trading Company XIV ceased trading operations April 21, 2016

(3) Trading Company XXIII ceased trading operations July 22, 2016

(4) Trading Company XXIX ceased trading operations January 29, 2016

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

F-81

The Trading Companies of the Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2016

	Frontier Trading						Frontier Trading						Frontier Trading						Frontier Trading
	Company I LLC						Company II LLC						Company XV LLC						Company XXXVIII LLC
				% of Total Capital						% of Total Capital						% of Total Capital					% of Total Capital
Description	Value			(Net Asset Value)			Value			(Net Asset Value)			Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	11,675			0.17	%	$	—			0.00	%	$	73,909			0.84	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		(88,088	)		-0.46	%		56,169			0.63	%		—		0.00	%
Various currency futures contracts (Far East)		—			0.00	%		—			0.00	%		1,360			0.02	%		—		0.00	%
Various currency futures contracts (Oceanic)		—			0.00	%		—			0.00	%		(41,946	)		-0.47	%		—		0.00	%
Various currency futures contracts (U.S.)		39,959			0.58	%		—			0.00	%		10,283			0.12	%		—		0.00	%
Various energy futures contracts (Europe)		—			0.00	%		—			0.00	%		4,150			0.05	%		—		0.00	%
Various energy futures contracts (Far East)		(10,780	)		-0.16	%		—			0.00	%		8,788			0.10	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		65,612			0.34	%		163,930			1.85	%		—		0.00	%
Various interest rates futures contracts (Canada)		—			0.00	%		—			0.00	%		(503	)		-0.01	%		—		0.00	%
Various interest rates futures contracts (Europe)		—			0.00	%		88,638			0.46	%		123,279			1.39	%		—		0.00	%
Various interest rates futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—			0.00	%		(341	)		0.00	%		444			0.01	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—			0.00	%		7,094			0.04	%		18,191			0.21	%		—		0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—			0.00	%		1,950			0.02	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—			0.00	%		(3,860	)		-0.02	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		(2,131	)		-0.01	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—			0.00	%		—			0.00	%		1,956			0.02	%		—		0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—			0.00	%		111			0.00	%		—		0.00	%
Various soft futures contracts (Oceanic)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(54,314	)		-0.79	%		(84,938	)		-0.44	%		(39,001	)		-0.44	%		—		0.00	%
Various stock index futures contracts (Canada)		—			0.00	%		(969	)		-0.01	%		1,894			0.02	%		—		0.00	%
Various stock index futures contracts (Europe)		3,375			0.05	%		242,128			1.26	%		56,849			0.64	%		—		0.00	%
Various stock index futures contracts (Far East)		25,750			0.37	%		305,316			1.59	%		31,540			0.36	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		57,116			0.30	%		4,760			0.05	%		—		0.00	%
Various stock index futures contracts (U.S.)		(29,115	)		-0.42	%		(201,831	)		-1.05	%		(50,565	)		-0.57	%		—		0.00	%
Total Long Futures Contracts	$	(13,450	)		-0.20	%	$	383,746			2.00	%	$	427,548			4.83	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)		81,563			1.18	%		—			0.00	%		—			0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		(252,279	)		-1.31	%		(29,896	)		-0.34	%		—		0.00	%
Various currency futures contracts (Canada)		—			0.00	%		11,540			0.06	%		195			0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—			0.00	%		272,806			1.42	%		85,470			0.97	%		—		0.00	%
Various currency futures contracts (Far East)		—			0.00	%		168,888			0.88	%		19,041			0.22	%		—		0.00	%
Various currency futures contracts (Oceanic)		—			0.00	%		2,980			0.02	%		4,623			0.05	%		—		0.00	%
Various currency futures contracts (U.S.)		—			0.00	%		9,590			0.05	%		(8,460	)		-0.10	%		—		0.01	%
Various energy futures contracts (Europe)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		(82,280	)		-0.43	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		6,253			0.09	%		(1,012	)		-0.01	%		155			0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—			0.00	%		(8,794	)		-0.05	%		(8,823	)		-0.10	%		—		0.01	%
Various interest rates futures contracts (Far East)		686			0.01	%		(11,060	)		-0.06	%		(6,019	)		-0.07	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		26,568			0.39	%		(2,831	)		-0.01	%		(1,211	)		-0.01	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—			0.00	%		127,078			0.66	%		45,201			0.52	%		—		0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		4,790			0.07	%		174,345			0.91	%		29,150			0.34	%		—		0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contract (Europe)		—			0.00	%		—			0.00	%		14,154			0.16	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		53,851			0.78	%		44,780			0.23	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Singapore)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		125,946			1.83	%		291,378			1.52	%		46,657			0.53	%		—		0.00	%
Various stock index futures contracts (Africa)		2,440			0.04	%		2,019			0.01	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		—			0.00	%		—			0.00	%		(2,802	)		-0.03	%		—		0.00	%
Various stock index futures contracts (Far East)		—			0.00	%		—			0.00	%		(2,456	)		-0.03	%		—		0.00	%
Various stock index futures contracts (Mexico)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—			0.00	%		(7,228	)		-0.04	%		23,255			0.26	%		—		0.00	%
Various stock index futures contracts (Warsaw)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Total Short Futures Contracts	$	302,097			4.39	%	$	739,920			3.85	%	$	208,234			2.35	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	(50,986	)		-0.74	%	$	98,858			0.51	%	$	6,712			0.08	%	$	—		0.00	%
Total Currency Forwards	$	(50,986	)		-0.74	%	$	98,858			0.51	%	$	6,712			0.08	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	237,661			3.45	%	$	1,222,524			6.36	%	$	642,494			7.26	%	$	—		0.00	%
PRIVATE INVESTMENT COMPANIES
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		—			0.00	%		—			0.00	%		—			0.00	%		11,184,103		100.00	%
Total Private Investment Companies	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	11,184,103		100.00	%
	Frontier Trading						Frontier Trading						Frontier Trading						Frontier Trading
	Company XXXIV LLC						Company XXXV LLC						Company XXXVII LLC						Company XXXIX LLC
				% of Total Capital						% of Total Capital						% of Total Capital					% of Total Capital
	Value			(Net Asset Value)			Value			(Net Asset Value)			Value			(Net Asset Value)			Value		(Net Asset Value)
SWAPS
Frontier XXXIV Balanced select swap (U.S.)	$	18,939,450			135.16	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Frontier XXXVII L/S select swap (U.S.)		—			0.00	%					0.00	%		4,220,468			102.80	%		—		0.00	%
Frontier XXXVII Heritage select swap (U.S.)		—			0.00	%					0.00	%					0.00	%		8,391,414		129.27	%
Frontier XXXV Diversified select swap (U.S.)		—			0.00	%		8,637,847			140.73	%		—			0.00	%		—		0.00	%
	$	18,939,450			135.16	%	$	8,637,847			140.73	%	$	4,220,468			102.80	%	$	8,391,414		129.27	%

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.

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

F-82

The Trading Companies of the Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015

	Frontier Trading						Frontier Trading						Frontier Trading						Frontier Trading
	Company I LLC						Company II LLC						Company VII LLC						Company XIV LLC
				% of Total Capital						% of Total Capital						% of Total Capital						% of Total Capital
Description	Value			(Net Asset Value)			Value			(Net Asset Value)			Value			(Net Asset Value)			Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(91,615	)		-0.39	%	$	(1,294	)		-0.01	%	$	—			0.00	%	$	46,701			1.36	%
Various base metals futures contracts (U.S.)		—			0.00	%		—			0.00	%		(114,553	)		-1.43	%		—			0.00	%
Copper Settling 12/30/2016 (number of contracts: 93)		—			0.00	%		—			0.00	%		(1,141,221	)		-14.26	%		—			0.00	%
Various currency futures contracts (Singapore)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various currency futures contracts (U.S.)		104,988			0.45	%		(26,609	)		-0.20	%		6,605			0.08	%		4,514			0.13	%
Various energy futures contracts (Europe)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		(20,148	)		-0.09	%		—			0.00	%		(389,699	)		-4.87	%		(237,865	)		-6.91	%
Brent Crude Oil Settling 1/26/2016 (number of contracts: 546)		—			0.00	%		—			0.00	%		(3,709,735	)		-46.36	%		—			0.00	%
WTI Crude Oil Settling 6/29/2016 (number of contracts: 158)		—			0.00	%		—			0.00	%		(965,247	)		-12.06	%		—			0.00	%
WTI Crude Oil Settling 5/31/2016 (number of contracts: 925)		—			0.00	%		—			0.00	%		(7,677,427	)		-95.94	%		—			0.00	%
Gas Oil Settling 2/29/2016 (number of contracts: 68)		—			0.00	%		—			0.00	%		—			0.00	%		217,500			6.32	%
Gas Oil Settling 4/30/2016 (number of contracts: 71)		—			0.00	%		—			0.00	%		(993,661	)		-12.42	%		—			0.00	%
Natural Gas Settling 2/29/2016 (number of contracts: 201)		—			0.00	%		—			0.00	%		—			0.00	%		(227,570	)		-6.61	%
Heat Oil Settling 6/29/2016 (number of contracts: 314)		—			0.00	%		—			0.00	%		(4,145,156	)		-51.80	%		—			0.00	%
Various interest rates futures contracts (Canada)		33,854			0.15	%		10,868			0.08	%		—			0.00	%		32,546			0.95	%
Various interest rates futures contracts (Europe)		(46,509	)		-0.20	%		(126,797	)		-0.95	%		—			0.00	%		(54,219	)		-1.57	%
Various interest rates futures contracts (Far East)		119,681			0.51	%		68,874			0.52	%		—			0.00	%		16,803			0.49	%
Various interest rates futures contracts (Oceanic)		(29,899	)		-0.13	%		(3,134	)		-0.02	%		—			0.00	%		377			0.01	%
Various interest rates futures contracts (U.S.)		(20,922	)		-0.09	%		(317,169	)		-2.38	%		(30,915	)		-0.39	%		(70,806	)		-2.06	%
Various precious metal futures contracts (U.S.)		—			0.00	%		—			0.00	%		(557,610	)		-6.96	%		—			0.00	%
Silver Settling 7/29/2016 (number of contracts: 142)		—			0.00	%		—			0.00	%		(943,552	)		-11.79	%		—			0.00	%
Silver Settling 5/31/2016 (number of contracts: 175)		—			0.00	%		—			0.00	%		(1,266,412	)		-15.83	%		—			0.00	%
Various soft futures contracts (Canada)		445			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Europe)		72,472			0.31	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Oceanic)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		(25,856	)		-0.11	%		4,274			0.03	%		772,345			9.65	%		(44,679	)		-1.30	%
Live Cattle Settling 7/15/2016 (number of contracts: 213)		—			0.00	%		—			0.00	%		417,732			5.22	%		—			0.00	%
Corn Settling 7/18/2016 (number of contracts: 733)		—			0.00	%		—			0.00	%		(747,836	)		-9.35	%		—			0.00	%
Various stock index futures contracts (Canada)		(41,549	)		-0.18	%		—			0.00	%		—			0.00	%		(4,336	)		-0.13	%
Various stock index futures contracts (Europe)		16,565			0.07	%		36,783			0.28	%		—			0.00	%		(3,962	)		-0.12	%
Various stock index futures contracts (Far East)		(28,958	)		-0.12	%		(83,141	)		-0.62	%		—			0.00	%		(7,766	)		-0.23	%
Various stock index futures contracts (Oceanic)		(8,890	)		-0.04	%		—			0.00	%		—			0.00	%		(747	)		-0.02	%
Various stock index futures contracts (U.S.)		(7,871	)		-0.03	%		148,532			1.11	%		—			0.00	%		82,379			2.39	%
Total Long Futures Contracts	$	25,788			0.11	%	$	(288,813	)		-2.16	%	$	(21,486,342	)		-268.49	%	$	(251,130	)		-7.30	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)		163,241			0.70	%		134,930			1.01	%		—			0.00	%		(5,389	)		-0.16	%
Various base metals futures contracts (U.S.)		(32,430	)		-0.14	%		(11,450	)		-0.09	%		173,147			2.16	%		(8,500	)		-0.25	%
Various currency futures contracts (U.S.)		262,509			1.13	%		466,490			3.50	%		28,025			0.35	%		37,249			1.08	%
Various energy futures contracts (Europe)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		(100,304	)		-0.43	%		142,483			1.07	%		667,184			8.34	%		170,240			4.94	%
Natural Gas Settling 2/29/2016 (number of contracts: 201)		—			0.00	%		—			0.00	%		—			0.00	%		(227,570	)		-6.61	%
Crude Oil Settling 4/30/2016 (number of contracts: -837)		—			0.00	%		—			0.00	%		4,035,371			50.43	%		—			0.00	%
Crude Oil Settling 3/31/2016 (number of contracts: -223)		—			0.00	%		—			0.00	%		739,030			9.24	%		—			0.00	%
WTI Crude Settling 2/19/2016 (number of contracts: -505)		—			0.00	%		—			0.00	%		3,923,021			49.02	%		—			0.00	%
Heat Oil Settling 9/29/2016 (number of contracts: -104)		—			0.00	%		—			0.00	%		1,838,928			22.98	%		—			0.00	%
Heat Oil Settling 8/1/2016 (number of contracts: -210)		—			0.00	%		—			0.00	%		3,342,927			41.77	%		—			0.00	%
Gas Oil Settling 2/29/2016 (number of contracts: -73)		—			0.00	%		—			0.00	%		—			0.00	%		217,500			6.32	%
Various interest rates futures contracts (Canada)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various interest rates futures contracts (Europe)		36,447			0.16	%		—			0.00	%		55,138			0.69	%		(220	)		-0.01	%
Various interest rates futures contracts (Far East)		(250	)		0.00	%		—			0.00	%		(18,050	)		-0.23	%		—			0.00	%
Various interest rates futures contracts (Oceanic)		(20,207	)		-0.09	%		(3,043	)		-0.02	%		—			0.00	%		(551	)		-0.02	%
Various interest rates futures contracts (U.S.)		(11,364	)		-0.05	%		(266	)		0.00	%		(3,900	)		-0.05	%		20,302			0.59	%
Various precious metal futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various precious metal futures contracts (U.S.)		75,381			0.32	%		244,230			1.83	%		—			0.00	%		1,530			0.04	%
Silver Settling 3/31/2016 (number of contracts: -373)		—			0.00	%		—			0.00	%		851,818			10.64	%		—			0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contract (Europe)		(9,290	)		-0.04	%		(1,140	)		-0.01	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Canada)		—			0.00	%		(16	)		0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Europe)		36,938			0.16	%		3,608			0.03	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Far East)		(4,138	)		-0.02	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Singapore)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		42,680			0.18	%		137,220			1.03	%		(1,077,773	)		-13.47	%		47,438			1.38	%
Corn Settling 5/17/2016 (number of contracts: -210)		—			0.00	%		—			0.00	%		490,875			6.13	%		—			0.00	%
Various stock index futures contracts (Africa)		(1,238	)		-0.01	%		(7,124	)		-0.05	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Canada)		(20,773	)		-0.09	%		(2,344	)		-0.02	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Europe)		(25,518	)		-0.11	%		(1,191	)		-0.01	%		—			0.00	%		(4,712	)		-0.14	%
Various stock index futures contracts (Far East)		29,546			0.13	%		22,625			0.17	%		—			0.00	%		626			0.02	%
Various stock index futures contracts (Mexico)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Oceanic)		(12,679	)		-0.05	%		—			0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (U.S.)		71,361			0.31	%		(68,081	)		-0.51	%		(42,048	)		-0.53	%		10,790			0.31	%
Various stock index futures contracts (Warsaw)		—			0.00	%		—			0.00	%		—			0.00	%		—			0.00	%
Total Short Futures Contracts	$	479,912			2.06	%	$	1,056,931			7.93	%	$	15,003,693			187.47	%	$	258,733			7.50	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	249,752			1.07	%	$	(168,539	)		-1.26	%	$	—			0.00	%	$	26,881			0.78	%
Total Currency Forwards	$	249,752			1.07	%	$	(168,539	)		-1.26	%	$	—			0.00	%	$	26,881			0.78	%
Total Open Trade Equity (Deficit)	$	755,452			3.24	%	$	599,579			4.51	%	$	(6,482,649	)		-81.02	%	$	34,484			0.98	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	—			0.00	%	$	—			0.00	%	$	154,530			1.93	%	$	—			0.00	%
Various stock index futures contracts (U.S.)		371,758			1.59	%		—			0.00	%		—			0.00	%		—			0.00	%
Total Options Purchased	$	371,758			1.59	%	$	—			0.00	%	$	154,530			1.93	%	$	—			0.00	%
OPTIONS WRITTEN *
Various stock index futures contracts (U.S.)	$	(165,760	)		-0.71	%	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%
Total Options Written	$	(165,760	)		-0.71	%	$	—			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.

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

F-83

The Trading Companies of the Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015

	Frontier Trading						Frontier Trading						Frontier Trading						Frontier Trading
	Company XV LLC						Company XXIII LLC						Company XXIX LLC						Company XXXIV LLC
				% of Total Capital						% of Total Capital						% of Total Capital					% of Total Capital
Description	Value			(Net Asset Value)			Value			(Net Asset Value)			Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(50,387	)		-0.37	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		650			0.02	%		—			0.00	%		—		0.00	%
Various currency futures contracts (Singapore)		6,824			0.05	%		—			0.00	%		—			0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		(11,664	)		-0.08	%		(38,894	)		-1.27	%		4,224			0.41	%		—		0.00	%
Various energy futures contracts (Europe)		13,493			0.10	%		—			0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—			0.00	%		605			0.06	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—			0.00	%		10,098			0.99	%		—		0.00	%
Various interest rates futures contracts (Canada)		8,285			0.06	%		26,122			0.85	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(380,769	)		-2.77	%		(73,358	)		-2.39	%		(4,581	)		-0.45	%		—		0.00	%
Various interest rates futures contracts (Far East)		22,925			0.17	%		74,364			2.43	%		2,329			0.23	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(1,711	)		-0.01	%		14,457			0.47	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(35,830	)		-0.26	%		(91,109	)		-2.97	%		(1,655	)		-0.16	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—			0.00	%		(1,110	)		-0.04	%		(5,070	)		-0.50	%		—		0.00	%
Various soft futures contracts (Canada)		68			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (Europe)		238			0.00	%		—			0.00	%		394			0.04	%		—		0.00	%
Various soft futures contracts (Oceanic)		5,505			0.04	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		17,813			0.13	%		—			0.00	%		10,410			1.02	%		—		0.00	%
Lean Hog Settling 4/18/2016 (number of contracts: 191)		—			0.00	%		—			0.00	%		(53,610	)		-5.26	%		—		0.00	%
Various stock index futures contracts (Canada)		—			0.00	%		2,334			0.08	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		14,580			0.11	%		39,310			1.28	%		3,160			0.31	%		—		0.00	%
Various stock index futures contracts (Far East)		(33,510	)		-0.24	%		(7,258	)		-0.24	%		159			0.02	%		—		0.00	%
Various stock index futures contracts (Oceanic)		(1,931	)		-0.01	%		14,592			0.48	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		(4,360	)		-0.03	%		(57,123	)		-1.86	%		165			0.02	%		—		0.00	%
Total Long Futures Contracts	$	(430,431	)		-3.11	%	$	(97,023	)		-3.16	%	$	(33,372	)		-3.27	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)		109,629			0.80	%		—			0.00	%		—			0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		(4,250	)		-0.03	%		—			0.00	%		(2,975	)		-0.29	%		—		0.00	%
Various currency futures contracts (U.S.)		32,835			0.24	%		116,714			3.81	%		34,653			3.40	%		—		0.00	%
Various energy futures contracts (Europe)		29,608			0.22	%		—			0.00	%		—			0.00	%		—		0.00	%
Various energy futures contracts (Far East)		410			0.00	%		—			0.00	%		1,020			0.10	%		—		0.00	%
Various energy futures contracts (U.S.)		586,716			4.27	%		(61,323	)		-2.00	%		(1,037	)		-0.10	%		—		0.00	%
Various interest rates futures contracts (Canada)		(63	)		0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		3,113			0.02	%		2,700			0.09	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(12,330	)		-0.09	%		—			0.00	%		(2,816	)		-0.28	%		—		0.00	%
Various interest rates futures contracts (U.S.)		50,113			0.36	%		6,488			0.21	%		1,297			0.13	%		—		0.00	%
Various precious metal futures contracts (Far East)		4,026			0.03	%		—			0.00	%		466			0.05	%		—		0.00	%
Various precious metal futures contracts (U.S.)		93,125			0.68	%		4,738			0.15	%		(3,165	)		-0.31	%		—		0.00	%
Various precious metal futures contracts (Far East)		(2,639	)		-0.02	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contract (Europe)		2,000			0.01	%		—			0.00	%		(1,700	)		-0.17	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—			0.00	%		(1,305	)		-0.13	%		—		0.00	%
Various soft futures contracts (Europe)		6,824			0.05	%		—			0.00	%		1,832			0.18	%		—		0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—			0.00	%		2,791			0.27	%		—		0.00	%
Various soft futures contracts (Singapore)		930			0.01	%		—			0.00	%		—			0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		34,651			0.25	%		—			0.00	%		753			0.07	%		—		0.00	%
Various stock index futures contracts (Africa)		(1,849	)		-0.01	%		—			0.00	%		(751	)		-0.07	%		—		0.00	%
Various stock index futures contracts (Canada)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		8,952			0.07	%		—			0.00	%		(918	)		-0.09	%		—		0.00	%
Various stock index futures contracts (Far East)		5,289			0.04	%		—			0.00	%		2,553			0.25	%		—		0.00	%
Various stock index futures contracts (Mexico)		74			0.00	%		—			0.00	%		717			0.07	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		(17,786	)		-0.13	%		—			0.00	%		6,707			0.66	%		—		0.00	%
Various stock index futures contracts (Warsaw)		(3,926	)		-0.03	%		—			0.00	%		—			0.00	%		—		0.00	%
Total Short Futures Contracts	$	925,452			6.74	%	$	69,317			2.26	%	$	38,122			3.74	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	(32,681	)		-0.24	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Total Currency Forwards	$	(32,681	)		-0.24	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	462,340			3.39	%	$	(27,706	)		-0.90	%	$	4,750			0.47	%	$	—		0.00	%
SWAPS (3)
Frontier XXXIV Balanced select swap (U.S.)	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	19,157,522		100.00	%
Total Swaps	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	19,157,522		100.00	%
	Frontier Trading						Frontier Trading						Frontier Trading						Frontier Trading
	Company XXXV LLC						Company XXXVII LLC						Company XXXVIII LLC						Company XXXIX LLC (3)
				% of Total Capital						% of Total Capital						% of Total Capital					% of Total Capital
Description	Value			(Net Asset Value)			Value			(Net Asset Value)			Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		—			0.00	%		4,675			0.16	%		—		0.00	%
Various currency futures contracts (U.S.)		—			0.00	%		—			0.00	%		11,269			0.38	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—			0.00	%		670			0.02	%		—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—			0.00	%		(612	)		-0.02	%		—		0.00	%
Various stock index futures contracts (Europe)		—			0.00	%		—			0.00	%		(5,480	)		-0.18	%		—		0.00	%
Various stock index futures contracts (Far East)		—			0.00	%		—			0.00	%		(24,157	)		-0.81	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—			0.00	%		(5,666	)		-0.19	%		—		0.00	%
Various stock index futures contracts (U.S.)		—			0.00	%		—			0.00	%		(25,893	)		-0.87	%		—		0.00	%
Total Long Futures Contracts	$	—			0.00	%	$	—			0.00	%	$	(45,194	)		-1.51	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various currency futures contracts (U.S.)		—			0.00	%		—			0.00	%		146,316			4.92	%		—		0.00	%
GBP Settling 3/16/2016 (number of contracts: -67)		—			0.00	%		—			0.00	%		180,063			6.05	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—			0.00	%		(4,099	)		-0.14	%		—		0.00	%
Various interest rates futures contracts (Canada)		—			0.00	%		—			0.00	%		976			0.03	%		—		0.00	%
Various interest rates futures contracts (Europe)		—			0.00	%		—			0.00	%		33,479			1.13	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—			0.00	%		—			0.00	%		(132,055	)		-4.44	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—			0.00	%		—			0.00	%		85,776			2.88	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—			0.00	%		—			0.00	%		53,240			1.79	%		—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—			0.00	%		(40,433	)		-1.36	%		—		0.00	%
Various stock index futures contracts (Far East)		—			0.00	%		—			0.00	%		26,809			0.90	%		—		0.00	%
Total Short Futures Contracts	$	—			0.00	%	$	—			0.00	%	$	350,072			11.76	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	—			0.00	%	$	—			0.00	%	$	304,878			10.25	%	$	—		0.00	%
SWAPS (3)
Frontier Brevan Howard swap (U.S.)	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%	$	7,960,269		100.00	%
Frontier XXXV Diversified select swap (U.S.)		8,685,850			100.00	%		—			0.00	%		—			0.00	%		—		0.00	%
Frontier XXXVII L/S select swap (U.S.)		—			0.00	%		4,332,427			100.00	%		—			0.00	%		—		0.00	%
Total Swaps	$	8,685,850			100.00	%	$	4,332,427			100.00	%	$	—			0.00	%	$	7,960,269		100.00	%

* Except for those items disclosed, no individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented.

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

F-84

The Trading Companies of the Frontier Fund

Statements of Operations

For The Years Ended December 31, 2016, 2015 and 2014

	Frontier Trading									Frontier Trading									Frontier Trading
	Company I, LLC									Company II, LLC									Company VII, LLC (1)
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Investment Income:
Interest-net	$	(909	)	$	(21,709	)	$	(22,159	)	$	8,302		$	2,691		$	5,359		$	1,819		$	(1,377	)	$	(1,858	)
Total Income		(909	)		(21,709	)		(22,159	)		8,302			2,691			5,359			1,819			(1,377	)		(1,858	)
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		4,710,217			11,657,257			18,797,185			618,478			6,920,334			22,495,002			(1,479,588	)		17,335,609			(2,952,658	)
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—			—			—			—
Net change in open trade equity		(518,190	)		(1,192,808	)		52,362			521,236			(2,873,705	)		(848,009	)		6,482,648			(12,031,602	)		3,660,410
Net unrealized gain/(loss) on option / swap contracts		261,320			—			—			—			—			—			(45,277	)		—			—
Risk analysis fees		(4,806	)		—			—			(70,193	)		—			—			—			—			—
Trading commissions		(593,636	)		(816,237	)		(661,478	)		(86,425	)		(106,923	)		(123,412	)		(259,227	)		(1,081,917	)		(1,264,512	)
Net gain/(loss) on investments		3,854,905			9,648,212			18,188,067			983,096			3,939,706			21,523,581			4,698,556			4,222,090			(556,160	)
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	3,853,996		$	9,626,503		$	18,165,908		$	991,398		$	3,942,397		$	21,528,940		$	4,700,375		$	4,220,713		$	(558,018	)
	Frontier Trading									Frontier Trading									Frontier Trading
	Company XIV, LLC (2)									Company XV, LLC									Company XXIII, LLC (3)
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Investment Income:
Interest-net	$	1,437		$	(257	)	$	(16,316	)	$	1,591		$	833		$	(2,617	)	$	(7,014	)	$	(17,219	)	$	(12,365	)
Total Income		1,437			(257	)		(16,316	)		1,591			833			(2,617	)		(7,014	)		(17,219	)		(12,365	)
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		1,119,495			128,198			5,151,877			2,092,044			1,385,257			4,680,757			2,026,555			1,982,679			6,829,347
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—			—			—			—
Net change in open trade equity		(34,485	)		(990,384	)		318,685			200,590			(1,196,577	)		(2,428,123	)		27,706			(921,311	)		825,760
Net unrealized gain/(loss) on option / swap contracts		—			—			—			—			—			978,111			—			—			—
Risk analysis fees		—			—			—			(14,228	)		—			—			—			—			—
Trading commissions		(39,648	)		(123,168	)		(909,921	)		(130,601	)		(131,746	)		(351,072	)		(95,575	)		(208,033	)		(164,440	)
Net gain/(loss) on investments		1,045,362			(985,354	)		4,560,641			2,147,805			56,934			2,879,673			1,958,686			853,335			7,490,667
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	1,046,799		$	(985,611	)	$	4,544,325		$	2,149,396		$	57,767		$	2,877,056		$	1,951,672		$	836,116		$	7,478,302
	Frontier Trading									Frontier Trading									Frontier Trading
	Company XXIX, LLC (4)									Company XXXIV, LLC									Company XXXV, LLC
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2013			12/31/2016			12/31/2015			12/31/2014
Investment Income:
Interest-net	$	235		$	(751	)	$	23		$	—		$	(3,610	)	$	(6,498	)	$	—		$	—		$	—
Total Income		235			(751	)		23			—			(3,610	)		(6,498	)		—			—			—
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		143,083			(1,811,908	)		(310,258	)		—			(463,603	)		(2,060,335	)		—			—			—
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—			—			—			—
Net change in open trade equity		(4,750	)		284,591			(279,840	)		—			—			—			—			—			—
Net unrealized gain/(loss) on option / swap contracts		—			—			—			(218,073	)		910,567			8,120,787			(48,003	)		2,115,441			3,132,777
Trading commissions		(4,144	)		(60,831	)		(8,380	)		—			(69,341	)		(141,075	)		—			—			—
Net gain/(loss) on investments		134,189			(1,588,148	)		(598,478	)		(218,073	)		377,623			5,919,377			(48,003	)		2,115,441			3,132,777
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	134,424		$	(1,588,899	)	$	(598,455	)	$	(218,073	)	$	374,013		$	5,912,879		$	(48,003	)	$	2,115,441		$	3,132,777
	Frontier Trading									Frontier Trading									Frontier Trading
	Company XXXVII, LLC									Company XXXVIII, LLC									Company XXXIX, LLC
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Investment Income:
Interest-net	$	—		$	—		$	—		$	790		$	(1,607	)	$	(2,576	)	$	—		$	—		$	—
Total Income		—			—			—			790			(1,607	)		(2,576	)		—			—			—
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures, forwards, and options		—			—			—			(4,641,720	)		(2,416,059	)		1,616,525			—			—			—
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—			—			—			—
Net change in open trade equity		—			—			—			(79,619	)		(1,064,164	)		(2,151,473	)		—			—			—
Net unrealized gain/(loss) on option / swap contracts		(111,959	)		(300,633	)		1,176,515			—			—			—			438,145			419,803			2,108,782
Net unrealized gain/(loss) on private investment companies		—			—			—			2,384,103			—			—			—			—			—
Trading commissions		—			—			—			(76,901	)		(143,158	)		(204,324	)		(7,000	)		—			(3,500	)
Net gain/(loss) on investments		(111,959	)		(300,633	)		1,176,515			(2,414,137	)		(3,623,381	)		(739,272	)		431,145			419,803			2,105,282
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	(111,959	)	$	(300,633	)	$	1,176,515		$	(2,413,347	)	$	(3,624,988	)	$	(741,848	)	$	431,145		$	419,803		$	2,105,282

(1) Trading Company VII ceased trading operations April 28, 2016

(2) Trading Company XIV ceased trading operations April 21, 2016

(3) Trading Company XXIII ceased trading operations July 22, 2016

(4) Trading Company XXIX ceased trading operations January 29, 2016

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

F-85

The Trading Companies of the Frontier Fund

Statements of Changes in Members’ Equity

For the Years Ended December 31, 2016, 2015 and 2014

	Frontier Trading			Frontier Trading			Frontier Trading
	Company I LLC			Company II LLC			Company VII, LLC (1)
Members’ Equity, December 31, 2013	$	19,611,575		$	17,534,029		$	7,003,289
Capital Contributed		157,856,619			12,312,000			37,505,000
Capital Distributed		(169,654,397	)		(37,050,000	)		(33,710,129	)
Net Increase (decrease) in Members’ Equity Resulting From Operations		18,165,908			21,528,940			(558,018	)
Members’ Equity, December 31, 2014		25,979,705			14,324,969			10,240,142
Capital Contributed		152,936,600			32,277,000			54,479,000
Capital Distributed		(165,396,061	)		(37,200,000	)		(60,937,393	)
Net Increase (decrease) in Members’ Equity Resulting From Operations		9,626,503			3,942,397			4,220,713
Members’ Equity, December 31, 2015		23,146,747			13,344,366			8,002,462
Capital Contributed		175,068,296			173,832,267			20,283,579
Capital Distributed		(195,185,435	)		(168,961,025	)		(32,986,416	)
Net Increase (decrease) in Members’ Equity Resulting From Operations		3,853,996			991,398			4,700,375
Members’ Equity, December 31, 2016	$	6,883,604		$	19,207,006		$	—
	Frontier Trading			Frontier Trading			Frontier Trading
	Company XIV, LLC (2)			Company XV, LLC			Company XXIII, LLC (3)
Members’ Equity, December 31, 2013	$	3,527,697		$	19,248,714		$	4,251,667
Capital Contributed		21,580,000			23,175,200			3,895,000
Capital Distributed		(24,945,000	)		(29,900,000	)		(12,100,000	)
Net Increase (decrease) in Members’ Equity Resulting From Operations		4,544,325			2,877,056			7,478,302
Members’ Equity, December 31, 2014		4,707,022			15,400,970			3,524,969
Capital Contributed		7,272,500			975,100			17,805,000
Capital Distributed		(7,550,000	)		(2,690,500	)		(19,100,000	)
Net Increase (decrease) in Members’ Equity Resulting From Operations		(985,611	)		57,767			836,116
Members’ Equity, December 31, 2015		3,443,911			13,743,337			3,066,085
Capital Contributed		3,205,916			7,771,910			8,295,740
Capital Distributed		(7,696,626	)		(14,817,369	)		(13,313,497	)
Net Increase (decrease) in Members’ Equity Resulting From Operations		1,046,799			2,149,396			1,951,672
Members’ Equity, December 31, 2016	$	—		$	8,847,274		$	—
	Frontier Trading			Frontier Trading			Frontier Trading
	Company XXIX, LLC (4)			Company XXXIV, LLC			Company XXXV, LLC
Members’ Equity, December 31, 2013	$	—		$	10,126,168		$	3,437,632
Capital Contributed		2,265,000			25,645,000			—
Capital Distributed		—			(22,750,000	)		—
Net Increase (decrease) in Members’ Equity Resulting From Operations		(598,455	)		5,912,879			3,132,777
Members’ Equity, December 31, 2014		1,666,545			18,934,047			6,570,409
Capital Contributed		4,042,000			11,282,015			—
Capital Distributed		(3,100,000	)		(11,432,553	)		—
Net Increase (decrease) in Members’ Equity Resulting From Operations		(1,588,899	)		374,013			2,115,441
Members’ Equity, December 31, 2015		1,019,646			19,157,522			8,685,850
Capital Contributed		2,207,000			—			—
Capital Distributed		(3,361,070	)		(4,926,555	)		(2,500,000	)
Net Increase (decrease) in Members’ Equity Resulting From Operations		134,424			(218,072	)		(48,003	)
Members’ Equity, December 31, 2016	$	—		$	14,012,895		$	6,137,847
	Frontier Trading			Frontier Trading			Frontier Trading
	Company XXXVII, LLC			Company XXXVIII, LLC			Company XXXIX, LLC
Members’ Equity, December 31, 2013	$	2,456,545		$	6,880,279		$	5,435,184
Capital Contributed		—			14,825,252			—
Capital Distributed		—			(16,650,000	)		—
Net Increase (decrease) in Members’ Equity Resulting From Operations		1,176,515			(741,848	)		2,105,282
Members’ Equity, December 31, 2014		3,633,060			4,313,683			7,540,466
Capital Contributed		1,000,000			14,336,000			—
Capital Distributed		—			(12,050,000	)		—
Net Increase (decrease) in Members’ Equity Resulting From Operations		(300,633	)		(3,624,988	)		419,803
Members’ Equity, December 31, 2015		4,332,427			2,974,695			7,960,269
Capital Contributed		—			17,027,822			—
Capital Distributed		(115,000	)		(6,405,067	)		(1,900,000	)
Net Increase (decrease) in Members’ Equity Resulting From Operations		(111,959	)		(2,413,347	)		431,145
Members’ Equity, December 31, 2016	$	4,105,468		$	11,184,103		$	6,491,414

(1) Trading Company VII ceased trading operations April 28, 2016

(2) Trading Company XIV ceased trading operations April 21, 2016

(3) Trading Company XXIII ceased trading operations July 22, 2016

(4) Trading Company XXIX ceased trading operations January 29, 2016

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

F-86

The Trading Companies of the Frontier Fund

Statements of Cash Flows

For the Years Ended December 31, 2016, 2015 and 2014

	Frontier Trading									Frontier Trading									Frontier Trading
	Company I, LLC									Company II, LLC									Company VII, LLC
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	3,853,996		$	9,626,503		$	18,165,908		$	991,398		$	3,942,397		$	21,528,940		$	4,700,375		$	4,220,713		$	(558,018	)
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		15,540,015			544,018			(6,262,089	)		(5,252,127	)		(1,893,306	)		2,361,317			14,330,819			(7,636,501	)		574,114
Decrease (increase) in open trade equity, at fair value		517,791			2,376,408			(174,792	)		(622,945	)		2,873,705			848,009			(6,482,499	)		9,951,838			(12,349,140	)
Net unrealized (gain) loss on option/swap contracts		205,998			(87,257	)		69,085			—			—			—			154,380			(77,725	)		—
(Decrease) increase in risk analysis fee payable		1,155			—			—			12,215			—			—			—			—			—
Decrease (increase) in interest receivable		—			—			—			217			204			155			—			—			—
(Decrease) increase in interest payable		(1,816	)		(211	)		(334	)		—			—			(421	)		(238	)		68			6
Net cash provided by (used in) operating activities		20,117,139			12,459,461			11,797,778			(4,871,242	)		4,923,000			24,738,000			12,702,837			6,458,393			(3,794,871	)
Cash Flows from Financing Activities
Capital Contributed		175,068,296			152,936,600			157,856,619			173,832,267			32,277,000			12,312,000			20,283,579			54,479,000			37,505,000
Capital Distributed		(195,185,435	)		(165,396,061	)		(169,654,397	)		(168,961,025	)		(37,200,000	)		(37,050,000	)		(32,986,416	)		(60,937,393	)		(33,710,129	)
Net cash provided by (used in) financing activities		(20,117,139	)		(12,459,461	)		(11,797,778	)		4,871,242			(4,923,000	)		(24,738,000	)		(12,702,837	)		(6,458,393	)		3,794,871
Net change in cash and cash equivalents		—			—			—			—			—			—			—			—			—
Cash and cash equivalents, beginning of period		—			—			—			—			—			—			—			—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
	Frontier Trading									Frontier Trading									Frontier Trading
	Company XIV, LLC									Company XV, LLC									Company XXIII, LLC
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	1,046,799		$	(985,611	)	$	4,544,325		$	2,149,396		$	57,767		$	2,877,056		$	1,951,672		$	836,116		$	7,478,302
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		3,409,216			273,327			(859,653	)		5,073,766			460,832			(484,173	)		3,093,791			(462,427	)		1,552,458
Decrease (increase) in open trade equity, at fair value		34,484			990,384			(318,684	)		(180,154	)		1,196,577			5,197,268			(27,706	)		921,311			(825,760	)
Decrease (increase) in written options, at fair value		—			—			—			—			—			(865,940	)		—			—			—
(Decrease) increase in risk analysis fee payable		—			—			—			2,303			—			—			—			—			—
Decrease (increase) in interest receivable		211			(211	)		—			—			68			657			—			—			—
(Decrease) increase in interest payable		—			(389	)		(988	)		148			156			(68	)		—			—			—
Net cash provided by (used in) operating activities		4,490,710			277,500			3,365,000			7,045,459			1,715,400			6,724,800			5,017,757			1,295,000			8,205,000
Cash Flows from Financing Activities
		—			—			—
Capital Contributed		3,205,916			7,272,500			21,580,000			7,771,910			975,100			23,175,200			8,295,740			17,805,000			3,895,000
Capital Distributed		(7,696,626	)		(7,550,000	)		(24,945,000	)		(14,817,369	)		(2,690,500	)		(29,900,000	)		(13,313,497	)		(19,100,000	)		(12,100,000	)
Net cash provided by (used in) financing activities		(4,490,710	)		(277,500	)		(3,365,000	)		(7,045,753	)		(1,715,400	)		(6,724,800	)		(5,017,757	)		(1,295,000	)		(8,205,000	)
Net change in cash and cash equivalents		—			—			—			—			—			—			—			—			—
Cash and cash equivalents, beginning of period	$	—		$	—			—		$	—		$	—			—		$	—		$	—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
	Frontier Trading									Frontier Trading									Frontier Trading
	Company XXIX, LLC									Company XXXIV, LLC									Company XXXV, LLC
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	134,424		$	(1,588,899	)	$	(598,455	)	$	(218,073	)	$	374,013		$	5,912,879		$	(48,003	)	$	2,115,441		$	3,132,777
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		1,014,896			931,466			(1,946,362	)		—			687,693			(687,693	)		—			—			—
Decrease (increase) in open trade equity, at fair value		4,750			(284,591	)		279,840			—			—			—			—			—			—
Net realized (gain) loss on swap contracts		—			—			—			—			—			—			—			—			—
Net unrealized (gain) loss on swap contracts		—			—			—			218,073			(910,567	)		(8,120,787	)		48,003			(2,115,441	)		(3,132,777	)
(Decrease) increase in interest payable		—			24			(23	)		—			(602	)		601			—			—			—
Net cash provided by (used in) operating activities		1,154,070			(942,000	)		(2,265,000	)		—			150,537			(2,895,000	)		—			—			—
Cash Flows from Financing Activities
(Decrease) increase in advance on unrealized swap appreciation		—			—			—			4,926,555			—			—			2,500,000			—			—
Capital Contributed		2,207,000			4,042,000			2,265,000			—			11,282,015			25,645,000			—			—			—
Capital Distributed		(3,361,070	)		(3,100,000	)		—			(4,926,555	)		(11,432,552	)		(22,750,000	)		(2,500,000	)		—			—
Net cash provided by (used in) financing activities		(1,154,070	)		942,000			2,265,000			—			(150,537	)		2,895,000			—			—			—
Net change in cash and cash equivalents		—			—			—			—			—			—			—			—			—
Cash and cash equivalents, beginning of period	$	—		$	—			—		$	—		$	—			—		$	—		$	—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
	Frontier Trading									Frontier Trading									Frontier Trading
	Company XXXVII, LLC									Company XXXVIII, LLC									Company XXXIX, LLC
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Cash Flows from Operating Activities
Net increase (decrease) in members’ equity resulting from operations	$	(111,959	)	$	(300,633	)	$	1,176,515		$	(2,413,347	)	$	(3,624,988	)	$	(741,848	)	$	431,145		$	419,803		$	2,105,282
Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities:
Decrease (increase) in receivable from futures commission merchants		—			—			—			2,670,015			274,677			415,299			—			—			3,500
Decrease (increase) in open trade equity, at fair value		—			—			—			304,878			1,064,165			2,151,472			—			—			—
Net unrealized (gain) loss on swap contracts		111,959			(699,367	)		(1,176,515	)		—			—			—			(431,145	)		(419,803	)		(2,108,782	)
Purchase of Private Investment Companies		—			—			—			(8,800,000	)		—			—			—			—			—
Net unrealized gain/(loss) on private investment companies		—			—			—			(2,384,103	)		—			—			—			—			—
(Decrease) increase in interest payable		—			—			—			(198	)		146			(175	)		—			—			—
Net cash provided by (used in) operating activities		—			(1,000,000	)		—			(10,622,755	)		(2,286,000	)		1,824,748			—			—			—
Cash Flows from Financing Activities
(Decrease) increase in advance on unrealized swap appreciation		115,000			—			—			—			—			—			1,900,000
Capital Contributed		—			1,000,000			—			17,027,822			14,336,000			14,825,252			—			—			—
Capital Distributed		(115,000	)		—			—			(6,405,067	)		(12,050,000	)		(16,650,000	)		(1,900,000	)		—			—
Net cash provided by (used in) financing activities		—			1,000,000			—			10,622,755			2,286,000			(1,824,748	)		—			—			—
Net change in cash and cash equivalents		—			—			—			—			—			—			—			—			—
Cash and cash equivalents, beginning of period	$	—		$	—			—		$	—		$	—			—		$	—		$	—			—
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

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

F-87

The Trading 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 VII LLC, Frontier Trading Company IX LLC , Frontier Trading Company XV LLC, Frontier Trading Company XXIII, Frontier Trading Company XXIX, 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. Exposure to futures contracts is done directly by the trading companies or indirectly through an investment in a Private Investment Company that trades futures.

● 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.

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. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $2,631,477 for the Frontier Trading Company I LLC, $3,623,496 for the Frontier Trading Company XV LLC, and $14,604,203 for the Frontier Trading Company II LLC.

F-88

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, forward and swap contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are settled. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as open trade equity (deficit) for futures and forwards as there exists a right of offset of unrealized gains or losses in accordance with ASC 210. Balance Sheet (“ASC 210”) and Accounting Standards Update (ASU) 2013-01. Balance Sheet (Topic 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 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.

Purchase and Sales of Private Investment Companies —Trading Companies are able to subscribe into and redeem from the Galaxy Plus entities on a weekly basis. The value of the Private Investment Companies is determined by the Sponsor and reported on a daily basis. The change in value is calculated as the difference between the total purchase proceeds and the fair value calculated by the Sponsor and is recorded as net unrealized gain/(loss) on private investment companies on the statements of operations.

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. 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 2013 through 2016 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 Pronouncement—In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” ASU No. 2015-07 removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at NAV using the practical expedient under “Fair Value Measurements and Disclosures (Topic 820).” ASU No. 2015-07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-07 is required to be applied retrospectively to all periods presented beginning in the year of adoption. ASU No. 2015-07 only impacts the Trading Company’s disclosures, adoption does not affect the Trading Company’s financial condition, results of operations, or cash flows.

F-89

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.

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 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 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 upon daily reports from the counterparty. In addition, a third party takes receives the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner’s Valuation Committee for evaluation and resolution.

Investments in Private Investment Companies. Investments in private investment companies are valued utilizing the net asset values provided by the underlying Private Investment Companies as a practical expedient. The Fund applies the practical expedient to its investments in Private Investment Companies on an investment-by-investment basis, and consistently with the Fund’s entire position in a particular investment, unless it is probable that the Fund will sell a portion of an investment at an amount different from the net asset value of the investment. Management has adopted Accounting Standards Update (“ASU”) ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) — a consensus of the Emerging Issues Task Force issued, on May 1, 2015. The guidance in this standard was effective for interim and annual periods beginning after December 15, 2015. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy below.

F-90

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, 2016 and 2015, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

								Total
December 31, 2016	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Frontier Trading Company I LLC
Open Trade Equity (Deficit)	$	288,647	$	(50,986	)	$	—	$	237,661
Frontier Trading Company II LLC
Open Trade Equity (Deficit)		1,123,666		98,858			—		1,222,524
Frontier Trading Company XV, LLC
Open Trade Equity (Deficit)		635,782		6,712			—		642,494
Frontier Trading Company XXXIV, LLC
Swap Contracts		—		—			18,939,450		18,939,450
Frontier Trading Company XXXV, LLC
Swap Contracts		—		—			8,637,847		8,637,847
Frontier Trading Company XXXVII, LLC
Swap Contracts		—		—			4,220,468		4,220,468
Frontier Trading Company XXXVIII, LLC
Private Investment Companies		—		11,183,404			—		11,183,404
Frontier Trading Company XXXIX, LLC
Swap Contracts		—		—			8,391,414		8,391,414

F-91

									Total
December 31, 2015	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Fair Value
Frontier Trading Company I LLC
Open Trade Equity (Deficit)	$	755,452		$	—		$	—	$	755,452
Options Purchased		—			371,758			—		371,758
Options Written		—			(165,760	)		—		(165,760	)
Frontier Trading Company II LLC
Open Trade Equity (Deficit)		599,579			—			—		599,579
Frontier Trading Company VII LLC
Open Trade Equity (Deficit)		(6,482,499	)		—			—		(6,482,499	)
Options Purchased		—			154,380			—		154,380
Frontier Trading Company XIV, LLC
Open Trade Equity (Deficit)		34,848			—			—		34,848
Frontier Trading Company XV, LLC
Open Trade Equity (Deficit)		462,340			—			—		462,340
Frontier Trading Company XXIII, LLC
Open Trade Equity (Deficit)		(27,706	)		—			—		(27,706	)
Frontier Trading Company XXIX, LLC
Open Trade Equity (Deficit)		4,750			—			—		4,750
Frontier Trading Company XXXIV, LLC
Swap Contracts		—			—			19,157,522		19,157,522
Frontier Trading Company XXXIX, LLC
Swap Contracts		—			—			7,960,269		7,960,269
Frontier Trading Company XXXV, LLC
Swap Contracts		—			—			8,685,850		8,685,850
Frontier Trading Company XXXVII, LLC
Swap Contracts		—			—			4,332,427		4,332,427
Frontier Trading Company XXXVIII, LLC
Open Trade Equity (Deficit)		304,878			—			—		304,878

F-92

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 years ended December 31, 2016 and 2015, all identified level three assets are components of the Frontier Trading Company XXXIV, XXXV, XXXVII, and XXXIX.

	Frontier Trading Company			Frontier Trading Company
	XXXIV LLC			XXXIX, LLC
	For The Year Ending			For The Year Ending
	December 31, 2016			December 31, 2016
Balance of recurring Level 3 assets as of December 31, 2015	$	19,157,522		$	7,960,269
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(218,073	)		431,145
Purchases, sales, issuances, and settlements, net		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2016	$	18,939,449		$	8,391,414

	Frontier Trading Company			Frontier Trading Company
	XXXV LLC			XXXVII, LLC
	For The Year Ending			For The Year Ending
	December 31, 2016			December 31, 2016
Balance of recurring Level 3 assets as of December 31, 2015	$	8,685,850		$	4,332,427
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(48,003	)		(111,959	)
Purchases, sales, issuances, and settlements, net		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2016	$	8,637,847		$	4,220,468

F-93

	Frontier Trading Company		Frontier Trading Company
	XXXIV LLC		XXXIX, LLC
	For The Year Ending		For The Year Ending
	December 31, 2015		December 31, 2015
Balance of recurring Level 3 assets as of January 1, 2015	$	18,246,955	$	7,540,466
Total gains or losses (realized/unrealized):
Included in earnings-realized		—		—
Included in earnings-unrealized		910,567		419,803
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, 2015	$	19,157,522	$	7,960,269

	Frontier Trading Company		Frontier Trading Company
	XXXV LLC		XXXVII, LLC
	For The Year Ending		For The Year Ending
	December 31, 2015		December 31, 2015
Balance of recurring Level 3 assets as of January 1, 2015	$	6,570,409	$	3,633,060
Total gains or losses (realized/unrealized):
Included in earnings-realized		—		—
Included in earnings-unrealized		2,115,441		(300,633	)
Included in other comprehensive income		—		—
Purchases, sales, issuances, and settlements, net		—		1,000,000
Transfers in and/or out of Level 3		—		—
Balance of recurring Level 3 assets as of December 31, 2015	$	8,685,850	$	4,332,427

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2016:

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
	Company XXXV LLC			Company XXXVII LLC			Company XXXIV LLC			Company XXXIX LLC
Swaps	$	(48,002	)	$	(111,960	)	$	(218,070	)	$	431,146

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

	Frontier Trading		Frontier Trading			Frontier Trading			Frontier Trading
	Company XXXV LLC		Company XXXVII LLC			Company XXXIV LLC			Company XXXIX LLC
Swaps	$	2,115,441	$	(300,633	)	$	(910,566	)	$	419,803

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

	Frontier Trading		Frontier Trading		Frontier Trading		Frontier Trading
	Company XXXV LLC		Company XXXVII LLC		Company XXXIV LLC		Company XXXIX LLC
Swaps	$	3,132,776	$	1,176,514	$	8,120,996	$	2,105,281

F-94

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, 2016 and 2015, the Trust did not transfer any assets between Level 1, Level 2 or Level 3.

4. Swap Contracts

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.

Each Trading Company’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 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.

To help to reduce counterparty risk on the Trading Companies, the Managing Owner has the right to reduce the Trading Companies’ exposure and remove cash from the Trading Companies’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000, and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit. The funds are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. As of December 31, 2016, the Frontier Trading Company XXXIV LLC, Frontier Trading Company XXXV LLC, Frontier Trading Company XXXVII LLC, and Frontier Trading Company XXXIX LLC, had $4,926,555, $2,500,000, $115,000, and $1,900,000, respectively, in cash holdings as shown in the Fund’s Statements of Financial Conditions under advance on unrealized swap appreciation, which relates to the Trading Companies’ total return swaps with Deutsche Bank AG.

F-95

The Trading Companies have invested in the following swaps as of December 31, 2016.

	XXXIX Brevan Howard	XXXIV Balanced Select Swap	XXXV Diversified Select Swap	XXXVII L/S Select Swap
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$11,413,283	$22,580,043	$13,851,707	$1,877,692
Termination Date	3/26/2018	8/2/2018	8/2/2018	8/7/2018
Cash Collateral	$5,986,000	$9,600,000	$3,400,000	$3,880,000
Swap Value	$2,405,414	$9,339,450	$5,237,847	$340,468
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$431,145	($218,073)	($48,003)	($111,959)
Fair Value as of 12/31/2016	$8,391,414	$18,939,450	$8,637,847	$4,220,468
Advance on swap appreciation	($1,900,000)	($4,926,555)	($2,500,000)	($115,000)

The Trading Companies have invested in the following swaps as of December 31, 2015.

	Brevan Howard	XXXIV Balanced Select Swap	XXXV Diversified Select Swap	XXXVII L/S Select Swap
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$12,663,283	$22,580,043	$13,851,707	$1,877,592
Termination Date	3/26/2018	8/2/2018	8/2/2018	8/7/2018
Cash Collateral	$5,993,000	$9,600,000	$3,400,000	$3,880,000
Swap Value	$1,967,269	$9,557,519	$5,285,850	$452,428
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$419,803	$910,566	$2,115,441	($300,633)
Fair Value as of 12/31/2015	$7,960,269	$19,157,519	$8,685,850	$4,332,428

F-96

5. Financial Highlights

The following information presents the financial highlights of the Trading Companies for the years ended December 31, 2016, 2015 and 2014.

	Frontier Trading									Frontier Trading									Frontier Trading
	Company I LLC									Company II LLC									Company VII, LLC (1)
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Net Investment Gain		-0.01	%		-0.11	%		-0.12	%		0.04	%		0.02	%		0.03	%		0.05	%		-0.02	%		-0.03	%
Total Return		19.51	%		63.74	%		145.03	%		36.78	%		67.48	%		241.28	%		145.34	%		117.20	%		37.77	%

	Frontier Trading									Frontier Trading									Frontier Trading
	Company XIV, LLC (2)									Company XV, LLC									Company XXIII, LLC (3)
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Net Investment Gain		0.11	%		-0.01	%		-0.20	%		0.01	%		0.01	%		-0.02	%		-0.42	%		-0.45	%		-0.46	%
Total Return		75.41	%		-27.64	%		159.10	%		32.45	%		-0.93	%		19.79	%		-99.9	%		48.44	%		2149.00	%

	Frontier Trading									Frontier Trading									Frontier Trading
	Company XXIX, LLC (4)									Company XXXIX, LLC									Company XXXIV, LLC
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Net Investment Gain		0.06	%		-0.04	%		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		-0.02	%		-0.05	%
Total Return		-100.00	%		-56.27	%		-37.15	%		5.02	%		-29108.31	%		38.75	%		2.30	%		1.43	%		41.75	%

	Frontier Trading									Frontier Trading									Frontier Trading
	Company XXXV, LLC									Company XXXVII, LLC									Company XXXVIII, LLC
	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
Net Investment Gain		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		-0.02	%		-0.04	%		-0.07	%
Total Return		7.97	%		32.20	%		91.13	%		-2.57	%		-2.86	%		47.89	%		-71.58	%		-58.46	%		85.85	%

(1) Trading Company VII ceased trading operations April 28, 2016

(2) Trading Company XIV ceased trading operations April 21, 2016

(3) Trading Company XXIII ceased trading operations July 22, 2016

(4) Trading Company XXIX commenced operations in November 2014 and ceased trading operations January 29, 2016.

6. Investments in Unconsolidated Trading Companies and Private Investment Companies

Investments in Private Investment Companies represent cash and open trade equity invested in the Private Investment Companies as well as the cumulative trading profits or losses allocated to the Trust by the Private Investment Companies. Private Investment Companies allocate trading profits or losses on the basis of the proportion of the Trading Company’s capital allocated for trading to the Private Investment Company, which bears no relationship to the amount of cash invested by the Trading Company in the Private Investment Companies. Investments in Private Investment Companies are valued using the NAV provided by the underlying private investment.

As of December 31, 2016, Frontier Trading Company XXXVIII, LLC’s investment into Galaxy Plus Fund – Quest FIT Feeder Fund (535) LLC had a fair value of $11,184,103. For the year ended December 31, 2016, Galaxy Plus Fund – Quest FIT Feeder Fund (535) LLC incurred $78,605 in trading commissions and had $2,328,567 and $134,141 in realized and unrealized trading gains, respectively, for a net income of $2,384,103. Galaxy Plus Fund – Quest FIT Feeder Fund (535) LLC allows for weekly redemptions upon 24 hours written notice. There are no liquidity restrictions.

7. 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, 2016 and 2015 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trading Companies’ positions in swap contracts.

F-97

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

For the Year Ended December 31, 2016
Monthly average contracts:
	Bought		Sold
Frontier Trading Company I LLC		18,202		18,243
Frontier Trading Company II LLC		2,082		2,130
Frontier Trading Company VII LLC		3,085		3,086
Frontier Trading Company XIV LLC		795		803
Frontier Trading Company XV LLC		4,154		4,001
Frontier Trading Company XXIII LLC		1,682		1,615
Frontier Trading Company XXIX LLC		64		71
Frontier Trading Company XXXVIII LLC		1,341		1,208
For the Year Ended December 31, 2015
Monthly average contracts:
		Bought		Sold
Frontier Trading Company I LLC		14,984		15,185
Frontier Trading Company II LLC		1,508		1,597
Frontier Trading Company VII LLC		13,402		13,274
Frontier Trading Company XIV LLC		1,338		1,359
Frontier Trading Company XV LLC		2,153		2,225
Frontier Trading Company XXIII LLC		2,926		2,962
Frontier Trading Company XXIX LLC		526		537
Frontier Trading Company XXXIV LLC		972		972
Frontier Trading Company XXXVIII LLC		1,275		1,349
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

F-98

The following tables summarize the trading revenues for the years ended December 31, 2016, 2015 and 2014, approximately by sector:

Realized Trading Revenue from Futures, Forwards, and Options

for the Year Ended December 31, 2016⁽¹⁾

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of Contract	Company I LLC			Company II LLC			Company VII LLC			Company XIV LLC
Metals	$	(570,904	)	$	(2,388,857	)	$	(2,735,981	)	$	15,680
Currencies		(1,134,947	)		2,449,081			(333,855	)		180,074
Energies		(540,962	)		(1,997,815	)		1,426,316			173,411
Agriculturals		(793,888	)		(645,570	)		634,825			(128,046	)
Interest rates		6,698,984			3,484,057			(342,396	)		1,341,209
Stock indices		1,051,934			(282,419	)		(128,497	)		(462,833	)
Realized trading income/(loss)(1)	$	4,710,217		$	618,478		$	(1,479,588	)	$	1,119,495
	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of Contract	Company XV LLC			Company XXIII LLC			Company XXIX LLC			Company XXXVIII LLC
Metals	$	(410,694	)	$	125,165		$	(8,260	)	$	(496,363	)
Currencies		885,773			(661,239	)		5,174			(1,715,921	)
Energies		(341,104	)		(403,582	)		(54,266	)		33,941
Agriculturals		(239,338	)		—			4,630			(188,884	)
Interest rates		1,821,478			3,627,111			154,416			(1,732,861	)
Stock indices		375,929			(660,900	)		41,389			(541,633	)
Realized trading income/(loss)(1)	$	2,092,044		$	2,026,555		$	143,083		$	(4,641,720	)

Unrealized Trading Revenue from Futures, Forwards, and Options

for the Year Ended December 31, 2016⁽²⁾

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of Contract	Company I LLC			Company II LLC			Company VII LLC			Company XIV LLC
Metals	$	(16,549	)	$	(577,784	)	$	2,998,383		$	(36,385	)
Currencies		(695,645	)		147,840			(34,630	)		(68,823	)
Energies		109,673			(165,261	)		3,264,774			87,766
Agriculturals		8,545			105,158			169,070			(2,760	)
Interest rates		43,332			699,717			(2,272	)		55,947
Stock indices		293,774			311,568			42,046			(70,230	)
Unrealized trading income/(loss)(2)	$	(256,870	)	$	521,238		$	6,437,371		$	(34,485	)
	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of Contract	Company XV LLC			Company XXIII LLC			Company XXIX LLC			Company XXXVIII LLC
Metals	$	(97,042	)	$	(4,280	)	$	10,744		$	(62,455	)
Currencies		244,511			(118,177	)		(38,876	)		(270,069	)
Energies		(457,543	)		61,323			(10,686	)		2,020
Agriculturals		(47,280	)		—			40,435			146,494
Interest rates		435,147			80,695			5,426			52,293
Stock indices		122,797			8,145			(11,793	)		52,098
Unrealized trading income/(loss)(2)	$	200,590		$	27,706		$	(4,750	)	$	(79,619	)

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

(2) In the Statement of Operations under net change in open trade equity and net unrealized gain/(loss) on option/swap contracts

F-99

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2015 ⁽¹⁾

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of contract	Company I LLC			Company II LLC			Company VII, LLC			Company XIV, LLC
Metals	$	638,640		$	412,683		$	2,770,377		$	(173,565	)
Currencies		1,473,437			(346,462	)		572,927			(1,062,588	)
Energies		3,075,926			3,898,848			13,476,409			1,755,803
Agriculturals		(618,275	)		295,065			1,146,162			(308,178	)
Interest rates		4,813,887			4,204,957			(803,460	)		767,420
Stock indices		2,273,642			(1,544,747	)		173,194			(850,694	)
Realized trading income/(loss)(1)	$	11,657,257		$	6,920,344		$	17,335,609		$	128,198

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of contract	Company XV, LLC			Company XXIII, LLC			Company XXIX, LLC			Company XXXIV, LLC
Metals	$	318,485		$	(321,260	)	$	(680,920	)	$	(2,157	)
Currencies		(1,140,254	)		(349,146	)		(68,374	)		31,785
Energies		2,554,164			685,793			(755,954	)		—
Agriculturals		(430,338	)		—			(405,228	)		—
Interest rates		466,376			1,569,067			(162,699	)		(69,996	)
Stock indices		(383,176	)		398,225			261,267			(423,235	)
Realized trading income/(loss)(1)	$	1,385,257		$	1,982,679			(1,811,908	)		(463,603	)

	Frontier Trading
Type of contract	Company XXXVIII, LLC
Metals	$	(146,993	)
Currencies		776,564
Energies		(702,562	)
Agriculturals		(755,577	)
Interest rates		(2,939,346	)
Stock indices		1,351,855
Realized trading income/(loss)(1)		(2,416,059	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2015 ⁽²⁾

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of contract	Company I LLC			Company II LLC			Company VII, LLC			Company XIV, LLC
Metals	$	225,190		$	342,136		$	(3,034,728	)	$	134,618
Currencies		(346,776	)		(77,235	)		(166,305	)		334,553
Energies		(487,009	)		(369,441	)		(9,809,446	)		(950,395	)
Agriculturals		28,013			51,330			115,115			(4,647	)
Interest rates		(1,490,244	)		(2,060,991	)		740,922			(437,886	)
Stock indices		878,018			(759,504	)		122,840			(66,627	)
Unrealized trading income/(loss)(2)	$	(1,192,808	)	$	(2,873,705	)	$	(12,031,602	)	$	(990,384	)

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of contract	Company XV, LLC			Company XXIII, LLC			Company XXIX, LLC			Company XXXVIII, LLC
Metals	$	341,471		$	(66,888	)	$	30,664		$	5,425
Currencies		72,012			(39,897	)		28,909			(466,640	)
Energies		(87,414	)		(38,274	)		332,868			(104,322	)
Agriculturals		(193,258	)		—			(22,429	)		(195,062	)
Interest rates		(1,031,166	)		(705,395	)		(66,993	)		(15,968	)
Stock indices		(298,164	)		(70,857	)		(18,428	)		(287,597	)
Unrealized trading income/(loss)(2)	$	(1,196,519	)	$	(921,311	)		284,591			(1,064,164	)

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

(2) In the Statement of Operations under net change in open trade equity and net unrealized gain/(loss) on option/swap contracts

F-100

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2014 ⁽¹⁾

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of contract	Company I LLC			Company II LLC			Company VII, LLC			Company XIV, LLC
Metals	$	(437,457	)	$	170,841		$	690,535		$	(882,227	)
Currencies		1,750,349			3,665,521			2,527,403			2,737,165
Energies		1,194,230			5,800,067			(3,255,197	)		237,904
Agriculturals		1,309,078			(1,089,242	)		(158,431	)		829,935
Interest rates		10,676,345			12,258,469			123,894			3,297,947
Stock indices		3,172,068			1,689,346			219,589			(1,068,847	)
Realized trading income/(loss)(1)	$	17,664,613		$	22,495,002		$	147,793		$	5,151,877

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of contract	Company XV, LLC			Company XXIII, LLC			Company XXIX, LLC			Company XXXIV, LLC
Metals	$	575,380		$	(217,610	)	$	(52,470	)	$	7,721
Currencies		1,090,109			1,160,826			(94,092	)		(261,257	)
Energies		561,158			(605,056	)		(358,642	)		180
Agriculturals		949,454			—			(24,200	)		—
Interest rates		2,379,839			5,823,668			138,650			—
Stock indices		(875,183	)		667,519			80,496			(1,806,979	)
Realized trading income/(loss)(1)	$	4,680,757		$	6,829,347		$	(310,258	)	$	(2,060,335	)

	Frontier Trading
Type of contract	Company XXXVIII, LLC
Metals	$	(111,695	)
Currencies		5,323,603
Energies		408,068
Agriculturals		(248,904	)
Interest rates		(5,722,822	)
Stock indices		1,968,275
Realized trading income/(loss)(1)	$	1,616,525

Unrealized Trading Revenue from Futures, Forwards and Options

for the Year Ended December 31, 2014 ⁽²⁾

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of contract	Company I LLC			Company II LLC			Company VII, LLC			Company XIV, LLC
Metals	$	(111,947	)	$	(379,502	)	$	(67,120	)	$	164,178
Currencies		365,702			(685,924	)		90,671			(743,778	)
Energies		389,322			526,450			410,565			873,446
Agriculturals		(89,486	)		(281,100	)		967,983			(28,250	)
Interest rates		1,577,387			2,337,987			(432,162	)		371,048
Stock indices		(946,046	)		(2,365,920	)		(409,378	)		(317,959	)
Unrealized trading income/(loss)(2)	$	1,184,932		$	(848,009	)	$	560,559		$	318,685

	Frontier Trading			Frontier Trading			Frontier Trading			Frontier Trading
Type of contract	Company XV, LLC			Company XXIII, LLC (3)			Company XXIX, LLC (5)			Company XXXVIII, LLC (4
Metals	$	(593,950	)	$	20,878		$	(41,409	)	$	(53,485	)
Currencies		(1,724,126	)		(278,910	)		9,969			(285,427	)
Energies		875,619			2,817			(322,182	)		65,813
Agriculturals		(53,695	)		—			(18,006	)		(111,612	)
Interest rates		464,025			1,653,065			61,567			(1,228,893	)
Stock indices		(417,885	)		(572,090	)		30,221			(537,869	)
Unrealized trading income/(loss)(2)	$	(1,450,012	)	$	825,760		$	(279,840	)	$	(2,151,473	)

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

(2) In the Statement of Operations under net change in open trade equity and net unrealized gain/(loss) on option/swap contracts

F-101

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

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of December 31, 2016 and 2015.

						Net Amounts of
As of December 31, 2016						Derivative Assets
						and Liabilities
	Gross Amounts of		Gross Amounts of			Presented in the
	recognized		recognized Derivative			Statements of
	Derivative Assets		Liabilities			Financial Condition
Frontier Trading Company I, LLC
Open Trade Equity/(Deficit)	$	515,659	$	(277,998	)	$	237,661
Frontier Trading Company II, LLC
Open Trade Equity/(Deficit)	$	2,393,850	$	(1,171,326	)	$	1,222,524
Frontier Trading Company XV, LLC
Open Trade Equity/(Deficit)	$	834,176	$	(191,682	)	$	642,494
Frontier Trading Company XXXIV, LLC
Swap Contracts	$	18,939,450	$	—		$	18,939,450
Frontier Trading Company XXXV, LLC
Swap Contracts	$	8,637,847	$	—		$	8,637,847
Frontier Trading Company XXXVII, LLC
Swap Contracts	$	4,220,468	$	—		$	4,220,468
Frontier Trading Company XXXIX, LLC
Swap Contracts	$	8,391,414	$	—		$	8,391,414

F-102

						Net Amounts of
As of December 31, 2015						Derivative Assets
						and Liabilities
	Gross Amounts of		Gross Amounts of			Presented in the
	recognized		recognized Derivative			Statements of
	Derivative Assets		Liabilities			Financial Condition
Frontier Trading Company I, LLC
Open Trade Equity/(Deficit)	$	795,813	$	(40,361	)	$	755,452
Options Purchased		371,758		—			371,758
Options Written		—		(165,760	)		(165,760	)
Frontier Trading Company II, LLC
Open Trade Equity/(Deficit)	$	768,117	$	(168,538	)	$	599,579
Frontier Trading Company VII, LLC
Open Trade Equity/(Deficit)	$	11,386	$	(6,493,885	)	$	(6,482,499	)
Options Purchased		154,380		—			154,380
Frontier Trading Company XIV, LLC
Open Trade Equity/(Deficit)	$	34,484	$	—		$	34,484
Frontier Trading Company XV, LLC
Open Trade Equity/(Deficit)	$	495,021	$	(32,681	)	$	462,340
Frontier Trading Company XXIII, LLC
Open Trade Equity/(Deficit)	$	7,381	$	(35,087	)	$	(27,706	)
Frontier Trading Company XXIX, LLC
Open Trade Equity/(Deficit)	$	4,750	$	—		$	4,750
Frontier Trading Company XXXIV, LLC
Swap Contracts	$	19,157,522	$	—		$	19,157,522
Frontier Trading Company XXXV, LLC
Swap Contracts	$	8,685,850	$	—		$	8,685,850
Frontier Trading Company XXXVII, LLC
Swap Contracts	$	4,332,427	$	—		$	4,332,427
Frontier Trading Company XXXVIII, LLC
Open Trade Equity/(Deficit)	$	304,878	$	—		$	304,878
Frontier Trading Company XXXIX, LLC
Swap Contracts	$	7,960,269	$	—		$	7,960,269

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.

F-103

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 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

On December 5, 2016, Equinox Fund Management, LLC (“Equinox”), Frontier Fund Management LLC (the “New Managing Owner”), and Wakefield Advisors, LLC (“Wakefield”) entered into a Unit Purchase Agreement (the “Agreement”). Equinox was the Managing Owner of the Trust and the Series. Pursuant to the Agreement, Equinox agreed to transfer to the New Managing Owner such amount of Equinox’s General Units (as defined in the Trust Agreement) as the Managing Owner shall be required to hold in its capacity as managing owner of the Trust pursuant to the Trust Agreement, and redeem the remainder of Equinox’s General Units (the “Transaction”).

The Transaction was consummated on March 6, 2017, and upon consummation of the Transaction, the New Managing Owner became the managing owner of the Trust and each Series, in replacement of Equinox. Consequently, consummation of the Transaction constituted a change of control in respect of the Trust and each Series.

In connection with the foregoing, the Trust Agreement was amended to effect certain changes to replace Equinox as the Managing Owner and to reflect the New Managing Owner as the new managing owner. Also, the New Managing Owner has temporarily suspended the sale of Units (as defined in the Trust Agreement) while the Managing Owner engages with the Securities and Exchange Commission to have declared effective a post-effective amendment to the Series’ registration statements, as well as approval by the NFA. The Series will file Form 8-K to announce the resumption of the sale of Units, which the New Managing Owner expects will occur shortly.

The New Managing Owner is seeking to cause the suspension to be lifted as promptly as practicable.

Any forward-looking statements herein are based on expectations of the New Managing Owner at this time. Whether or not actual results and developments will conform to the New Managing Owner’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in the Series’ prospectuses, general economic, market and business conditions, changes in laws or regulations or other actions made by governmental authorities or regulatory bodies, and other world economic and political developments. The Series and the New Managing Owner undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

F-104

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-105

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – FORT Contrarian Feeder Fund (510) LLC, Galaxy Plus Fund – Emil van Essen STP Feeder Fund (516) LLC, Galaxy Plus Fund – Quest Feeder Fund (517) LLC, Galaxy Plus Fund – Chesapeake Feeder Fund (518) LLC, Galaxy Plus Fund – LRR Feeder Fund (522) LLC, Galaxy Plus Fund – QIM Feeder Fund (526) LLC, Galaxy Plus Fund – Quantmetrics Feeder Fund (527) LLC, Galaxy Plus Fund – Doherty Feeder Fund (528) LLC, Galaxy Plus Fund – Aspect Feeder Fund (532) LLC, and Galaxy Plus Fund – Quest FIT Feeder Fund (535) LLC, (collectively, the Funds) which comprise the statements of financial condition, including the condensed schedules of investments, as of December 31, 2016, and the related statements of operations, and changes in members’ equity for the periods ended December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-106

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – FORT Contrarian Feeder Fund (510) LLC, Galaxy Plus Fund – Emil van Essen STP Feeder Fund (516) LLC, Galaxy Plus Fund – Quest Feeder Fund (517) LLC, Galaxy Plus Fund – Chesapeake Feeder Fund (518) LLC, Galaxy Plus Fund – LRR Feeder Fund (522) LLC, Galaxy Plus Fund – QIM Feeder Fund (526) LLC, Galaxy Plus Fund – Quantmetrics Feeder Fund (527) LLC, Galaxy Plus Fund – Doherty Feeder Fund (528) LLC, Galaxy Plus Fund – Aspect Feeder Fund (532) LLC, and Galaxy Plus Fund – Quest FIT Feeder Fund (535) LLC as of December 31, 2016, and the results of their operations for the periods ended December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-107

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Statements of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

	Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus
	Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -
	510 Series		516 Series		517 Series		518 Series		522 Series
Assets
Investment in Master Fund - at fair value	$	11,452,916	$	11,651,029	$	3,883,778	$	11,505,482	$	7,717,549
Cash at bank		481,816		10,726		1,537		3,906		5,094
Total assets	$	11,934,732	$	11,712,495	$	3,885,315	$	11,509,388	$	7,722,643
Liabilities and members’ equity
Payable to Master Fund		—	$	—	$	—	$	1,000	$	3,000
Accrued incentive fees		356		103,064		—		—		93,653
Accrued management fees		17,974		37,679		8,474		28,050		32,345
Accrued sponsor fees		8,819		10,197		3,478		5,987		5,148
Accrued operating expenses		2,334		466		376		363		1,253
Total liabilities		29,483		151,406		12,328		35,400		135,399
Members’ equity		11,905,249		11,561,089		3,872,987		11,473,988		7,587,244
Total liabilities and members’ equity	$	11,934,732	$	11,712,495	$	3,885,315	$	11,509,388	$	7,722,643

(continued)

F-108

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Statements of Financial Condition (continued)

December 31, 2016

(Expressed in U.S. Dollars)

	Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus
	Fund LLC -		Fund LLC - 527		Fund LLC -		Fund LLC -		Fund LLC -
	526 Series		Series		528 Series		532 Series		535 Series
Assets
Investment in Master Fund - at fair value	$	21,456,623	$	19,261,458	$	6,557,058	$	4,627,141	$	11,198,960
Cash at bank		54,433		6,707		2,470		915		5,541
Total assets	$	21,604,203	$	19,268,165	$	6,559,528	$	4,628,056	$	11,204,501
Liabilities and members’ equity
Payable to Master Fund	$	—	$	1,000	$	1,000	$	1,000	$	—
Accrued incentive fees		1,066,204		—		21,229		—		—
Accrued management fees		34,263		24,782		6,535		5,148		9,396
Accrued sponsor fees		16,530		11,886		3,267		1,287		11,284
Accrued sales commissions		76		—		—		—		—
Accrued operating expenses		560		344		387		391		417
Total liabilities		1,117,633		38,012		32,418		7,826		21,097
Members’ equity		20,486,570		19,230,153		6,527,110		4,620,230		11,183,404
Total liabilities and members’ equity	$	21,604,203	$	19,268,165	$	6,559,528	$	4,628,056	$	11,204,501

See notes to financial statements.

F-109

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Statements of Operations

For the periods ended December 31, 2016

(Expressed in U.S. Dollars)

	Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus
	Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -
	510 Series			516 Series			517 Series			518 Series			522 Series
Net investment income (loss) allocated from Master Fund:
Interest expense	$	(21	)	$	—		$	(4,008	)	$	(6,758	)	$	—
Net investment income (loss) allocated from Master Fund		(21	)		—			(4,008	)		(6,758	)		—
Fund expenses:
Operating expenses		85			4,626			3,310			3,257			13,293
Management fee		183,564			313,384			62,579			206,132			246,656
Incentive fee		144,254			411,343			—			92,986			93,653
Sponsor fee		37,681			41,273			13,559			21,808			20,365
Total fund expenses		365,584			770,626			79,448			324,183			373,967
Total net investment loss		(365,605	)		(770,626	)		(83,456	)		(330,941	)		(373,967	)
Realized and unrealized gain (loss) on investments and foreign currency transactions allocated from Master Fund:
Net realized gain/(loss) from investments and foreign currency transactions		(840,031	)		3,933,951			(1,753,745	)		409,456			104,010
Net increase/(decrease) in unrealized appreciation(depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		(178,228	)		(1,253,066	)		209,587			(423,735	)		598,204
Net realized and unrealized gain (loss) on investments and foreign currency transactions allocated from investment in master fund		(1,018,259	)		2,680,885			(1,544,158	)		(14,279	)		702,214
Net increase (decrease) in members’ equity resulting from operations	$	(1,383,864	)	$	1,910,259		$	(1,627,614	)	$	(345,220	)	$	328,247

(continued)

F-110

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Statements of Operations (continued)

For the periods ended December 31, 2016

(Expressed in U.S. Dollars)

	Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus
	Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -
	526 Series			527 Series			528 Series			532 Series			535 Series
Net investment income (loss) allocated from Master Fund:
Interest expense	$	(6,967	)	$	(2,843	)	$	—		$	—		$	(2,085	)
Net investment income (loss) allocated from Master Fund		(6,967	)		(2,843	)		—			—			(2,085	)
Fund expenses:
Operating expenses		3,680			3,149			2,843			476			1,881
Management fee		192,167			161,651			34,794			5,148			31,484
Incentive fee		1,533,714			—			52,658			—			—
Sponsor fee		48,638			39,624			8,809			1,287			18,890
Total fund expenses		1,778,199			204,424			99,104			6,911			52,255
Total net investment loss		(1,785,166	)		(207,267	)		(99,104	)		(6,911	)		(54,340	)
Realized and unrealized gain (loss) on investments and foreign currency transactions allocated from Master Fund:
Net realized gain/(loss) from investments and foreign currency transactions		6,004,016			(293,244	)		212,854			(86,651	)		2,303,603
Net increase/(decrease) in unrealized appreciation(depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		325,784			822			76,775			(286,208	)		134,141
Net realized and unrealized gain (loss) on investments and foreign currency transactions allocated from investment in master fund		6,329,800			(292,422	)		289,629			(372,859	)		2,437,744
Net increase (decrease) in members’ equity resulting from operations	$	4,544,634		$	(499,689	)	$	190,525		$	(379,770	)	$	2,383,404

See notes to financial statements.

F-111

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Statements of Changes in Members’ Equity

For the periods ended December 31, 2016

(Expressed in U.S. Dollars)

	Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus
	Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -
	510 Series			516 Series			517 Series			518 Series			522 Series
Increase/(decrease) in members’ equity from operations:
Total net investment income/(loss)	$	(365,605	)	$	(770,626	)	$	(83,456	)	$	(330,941	)	$	(373,967	)
Net realized gain/(loss) from investments and foreign currency transactions		(840,031	)		3,933,951			(1,753,745	)		409,456			104,010
Net increase/(decrease) in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		(178,228	)		(1,253,066	)		209,587			(423,735	)		598,204
Net increase/(decrease) in members’ equity resulting from operations		(1,383,864	)		1,910,259			(1,627,614	)		(345,220	)		328,247
Increase/(decrease) in members’ equity from capital transactions:
Proceeds from issuance of capital		15,625,755			12,442,497			5,500,601			11,724,791			7,696,404
Proceeds from in-kind contributions		—			—			94,417			—
In-kind assumed derivative liabilities		—			—			—			—			(27,740	)
Payments for redemption of capital		(6,755,636	)		(2,791,667	)		—			—			(409,667	)
Net increase/(decrease) in members’ equity from capital transactions		8,870,119			9,650,830			5,500,601			11,819,208			7,258,997
Total net increase/(decrease) in members’ equity		7,486,255			11,561,089			3,872,987			11,473,988			7,587,244
Members’ equity, beginning of the period		4,418,994			—			—			—			—
Members’ equity, end of the period	$	11,905,249		$	11,561,089		$	3,872,987		$	11,473,988		$	7,587,244

(continued)

F-112

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Statements of Changes in Members’ Equity (continued)

For the periods ended December 31, 2016

(Expressed in U.S. Dollars)

	Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus
	Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -
	526 Series			527 Series			528 Series			532 Series			535 Series
Increase/(decrease) in members’ equity from operations:
Total net investment income/(loss)	$	(1,785,166	)	$	(207,267	)	$	(99,104	)	$	(6,911	)	$	(54,340	)
Net realized gain/(loss) from investments and foreign currency transactions		6,004,016			(293,244	)		212,854			(86,651	)		2,303,603
Net increase/(decrease) in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		325,784			822			76,775			(286,208	)		134,141
Net increase/(decrease) in members’ equity resulting from operations		4,544,634			(499,689	)		190,525			(379,770	)		2,383,404
Increase/(decrease) in members’ equity from capital transactions:
Proceeds from issuance of capital		18,207,797			19,729,842			6,260,915			5,000,000			8,800,000
Proceeds from in-kind contributions		—			—			75,670			—			—
Payments for redemption of capital		(2,265,861	)		—			—			—			—
Net increase/(decrease) in members’ equity from capital transactions		15,941,936			19,729,842			6,336,585			5,000,000			8,800,000
Total net increase/(decrease) in members’ equity		20,486,570			19,230,153			6,527,110			4,620,230			11,183,404
Members’ equity, beginning of the period		—			—			—			—			—
Members’ equity, end of the period	$	20,486,570		$	19,230,153		$	6,527,110		$	4,620,230		$	11,183,404

See notes to financial statements.

F-113

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund LLC (the “Onshore Platform”) was formed in Delaware as a series limited liability company on April 14, 2014. The Onshore Platform is part of the Galaxy Plus Managed Account Platform (the “Platform”). Both are sponsored by Gemini Alternatives Funds, LLC (the “Sponsor” or “GAF”) as a means of making available to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”) a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”) in an investment environment which facilitates access to multiple Advisors without having to negotiate individually with any Advisor, meet their account minimums, or establish futures and forward dealing accounts.

Each of the Onshore Platform’s respective series (each a “Fund”, collectively the “Funds”) invest in a separately formed Delaware limited liability company (each a “Master Fund”, collectively the “Master Funds”). Unless specified otherwise, each Master Fund is managed by a different Advisor. Collectively, the Advisors implement a wide range of trading strategies, trade entirely independently from each other and are not affiliated with the Sponsor. The Trading Advisor Supplement (the “Supplement”), which was provided to each of the investors, and can be provided by the Sponsor if requested, includes specific information relating to each Master Fund and its respective Advisor, including a description of the Advisor, their trading strategy, and the financial terms.

The structure of the Platform permits the Funds to offer Investors a choice of trading leverage levels as well as the ability to adjust such levels in response to changes in Advisor performance, general market conditions and the Investor’s own portfolio objectives. Each Investor’s selected trading leverage is managed by the Funds by allocating the Investor’s subscription proceeds between the Funds’ bank accounts and the corresponding Master Funds.

Galaxy Plus Fund SPC (the “Offshore Platform”) is part of the Platform and is sponsored by GAF primarily for non-U.S. Investors. The Offshore Platform operates in substantially the same manner as the Onshore Platform and also invests in the same Master Funds.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Onshore Platform. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Onshore Platform including the authority to select the administrator for the Onshore Platform. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party. Capitalized terms throughout these notes are defined in the LLC Agreement

In accordance with Delaware law, the assets held in each Fund shall be applied and held solely for the benefit of the members in such Fund and no member of another Fund shall have any claim or right to any asset allocated to another Fund. The assets of each Fund shall be applied solely to satisfy only that respective Fund’s liabilities.

If an asset is not attributable to any particular Fund, the Sponsor shall have the discretion to determine the basis upon which such asset shall be allocated among the Funds and the Sponsor shall have the absolute discretion to vary such allocation. If the assets not attributable to any Fund give rise to any net profits, the Sponsor may, in its absolute discretion, allocate the net profits to any Fund.

F-114

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

During 2016, the Onshore Platform consisted, in part, of the Funds described below. The Funds listed, herein, contain Class EF interest. That interest was created specifically for a strategic investor (see Note 3) The Funds are considered significant subsidiaries of that strategic investor under S-X 3-09. The financial statement for each of the Master Funds referenced below are attached to this report and should be read in conjunction with each Fund’s financial statements.

Galaxy Plus Fund – FORT Contrarian Feeder Fund (510) LLC (“510”) – On its inception date, August 6, 2015, 510 invested its assets in Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC, a Delaware limited liability company. As of December 31, 2016, 510 owned 100% of its Master Fund.

Galaxy Plus Fund – Emil van Essen STP Feeder Fund (516) LLC (“516”) – On its inception date, April 15, 2016, 516 invested its assets in Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC, a Delaware limited liability company. As of December 31, 2016, 516 owned 100% of its Master Fund.

Galaxy Plus Fund – Quest Feeder Fund (517) LLC (“517”) – On its inception date, June 29, 2016, 517 invested its assets in Galaxy Plus Fund – Quest Master Fund (517) LLC, a Delaware limited liability company. As of December 31, 2016, 517 owned 100% of its Master Fund.

Galaxy Plus Fund – Chesapeake Feeder Fund (518) LLC (“518”) – On its inception date, June 7, 2016, 518 invested its assets in Galaxy Plus Fund – Chesapeake Master Fund (518) LLC, a Delaware limited liability company. As of December 31, 2016, 518 owned 100% of its Master Fund.

Galaxy Plus Fund – LRR Feeder Fund (522) LLC (“522”) – On its inception date, April 28, 2016, 522 invested its assets in Galaxy Plus Fund – LRR Master Fund (522) LLC, a Delaware limited liability company. As of December 31, 2016, 522 owned 100% of its Master Fund.

Galaxy Plus Fund – QIM Feeder Fund (526) LLC (“526”) – On its inception date, June 22, 2016, 526 invested its assets in Galaxy Plus Fund – QIM Master Fund (526) LLC, a Delaware limited liability company. As of December 31, 2016, 526 owned 100% of its Master Fund.

Galaxy Plus Fund – Quantmetrics Feeder Fund (527) LLC (“527”) – On its inception date, June 13, 2016, 527 invested its assets in Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC, a Delaware limited liability company. As of December 31, 2016, 527 owned 100% of its Master Fund.

Galaxy Plus Fund – Doherty Feeder Fund (528) LLC (“528”) – On its inception date, July 19, 2016, 528 invested its assets in Galaxy Plus Fund – Doherty Master Fund (528) LLC, a Delaware limited liability company. As of December 31, 2016, 528 owned 100% of its Master Fund.

Galaxy Plus Fund – Aspect Feeder Fund (532) LLC (“532”) – On its inception date, December 16, 2016, 532 invested its assets in Galaxy Plus Fund – Aspect Master Fund (532) LLC, a Delaware limited liability company. As of December 31, 2016, 532 owned 100% of its Master Fund.

Galaxy Plus Fund – Quest FIT Feeder Fund (535) LLC (“535”) – On its inception date, September 19, 2016, 535 invested its assets in Galaxy Plus Fund – Quest FIT Master Fund (535) LLC, a Delaware limited liability company. As of December 31, 2016, 535 owned 100% of its Master Fund.

F-115

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Onshore Platform’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Funds are investment companies and follow the accounting and reporting guidance in FASB Accounting Standards Codification Topic 946.

Investments: Each Fund invests its assets in its respective Master Fund.

Investment in Master Fund: Each Fund’s investment in its respective Master Fund is carried at fair value and represents the Fund’s pro-rata interest in the net assets of the Master Fund as of the close of business on the relevant valuation date. The assets of each Master Fund are carried at fair value. At each valuation date, each Master Fund’s income, expenses, net realized gain/(loss) and net increase/(decrease) in unrealized appreciation/(depreciation) are allocated to the respective Fund, based on the Fund’s pro rata interest in the net assets of the Master Fund, and recorded in the respective Fund’s Statement of Operations. The financial statements of the Master Fund are attached to this report and should be read in conjunction with the Onshore Platform’s financial statements.

Cash: The Funds maintain deposits with financial institutions in amounts that at times maybe in excess of federally insured limits. The amount of cash held at the financial institutions is determined by the Investors choice of trading leverage levels respective to the maximum trading level of the Funds, as determined by the Sponsor. The Funds do not believe they are exposed to any significant credit risk.

Subscriptions received in advance: Subscriptions received in advance are subscriptions proceeds received for the purchase of capital effective subsequent to period end.

Use of estimates: The preparation of financial statements in accordance with U.S. GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Interest income/expense: Interest income and expense is recognized on an accrual basis and includes the Master Fund’s interest income/expense from its broker that is allocated on a pro rata basis to the respective Fund.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are generally allocated, at the discretion of the Sponsor, pro-rata to the members based on their respective ownership percentage on the first day of each period throughout the year..

Income taxes: The Onshore Platform evaluates tax positions taken or expected to be taken to determine whether the tax positions are “more-likely-thank-not” of being sustained by the applicable tax authority. For tax positions meeting the “more-likely-thank-not” threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that had a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Funds have determined that

F-116

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

there is no tax liability resulting from uncertain income tax positions taken or expect to be taken with respect to all open tax years. No income tax returns are currently under examination. The Funds’ U.S. Federal tax returns for the periods since each Fund’s inception remain open.

The Funds are treated as partnerships for U.S. Federal income tax purposes and, as such, are generally not subject to U.S. Federal, state or local income taxes. The members of the Funds are liable for their share of all U.S. Federal, state, and local taxes, if any imposed on the net investment income and realized gains of the Funds.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for the Onshore Platform. In addition, in the normal course of business, the Onshore Platform enters into contracts with vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Onshore Platform. However, the Onshore Platform expects the risk of loss to be remote.

Statement of cash flows: The Onshore Platform has elected not to provide statements of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Funds’ investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Funds had little or no debt during the period;

● The Onshore Platform financial statements include statements of changes in members’ equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Onshore Platform may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Classes of Interest and Series

Four different classes of Interests (“Interests”) are currently offered by each Fund: Class A, Class B, Class C and Class EF Interests. Each Class is generally subject to different fees. Investors are eligible to receive Class A, Class B or Class C Interests depending on their aggregate Trading Level, as discussed in Note 5, on the Platform.

Class A Interests are available to (i) Investors who make capital contributions with an assigned Trading Level of $25,000,000 or more, as aggregated across all Funds in which capital contributions are invested, (ii) other collective investment vehicles or commodity pools sponsored by the Sponsor or its affiliates, and (iii) such other Investors as the Sponsor may determine. Class A Interests are subject to a Sponsor Fee and Sales Commissions.

Class B Interests are available to (i) Investors who make capital contributions with an assigned Trading Level between $5,000,000 and $24,999,999, as aggregated across all Funds in which capital contributions are invested, and (ii) such other Investors as the Sponsor may determine. Class B Interests are subject to a Sponsor Fee and Sales Commissions.

F-117

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

Class C Interests are available to Investors who make capital contributions with an assigned Trading Level of less than $5,000,000, as aggregated across all Funds in which capital contributions are invested. Class C Interests are subject to a Sponsor Fee and Sales Commissions.

Class EF Interests are reserved for a strategic investor and not available to other investors without consent from the Sponsor. There is no stated minimum Trading Level for Class EF Interest. Class EF Interests are subject to a Sponsor Fee.

Once an Investor becomes eligible for Class B Interests, any Class C Interests held by such investor will be automatically converted into Class B Interests. Once an Investor becomes eligible for Class A Interests, any Class B Interests held by such Investor will be automatically converted into Class A Interests. Similarly, if an investor’s aggregate Trading Level falls below the minimum for Class A or Class B, such interests will be converted to Class B or Class C, as appropriate. All such conversions will occur at the first trading day after such minimum is breached.

An Investor of Class A, B, or C Interests, which invests more than once in a Fund, will receive a separate series with respect to each investment. Incentive Fees are calculated separately with respect to each such series. Series at or above their respective High Water Marks at the end of an Incentive Fee Calculation Period are subject to consolidation (i.e., “roll-up”) at the discretion of the Sponsor.

The Sponsor may from time to time offer additional classes or subclasses of Interest having different rights and privileges (including but not limited to different fees, funding factors, investment minimums and/or liquidity terms) from those described herein. The issuance of such additional class or sub-class of Interest will not require Investor’s approval; provided, that the terms of any such additional class or subclass of Interest do not materially adversely affect the Investors in the applicable Fund as a whole. Such additional class or sub-class of Interest may or may not be generally available to other Investors.

The amount of capital activity by each class of Interest for each Fund for the periods ended December 31, 2016, is as follows:

	Galaxy Plus			Galaxy Plus		Galaxy Plus		Galaxy Plus			Galaxy Plus
	Fund LLC -			Fund LLC -		Fund LLC -		Fund LLC -			Fund LLC -
	510 Series			510 Series		510 Series		516 Series			517 Series
	Class A			Class C		Class EF		Class EF			Class EF
Subscriptions	$	2,907,875		$	66,667	$	12,651,213	$	12,442,497		$	5,500,601
Redemptions		(6,755,636	)		—		—		(2,791,667	)		—
Transfers In		—			—		—		—			—
Transfers out		—			—		—		—			—
December 31, 2016	$	(3,847,761	)	$	66,667	$	12,651,213	$	9,650,830		$	5,500,601

F-118

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

	Galaxy Plus		Galaxy Plus			Galaxy Plus		Galaxy Plus			Galaxy Plus
	Fund LLC -		Fund LLC -			Fund LLC -		Fund LLC -			Fund LLC -
	518 Series		522 Series			526 Series		526 Series			527 Series
	Class EF		Class EF			Class C		Class EF			Class EF
Subscriptions	$	11,819,208	$	7,668,664		$	166,667	$	18,041,130		$	19,729,842
Redemptions		—		(409,667	)		—		(2,265,861	)		—
Transfers In		—		—			—		—			—
Transfers out		—		—			—		—			—
December 31, 2016	$	11,819,208	$	7,258,997		$	166,667	$	15,775,269		$	19,729,842
	Galaxy Plus		Galaxy Plus			Galaxy Plus
	Fund LLC -		Fund LLC -			Fund LLC -
	528 Series		532 Series			535 Series
	Class EF		Class EF			Class EF
Subscriptions	$	6,336,585	$	5,000,000		$	8,800,000
Redemptions		—		—			—
Transfers In		—		—			—
Transfers out		—		—			—
December 31, 2016	$	6,336,585	$	5,000,000		$	8,800,000

Some of the contributions made during the periods ended December 31, 2016 were in-kind contributions and have been presented as such on the Statements of Changes in Members’ Equity.

Transfers into and out of a Fund relating to movement from one class of Share to another, change in beneficial ownership, and consolidation to an older series may occur from time to time. Roll-ups are considered transfers for financial reporting purposes. Since the amount of transfers into and out of each Fund offset, such transfers are not shown in the Funds’ Statements of Changes in Members’ Equity. For the periods ended December 31, 2016, there were no transfers.

Note 4. Management, Incentive, Sponsor and Other Fees

Each Fund class will pay its respective Advisor, or in the case of Class EF, the managing owner of the member, both asset based (management fee) and performance based (incentive fee) compensation as outlined in the Supplement. In addition, each Fund class will pay the Sponsor asset based (sponsor fee) compensation and, if applicable, a selling agent will receive from each fund class an asset based fee (sales commission). All asset based fees are calculated on the same uniform fee base which is the beginning of the period Trading Level (as defined in the Supplement and discussed in Note 5) plus periodic trading profits and losses for the Fund. Investors can be charged different management and incentive fees at the discretion of the Sponsor.

Management Fee: Each Advisor earns a management fee (the “Management Fee”) which is calculated and accrued monthly (prorated for partial periods) and payable in arrears as of the last business day of each month. The rate at which the Management Fee is calculated is specific to each Fund and typically ranges from 0% to 3.50% per annum. Each Advisor may enter into fee sharing arrangements with the Sponsor, pursuant to which the Sponsor will receive a portion of the Management Fee to be paid to such advisor. During the period ended December 31, 2016, 510 paid $14,685 to the Sponsor related to these

F-119

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

fee sharing arrangements. In addition, the Sponsor can enter into agreements with Selling Agents in which the Selling Agent will receive a portion of the Management Fee on assets they introduce to the Funds. During the periods ended December 31, 2016, 510 paid management fees of $171 to Selling Agents.

Incentive Fee: As of the end of each calendar quarter, each Fund will pay an incentive fee (the “Incentive Fee”) to the Advisor equal to the percentage (the “Incentive Fee Rate”) of the New Net Profit (defined below) attributable to each series of Interest in such Fund. The Incentive Fee Rate is specific to each Fund and typically ranges from 20% to 30%.

Any Incentive Fee, if accrued, will also be made in respect of Interests withdrawn, at the time of such withdrawal, as if the withdrawal date were the end of a calendar quarter.

“New Net Profit” means, with respect to each series of Interest, the amount by which the Net Asset Value of such series of Interest as of the date of determination exceeds the High Water Mark (defined below) then attributable to such series of Interest.

Net Asset Value, for purposes of calculating the Incentive Fee, is calculated prior to reduction for the Incentive Fee being calculated. Net Asset Value is calculated after deduction for the Management Fee (regardless of whether such Management Fee is paid to an Advisor or to the Sponsor), but prior to deduction for the Sponsor Fee, Sales Commissions, and/or Operating Expenses.

“High Water Mark” means, with respect to each series of Interest, the greater of: (i) the aggregate Capital Contributions made to such series of Interest; and (ii) the Net Asset Value of such series of Interest as of the end of the most recent Incentive Fee Calculation Period as of which an Incentive Fee was made from such series of Interest (after deduction for the Incentive Fee then made). The High Water Mark with respect to a series of Interest is reduced proportionately when any withdrawal is made from such series of Interest — i.e., the High Water Mark immediately prior to any such withdrawal is multiplied by the fraction of the numerator of which is the Net Asset Value of such series of Interest immediately after such withdrawal and the denominator of which is such Net Asset Value immediately prior to such withdrawal (Net Asset Value in each case being calculated prior to reduction for any Incentive Fee).

As the Incentive Fee is calculated separately with respect to each investment made by an Investor, an Investor which invests more than once in a Fund is at risk of being subject to Incentive Fees in respect of capital contributions made at different times even though the overall value of such Investor’s investment in such Fund has declined.

The Trading Advisors may enter into side agreements with various investors changing the management/ incentive fees charged to those investors.

The managing owner of the Class EF members have entered into separate agreements with the Trading Advisors in which the managing owner will retain a portion of both the management and incentive fees charged to the Class EF members. During the periods ended December 31, 2016, the amount of management fees and incentive fees retained by the managing owner of Class EF interest are as follows:

F-120

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

	Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus
	Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -
	510 Series		516 Series		517 Series		518 Series		522 Series
Management Fee	$	15,007	$	89,157	$	62,579	$	175,171	$	81,489
Incentive Fee		26,226		385,717		—		87,723		11,527
	Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus
	Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -
	526 Series		527 Series		528 Series		532 Series		535 Series
Management Fee	$	111,745	$	29,573	$	23,082	$	858	$	—
Incentive Fee		92,180		—		7,493		—		—

The amount of management fees and incentive fees due to the managing owner of the class EF members as of December 31, 2016 are as follows:

	Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus
	Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -
	510 Series		516 Series		517 Series		518 Series		522 Series
Accrued Management Fee	$	2,552	$	9,444	$	8,474	$	23,810	$	10,694
Accrued Incentive Fee		—		99,665		—		—		11,527
	Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus		Galaxy Plus
	Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -		Fund LLC -
	526 Series		527 Series		528 Series		532 Series		535 Series
Accrued Management Fee	$	19,890	$	4,530	$	4,348	$	858	$	—
Accrued Incentive Fee		45,933		—		5,771		—		—

Sponsor Fee: The Sponsor will receive from each Interest a monthly sponsor fee (the “Sponsor Fee”) calculated as a percentage (the “Sponsor Fee Rate”) applicable to each Class of Interests. The Sponsor Fee is calculated and accrued monthly and payable in arrears as of the last business day of each month. The Sponsor Fee is pro rated for partial periods. The annual Sponsor Fee Rate is 0.25% for Class A Interests, 0.50% for Class B Interests, 0.80% for Class C Interests, and 0.15% for Class EF Interests.

Sales Commission: Class A, B and C Interests are subject to monthly ongoing sales commissions (“Sales Commissions”) equal to a percentage (the “Sales Commission Rate”) applicable to each Class of Interest. Sales Commissions are calculated and accrued monthly and payable in arrears as of the last business day of each month. Sales Commissions are pro rated for partial periods. Sales Commissions are specific to an Investor and are agreed upon between the Investor and Selling Agent prior to making a contribution to the Onshore Platform. The Sales Commission Rate generally ranges between 0%-2% per annum. With the exception of 526, no sales commissions were charged during the periods ended December 31, 2016. Sales commissions are included in the Sponsor Fee totals on the Statements of Operations.

Operating Expenses: The Sponsor will be responsible for paying all ongoing operating costs of each Fund and the Platform as the expenses are incurred, including, but not limited to, any administrative,

F-121

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

transfer, exchange and withdrawal processing costs; legal, compliance, regulatory, reporting, filing, escrow, accounting and printing fees and expenses; and any other operating or administrative expenses related to accounting, research, due diligence or reporting; however, each Fund will be responsible for paying all of its execution and clearing brokerage commissions; forward and other over-the-counter trading spreads; Fund set-up and organization expenses (which can be capped at the discretion of the Sponsor); bank wire fees; and extraordinary expenses such as litigation and indemnification.

Effective December 1, 2016, the Sponsor amended the Offering Memorandum of the Onshore Platform so that expenses related to audit and taxes will be borne by the Funds. The professional services related to the 2016 financial statement audits and 2016 tax return preparation are performed in calendar year 2017. As a result, the 2016 audit and tax fees will be recorded as expenses by the funds in 2017 when these services are performed.

Note 5. Notional Funding

The ability to customize notional funding in the various Funds is a special feature of the Onshore Platform. The Sponsor determines each Fund’s Maximum Funding Factor (i.e., the maximum ratio of Trading Level to actual capital invested in such Fund) and may increase or reduce such Maximum Funding Factor at any time. In establishing a Fund’s Maximum Funding Factor, the Sponsor generally considers the Advisor’s maximum 5 day drawdown and its typical margin-to-equity ratio and sets the Maximum Funding Factor to protect against any failure to meet margin calls.

The leverage used by a Master Fund (i.e., the ratio of the notional amount of the futures and forward contracts held by such Master Fund to the Trading Level of such Master Fund) will fluctuate on an ongoing basis. The Advisors will adjust such leverage in response to market conditions and will not maintain any set relationship between the Trading Level of a Master Fund and the notional amount of the futures and forward positions held for such Master Fund. The notional amount of the futures and forward contracts held by a Master Fund is likely to exceed the Trading Level of such Master Fund by a factor of 10 or more.

Investors customize their notional funding of their investment in a Fund by choosing an Effective Funding Factor (which must be no greater than the Maximum Funding Factor). The Effective Funding Factor so chosen is implemented by the applicable Fund by keeping a portion of the capital at the Fund’s bank account or, as the Fund matures, by keeping a certain percentage of an Investor’s investment to the Fund’s bank account rather than allocating such capital to the corresponding Master Fund. All capital allocated by a Fund to its corresponding Master Fund is traded at the Maximum Funding Factor for such Fund.

Due to market appreciation/depreciation and other factors, an Investor’s Trading Level to actual capital contributed by such Investor will diverge — potentially materially — from such Investor’s selected Effective Funding Factor. As a result, the Sponsor will from time to time rebalance allocations between the corresponding Master Fund and Fund’s bank account in an attempt to reflect the desired Effective Funding Factor. Such rebalancing is not done pursuant to any predefine parameters but is done at the Sponsor’s discretion.

F-122

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

Note 6. In-Kind Contributions

On 518’s commencement of operation date in June of 2016, the first subscription was made, in part, via a transfer of assets on that date. Investors contributed $94,417 in unrealized appreciation on open futures contracts. 518 immediately made an in-kind contribution in Master on that same date.

On 522’s commencement of operation date in April of 2016, the first subscription was made, in part, via an assumption of liabilities on that date. 522 assumed liabilities of $27,740 in fair value of options written from the initial investors. 522 immediately made an in-kind contribution in Master on that same date.

On 528’s commencement of operation date in July of 2016, the first subscription was made, in part, via a transfer of assets on that date. Investors contributed $125,475 in fair value of options purchased and assumed liabilities of $49,805 in fair value of options written. 528 immediately made an in-kind contribution in Master on that same date.

Note 7. Financial Instruments with off-balance sheet risk and concentration of credit risk

At December 31, 2016, none of the Funds have direct commitments to buy or sell financial instruments, including derivative instruments. Each Fund does have indirect buy and sell commitments that arise through the positions held by the Master Fund in which each respective Fund invests. However, as an investor in a Master Fund, each Fund’s risk at December 31, 2016, is limited to the fair value of its investment in the Master Fund.

Note 8. Financial highlights

Financial highlights for each Fund and its respective Class(es) for the periods ended December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

F-123

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

	Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus
	Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -
	510 Series			510 Series			510 Series			516 Series
	Class A			Class C			Class EF			Class EF
Total return before incentive fee		3.59	%		2.46	%		-11.22	%		18.07	%
Incentive fee		-0.29	%		-0.53	%		-1.10	%		-3.38	%
Total return after incentive fee (A)		3.30	%		1.93	%		-12.32	%		14.69	%
Ratio to average members’ equity (B):
Expenses excluding incentive fee		4.04	%		8.37	%		2.26	%		3.88	% *
Incentive fee		0.28	%		0.52	%		1.15	%		3.19	%
Total expenses and incentive fee		4.32	%		8.89	%		3.41	%		7.07	%
Net investment income (loss) (C)		-4.32	%		-8.89	%		3.41	%		-7.07	% *
	Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus
	Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -
	517 Series			518 Series			522 Series			526 Series
	Class EF			Class EF			Class EF			Class C
Total return before incentive fee		-29.59	%		-2.25	%		6.22	%		12.42	%
Incentive fee		0.00	%		-0.79	%		-1.25	%		-3.66	%
Total return after incentive fee (A)		-29.59	%		-3.04	%		4.97	%		8.76	%
Ratio to average members’ equity (B):
Expenses excluding incentive fee		3.81	% *		3.27	% *		5.89	% *		2.93	% *
Incentive fee		0.00	%		0.73	%		1.35	%		3.54	%
Total expenses and incentive fee		3.81	%		4.00	%		7.24	%		6.47	%
Net investment income (loss) (C)		-3.81	% *		-4.00	% *		-7.24	% *		-6.47	% *

F-124

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

	Galaxy Plus			Galaxy Plus			Galaxy Plus			Galaxy Plus
	Fund LLC -			Fund LLC -			Fund LLC -			Fund LLC -
	526 Series			527 Series			528 Series			532 Series
	Class EF			Class EF			Class EF			Class EF
Total return before incentive fee		34.45	%		-2.53	%		3.85	%		-7.60	%
Incentive fee		-8.29	%		0.00	%		-0.82	%		0.00	%
Total return after incentive fee (A)		26.16	%		-2.53	%		3.03	%		-7.60	%
Ratio to average members’ equity (B):
Expenses excluding incentive fee		2.86	% *		1.98	% *		1.39	% *		3.44	% *
Incentive fee		9.24	%		0.00	%		0.81	%		0.00	%
Total expenses and incentive fee		12.10	%		1.98	%		2.20	%		3.44	%
Net investment income (loss) (C)		-12.10	% *		-1.98	% *		-2.20	% *		-3.44	% *
	Galaxy Plus
	Fund LLC -
	535 Series
	Class EF
Total return before incentive fee		27.08	%
Incentive fee		0.00	%
Total return after incentive fee (A)		27.08	%
Ratio to average members’ equity (B):
Expenses excluding incentive fee		1.87	% *
Incentive fee		0.00	%
Total expenses and incentive fee		1.87	%
Net investment income (loss) (C)		-1.87	% *

* Ratios annualized for partial periods.

(A) Total return is based on the change in average members’ equity during the period of a theoretical investment made at the inception of the Fund.

(B) The total expense and net investment income (loss) ratios are computed based upon weighted-average members’ equity as a whole for the periods ended December 31, 2016.

(C) The net investment income/(loss) ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each permanent, non-managing class of interest. An individual member’s return and ratios may vary based on different incentive and/or management fee arrangements, and the timing of capital interest transactions. The net investment income/(loss) and total expense ratios, excluding nonrecurring expenses, have been annualized for partial periods. Total returns have not been annualized.

F-125

Galaxy Plus Fund LLC

(A Delaware Series Limited Liability Company)

Notes to the Financial Statements

Note 9. Subsequent events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Onshore Platform’s financial statements through March 24, 2017, the date the financial statements were available for issuance.

F-126

Galaxy Plus Fund – Aspect

Master Fund (532) LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-127

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – Aspect Master Fund (532) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from December 16, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-128

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – Aspect Master Fund (532) LLC as of December 31, 2016, and the results of its operations for the period from December 16, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-129

Galaxy Plus Fund - Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	2,611,117
Restricted cash - margin balance		2,301,058
Receivable from onshore feeder fund		1,000
Total assets	$	4,913,175
Liabilities and Member’s Equity
Liabilities
Deficit in commodity trading accounts at clearing brokers:
Investments in futures contracts at fair value (represents unrealized depreciation on open derivative contracts, net)	$	286,034
Total liabilities		286,034
Member’s equity		4,627,141
Total liabilities and member’s equity	$	4,913,175

See notes to financial statements.

F-130

Galaxy Plus Fund - Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

	Number of				Percent of
	Contracts/Units	Fair Value			Member’s Equity
Long positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture	4	$	(7,613	)		(0.16	)%
Currency	14		(16,970	)		(0.37	)
Energy	7		13,732			0.30
Index	50		(31,795	)		(0.69	)
Metals	4		(9,375	)		(0.20	)
Foreign:
Futures contracts:
Energy	1		(100	)		(0.00	)
Index	110		15,820			0.34
Interest	25		12,208			0.26
Metals	6		(26,275	)		(0.57	)
Total long positions			(50,368	)		(1.09	)
Short positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture	37		(16,256	)		(0.35	)
Currency	96		(99,543	)		(2.15	)
Interest	138		(74,241	)		(1.60	)
Metals	7		(13,630	)		(0.29	)
Foreign:
Futures contracts:
Index	8		(1,886	)		(0.04	)
Interest	199		(34,228	)		(0.74	)
Metals	3		4,118			0.09
Total short positions			(235,666	)		(5.09	)
Investments in futures contracts, at fair value		$	(286,034	)		(6.18	)%

See notes to financial statements.

F-131

Galaxy Plus Fund - Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the period from December 16, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Net investment income	$	—
Realized and unrealized loss on investments and foreign currency transactions:
Net realized loss from:
Derivative contracts 1	$	(86,638	)
Foreign currency transactions		(13	)
		(86,651	)
Net increase (decrease) in unrealized depreciation on:
Derivative contracts		(286,034	)
Translation of assets and liabilities denominated in foreign currencies		(174	)
		(286,208	)
Net realized and unrealized loss on investments and foreign currency transactions		(372,859	)
Net decrease in member’s equity resulting from operations	$	(372,859	)

¹ Includes broker trading commissions

See notes to financial statements.

F-132

Galaxy Plus Fund - Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from December 16, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment income	$	—
Net realized gain (loss) from derivative contracts and foreign currency transactions		(86,651	)
Net increase (decrease) in unrealized depreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		(286,208	)
Net decrease in member’s equity resulting from operations		(372,859	)
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		5,000,000
Net increase in member’s equity resulting from capital transactions		5,000,000
Total increase		4,627,141
Member’s equity, beginning of period		—
Member’s equity, end of period	$	4,627,141

See notes to financial statements.

F-133

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – Aspect Master Fund (532) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on April 20, 2016 and commenced operations on December 16, 2016. The Master Fund was created to serve as the trading entity managed Aspect Capital Limited, L.L.C. (the “Trading Advisor”) pursuant to its Aspect Core Diversified Program (the “Program”). The Program applies a proprietary and systematic quantitative investment approach to generate profit from trends in both rising and falling markets.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master Funds. Galaxy Plus Fund – Aspect Feeder Fund (532) (“LLC532”), a separated series of the Onshore Platform and Galaxy Plus Fund – Aspect Offshore Feeder Fund (532) Segregated Portfolio (“SPC532”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC 532 had not commenced operations.

LLC532 and SPC532 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-134

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which $4,954,266 is held in USD and a payable of ($42,091) in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $2,301,058. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (see Note 5).

F-135

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions, and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

F-136

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These

F-137

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-138

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Futures contracts:
Agriculture	$	469		$	469		$	—	$	—
Currency		256			256			—		—
Energy		14,432			14,432			—		—
Index		64,694			64,694			—		—
Interest		17,325			17,325			—		—
Metals		5,609			5,609			—		—
Total investment assets at fair value		102,785			102,785			—		—
Liabilities:
Derivative contracts:
Futures contracts:
Agriculture		(24,338	)		(24,338	)		—		—
Currency		(116,769	)		(116,769	)		—		—
Energy		(800	)		(800	)		—		—
Index		(82,555	)		(82,555	)		—		—
Interest		(113,586	)		(113,586	)		—		—
Metals		(50,771	)		(50,771	)		—		—
Total investment liabilities at fair value		(388,819	)		(388,819	)		—		—
Total net investment at fair value	$	(286,034	)	$	(286,034	)	$	—	$	—

F-139

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

F-140

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Description	Quantity	Notional Value		Description	Quantity	Notional Value
Long:				Short:
Agriculture	4	$	200,800	Agriculture	37	$	(833,523	)
Currency	14		1,005,500	Currency	96		(10,153,788	)
Energy	8		409,568	Index	8		(259,054	)
Index	160		12,411,899	Interest	337		(98,099,644	)
Interest	25		3,549,392	Metals	10		(1,046,944	)
Metals	10		732,057

During the period ended December 31, 2016, the Master Fund participated in 551 futures contract transactions.

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Futures contracts:
Agriculture	$	(29,808	)
Currency		(159,301	)
Energy		14,792
Index		(34,488	)
Interest		(113,719	)
Metals		(48,675	)
Total futures contracts		(371,199	)
Trading costs		(1,473	)
Total net trading gain (loss)		(372,672	)

* Includes both realized loss of ($86,638) and unrealized loss of ($286,034) and is located in net realized and unrealized gain (loss) on investments on the statement of operations. Amounts exclude foreign currency transactions and translation.

F-141

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

						Net Amount of
	Gross Amounts			Offset in the		Assets (Liabilities)
	of Recognized			Statement of		in the Statement of
Description	Assets (Liabilities)			Financial Condition		Financial Condition
Futures	$	(388,819	)	$	102,785	$	(286,034	)
Total	$	(388,819	)	$	102,785	$	(286,034	)
						Net Amount
	Net amount in			Cash Collateral		which is not offset
	the Statement of			Received by		in the Statement of
	Financial Condition			Counterparty		Financial Condition
Counterparty A	$	(286,034	)	$	2,301,058	$	2,015,024
Total	$	(286,034	)	$	2,301,058	$	2,015,024

F-142

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Financial Highlights

Financial highlights of the Master Fund for the period December 15, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	(7.46	)%
Ratio to average member’s equity (B):
Net investment income (C)	—	%
Total expenses	—	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The negative total return would have been larger, and the net investment income and total expense ratios would have been higher if the management and incentive fees, as well as the sponsor fees, had been charged to the Master Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

Note 8. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-143

Galaxy Plus Fund – Aspect Master Fund (532) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 and for the period from December 16, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-144

Galaxy Plus Fund –

Chesapeake Master Fund (518)

LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-145

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – Chesapeake Master Fund (518) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from June 7, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-146

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – Chesapeake Master Fund (518) LLC as of December 31, 2016, and the results of its operations for the period from June 7, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-147

Galaxy Plus Fund - Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	6,104,869
Restricted cash - margin balance		5,814,400
Receivable from onshore feeder fund		1,000
Other assets		11,065
Total assets	$	11,931,334
Liability and Member’s Equity
Liability
Deficit in commodity trading accounts at clearing brokers:
Investments in futures contracts at fair value (represents unrealized depreciation on open derivative contracts, net)	$	425,852
Total liability		425,852
Member’s equity		11,505,482
Total liability and member’s equity	$	11,931,334

See notes to financial statements.

F-148

Galaxy Plus Fund - Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

	Number of					Percent of
	Contracts/Units		Fair Value			Member’s Equity
Long positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture		81	$	(96,938	)		(0.84	)%
Currency		169		(120,815	)		(1.05	)
Energy		3		395			0.01
Index		2,085		(183,693	)		(1.60	)
Metals		8		(39,860	)		(0.35	)
Foreign:
Futures contracts:
Agriculture		95		(40,914	)		(0.36	)
Energy		4		925			0.01
Interest		2		7,881			0.07
Metals		52		32,589			0.28
Total long positions				(440,430	)		(3.83	)
Short positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture		102		42,890			0.37
Currency		188		15,126			0.14
Index		123		5,176			0.04
Interest		236		(44,437	)		(0.39	)
Metals		3		(6,000	)		(0.05	)
Foreign:
Futures contracts:
Agriculture		135		51,799			0.45
Interest		224		(21,880	)		(0.19	)
Metals		9		(28,096	)		(0.24	)
Total short positions				14,578			0.13
Investments in futures contracts, at fair value			$	(425,852	)		(3.70	)%

See notes to financial statements.

F-149

(A Delaware Limited Liability Company)

Statement of Operations

For the period from June 7, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Expenses:
Interest expense	$	6,758
Total expenses		6,758
Net investment loss		(6,758	)
Realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized gain from:
Derivative contracts1		405,614
Foreign currency transactions		3,842
		409,456
Net increase (decrease) in unrealized depreciation on:
Derivative contracts		(425,852	)
Translation of assets and liabilities denominated in foreign currencies		2,117
		(423,735	)
Net realized and unrealized loss on investments and foreign currency transactions		(14,279	)
Net decrease in member’s equity resulting from operations	$	(21,037	)

¹ Includes broker trading commisions

See notes to financial statements.

F-150

Galaxy Plus Fund - Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from June 7, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment loss	$	(6,758	)
Net realized gain (loss) from derivative contracts and foreign currency transactions		409,456
Net increase (decrease) in unrealized depreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		(423,735	)
Net decrease in member’s equity resulting from operations		(21,037	)
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		11,724,790
Proceeds from in-kind contribution		94,417
Payments for redemptions of capital		(292,688	)
Net increase in member’s equity resulting from capital transactions		11,526,519
Total increase		11,505,482
Member’s equity, beginning of period		—
Member’s equity, end of period	$	11,505,482

See notes to financial statements.

F-151

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on January 6, 2016 and commenced operation on June 7, 2016. The Master Fund was created to serve as the trading entity managed by Chesapeake Capital Corporation (the “Trading Advisor”) pursuant to its Diversified Program (the “Program”). The Program employs a systematic disciplined investment approach based on trend and momentum, diversification, and capital preservation.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master Funds. Galaxy Plus Fund - Chesapeake Feeder Fund (518) (“LLC518”), a separated series of the Onshore Platform and Galaxy Plus Fund – Chesapeake Offshore Feeder Fund (518) Segregated Portfolio (“SPC518”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC518 has not yet commenced operations.

LLC518 and SPC518 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-152

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which $12,052,692 is held in USD and a payable balance of ($133,423) in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $5,814,400. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for derivative positions executed with the same counterparty under the same master netting arrangement (See Note 5).

F-153

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/ (depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any,

F-154

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

F-155

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-156

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Futures contracts:
Agriculture	$	196,586		$	196,586		$	—	$	—
Currency		197,951			197,951			—		—
Energy		3,010			3,010			—		—
Index		105,124			105,124			—		—
Interest		46,146			46,146			—		—
Metals		127,303			127,303			—		—
Total investment assets at fair value		676,120			676,120			—		—
Liabilities:
Derivative contracts:
Futures contracts:
Agriculture		(239,749	)		(239,749	)		—		—
Currency		(303,640	)		(303,640	)		—		—
Energy		(1,690	)		(1,690	)		—		—
Index		(283,641	)		(283,641	)		—		—
Interest		(104,582	)		(104,582	)		—		—
Metals		(168,670	)		(168,670	)		—		—
Total investment liabilities at fair value		(1,101,972	)		(1,101,972	)		—		—
Total net investment at fair value	$	(425,852	)	$	(425,852	)	$	—	$	—

F-157

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

F-158

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Description	Quantity		Notional Value		Description	Quantity		Notional Value
Long:					Short:
Agriculture		176	$	4,295,326	Agriculture		237	$	(4,580,359	)
Currency		169		13,042,755	Currency		188		(19,846,112	)
Energy		7		388,247	Index		123		(839,216	)
Index		2,085		16,290,529	Interest		460		(80,443,020	)
Interest		2		310,850	Metals		12		(970,948	)
Metals		60		4,041,915

During the period ended December 31, 2016, the Master Fund participated in 2,837 futures contract transactions.

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Futures contracts:
Agriculture	$	(22,570	)
Currency		558,170
Energy		(53,624	)
Index		196,686
Interest		(421,152	)
Metals		(242,409	)
Total futures		15,101
Trading costs		(35,339	)
Total net trading gain (loss)		(20,238	)

* Includes both realized gain of $405,614 and unrealized loss of ($425,852) and is located in net realized and unrealized gain (loss) on investments on the statement of operations. Amounts exclude foreign currency transactions and translation.

F-159

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

						Net Amount of
	Gross Amounts			Offset in the		Assets (Liabilities)
	of Recognized			Statement of		in the Statement of
Description	Assets (Liabilities)			Financial Condition		Financial Condition
Futures	$	(1,101,972	)	$	676,120	$	(425,852	)
Total	$	(1,101,972	)	$	676,120	$	(425,852	)
						Net Amount
	Net amount in			Cash Collateral		which is not offset
	the Statement of			Received by		in the Statement of
	Financial Condition			Counterparty		Financial Condition
Counterparty A	$	(425,852	)	$	5,814,400	$	5,388,548
Total	$	(425,852	)	$	5,814,400	$	5,388,548

F-160

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Subscription in kind

The Master Fund commenced operations on June 7, 2016. The first subscription into the Master Fund was made by LLC518 and was done, in part, via a transfer of assets on that date. LLC518 contributed $94,417 in unrealized appreciation on open futures contracts.

Note 8. Financial Highlights

Financial highlights of the Master Fund for the period June 7, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	(0.46	)%
Ratio to average member’s equity (B):
Net investment income (C)	(0.09	)%
Total expenses	0.09	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The total return and net investment income would have been lower and total expense ratios would have been higher if the Trading Advisor management and incentive fees, as well as the sponsor fees, had been charged to the Master Fund instead of the Feeder Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

Note 9. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-161

Galaxy Plus Fund – Chesapeake Master Fund (518) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 and for the period from June 7, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-162

Galaxy Plus Fund – Doherty

Master Fund (528) LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-163

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – Doherty Master Fund (528) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from July 19, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-164

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – Doherty Master Fund (528) LLC as of December 31, 2016, and the results of its operations for the period from July 19, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-165

Galaxy Plus Fund - Doherty Master Fund (528) LLC
(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	6,032,278
Restricted cash - margin balance		496,013
Options purchased, at fair value (cost: $284,965)		173,153
Receivable from onshore feeder fund		1,000
Other assets		11,869
Total assets	$	6,714,313
Liabilities and member’s equity
Liabilities
Deficit in commodity trading accounts at clearing brokers:
Investments in futures contracts at fair value (represents unrealized depreciation on open derivative contracts, net)	$	6,600
Options written, at fair value (proceeds: $345,843)		150,655
Total liabilities		157,255
Member’s equity		6,557,058
Total liabilities and member’s equity	$	6,714,313

See notes to financial statements.

F-166

Galaxy Plus Fund - Doherty Master Fund (528) LLC
(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

	Number of					Percent of
	Contracts/Units		Fair Value			Member’s Equity
Long positions:
Derivative contracts:
Domestic (United States):
Options purchased on futures contracts:
Index (cost: $284,965)		230	$	173,153			2.64	%
Futures contracts:
Index		6		(6,600	)		(0.10	)
Total long positions				166,553			2.54
Short positions:
Derivative contracts:
Domestic (United States):
Options written on futures contracts:
Index (proceeds: $345,843)		2,037		(150,655	)		(2.30	)
Total short positions				(150,655	)		(2.30	)
Investments and options, at fair value			$	15,898			0.24	%

See notes to financial statements.

F-167

Galaxy Plus Fund - Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the period from July 19, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Net investment income	$	—
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) from:
Derivative contracts 1		212,853
		212,853
Net increase (decrease) in unrealized appreciation on:
Derivative contracts		76,776
		76,776
Net realized and unrealized gain on investments and foreign currency transactions		289,629
Net increase in member’s equity resulting from operations	$	289,629

¹ Includes broker trading commissions

See notes to financial statements.

F-168

Galaxy Plus Fund - Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from July 19, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment income	$	—
Net realized gain (loss) from investments		212,853
Net increase (decrease) in unrealized appreciation on investments		76,776
Net increase in member’s equity resulting from operations		289,629
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		6,260,916
Proceeds from in-kind contribution		75,670
Payments for redemptions of capital		(69,157	)
Net increase in member’s equity resulting from capital transactions		6,267,429
Total increase		6,557,058
Member’s equity, beginning of period		—
Member’s equity, end of period	$	6,557,058

See notes to financial statements.

F-169

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – Doherty Master Fund (528) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on April 20, 2016 and commenced operation on July 19, 2016. The Master Fund was created to serve as the trading entity managed by Doherty Advisory, L.L.C. (the “Trading Advisor”) pursuant to its Relative Value Moderate (the “Program”). The Program is a discretionary pure relative value/market neutral arbitrage strategy.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master Funds. Galaxy Plus Fund – Doherty Feeder Fund (528) (“LLC528”), a separated series of the Onshore Platform and Galaxy Plus Fund – Doherty Offshore Feeder Fund (528) Segregated Portfolio (“SPC528”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC528 has not yet commenced operations.

LLC528 and SPC528 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-170

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund can hold various currencies at the clearing broker, of which $6,528,291 is held in USD and $0 in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $496,013. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (See Note 5).

F-171

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

F-172

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

F-173

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-174

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Options purchased on futures
contracts:
Index	$	173,153		$	173,153		$	—	$	—
Total investment assets at fair value		173,153			173,153			—		—
Liabilities:
Derivative contracts:
Options written on futures contracts:
Index		(150,655	)		(150,655	)		—		—
Futures contracts:
Index		(6,600	)		(6,600	)		—		—
Total investment liabilities at fair value		(157,255	)		(157,255	)		—		—
Total net investment at fair value	$	15,898		$	15,898		$	—	$	—

F-175

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

Description	Quantity		Notional Value
Long:
Index		6	$	670,875

F-176

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

During the period ended December 31, 2016, the Master Fund participated in 280 futures contract, and 3,687 options on futures contract transactions.

Transactions in options written during the period ending December 31, 2016, were as follows:

Combined
	Number of			Premiums
	Contracts			Received
Options outstanding at July 19, 2016		—		$	—
Options written		7,603			1,033,536
Options terminated in closing purchase transaction		(267	)		(65,527	)
Options expired		(5,239	)		(606,413	)
Options exercised		(60	)		(15,753	)
Options outstanding at December 31, 2016		2,037		$	345,843

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Options on futures contracts:
Index	$	(78,665	)
Total options on futures contracts		(78,665	)
Futures contracts:
Index		387,629
Total futures contracts		387,629
Trading costs		(19,335	)
Total net trading gain (loss)		289,629

* Includes both realized gain of $212,853 and unrealized gain of $76,776 and is located in net realized and unrealized gain (loss) on investments on the statement of operations. Amounts exclude foreign currency transactions and translation.

F-177

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

						Net Amount of
	Gross Amounts			Offset in the		Assets (Liabilities)
	of Recognized			Statement of		in the Statement of
Description	Assets (Liabilities)			Financial Condition		Financial Condition
Futures	$	(6,600	)	$	—	$	(6,600	)
Options purchased on futures contracts		173,153			—		173,153
Options written on futures contracts		(150,655	)		—		(150,655	)
Total	$	15,898		$	—	$	15,898

					Net Amount
	Net amount in		Cash Collateral		which is not offset
	the Statement of		Received by		in the Statement of
	Financial Condition		Counterparty		Financial Condition
Counterparty A	$	15,898	$	496,013	$	511,911
Total	$	15,898	$	496,013	$	511,911

F-178

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Subscription in kind

The Master Fund commenced operations on July 19, 2016. The first subscription into the Master Fund was made by LLC528 and was done, in part, via a transfer of assets on that date. LLC518 contributed net $75,670 in fair value of options purchased.

Note 8. Financial Highlights

Financial highlights of the Master Fund for the period July 19, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	4.59	%
Ratio to average member’s equity (B):
Net investment income (C)	—	%
Total expenses	—	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The total return and net investment income would have been lower, and total expense ratios would have been higher if the management and incentive fees, as well as sponsor fees, had been charged to the Master Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

Note 9. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-179

Galaxy Plus Fund – Doherty Master Fund (528) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 and for the period from July 19, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

 

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-180

Galaxy Plus Fund –

Emil van Essen STP Master

Fund (516) LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-181

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from April 15, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-182

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC as of December 31, 2016, and the results of its operations for the period from April 15, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-183

Galaxy Plus Fund - Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	9,899,772
Restricted cash - margin balance		3,039,420
Other assets		11,987
Total assets	$	12,951,179
Liabilities and Member’s Equity
Liabilities
Deficit in commodity trading accounts at clearing brokers:
Investments in futures contracts at fair value (represents unrealized depreciation on open derivative contracts, net)	$	1,249,410
Payable to Onshore Feeder Fund		50,740
Total liabilities		1,300,150
Member’s equity		11,651,029
Total liabilities and member’s equity	$	12,951,179

See notes to financial statements.

F-184

Galaxy Plus Fund - Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

						Percent of
	Number of					Member’s
	Contracts/Units		Fair Value			Equity
Long positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture
Cattle
Maturing June 2017		382	$	585,461			5.02	%
Other maturities		40		86,572			0.74
Other		352		(67,518	)		(0.58	)
Energy
Crude
Maturing March 2018		416		1,806,575			15.51
Other maturities1,2		272		681,526			5.85
Gasoline
Maturing March 2017		154		856,153			7.35
Other2		667		927,263			7.96
Interest		232		(74,449	)		(0.64	)
Metals		144		(187,498	)		(1.61	)
Foreign:
Futures contracts:
Energy		44		156,200			1.34
Total long positions			$	4,770,285			40.94	%

(Continued)

F-185

Galaxy Plus Fund - Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments (Continued)

December 31, 2016

(Expressed in U.S. Dollars)

						Percent of
	Number of					Member’s
	Contracts/Units		Fair Value			Equity
Short positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture
Cattle
Maturing April 2017		422	$	(823,991	)		(7.07	)%
Other		352		54,479			0.47
Energy
Crude
Maturing December 2017		197		(857,258	)		(7.36	)
Maturing January 2018		241		(1,244,171	)		(10.69	)
Other maturities2,3		423		(604,685	)		(5.19	)
Diesel Fuel2,3		197		(752,358	)		(6.46	)
Natural Gas2,4		523		(849,502	)		(7.30	)
Gasoline
Maturing February 2017		154		(836,606	)		(7.18	)
Other maturities		44		(211,411	)		(1.81	)
Interest		232		60,274			0.52
Metals		72		163,716			1.41
Foreign:
Futures contracts:
Energy		80		(118,182	)		(1.01	)
Total short positions				(6,019,695	)		(51.67	)
Investments and options, at fair value			$	(1,249,410	)		(10.73	)%

¹ Maturities range from May 2017 through February 2018

² No individual contract or contract month is greater than 5% of member’s equity

³ Maturities range from February 2017 through June 2017

⁴ Maturities range from February 2017 through October 2018

See notes to financial statements.

F-186

Galaxy Plus Fund - Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the period from April 15, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Net investment income	$	—
Realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized gain (loss) from:
Derivative contracts1		3,934,142
Foreign currency transactions		(191	)
		3,933,951
Net increase (decrease) in unrealized depreciation on:
Derivative contracts		(1,249,410	)
Translation of assets and liabilities denominated in foreign currencies		(3,656	)
		(1,253,066	)
Net realized and unrealized gain on investments and foreign currency transactions		2,680,885
Net increase in member’s equity resulting from operations	$	2,680,885

¹ Includes broker trading commisions

See notes to financial statements.

F-187

Galaxy Plus Fund - Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from April 15, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment income	$	—
Net realized gain (loss) from derivative contracts and foreign currency transactions		3,933,951
Net increase (decrease) in unrealized depreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		(1,253,066	)
Net increase in member’s equity resulting from operations		2,680,885
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		12,442,498
Payments for redemptions of capital		(3,472,354	)
Net increase in member’s equity resulting from capital transactions		8,970,144
Total increase		11,651,029
Member’s equity, beginning of period		—
Member’s equity, end of period	$	11,651,029

See notes to financial statements.

F-188

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on January 7, 2016 and commenced operations on April 15, 2016. The Master Fund was created to serve as the trading entity managed by Emil van Essen, L.L.C. (the “Trading Advisor”) pursuant to its The Multi-Strategy Program (the “Program”). The Program is an approximate 50/50 combination of the Spread Trading Program and the Long-Short Commodity Program.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master funds. Galaxy Plus Fund – Emil van Essen Feeder Fund (516) (“LLC516”), a separated series of the Onshore Platform and Galaxy Plus Fund – Emil van Essen Offshore Feeder Fund (516) Segregated Portfolio (“SPC516”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC 516 had not yet commenced operations.

LLC530 and SPC530 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-189

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which $12,890,986 is held in USD and $48,206 in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $3,039,420. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (see Note 5).

F-190

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

F-191

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These

F-192

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-193

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Futures contracts:
Agriculture	$	926,560		$	926,560		$	—	$	—
Energy		4,621,523			4,621,523			—		—
Interest		60,274			60,274			—		—
Metals		168,374			168,374			—		—
Total investment assets at fair value		5,776,731			5,776,731			—		—
Liabilities:
Derivative contracts:
Futures contracts:
Agriculture		(1,091,557	)		(1,091,557	)		—		—
Energy		(5,667,979	)		(5,667,979	)		—		—
Interest		(74,449	)		(74,449	)		—		—
Metals		(192,156	)		(192,156	)		—		—
Total investment liabilities at fair value		(7,026,141	)		(7,026,141	)		—		—
Total net investment at fair value	$	(1,249,410	)	$	(1,249,410	)	$	—	$	—

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

F-194

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

Description	Quantity		Notional Value		Description	Quantity		Notional Value
Long:					Short:
Agriculture		774	$	25,631,910	Agriculture		774	$	(27,345,460	)
Energy		1,553		78,201,502	Energy		1,859		(99,919,567	)
Interest		232		56,840,000	Interest		232		(57,118,400	)
Metals		144		7,802,070	Metals		72		(4,532,400	)

During the period ended December 31, 2016, the Master Fund participated in 3,234 futures contract, and 24 options on futures contract transactions.

F-195

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Transactions in options written during the period ending December 31, 2016, were as follows:

	Number of			Premiums
	Contracts			Received
Options outstanding at April 15, 2016		—		$	—
Options written		1,784			173,640
Options terminated in closing purchase transaction		—			—
Options expired		(1,784	)		(173,640	)
Options exercised		—			—
Options outstanding at December 31, 2016		—		$	—

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Options on futures contracts:
Energy	$	(90,450	)
Total options on future contracts		(90,450	)
Futures contracts:
Agriculture		412,690
Energy		1,485,335
Interest		109,881
Metals		1,121,772
Total futures contracts		3,129,678
Trading costs		(354,496	)
Total net trading gain (loss)		2,684,732

* Includes both realized gain of $3,934,142 and unrealized loss of ($1,249,410) and is located in net realized and unrealized gain (loss) on investments on the statement of operations. Amounts exclude foreign currency transactions and translation.

F-196

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

						Net Amount of
	Gross Amounts			Offset in the		Assets (Liabilities)
	of Recognized			Statement of		in the Statement of
Description	Assets (Liabilities)			Financial Condition		Financial Condition
Futures	$	(7,026,141	)	$	5,776,731	$	(1,249,410	)
Total	$	(7,026,141	)	$	5,776,731	$	(1,249,410	)
						Net Amount
	Net amount in			Cash Collateral		which is not offset
	the Statement of			Received by		in the Statement of
	Financial Condition			Counterparty		Financial Condition
Counterparty A	$	(1,249,410	)	$	3,039,420	$	1,790,010
Total	$	(1,249,410	)	$	3,039,420	$	1,790,010

F-197

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Financial Highlights

Financial highlights of the Master Fund for the period April 15, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total Return (A)	21.48	%
Ratio to average member’s equity (B):
Net investment income (C)	—	%
Total expenses	—	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The total return and the net investment loss would have been lower and total expense ratios would have been higher if the management and incentive fees, as well as sponsor fees, had been charged to the Master Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

Note 8. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-198

Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 and for the period from April 15, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-199

Galaxy Plus Fund – FORT

Contrarian Master Fund (510)

LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-200

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the year then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-201

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC as of December 31, 2016, and the results of its operations for the year then ended in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-202

Galaxy Plus Fund - FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	8,363,795
Restricted cash - margin balance		3,263,570
Other assets		9,333
Total assets	$	11,636,698
Liability and Member’s Equity
Liabilities
Deficit in in commodity trading accounts at clearing brokers:
Investments in futures contracts at fair value (represents unrealized depreciation on open derivative contracts, net)	$	178,326
Redemptions payable		5,456
Total liabilities		183,782
Member’s equity		11,452,916
Total liabilities and member’s equity	$	11,636,698

See notes to financial statements.

F-203

Galaxy Plus Fund - FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

	Number of					Percent of
	Contracts/Units		Fair Value			Member’s Equity
Long positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Currency		154	$	(149,873	)		(1.31	)%
Energy		15		3,285			0.03
Index		65		(39,082	)		(0.34	)
Interest		854		(127,980	)		(1.12	)
Metals		8		(23,205	)		(0.20	)
Foreign:
Futures contracts:
Energy		4		6,200			0.05
Index		144		116,019			1.01
Interest		945		133,285			1.17
Total long positions				(81,351	)		(0.71	)
Short positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Currency		187		(74,333	)		(0.65	)
Energy		8		(11,885	)		(0.10	)
Foreign:
Futures contracts:
Energy		1		(380	)		(0.01	)
Interest		87		(10,377	)		(0.09	)
Total short positions				(96,975	)		(0.85	)
Investments in futures contracts, at fair value			$	(178,326	)		(1.56	)%

See notes to financial statements.

F-204

Galaxy Plus Fund - FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the year ended December 31, 2016

(Expressed in U.S. Dollars)

Investment Income:
Interest income	$	—
Expenses:
Interest expense		21
Total expenses		21
Net investment loss		(21	)
Realized and unrealized loss on investments and foreign currency transactions:
Net realized loss from:
Derivative contracts1		(827,897	)
Foreign currency transactions		(12,134	)
		(840,031	)
Net increase (decrease) in unrealized depreciation on:
Derivative contracts		(177,990	)
Translation of assets and liabilities denominated in foreign currencies		(238	)
		(178,228	)
Net realized and unrealized loss on investments and foreign currency transactions		(1,018,259	)
Net decrease in member’s equity resulting from operations	$	(1,018,280	)

¹ Includes broker trading commisions

See notes to financial statements.

F-205

Galaxy Plus Fund - FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the year ended December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment loss	$	(21	)
Net realized gain (loss) from derivative contracts and foreign currency transactions		(840,031	)
Net increase (decrease) in unrealized depreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		(178,228	)
Net decrease in member’s equity resulting from operations		(1,018,280	)
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		14,319,802
Payments for redemptions of capital		(4,144,889	)
Net increase in member’s equity resulting from capital transactions		10,174,913
Total increase		9,156,633
Member’s equity, beginning of year		2,296,283
Member’s equity, end of year	$	11,452,916

See notes to financial statements.

F-206

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on June 5, 2015. The Master Fund was created to serve as the trading entity managed by Fort L.P. (the “Trading Advisor”) pursuant to its Global Contrarian (the “Program”). The Program is a systematic, trend-anticipating trading program that seeks to capitalize on medium to long-term trends.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including funds of hedge funds) (“Investors”), a variety of third-part professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master funds. Galaxy Plus Fund – FORT Contrarian Feeder Fund (510) LLC (“LLC510”), a separated series of the Onshore Platform and Galaxy Plus Fund – Fort Contrarian Offshore Feeder Fund (510) Segregated Portfolio (“SPC510”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC 510 had not yet commenced operations.

LLC510 and SPC510 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-207

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which $11,639,859 is held in USD and a payable balance of ($12,494) in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $3,263,570. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (See Note 5).

F-208

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation (depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Net realized foreign exchange gains or losses arise from the sales of foreign currencies and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

F-209

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the years ended December 31, 2015 and 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the year, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the year;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

F-210

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-211

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Futures contracts:
Currency	$	37,882		$	37,882		$	—	$	—
Energy		20,329			20,329			—		—
Index		144,838			144,838			—		—
Interest		266,315			266,315			—		—
Metals		800			800			—		—
Total investment assets at fair value		470,164			470,164			—		—
Liabilities:
Derivative contracts:
Futures contracts:
Currency		(262,088	)		(262,088	)		—		—
Energy		(23,109	)		(23,109	)		—		—
Index		(67,901	)		(67,901	)		—		—
Interest		(271,387	)		(271,387	)		—		—
Metals		(24,005	)		(24,005	)		—		—
Total investment liabilities at fair value		(648,490	)		(648,490	)		—		—
Total net investment at fair value	$	(178,326	)	$	(178,326	)	$	—	$	—

F-212

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

F-213

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Description	Quantity		Notional Value		Description	Quantity		Notional Value
Long:					Short:
Currency		154		8,936,045	Currency		187	$	(18,503,140	)
Energy		19	$	991,065	Energy		9		(599,766	)
Index		209		16,572,988	Interest		87		(14,575,999	)
Interest		1,799		389,310,282
Metals		8		518,408

During the year ended December 31, 2016, the Master Fund participated in 18,602 futures contract transactions.

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Futures contracts:
Currency	$	627,772
Energy		(495,058	)
Index		879,821
Interest		(1,926,191	)
Metals		(2,660	)
Total futures contracts		(916,316	)
Trading costs		(89,571	)
Total net trading gain (loss)	$	(1,005,887	)

* Includes both realized loss of ($827,897) and unrealized loss of ($177,990) and is located in net realized and unrealized gain (loss) on investments and foreign currency transactions on the statement of operations. Amounts exclude foreign currency transactions and translation.

Note 5. Balance Sheet Offsetting

Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are

F-214

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

						Net Amount of
	Gross Amounts			Offset in the		Assets (Liabilities)
	of Recognized			Statement of		in the Statement of
Description	Assets (Liabilities)			Financial Condition		Financial Condition
Futures	$	(648,490	)	$	470,164	$	(178,326	)
Total	$	(648,490	)	$	470,164	$	(178,326	)
						Net Amount
	Net amount in			Cash Collateral		which is not offset
	the Statement of			Received by		in the Statement of
	Financial Condition			Counterparty		Financial Condition
Counterparty A	$	(178,326	)	$	3,263,570	$	3,085,244
Total	$	(178,326	)	$	3,263,570	$	3,085,244

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

F-215

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 7. Financial Highlights

Financial highlights of the Master Fund for the year ended December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	5.30	%
Ratio to average member’s equity (B):
Net investment income (C )	(0.00	)%*
Total expenses	0.00	%*

* Amount represents less thant 0.005%.

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The total return would have been lower, and the net investment loss and total expense ratios would have been higher if the Trading Advisor management and incentive fees, as well as the sponsor fees, had been charged to the Master Fund instead of the Feeder Fund.

Note 8. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-216

Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of, and for the year ended December 31, 2016 is accurate and complete.

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-217

Galaxy Plus Fund – LRR

Master Fund (522) LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-218

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – LRR Master Fund (522) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from April 28, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-219

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – LRR Master Fund (522) LLC as of December 31, 2016, and the results of its operations for the period from April 28, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-220

Galaxy Plus Fund - LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	6,021,563
Restricted cash - margin balance		1,134,600
Investments in futures contracts at fair value (represents unrealized appreciation on open derivative contracts, net)		157,324
Options purchased, at fair value (cost: $287,229)		577,440
Receivable from onshore feeder fund		3,000
Other assets		33,202
Total assets	$	7,927,129
Liabilities and member’s equity
Liabilities
Deficit in in commodity trading accounts at clearing brokers:
Options written, at fair value (proceeds: $360,249)	$	209,580
Total liabilities		209,580
Member’s equity		7,717,549
Total liabilities and member’s equity	$	7,927,129

See notes to financial statements.

F-221

Galaxy Plus Fund - LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

	Number of					Percent of
	Contracts/Units		Fair Value			Member’s Equity
Long positions:
Derivative contracts:
Domestic (United States):
Options purchased on futures contracts:
Agriculture
Milk (cost: $287,229)1		226	$	577,440			7.48	%
Futures contracts:
Agriculture		281		225,956			2.93
Currency		94		(18,499	)		(0.24	)
Energy		18		18,203			0.24
Metals		25		(60,620	)		(0.79	)
Foreign:
Futures contracts:
Metals		22		(117,607	)		(1.52	)
Total long positions				624,873			8.10
Short positions:
Derivative contracts:
Domestic (United States):
Options written on futures contracts:
Agriculture (proceeds: $360,249)		344		(209,580	)		(2.72	)
Futures contracts:
Agriculture		42		56,681			0.73
Currency		71		89,474			1.16
Index		11		16,640			0.22
Interest		21		2,813			0.04
Foreign:
Futures contracts:
Interest		38		(55,717	)		(0.72	)
Total short positions				(99,689	)		(1.29	)
Investments in future contracts, at fair value			$	525,184			6.81	%

¹ Maturities range from March 2017 through December 2017

See notes to financial statements.

F-222

Galaxy Plus Fund - LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the period from April 28, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Net investment income	$	—
Realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized gain from:
Derivative contracts1		72,602
Foreign currency transactions		31,408
		104,010
Net increase (decrease) in unrealized appreciation on:
Derivative contracts		598,204
Translation of assets and liabilities denominated in foreign currencies		—
		598,204
Net realized and unrealized gain on investments and foreign currency transactions		702,214
Net increase in member’s equity resulting from operations	$	702,214

¹ Includes broker trading commisions

See notes to financial statements.

F-223

Galaxy Plus Fund - LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from April 28, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment income	$	—
Net realized gain (loss) from derivative contracts and foreign currency transactions		104,010
Net increase (decrease) in unrealized appreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		598,204
Net increase in member’s equity resulting from operations		702,214
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		7,686,246
In-kind assumed derivative liabilities		(27,740	)
Payments for redemptions of capital		(643,171	)
Net increase in member’s equity resulting from capital transactions		7,015,335
Total increase		7,717,549
Member’s equity, beginning of period		—
Member’s equity, end of period	$	7,717,549

See notes to financial statements.

F-224

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – LRR Master Fund (522) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on January 26, 2016 and commenced operation on April 28, 2016. The Master Fund is a multi-advisor managed futures fund that allocates and reallocates its capital to different trading advisors implementing various trading programs. As of December 31, 2016, these trading advisors were Landmark Trading Company (“Landmark”), Rosetta Capital Management, LLC (“Rosetta”), and Red Oak Commodity Advisors, Inc (“Red Oak”) (collectively, the “Trading Advisors”). Landmark and Red Oak run discretionary programs and Rosetta runs a technical program. Each Trading Advisor runs their Program independently of one another.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisors are not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master Funds. Galaxy Plus Fund – LRR Feeder Fund (522) (“LLC522”), a separated series of the Onshore Platform and Galaxy Plus Fund – LRR Offshore Feeder Fund (522) Segregated Portfolio (“SPC522”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC 522 had not yet commenced operations.

LLC522 and SPC522 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-225

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into tri-party contracts (the “Trading Agreements”) with the Trading Advisors pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisors in accordance with the Program. The Trading Advisors may alter their programs (including thier trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisors provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisors (or their affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisors (or their affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund can holds various currencies at the clearing broker, of which $7,156,163 is held in USD and $0 in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $1,134,600. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (See Note 5).

F-226

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

F-227

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These

F-228

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-229

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Options purchased on futures contracts:
Agriculture	$	577,440		$	577,440		$	—	$	—
Futures contracts:
Agriculture		344,861			344,861			—		—
Currency		106,710			106,710			—		—
Energy		18,203			18,203			—		—
Index		16,640			16,640			—		—
Interest		10,383			10,383			—		—
Total investment assets at fair value		1,074,237			1,074,237			—		—
Liabilities:
Derivative contracts:
Options written on futures contracts:
Agriculture		(209,580	)		(209,580	)		—		—
Futures contracts:
Agriculture		(62,224	)		(62,224	)		—		—
Currency		(35,735	)		(35,735	)		—		—
Interest		(63,287	)		(63,287	)		—		—
Metals		(178,227	)		(178,227	)		—		—
Total investment liabilities at fair value		(549,053	)		(549,053	)		—		—
Total net investment at fair value	$	525,184		$	525,184		$	—	$	—

F-230

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

F-231

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

Description	Quantity		Notional Value		Description	Quantity		Notional Value
Long:					Short:
Agriculture		281	$	9,678,311	Agriculture		42	$	(1,091,702	)
Currency		94		6,308,096	Currency		71		(8,840,750	)
Energy		18		650,880	Index		11		(1,728,705	)
Metals		47		3,703,237	Interest		59		(8,841,826	)

During the period ended December 31, 2016, the Master Fund participated in 882 futures contract, and 96 options on futures contract transactions.

Transactions in options written during the period ending December 31, 2016, were as follows:

	Number of			Premiums
	Contracts			Received
Options outstanding at April 28, 2016		—		$	—
Options written		939			722,649
Options terminated in closing purchase transaction		(421	)		(338,210	)
Options expired		(174	)		(24,190	)
Options exercised		—			—
Options outstanding at December 31, 2016		344		$	360,249

F-232

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Options on futures contracts:
Agriculture	$	471,295
Total options on futures contracts		471,295
Futures contracts:
Agriculture		(91,333	)
Currency		238,953
Energy		(96,311	)
Index		(82,943	)
Interest		195,280
Metals		73,105
Total futures contracts		236,751
Trading costs		(37,240	)
Total net trading gain (loss)		670,806

* Includes both realized gain of $72,602 and unrealized gain of $598,204 and is located in net realized and unrealized gain (loss) on investments on the statement of operations. Amounts exclude foreign currency transactions and translation.

F-233

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

							Net Amount of
	Gross Amounts			Offset in the			Assets (Liabilities)
	of Recognized			Statement of			in the Statement of
Description	Assets (Liabilities)			Financial Condition			Financial Condition
Futures	$	496,797		$	(339,473	)	$	157,324
Options purchased on futures contracts		577,440			—			577,440
Options written on futures contracts		(209,580	)		—			(209,580	)
Total	$	864,657		$	(339,473	)	$	525,184
							Net Amount
	Net amount in			Cash Collateral			which is not offset
	the Statement of			Received by			in the Statement of
	Financial Condition			Counterparty			Financial Condition
Counterparty A	$	525,184		$	1,134,600		$	1,659,784
Total	$	525,184		$	1,134,600		$	1,659,784

F-234

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Subscription in kind

The Master Fund commenced operations on April 28, 2016. The first subscription into the Master Fund was made by LLC522 and was done, in part, via an assumption of liabilities on that date. The Master Fund assumed $27,740 in fair value of options written from LLC522.

Note 8. Financial Highlights

Financial highlights of the Master Fund for the period April 28, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	10.59	%
Ratio to average member’s equity (B):
Net investment income (C)	—	%
Total expenses	—	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The total return would have been lower, and the net investment income and total expense ratios would have been higher if the management and incentive fees, as well as sponsor fees, had been charged to the Master Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

Note 9. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-235

Galaxy Plus Fund – LRR Master Fund (522) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 and for the period from April 28, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-236

Galaxy Plus Fund – QIM

Master Fund (526) LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-237

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – QIM Master Fund (526) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from June 22, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-238

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – QIM Master Fund (526) LLC as of December 31, 2016, and the results of its operations for the period from June 22, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-239

Galaxy Plus Fund - QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	6,500,666
Restricted cash - margin balance		14,705,935
Investments in futures contracts at fair value (represents unrealized appreciation on open derivative contracts, net)		331,143
Other assets		12,026
Total assets	$	21,549,770
Liabilities and Member’s Equity
Liabilities
Due to feeder	$	93,147
Total liabilities		93,147
Member’s equity		21,456,623
Total liabilities and member’s equity	$	21,549,770

See notes to financial statements.

F-240

Galaxy Plus Fund - QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

	Number of					Percent of
	Contracts/Units		Fair Value			Member’s Equity
Long positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Energy		69	$	75,753			0.35	%
Index		471		(225,052	)		(1.05	)
Metals		56		(3,328	)		(0.02	)
Foreign:
Futures contracts:
Energy		38		50,860			0.24
Index		728		169,354			0.79
Interest		507		540,355			2.52
Total long positions				607,942			2.83
Short positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Currency		77		(49,524	)		(0.23	)
Index		6		5,720			0.03
Interest		260		(86,257	)		(0.40	)
Foreign:
Futures contracts:
Index		13		(33,580	)		(0.16	)
Interest		119		(113,158	)		(0.53	)
Total short positions				(276,799	)		(1.29	)
Investments in futures contracts, at fair value			$	331,143			1.54	%

See notes to financial statements.

F-241

Galaxy Plus Fund - QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the period from June 22, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Expenses:
Interest expense	$	6,967
Total expenses		6,967
Net investment loss		(6,967	)
Realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized gain from:
Derivative contracts1		5,988,931
Foreign currency transactions		15,085
		6,004,016
Net increase (decrease) in unrealized appreciation on:
Derivative contracts		331,143
Translation of assets and liabilities denominated in foreign currencies		(5,359	)
		325,784
Net realized and unrealized gain on investments and foreign currency transactions		6,329,800
Net increase in member’s equity resulting from operations	$	6,322,833

¹ Includes broker trading commisions

See notes to financial statements.

F-242

Galaxy Plus Fund - QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from June 22, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment loss	$	(6,967	)
Net realized gain (loss) from derivative contracts and foreign currency transactions		6,004,016
Net increase (decrease) in unrealized appreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		325,784
Net increase in member’s equity resulting from operations		6,322,833
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		18,192,995
Payments for redemptions of capital		(3,059,205	)
Net increase in member’s equity resulting from capital transactions		15,133,790
Total increase		21,456,623
Member’s equity, beginning of period		—
Member’s equity, end of period	$	21,456,623

See notes to financial statements.

F-243

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – QIM Master Fund (526) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on April 19, 2016 and commenced operation on June 22, 2016. The Master Fund was created to serve as the trading entity managed by Quantitative Investment Management, L.L.C. (the “Trading Advisor”) pursuant to its Global Program (the “Program”). The Program is a short to medium-term trading strategy designed to capitalize on market inefficiencies across a wide array of futures markets.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master Funds. Galaxy Plus Fund – QIM Feeder Fund (526) (“LLC526”), a separated series of the Onshore Platform and Galaxy Plus Fund – QIM Offshore Feeder Fund (526) Segregated Portfolio (“SPC526”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC 526 had not yet commenced operations.

LLC526 and SPC526 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-244

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which $19,572,265 is held in USD and $1,634,336 in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $14,705,935. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (See Note 5).

F-245

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

F-246

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value

F-247

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-248

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Futures contracts:
Currency	$	6,194		$	6,194		$	—	$	—
Energy		127,499			127,499			—		—
Index		186,983			186,983			—		—
Interest		563,253			563,253			—		—
Metals		33,875			33,875			—		—
Total investment assets at fair value		917,804			917,804			—		—
Liabilities:
Derivative contracts:
Futures contracts:
Currency		(55,718	)		(55,718	)		—		—
Energy		(886	)		(886	)		—		—
Index		(270,541	)		(270,541	)		—		—
Interest		(222,313	)		(222,313	)		—		—
Metals		(37,203	)		(37,203	)		—		—
Total investment liabilities at fair value		(586,661	)		(586,661	)		—		—
Total net investment at fair value	$	331,143		$	331,143		$	—	$	—

F-249

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

F-250

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Description	Quantity		Notional Value		Description	Quantity		Notional Value
Long:					Short:
Energy		107	$	5,750,480	Currency		77	$	(9,585,868	)
Index		1,199		83,220,998	Index		19		(2,248,308	)
Interest		507		89,166,742	Interest		379		(51,788,857	)
Metals		56		4,835,880

During the period ended December 31, 2016, the Master Fund participated in 15,996 futures contract transactions.

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Futures contracts:
Currency	$	(72,964	)
Energy		(599,938	)
Index		6,853,123
Interest		286,872
Metals		(56,901	)
Total futures contracts		6,410,192
Trading costs		(90,118	)
Total net trading gain (loss)		6,320,074

* Includes both realized gain of $5,988,931 and unrealized gain of $331,143 and is located in net realized and unrealized gain (loss) on investments on the statement of operations. Amounts exclude foreign currency transactions and translation.

F-251

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

						Net Amount of
	Gross Amounts			Offset in the		Assets (Liabilities)
	of Recognized			Statement of		in the Statement of
Description	Assets (Liabilities)			Financial Condition		Financial Condition
Futures	$	(586,661	)	$	917,804	$	331,143
Total	$	(586,661	)	$	917,804	$	331,143
						Net Amount
	Net amount in			Cash Collateral		which is not offset
	the Statement of			Received by		in the Statement of
	Financial Condition			Counterparty		Financial Condition
Counterparty A	$	331,143		$	14,705,935	$	15,037,078
Total	$	331,143		$	14,705,935	$	15,037,078

F-252

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Financial Highlights

Financial highlights of the Master Fund for the period June 22, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	35.88	%
Ratio to average member’s equity (B):
Net investment loss(C)	(0.07	)%
Total expenses	0.07	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The total return would have been lower, and the net investment loss and total expense ratios would have been higher if the management and incentive fees, as well as sponsor fee, had been charged to the Master Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

Note 8. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-253

Galaxy Plus Fund – QIM Master Fund (526) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 for the period from June 22, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-254

Galaxy Plus Fund –

Quantmetrics

Master Fund (527) LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-255

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC (the Fund), which comprise the statement of financial condition as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from June 13, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-256

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC as of December 31, 2016, and the results of its operations for the period from June 13, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-257

Galaxy Plus Fund - Quantmetrics Master Fund (527) LLC
(A Delaware Limited Liability Company)

Statement of Financial Condition
December 31, 2016
(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	19,152,703
Restricted cash - margin balance		97,035
Receivable from onshore feeder fund		1,000
Other assets		10,720
Total assets	$	19,261,458
Liabilities and Member’s Equity
Total Liabilities	$	—
Member’s equity		19,261,458
Total liabilities and member’s equity	$	19,261,458

See notes to financial statements.

F-258

Galaxy Plus Fund - Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the period from June 13, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Investment Income:
Interest income	$	—
Expenses:
Interest expense		2,843
Total expenses		2,843
Net investment loss		(2,843	)
Realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized loss from:
Derivative contracts 1		(260,477	)
Foreign currency transactions		(32,767	)
		(293,244	)
Net increase (decrease) in unrealized depreciation on:
Translation of assets and liabilities denominated in foreign currencies		822
		822
Net realized and unrealized loss on investments and foreign currency transactions		(292,422	)
Net decrease in member’s equity resulting from operations	$	(295,265	)

¹ Includes broker trading commissions

See notes to financial statements.

F-259

Galaxy Plus Fund - Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from June 13, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment loss	$	(2,843	)
Net realized gain (loss) from derivative contracts and foreign currency transactions		(293,244	)
Net increase (decrease) in unrealized appreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		822
Net decrease in member’s equity resulting from operations		(295,265	)
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		19,729,843
Payments for redemptions of capital		(173,120	)
Net increase in member’s equity resulting from capital transactions		19,556,723
Total increase		19,261,458
Member’s equity, beginning of period		—
Member’s equity, end of period	$	19,261,458

See notes to financial statements.

F-260

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on April 20, 2016 and commenced operations on June 13, 2016. The Master Fund was created to serve as the trading entity managed by QuantMetrics Capital Management, L.L.C. (the “Trading Advisor”) pursuant to its QM Multi Strategy Program (the “Program”). The Program is a systematic trading strategy with a focus on short term imbalances in the futures markets.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master Funds. Galaxy Plus Fund – Quantmetrics Feeder Fund (527) (“LLC527”), a separated series of the Onshore Platform and Galaxy Plus Fund – Quantmetrics Offshore Feeder Fund (527) Segregated Portfolio (“SPC527”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC 527 had not yet commenced operations.

LLC527 and SPC527 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-261

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management and incentive fees due to the Trading Advisor, in accordance with the Trading Agreement, are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which $19,022,620 is held in USD and $227,118 in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $97,035. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (See Note 5).

F-262

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

F-263

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

F-264

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. As of December 31, 2016, the Master Fund held no investments. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments. At December 31, 2016, the Master Fund had held no investments.

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments

F-265

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited. The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. The Master Fund held no open positions as of December 31, 2016.

During the period ended December 31, 2016, the Master Fund participated in 45,184 futures contract transactions.

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Futures contracts:
Currency	$	(348,068	)
Index		234,276
Interest		28,147
Total futures		(85,645	)
Trading costs		(174,832	)
Total net trading gain (loss)		(260,477	)

* Includes realized loss of ($260,477) and is located in net realized gain (loss) on investments the statement of operations. Amounts exclude foreign currency transactions and translation.

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

F-266

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty. There were no offsetting balances as the Master Fund did not hold any investments as of December 31, 2016.

Note 6. Related Party

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Financial Highlights

Financial highlights of the Master Fund for the period June 13, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	(1.49	)%
Ratio to average member’s equity (B):
Net investment loss (C)	(0.03	)%
Total expenses	0.03	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The negative total return would have been larger, and the net investment loss and total expense ratios would have been higher if the management and incentive fees, as well as sponsor fee, had been charged to the Master Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

F-267

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 8. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-268

Galaxy Plus Fund – Quantmetrics Master Fund (527) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 for the period from June 13, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

 

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-269

Galaxy Plus Fund –

Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-270

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – Quest Master Fund (517) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from June 29, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-271

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – Quest Master Fund (517) LLC as of December 31, 2016, and the results of its operations for the period from June 29, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-272

Galaxy Plus Fund - Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	1,184,681
Restricted cash - margin balance		2,477,718
Investments in futures contracts at fair value (represents unrealized appreciation on open derivative contracts, net)		209,675
Other assets		11,704
Total assets	$	3,883,778
Liabilities and Member’s Equity
Total liabilities	$	—
Member’s equity		3,883,778
Total liabilities member’s equity	$	3,883,778

See notes to financial statements.

F-273

Galaxy Plus Fund - Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

	Number of					Percent of
	Contracts/Units		Fair Value			Member’s Equity
Long positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture		18	$	3,954			0.10	%
Currency		13		(1,156	)		(0.03	)
Energy		41		68,049			1.75
Index		32		(14,175	)		(0.36	)
Metals		7		(11,945	)		(0.31	)
Foreign:
Futures contracts:
Energy		15		22,590			0.58
Index		99		128,239			3.31
Interest		49		23,765			0.61
Total long positions				219,321			5.65
Short positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture		46		36,553			0.94
Currency		125		(41,748	)		(1.07	)
Interest		75		(3,328	)		(0.09	)
Metals		10		20,665			0.53
Foreign:
Futures contracts:
Index		6		(9,396	)		(0.24	)
Interest		316		(12,392	)		(0.32	)
Total short positions				(9,646	)		(0.25	)
Investments in futures contracts, at fair value			$	209,675			5.40	%

See notes to financial statements.

F-274

Galaxy Plus Fund - Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the period from June 29, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Expenses:
Interest expense	$	4,008
Total expenses		4,008
Net investment loss		(4,008	)
Realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized loss from:
Derivative contracts		(1,750,466	)
Foreign currency transactions		(3,279	)
		(1,753,745	)
Net increase (decrease) in unrealized appreciation on:
Derivative contracts		209,675
Translation of assets and liabilities denominated in foreign currencies		(88	)
		209,587
Net realized and unrealized loss on investments and foreign currency transactions		(1,544,158	)
Net decrease in member’s equity resulting from operations	$	(1,548,166	)

See notes to financial statements.

F-275

Galaxy Plus Fund - Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from June 29, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment loss	$	(4,008	)
Net realized gain (loss) from derivative contracts and foreign currency transactions		(1,753,745	)
Net increase (decrease) in unrealized appreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		209,587
Net decrease in member’s equity resulting from operations		(1,548,166	)
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		5,500,600
Payments for redemptions of capital		(68,656	)
Net increase in member’s equity resulting from capital transactions		5,431,944
Total increase		3,883,778
Member’s equity, beginning of period		—
Member’s equity, end of period	$	3,883,778

See notes to financial statements.

F-276

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – Quest Master Fund (517) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on January 12, 2016 and commenced operation on June 29, 2016. The Master Fund was created to serve as the trading entity managed by Quest Partner, L.L.C. (the “Trading Advisor”) pursuant to its Quest Tracker Index “QTI” (the “Program”). The Program is a systematic program that seeks to replicate the performance generated by the broad class of managed futures trading strategies of trend following.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master Funds. Galaxy Plus Fund – Quest Feeder Fund (517) (“LLC517”), a separated series of the Onshore Platform and Galaxy Plus Fund – Quest Offshore Feeder Fund (517) Segregated Portfolio (“SPC517”), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2016, SPC 517 had not yet commenced operations.

LLC517 and SPC517 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-277

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which $3,668,972 is held in USD and a payable balance of ($6,573) in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $2,477,718. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (See Note 5).

F-278

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation (depreciation) on open derivative contracts, net. Net unrealized foreign exchange gain and loss arises from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

F-279

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value

F-280

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-281

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Futures contracts:
Agriculture	$	50,117		$	50,117		$	—	$	—
Currency		25,228			25,228			—		—
Energy		90,639			90,639			—		—
Index		130,467			130,467			—		—
Interest		70,986			70,986			—		—
Metals		20,700			20,700			—		—
Total investment assets at fair value		388,137			388,137			—		—
Liabilities:
Derivative contracts:
Futures contracts:
Agriculture		(9,610	)		(9,610	)		—		—
Currency		(68,132	)		(68,132	)		—		—
Index		(25,799	)		(25,799	)		—		—
Interest		(62,941	)		(62,941	)		—		—
Metals		(11,980	)		(11,980	)		—		—
Total investment liabilities at fair value		(178,462	)		(178,462	)		—		—
Total net investment at fair value	$	209,675		$	209,675		$	—	$	—

F-282

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

F-283

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Description	Quantity	Notional Value		Description	Quantity	Notional Value
Long:				Short:
Agriculture	18	$	732,117	Agriculture	46	$	(1,067,729	)
Currency	13		1,714,199	Currency	125		(10,354,445	)
Energy	56		2,904,642	Index	6		(444,351	)
Index	131		9,848,493	Interest	391		(101,275,507	)
Interest	49		7,485,508	Metals	10		(940,915	)
Metals	7		444,150

During the period ended December 31, 2016, the Master Fund participated in 3,293 futures contract transactions.

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Futures contracts:
Agriculture	$	(70,719	)
Currency		(564,186	)
Energy		(656,150	)
Index		366,302
Interest		(671,396	)
Metals		97,913
Total futures contracts		(1,498,236	)
Trading costs		(42,555	)
Total net trading gain (loss)	$	(1,540,791	)

* Includes both realized loss of ($1,750,466) and unrealized gain of $209,675 and is located in net realized and unrealized gain (loss) on investments on the statement of operations. Amounts exclude foreign currency transactions and translation.

F-284

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

						Net Amount of
	Gross Amounts			Offset in the		Assets (Liabilities)
	of Recognized			Statement of		in the Statement of
Description	Assets (Liabilities)			Financial Condition		Financial Condition
Futures	$	(178,462	)	$	388,137	$	209,675
Total	$	(178,462	)	$	388,137	$	209,675
						Net Amount
	Net amount in			Cash Collateral		which is not offset
	the Statement of			Received by		in the Statement of
	Financial Condition			Counterparty		Financial Condition
Counterparty A	$	209,675		$	2,477,718	$	2,687,393
Total	$	209,675		$	2,477,718	$	2,687,393

F-285

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Financial Highlights

Financial highlights of the Master Fund for the period June 29, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	(28.26	)%
Ratio to average member’s equity (B):
Net investment loss (C)	(0.18	)%
Total expenses	0.18	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The negative total return would have been larger, and the net investment loss and total expense ratios would have been higher if the management and incentive fees, as well as sponsor fees, had been charged to the Master Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

Note 8. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-286

Galaxy Plus Fund – Quest Master Fund (517) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 for the period from June 29, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-287

Galaxy Plus Fund – Quest FIT

Master Fund (535) LLC

(A Delaware Limited Liability Company)

The attached annual report is filed under exemption pursuant to

Section 4.7 of the regulations under the Commodity Exchange Act.

Financial Report

December 31, 2016

F-288

Independent Auditor’s Report

Board of Directors

Galaxy Plus Fund LLC

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Plus Fund – Quest FIT Master Fund (535) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule of investments, as of December 31, 2016, and the related statements of operations, and changes in member’s equity for the period from September 19, 2016 (commencement of operations) to December 31, 2016, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

F-289

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Galaxy Plus Fund – Quest FIT Master Fund (535) LLC as of December 31, 2016, and the results of its operations for the period from September 19, 2016 (commencement of operations) to December 31, 2016, in accordance with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

March 24, 2017

F-290

Galaxy Plus Fund - Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Statement of Financial Condition

December 31, 2016

(Expressed in U.S. Dollars)

Assets
Equity in commodity trading accounts at clearing brokers:
Cash	$	6,429,802
Restricted cash - margin balance		4,623,294
Investments in futures contracts at fair value (represents unrealized appreciation on open derivative contracts, net)		134,483
Other assets		13,407
Total assets	$	11,200,986
Liabilities and Member’s Capital
Liabilities
Other liability	$	2,026
Total liabilities		2,026
Member’s equity		11,198,960
Total liabilities and member’s equity	$	11,200,986

See notes to financial statements.

F-291

Galaxy Plus Fund - Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Condensed Schedule of Investments

December 31, 2016

(Expressed in U.S. Dollars)

	Number of					Percent of
	Contracts/Units		Fair Value			Member’s Equity
Long positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture		36	$	1,830			0.02	%
Currency		14		(6,955	)		(0.06	)
Energy		34		65,767			0.59
Index		31		(12,833	)		(0.11	)
Metals		11		(15,395	)		(0.14	)
Foreign:
Futures contracts:
Energy		20		30,100			0.27
Index		170		176,847			1.58
Total long positions				239,361			2.15
Short positions:
Derivative contracts:
Domestic (United States):
Futures contracts:
Agriculture		21		1,352			0.01
Currency		170		(69,524	)		(0.62	)
Interest		173		10,383			0.09
Metals		14		38,410			0.34
Foreign:
Futures contracts:
Interest		549		(85,499	)		(0.76	)
Total short positions				(104,878	)		(0.94	)
Investments in futures contracts, at fair value			$	134,483			1.21	%

See notes to financial statements.

F-292

Galaxy Plus Fund - Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Statement of Operations

For the period from September 19, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Investment Income:
Interest income	$	—
Expenses:
Interest expense		2,085
Total expenses		2,085
Net investment loss		(2,085	)
Realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized gain (loss) from:
Derivative contracts 1		2,320,422
Foreign currency transactions		(16,819	)
		2,303,603
Net increase (decrease) in unrealized appreciation on:
Derivative contracts		134,483
Translation of assets and liabilities denominated in foreign currencies		(342	)
		134,141
Net realized and unrealized gain on investments and foreign currency transactions		2,437,744
Net increase in member’s equity resulting from operations	$	2,435,659

¹ Includes broker trading commissions

See notes to financial statements.

F-293

Galaxy Plus Fund - Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Statement of Changes in Member’s Equity

For the period from September 19, 2016 (Commencement of Operations) to December 31, 2016

(Expressed in U.S. Dollars)

Changes in member’s equity from operations:
Net investment loss	$	(2,085	)
Net realized gain (loss) from derivative contracts and foreign currency transactions		2,303,603
Net increase (decrease) in unrealized appreciation on derivative contracts and translation of assets and liabilities denominated in foreign currencies		134,141
Net increase in member’s equity resulting from operations		2,435,659
Changes in member’s equity from capital transactions:
Proceeds from issuance of capital		8,800,000
Payments for redemptions of capital		(36,699	)
Net increase in member’s equity resulting from capital transactions		8,763,301
Total increase		11,198,960
Member’s equity, beginning of period		—
Member’s equity, end of period	$	11,198,960

See notes to financial statements.

F-294

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 1. Organization and Structure

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC (the “Master Fund”) was formed in Delaware as a limited liability company on June 23, 2016 and commenced operations on September 19, 2016. The Master Fund was created to serve as the trading entity managed by Quest Partners L.L.C. (the “Trading Advisor”) pursuant to its Quest Fixed Income Hedge Program (the “Program”). The Program is a quantitative trading program designed to capture short-term, medium-term, and long-term trends in various markets.

The Master Fund and other separately formed Delaware limited liability companies (“Other Master Funds”), are investment vehicles available under the Galaxy Plus Managed Account Platform (the “Platform”). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the “Sponsor” or “GAF”) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (“Investors”), a variety of third-party professional managed futures and foreign exchange advisors (“Advisors”). The Trading Advisor is not affiliated with the Sponsor.

GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the “Onshore Platform”), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the “Offshore Platform”) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a “Fund”) in the Master Fund or other Master Funds. Galaxy Plus Fund – Quest FIT Feeder Fund (535) (“LLC535”), a separated series of the Onshore Platform and Galaxy Plus Fund – Quest FIT Offshore Feeder Fund (535) Segregated Portfolio (“SPC535”), a segregated portfolio of the Offshore Platform, each can invest in the Master Fund. As of December 31, 2016, SPC 535 had not yet commenced operations.

LLC535 and SPC535 are collectively hereafter referred to as the “Feeder Funds”.

Subscriptions and redemptions into the Feeder Funds are the corresponding transactions with the Master Fund and are governed by the Onshore Platform’s and the Offshore Platform’s respective Confidential Offering Memorandums.

The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the “LLC Agreement”) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days’ prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party.

F-295

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The Master Fund and the Sponsor have entered into a tri-party contract (the “Trading Agreement”) with the Trading Advisor pursuant to which the Master Fund’s trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Fund’s trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisor’s Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed in the preparation of the Master Fund’s financial statements.

Principles of accounting: The accompanying financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account Standards Codification Topic 946.

Cash and restricted cash: Cash held in the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which $11,069,528 is held in USD and a payable of ($16,432) in foreign currencies as of December 31, 2016, and are recorded in cash and restricted cash – margin balance on the statement of financial condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2016 included restricted cash for margin requirements of $4,623,294. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2016 included amounts due to the broker for unsettled trades of $0.

Offsetting of amounts related to certain contracts: When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement (See Note 5).

F-296

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Valuation and Revenue Recognition: Depending on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments are recorded at their estimated fair value, as described in Note 3.

Futures and options on futures contracts: The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts. The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is determined on the settlement of intraday trades first and then by the FIFO method.

Foreign currency transactions: The Master Fund’s financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting period or on the date of such transactions, respectively. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the fair value of assets and liabilities resulting from changes in exchange rates.

Trading costs: Trading costs generally consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Interest income/expense: Interest income and expense is recognized on an accrual basis.

Allocation of income and gains and losses: Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

Income taxes: The Master Fund will not be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken with respect to all open tax years. The Master Fund’s U.S. Federal tax returns for the period ended December 31, 2016, remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Master Fund did not accrue any interest or penalties.

F-297

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Use of estimates: The preparation of financial statements in accordance with GAAP requires management 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications: The Sponsor and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master Fund. However, the Master Fund expects the risk of loss to be remote.

Statement of cash flows: The Master Fund has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

● During the period, substantially all of the Master Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

● The Master Fund had little or no debt during the period;

● The Master Fund’s financial statements include a statement of changes in member’s equity.

Subscriptions and redemptions: Subscriptions and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount, with the approval of the Sponsor.

Note 3. Fair Value Measurements

The Master Fund’s investments are stated at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

Level 1 — Values for investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

Level 2 — Values for investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions on the investments.

Level 3 — Values for investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

A description of the valuation methodologies applied to the Master Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These

F-298

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2016. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

Exchange-traded derivative contracts that are actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the fair value hierarchy.

The Master Fund 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 Master Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the period ended December 31, 2016.

The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those instruments.

F-299

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

The following tables present the classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2016. Presentation is gross – as an asset if in a gain position and a liability if in a loss position.

				Fair Value Measurements at Reporting Date Using
				Quoted Prices			Significant Other		Significant
				in Active			Observable		Unobservable
				Markets			Inputs		Inputs
Description	Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets:
Derivative contracts:
Futures contracts:
Agriculture	$	21,754		$	21,754		$	—	$	—
Currency		27,589			27,589			—		—
Energy		95,867			95,867			—		—
Index		181,417			181,417			—		—
Interest		106,989			106,989			—		—
Metals		38,480			38,480			—		—
Total investment assets at fair value		472,096			472,096			—		—
Liabilities:
Derivative contracts:
Futures contracts:
Agriculture		(18,572	)		(18,572	)		—		—
Currency		(104,068	)		(104,068	)		—		—
Index		(17,403	)		(17,403	)		—		—
Interest		(182,105	)		(182,105	)		—		—
Metals		(15,465	)		(15,465	)		—		—
Total investment liabilities at fair value		(337,613	)		(337,613	)		—		—
Total net investment at fair value	$	134,483		$	134,483		$	—	$	—

F-300

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 4. Derivative Financial Instruments

Derivative financial instruments speculatively traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively, derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and option on futures contracts. OTC derivative contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject to various risks similar to those related to the underlying financial instruments including market and credit risks.

Market risk is the potential for changes in the value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure for the Master Fund’s outstanding OTC derivatives was $0 at December 31, 2016.

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 total cash and other property deposited.

The Master Fund has a substantial portion of its assets on deposit with counterparties. In the event of a counterparty’s insolvency, recovery of The Master Fund’s assets on deposit may be limited to account insurance or other protection afforded such deposits.

The notional value represents amounts related to the Master Fund’s stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Master Fund’s futures and forward contracts. Further, the underlying price changes in relation to variables specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2016, the Master Fund had open futures contracts with the following notional values by sector:

F-301

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Description	Quantity	Notional Value		Description	Quantity	Notional Value
Long:				Short:
Agriculture	36	$	1,220,205	Agriculture	21	$	(655,515	)
Currency	14		1,845,422	Currency	170		(14,304,117	)
Energy	54		3,121,817	Interest	722		(173,451,824	)
Index	201		12,952,702	Metals	14		(1,296,485	)
Metals	11		694,700

During the period ended December 31, 2016, the Master Fund participated in 1,372 futures contract transactions.

Below is a summary of net trading gains and (losses) by investment type and industry:

	Net Trading
	Gain (Loss)*
Futures contracts:
Agriculture	$	(139,027	)
Currency		730,385
Energy		(54,259	)
Index		495,186
Interest		985,234
Metals		462,350
Total futures		2,479,869
Trading costs		(24,964	)
Total net trading gain (loss)		2,454,905

* Includes both realized gain of $2,320,422 and unrealized gain of $134,483 and is located in net realized and unrealized gain (loss) on investments on the statement of operations. Amounts exclude foreign currency transactions and translation.

F-302

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 5. Balance Sheet Offsetting

The Master Fund is required to disclose the impact of offsetting assets and liabilities presented in the statement of financial condition to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to set off, and the Fund’s right of set-off is enforceable at law.

The Master Fund is subject to enforceable master netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

The following tables summarize the Master Fund’s netting arrangements:

						Net Amount of
	Gross Amounts			Offset in the		Assets (Liabilities)
	of Recognized			Statement of		in the Statement of
Description	Assets (Liabilities)			Financial Condition		Financial Condition
Futures	$	(337,613	)	$	472,096	$	134,483
Total	$	(337,613	)	$	472,096	$	134,483
						Net Amount
	Net amount in			Cash Collateral		which is not offset
	the Statement of			Received by		in the Statement of
	Financial Condition			Counterparty		Financial Condition
Counterparty A	$	134,483		$	4,623,294	$	4,757,777
Total	$	134,483		$	4,623,294	$	4,757,777

F-303

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Notes to the Financial Statements

Note 6. Related Parties

Gemini Hedge Fund Services, LLC an affiliate of the Sponsor, provides administration services for the Master Fund.

Note 7. Financial Highlights

Financial highlights of the Master Fund for the period September 19, 2016 (commencement of operations) through December 31, 2016 are presented in the table below. The information has been derived from information presented in the financial statements.

Total return (A)	27.75	%
Ratio to average member’s equity (B):
Net investment income (C)	(0.07	)%
Total expenses	0.07	%

(A) Total return is based on the change in average member’s equity during the period of a theoretical investment made at the inception of the Master Fund.

(B) The total expense and net investment loss ratios are computed based upon weighted-average member’s equity as a whole for the period ended December 31, 2016.

(C) The net investment loss ratio excludes net realized and unrealized gains (losses) on investments.

Financial highlights are calculated for each member class taken as a whole. An individual member’s return and ratios may vary based on the timing of capital transactions. The total return would have been lower, and the net investment loss and total expense ratios would have been higher if the management, incentive fees as well as sponsor fee, had been charged to the Master Fund. The ratios, excluding nonrecurring expenses, have been annualized. Total return has not been annualized.

Note 8. Subsequent Events

In accordance with FASB ASC 855, Subsequent Events, the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund’s financial statements through March 24, 2017, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events that would require recognition or disclosure in the Master Fund’s financial statements through this date.

F-304

Galaxy Plus Fund – Quest FIT Master Fund (535) LLC

(A Delaware Limited Liability Company)

Oath and Affirmation of the Commodity Pool Operator

To the best of the knowledge and belief of the undersigned, the information contained in the annual report as of December 31, 2016 and for the period from September 19, 2016 (commencement of operations) to December 31, 2016, is accurate and complete.

David Young, President

Gemini Alternative Funds, LLC — Sponsor

F-305

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, 2017	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, 2017
		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/	David P. DeMuth	March 31, 2017
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds
Frontier Fund Management LLC
BY:	/s/	Patrick Kane	March 31, 2017
		Patrick Kane, Member of the Executive Committee of Frontier Fund Management LLC
	/s/	Patrick Hart	March 31, 2017
		Patrick Hart, Member of the Executive Committee of Frontier Fund Management LLC

F-306

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, 2017	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, 2017
		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/	David P. DeMuth	March 31, 2017
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds
		Chief Investment Officer of Equinox Fund Management, LLC the Managing Owner of Equinox Frontier Funds
Frontier Fund Management LLC
BY:	/s/	Patrick Kane	March 31, 2017
		Patrick Kane, Member of the Executive Committee of Frontier Fund Management LLC
	/s/	Patrick Hart	March 31, 2017
		Patrick Hart, Member of the Executive Committee of Frontier Fund Management LLC

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, 2017	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, 2017
		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/	David P. DeMuth	March 31, 2017
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds
Frontier Fund Management LLC
BY:	/s/	Patrick Kane	March 31, 2017
		Patrick Kane, Member of the Executive Committee of Frontier Fund Management LLC
	/s/	Patrick Hart	March 31, 2017
		Patrick Hart, Member of the Executive Committee of Frontier Fund Management LLC

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, 2017	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, 2017
		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/	David P. DeMuth	March 31, 2017
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds
Frontier Fund Management LLC
BY:	/s/	Patrick Kane	March 31, 2017
		Patrick Kane, Member of the Executive Committee of Frontier Fund Management LLC
	/s/	Patrick Hart	March 31, 2017
		Patrick Hart, Member of the Executive Committee of Frontier Fund Management LLC

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, 2017	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, 2017
		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/	David P. DeMuth	March 31, 2017
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds
Frontier Fund Management LLC
BY:	/s/	Patrick Kane	March 31, 2017
		Patrick Kane, Member of the Executive Committee of Frontier Fund Management LLC
	/s/	Patrick Hart	March 31, 2017
		Patrick Hart, Member of the Executive Committee of Frontier Fund Management LLC

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, 2017	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, 2017
		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/	David P. DeMuth	March 31, 2017
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds
Frontier Fund Management LLC
BY:	/s/	Patrick Kane	March 31, 2017
		Patrick Kane, Member of the Executive Committee of Frontier Fund Management LLC
	/s/	Patrick Hart	March 31, 2017
		Patrick Hart, Member of the Executive Committee of Frontier Fund Management LLC

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, 2017	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, 2017
		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/	David P. DeMuth	March 31, 2017
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds
Frontier Fund Management LLC
BY:	/s/	Patrick Kane	March 31, 2017
		Patrick Kane, Member of the Executive Committee of Frontier Fund Management LLC
	/s/	Patrick Hart	March 31, 2017
		Patrick Hart, Member of the Executive Committee of Frontier Fund Management LLC

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, 2017	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, 2017
		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/	David P. DeMuth	March 31, 2017
		David P. DeMuth, Member of the Executive Committee of Equinox Frontier Funds
Frontier Fund Management LLC
BY:	/s/	Patrick Kane	March 31, 2017
		Patrick Kane, Member of the Executive Committee of Frontier Fund Management LLC
	/s/	Patrick Hart	March 31, 2017
		Patrick Hart, Member of the Executive Committee of Frontier Fund Management LLC