Frontier Funds - FORM 10-Q

Frontier Funds - FORM 10-Q - May 12, 2016

Attached files

Attached files

Frontier Funds Reports

file	filename
EX-31.2 - EX-31.2 - Frontier Funds	d158844dex312.htm
EX-32.6 - EX-32.6 - Frontier Funds	d158844dex326.htm
EX-32.7 - EX-32.7 - Frontier Funds	d158844dex327.htm
EX-32.4 - EX-32.4 - Frontier Funds	d158844dex324.htm
EX-32.3 - EX-32.3 - Frontier Funds	d158844dex323.htm
EX-32.1 - EX-32.1 - Frontier Funds	d158844dex321.htm
EX-32.2 - EX-32.2 - Frontier Funds	d158844dex322.htm
EX-31.1 - EX-31.1 - Frontier Funds	d158844dex311.htm
EX-32.5 - EX-32.5 - Frontier Funds	d158844dex325.htm
EX-32.8 - EX-32.8 - Frontier Funds	d158844dex328.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the Period Ended March 31, 2016

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

Commission File Number 000-51274

EQUINOX FRONTIER FUNDS

EQUINOX FRONTIER DIVERSIFIED FUND;

EQUINOX FRONTIER LONG/SHORT COMMODITY FUND;

EQUINOX FRONTIER MASTERS FUND;

EQUINOX FRONTIER BALANCED FUND;

EQUINOX FRONTIER SELECT FUND;

EQUINOX FRONTIER WINTON FUND;

EQUINOX FRONTIER HERITAGE FUND

(Exact Name of Registrant as specified in its Charter)

Delaware

36-6815533

(State of

Organization)

(IRS Employer

Identification No.)

c/o Equinox Fund Management, LLC

1775 Sherman Street, Suite 2500

Denver, Colorado 80203

(Address of Principal Executive Offices)

(303) 837-0600

(Registrant’s Telephone Number)

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

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

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

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

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

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

Equinox Frontier Select Fund Class 1 and Class 2 Units;

Equinox Frontier Winton Fund Class 1 and Class 2 Units;

Equinox Frontier Heritage Fund Class 1 and Class 2 Units

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

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

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

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

TABLE OF CONTENTS


PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements

	Statements of Financial Condition as of March 31, 2016 (Unaudited) and December 31, 2015	4

	Condensed Schedules of Investments as of March 31, 2016 (Unaudited) and December 31, 2015	7

	Statements of Operations for the three months Ended March 31, 2016 and 2015 (Unaudited)	13

	Statements of Changes in Owners’ Capital for the three months ended March 31, 2016 (Unaudited)	16

	Statements of Cash Flows for the three months ended March 31, 2016 and 2015 (Unaudited)	20

	Notes to Financial Statements (Unaudited)	23

	Trust Financial Statements (1)

	Consolidated Statements of Financial Condition as of March 31, 2016 (Unaudited) and December 31, 2015	51

	Consolidated Condensed Schedules of Investments as of March 31, 2016 (Unaudited) and December 31, 2015	52

	Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015 (Unaudited)	54

	Consolidated Statement of Changes in Owners’ Capital for the three months ended March 31, 2016 (Unaudited)	55

	Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015 (Unaudited)	56

	Notes to Consolidated Financial Statements (Unaudited)	57

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	72

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	112

Item 4.	Controls and Procedures	119

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	119

Item 1A.	Risk Factors	120

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	120

Item 3.	Defaults Upon Senior Securities	120

Item 4.	Mine Safety Disclosures	120

Item 5.	Other Information	120

Item 6.	Exhibits	120

SIGNATURES		122

(1)

These financial statements represent the consolidated financial statements of the Series of the Trust.

Special Note About Forward-Looking Statements

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

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

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS AS OF MARCH 31, 2016, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

PART I. FINANCIAL INFORMATION

ITEM 1.

Financial Statements

The Series of Equinox Frontier Funds

Statements of Financial Condition

March 31, 2016 (Unaudited) and December 31, 2015


	Equinox Frontier				Equinox Frontier				Equinox Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	3/31/2016		12/31/2015		3/31/2016		12/31/2015		3/31/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	453,012	$	3,283,973	$	133,757	$	1,421,994	$	52,790	$	570,169
U.S. Treasury securities, at fair value		38,197,594		27,604,916		11,278,168		11,953,206		4,451,169		4,792,817
Open trade equity, at fair value		—		—		—		—		—		—
Options purchased, at fair value		—		—		—		—		—		—
Receivable from futures commission merchants		—		—		—		—		—		—
Swap contracts, at fair value		7,445,618		8,685,849		—		—		4,256,848		4,332,428
Investments in unconsolidated trading companies, at fair value		15,075,020		16,094,207		10,817,048		9,409,930		3,562,619		3,414,663
Prepaid service fees - Class 1		12,389		16,160		—		7,355		398		736
Interest receivable		225,371		479,142		66,543		207,473		26,263		83,190
Receivable from related parties		—		—		6,158		1,670		2,424		1,606
Other assets		—		—		—		—		—		—

Total Assets	$	61,409,004	$	56,164,247	$	22,301,674	$	23,001,628	$	12,352,511	$	13,195,609

LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	—	$	—	$	—	$	—	$	—
Options written, at fair value		—		—		—		—		—		—
Pending owner additions		1,553		1,524		1,333		1,290		—		—
Owner redemptions payable		8,721		9,030		117,578		9,558		2,296		796
Incentive fees payable to Managing Owner		921,036		204,914		226,228		42,251		134,601		28,408
Management fees payable to Managing Owner		79,795		81,940		53,706		54,674		45,998		48,210
Interest payable to Managing Owner		14,303		11,661		4,776		4,957		2,074		1,368
Service fees payable to Managing Owner		13,646		17,020		11,025		12,098		7,293		6,841
Trading fees payable to Managing Owner		129,791		121,065		46,225		48,501		16,266		17,129
Payables to related parties		1,314		2,126		—		—		—		—
Other liabilities		—		1		27		—		6		6

Total Liabilities		1,170,159		449,281		460,898		173,329		208,534		102,758

CAPITAL
Managing Owner Units - Class 1		—		—		—		—		—		—
Managing Owner Units - Class 2		2,693,806		2,616,258		754,430		712,391		399,220		407,255
Managing Owner Units - Class 2a		—		—		—		—		231,471		235,971
Managing Owner Units - Class 3		33,962		32,964		34,262		32,332		—		—
Managing Owner Units - Class 3a		—		—		—		—		11,474		11,690
Limited Owner Units - Class 1		8,880,778		11,814,234		7,355,368		8,323,800		—		—
Limited Owner Units - Class 1a		—		—		—		—		3,763,513		4,053,754
Limited Owner Units - Class 2		36,163,467		32,016,842		6,858,910		7,180,967		518,803		586,345
Limited Owner Units - Class 2a		—		—		—		—		911,756		1,051,694
Limited Owner Units - Class 3		12,466,832		9,234,668		6,837,806		6,578,809		5,506,136		5,906,669
Limited Owner Units - Class 3a		—		—		—		—		801,604		839,473

Total Owners’ Capital		60,238,845		55,714,966		21,840,776		22,828,299		12,143,977		13,092,851

Non-Controlling Interests		—		—		—		—		—		—

Total Capital		60,238,845		55,714,966		21,840,776		22,828,299		12,143,977		13,092,851

Total Liabilities and Capital	$	61,409,004	$	56,164,247	$	22,301,674	$	23,001,628	$	12,352,51	$	13,195,609

Units Outstanding
Class 1		74,988		102,269		61,804		73,747		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A		40,664		42,778
Class 2		291,203		267,240		56,784		62,347		7,090		7,522
Class 2a		N/A		N/A		N/A		N/A		10,976		12,127
Class 3		101,223		77,316		55,158		56,230		42,509		44,702
Class 3a		N/A		N/A		N/A		N/A		7,752		7,965

Net Asset Value per Unit
Class 1	$	118.43	$	115.52	$	119.01	$	112.87		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A	$	92.55	$	94.76
Class 2	$	133.44	$	129.60	$	134.07	$	126.60	$	129.50	$	132.10
Class 2a		N/A		N/A		N/A		N/A	$	104.16	$	106.19
Class 3	$	123.50	$	119.87	$	124.59	$	117.57	$	129.53	$	132.14
Class 3a		N/A		N/A		N/A		N/A	$	104.89	$	106.86

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

The Series of Equinox Frontier Funds

Statements of Financial Condition

March 31, 2016 (Unaudited) and December 31, 2015


	Equinox Frontier Balanced Fund				Equinox Frontier Select Fund
	3/31/2016		12/31/2015		3/31/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	599,464	$	4,895,183	$	16,034	$	220,371
U.S. Treasury securities, at fair value		50,546,326		41,148,676		1,351,993		1,852,429
Receivable from futures commission merchants		7,448,384		7,517,903		15,800,335		13,281,151
Open trade equity, at fair value		—		11,530		457,989		462,339
Options purchased, at fair value		—		—		—		—
Swap contracts, at fair value		16,955,814		19,157,520		—		—
Investments in unconsolidated trading companies, at fair value		17,593,813		17,623,968		4,558,600		4,147,840
Interest receivable		298,525		714,434		7,977		32,153
Prepaid service fees		—		—		—		—
Other assets		12		12		—		3

Total Assets	$	93,442,338	$	91,069,226	$	22,192,928	$	19,996,286

LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	6,110	$	—	$	—	$	—
Options written, at fair value		—		—		—		—
Pending owner additions		16,529		15,538		1,450		1,335
Owner redemptions payable		73,864		440,090		19,321		16,670
Incentive fees payable to Managing Owner		935,617		106,563		23,986		—
Management fees payable to Managing Owner		79,116		80,574		24,288		22,884
Interest payable to Managing Owner		95,730		77,642		3,022		3,549
Service fees payable to Managing Owner		145,684		145,576		29,885		29,092
Trading fees payable to Managing Owner		58,302		57,450		8,811		8,515
Payables to related parties		26,084		24,069		1,660		1,495
Other liabilities		4		—		—		156

Total Liabilities		1,437,040		947,502		112,423		83,696

CAPITAL
Managing Owner Units - Class 2		1,487,026		1,429,544		9,769		8,814
Managing Owner Units - Class 2a		199,817		191,645		—		—
Limited Owner Units - Class 1		63,232,992		62,563,337		12,528,315		11,710,517
Limited Owner Units - Class 1AP		694,223		714,747		52,500		47,365
Limited Owner Units - Class 2		22,130,105		21,278,864		1,473,455		1,329,359
Limited Owner Units - Class 2a		371,624		356,425		—		—
Limited Owner Units - Class 3a		2,534,902		2,435,421		—		—

Total Owners’ Capital		90,650,689		88,969,983		14,064,039		13,096,055

Non-Controlling Interests		1,354,609		1,151,741		8,016,466		6,816,535

Total Capital		92,005,298		90,121,724		22,080,505		19,912,590

Total Liabilities and Capital	$	93,442,338	$	91,069,226	$	22,192,928	$	19,996,286

Units Outstanding
Class 1		478,373		488,680		126,039		129,612
Class 1AP		4,996		5,351		503		503
Class 2		126,351		126,375		10,696		10,696
Class 2a		3,539		3,539		N/A		N/A
Class 3a		15,749		15,776		N/A		N/A

Net Asset Value per Unit
Class 1	$	132.18	$	128.03	$	99.40	$	90.35
Class 1AP	$	138.97	$	133.59	$	104.50	$	94.28
Class 2	$	186.92	$	179.69	$	138.68	$	125.11
Class 2a	$	161.49	$	154.88		N/A		N/A
Class 3a	$	160.96	$	154.37		N/A		N/A

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

The Series of Equinox Frontier Funds

Statements of Financial Condition

March 31, 2016 (Unaudited) and December 31, 2015


	Equinox Frontier Winton Fund				Equinox Frontier Heritage Fund
	3/31/2016		12/31/2015		3/31/2016		12/31/2015
ASSETS
Cash and cash equivalents	$	308,128	$	2,928,616	$	65,441	$	655,319
U.S. Treasury securities, at fair value		25,981,216		24,617,817		5,517,908		5,508,577
Receivable from futures commission merchants		17,088,806		12,744,570		—		—
Open trade equity, at fair value		675,733		599,579		—		—
Investments in unconsolidated trading companies, at fair value		431,600		297,554		1,862,027		1,405,586
Swap contracts, at fair value		—		—		8,857,363		7,960,268
Interest receivable		154,330		427,511		32,557		95,612
Other assets		—		2		—		2

Total Assets	$	44,639,813	$	41,615,649	$	16,335,296	$	15,625,364

LIABILITIES & CAPITAL

LIABILITIES
Pending owner additions	$	13,855	$	13,524	$	3,403	$	3,251
Owner redemptions payable		—		51,671		15,209		84,355
Incentive fees payable to Managing Owner		99,067		—		9,072		—
Management fees payable to Managing Owner		91,943		93,171		20,914		21,490
Interest payable to Managing Owner		56,108		49,624		11,873		11,066
Service fees payable to Managing Owner		44,574		44,422		18,871		18,807
Trading fees payable to Managing Owner		22,673		22,405		7,534		7,457
Payables to related parties		35,287		31,638		4,717		4,416
Other liabilities		—		—		—		—

Total Liabilities		363,507		306,455		91,593		150,842

CAPITAL
Managing Owner Units - Class 2		46,680		44,962		78,798		74,329
Limited Owner Units - Class 1		23,601,195		23,022,800		8,877,549		8,628,726
Limited Owner Units - Class 1AP		37,974		36,576		46,832		58,523
Limited Owner Units - Class 2		12,220,147		11,837,205		2,946,142		2,779,024

Total Owners’ Capital		35,905,996		34,941,543		11,949,321		11,540,602

Non-Controlling Interests		8,370,310		6,367,651		4,294,382		3,933,920

Total Capital		44,276,306		41,309,194		16,243,703		15,474,522

Total Liabilities and Capital	$	44,639,813	$	41,615,649	$	16,335,296	$	15,625,364

Units Outstanding
Class 1		139,507		140,239		67,890		69,436
Class 1AP		214		214		341		452
Class 2		54,321		54,629		16,441		16,441

Net Asset Value per Unit
Class 1	$	169.18	$	164.17	$	130.76	$	124.27
Class 1AP	$	177.86	$	171.31	$	137.47	$	129.67
Class 2	$	225.82	$	217.51	$	183.97	$	173.54

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

The Series of the Equinox Frontier Funds

Condensed Schedule of Investments (Unaudited)

March 31, 2016


		Equinox Frontier Equinox Frontier Diversified Fund					Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodities Fund
Description		Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
SWAPS (1)
	Frontier XXXIV Balanced select swap (U.S.)	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
	Frontier Brevan Howard swap (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
	Frontier XXXV Diversified select swap (U.S.)		7,445,618		12.36	%		—		0.00	%		—		0.00	%
	Frontier XXXVII L/S select swap (U.S.)		—		0.00	%		—		0.00	%		4,256,848		35.05	%

	Total Swaps	$	7,445,618		12.36	%	$	—		0.00	%	$	4,256,848		35.05	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
	Equinox Frontier Trading Company I, LLC	$	8,381,019		13.91	%	$	769,277		3.52	%	$	354,418		2.92	%
	Equinox Frontier Trading Company II, LLC		2,276,735		3.78	%		1,335,521		6.11	%		—		0.00	%
	Equinox Frontier Trading Company VII, LLC		2,241,295		3.72	%		1,141,165		5.22	%		2,777,291		22.87	%
	Equinox Frontier Trading Company XV, LLC		—		0.00	%		7,111,397		32.56	%		—		0.00	%
	Equinox Frontier Trading Company XXIII, LLC		1,354,609		2.25	%		—		0.00	%		—		0.00	%
	Equinox Frontier Trading Company XXXVIII, LLC		821,362		1.36	%		459,688		2.10	%		430,910		3.55	%

	Total Investment in Uncosolidated Trading Companies	$	15,075,020		25.02	%	$	10,817,048		49.51	%	$	3,562,619		29.34	%


U.S. TREASURY SECURITIES (2)

FACE VALUE		Fair Value					Fair Value					Fair Value
$67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	25,808,571		42.84	%	$	7,620,203		34.89	%	$	3,007,475		24.77	%
$20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		8,041,315		13.35	%		2,374,267		10.87	%		937,055		7.72	%
$15,000,000	US Treasury Note 2.25% due 11/15/2025 (Cost $15,552,664)		4,347,708		7.22	%		1,283,698		5.88	%		506,639		4.17	%

		$	38,197,594		63.41	%	$	11,278,168		51.64	%	$	4,451,169		36.66	%


Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value					Face Value
	US Treasury Note 6.000% due 02/15/2026 (2)	$	18,636,449				$	5,502,572				$	2,171,707
	US Treasury Note 6.875% due 08/15/2025 (2)		5,563,119					1,642,559					648,271
	US Treasury Note 2.25% due 11/15/2025 (2)		4,172,339					1,231,919					486,203

		$	28,371,907				$	8,377,050				$	3,306,181


Additional Disclosure on U.S. Treasury Securities		Cost					Cost					Cost
	US Treasury Note 6.000% due 02/15/2026 (2)	$	24,858,385				$	7,339,652				$	2,896,750
	US Treasury Note 6.875% due 08/15/2025 (2)		7,791,844					2,300,609					907,984
	US Treasury Note 2.25% due 11/15/2025 (2)		4,326,066					1,277,308					504,117

		$	36,976,295				$	10,917,569				$	4,308,851

(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.

The Series of the Equinox Frontier Funds

Condensed Schedule of Investments (Unaudited)

March 31, 2016


		Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
Description		Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS
	Various base metals futures contracts (Europe)	$	(1,516	)		0.00	%	$	76,997			0.35	%
	Various base metals futures contracts (U.S.)		—			0.00	%		(17,225	)		-0.08	%
	Various currency futures contracts (Singapore)		—			0.00	%		9,476			0.04	%
	Various currency futures contracts (U.S.)		50,010			0.05	%		284,065			1.29	%*
	Various energy futures contracts (Far East)		—			0.00	%		744			0.00	%
	Various energy futures contracts (U.S.)		(153,884	)		-0.17	%		(5,661	)		-0.03	%
	Various interest rates futures contracts (Canada)		(16,314	)		-0.02	%		(13,965	)		-0.06	%
	Various interest rates futures contracts (Europe)		130,257			0.14	%		275,046			1.25	%*
	Various interest rates futures contracts (Far East)		(39,797	)		-0.04	%		9,345			0.04	%
	Various interest rates futures contracts (Oceanic)		50,371			0.05	%		589			0.00	%
	Various interest rates futures contracts (U.S.)		168,897			0.18	%		36,170			0.16	%
	Various precious metal futures contracts (Far East)		—			0.00	%		46			0.00	%
	Various precious metal futures contracts (U.S.)		(110	)		0.00	%		8,655			0.04	%
	Various soft futures contracts (Canada)		—			0.00	%		129			0.00	%
	Various soft futures contracts (Europe)		—			0.00	%		(1,624	)		-0.01	%
	Various soft futures contracts (U.S.)		(48,686	)		-0.05	%		31,547			0.14	%
	Various stock index futures contracts (Canada)		(1,873	)		0.00	%		1,858			0.01	%
	Various stock index futures contracts (Europe)		(24,691	)		-0.03	%		(5,710	)		-0.03	%
	Various stock index futures contracts (Far East)		45,192			0.05	%		13,512			0.06	%
	Various stock index futures contracts (Oceanic)		(211	)		0.00	%		(3,006	)		-0.01	%
	Various stock index futures contracts (U.S.)		102,472			0.11	%		105,305			0.48	%

	Total Long Futures Contracts	$	260,117			0.27	%	$	806,293			3.64	%

SHORT FUTURES CONTRACTS
	Various base metals futures contracts (Europe)	$	(8,603	)		-0.01	%	$	(123,345	)		-0.56	%
	Various base metals futures contracts (U.S.)		3,313			0.00	%		—			0.00	%
	Various currency futures contracts (U.S.)		(124,113	)		-0.13	%		(104,801	)		-0.47	%
	Various energy futures contracts (Europe)		—			0.00	%		(7,281	)		-0.03	%
	Various energy futures contracts (U.S.)		263,021			0.29	%		3,068			0.01	%
	Various interest rates futures contracts (Canada)		(8	)		0.00	%		3,874			0.02	%
	Various interest rates futures contracts (Europe)		2,860			0.00	%		5,681			0.03	%
	Various interest rates futures contracts (Far East)		—			0.00	%		—			0.00	%
	Various interest rates futures contracts (Oceanic)		(542	)		0.00	%		(57,670	)		-0.26	%
	Various interest rates futures contracts (U.S.)		(158,470	)		-0.17	%		(127,534	)		-0.58	%
	Various precious metal futures contracts (U.S.)		(1,370	)		0.00	%		—			0.00	%
	Various soft futures contract (Europe)		—			0.00	%		—			0.00	%
	Various soft futures contracts (Canada)		—			0.00	%		—			0.00	%
	Various soft futures contracts (Europe)		—			0.00	%		13,705			0.06	%
	Various soft futures contracts (U.S.)		48,892			0.05	%		44,962			0.20	%
	Various stock index futures contracts (Africa)		—			0.00	%		—			0.00	%
	Various stock index futures contracts (Canada)		—			0.00	%		—			0.00	%
	Various stock index futures contracts (Europe)		2,773			0.00	%		(68	)		0.00	%
	Various stock index futures contracts (Far East)		(3,188	)		0.00	%		10,508			0.05	%
	Various stock index futures contracts (Oceanic)		—			0.00	%		—			0.00	%
	Various stock index futures contracts (U.S.)		(27,396	)		-0.03	%		38,161			0.17	%
	Various stock index futures contracts (Warsaw)		—			0.00	%		(5,858	)		-0.03	%

	Total Short Futures Contracts	$	(2,831	)		0.00	%	$	(306,598	)		-1.39	%

CURRENCY FORWARDS
	Various currency forwards contracts (NA)	$	(263,396	)		-0.29	%	$	(41,706	)		-0.19	%

	Total Currency Forwards	$	(263,396	)		-0.29	%	$	(41,706	)		-0.19	%

	Total Open Trade Equity (Deficit)	$	(6,110	)		-0.02	%	$	457,989			2.06	%

OPTIONS PURCHASED
	Various energy futures contracts (U.S.)	$	—			0.00	%	$	—			0.00	%
	Various soft futures contracts (U.S.)		—			0.00	%		—			0.00	%
	Various stock index futures contracts (U.S.)		—			0.00	%		—			0.00	%

	Total Options Purchased	$	—			0.00	%	$	—			0.00	%

OPTIONS WRITTEN
	Various energy futures contracts (U.S.)	$	—			0.00	%	$	—			0.00	%
	Various soft futures contracts (U.S.)		—			0.00	%		—			0.00	%
	Various stock index futures contracts (U.S.)		—			0.00	%		—			0.00	%

	Total Options Written	$	—			0.00	%	$	—			0.00	%

SWAPS (1)
	Frontier XXXIV Balanced select swap (U.S.)	$	16,955,814			18.43	%	$	—			0.00	%

	Total Swaps	$	16,955,814			18.43	%	$	—			0.00	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
	Equinox Frontier Trading Company I, LLC	$	8,959,789			9.74	%	$	—			0.00	%
	Equinox Frontier Trading Company II, LLC		3,101,942			3.37	%		—			0.00	%
	Equinox Frontier Trading Company VII, LLC		3,266,820			3.55	%		—			0.00	%
	Equinox Frontier Trading Company XV, LLC		905,067			0.98	%		—			0.00	%
	Equinox Frontier Trading Company XXXIX, LLC		—			0.00	%		4,294,379			19.45	%
	Equinox Frontier Trading Company XXXVIII, LLC		1,360,195			1.48	%		264,221			1.20	%

	Total Investment in Uncosolidated Trading Companies	$	17,593,813			19.12	%	$	4,558,600			20.65	%


U.S. TREASURY SECURITIES (2)

FACE VALUE		Fair Value						Fair Value
$67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	34,152,109			37.12	%	$	913,487			4.14	%
$20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		10,640,957			11.57	%		284,620			1.29	%
$15,000,000	US Treasury Note 2.25% due 11/15/2025 (Cost $15,552,664)		5,753,260			6.25	%		153,886			0.70	%

		$	50,546,326			54.94	%	$	1,351,993			6.13	%


Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.000% due 02/15/2026 (2)	$	24,661,346					$	659,632
	US Treasury Note 6.875% due 08/15/2025 (2)		7,361,596						196,905
	US Treasury Note 2.25% due 11/15/2025 (2)		5,521,197						147,679

		$	37,544,139					$	1,004,216


Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.000% due 02/15/2026 (2)	$	32,894,743					$	879,856
	US Treasury Note 6.875% due 08/15/2025 (2)		10,310,835						275,790
	US Treasury Note 2.25% due 11/15/2025 (2)		5,724,621						153,120

		$	48,930,199					$	1,308,766

*	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.

(3)	See Note 5 to the Financial Statements.

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

The Series of the Equinox Frontier Funds

Condensed Schedule of Investments (Unaudited)

March 31, 2016


		Equinox Frontier Winton Fund						Equinox Frontier Frontier Heritage Fund
Description		Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS
	Various base metals futures contracts (Europe)	$	(44,488	)		-0.10	%	$	—		0.00	%
	Various base metals futures contracts (U.S.)		—			0.00	%		—		0.00	%
	Various currency futures contracts (Singapore)		—			0.00	%		—		0.00	%
	Various currency futures contracts (U.S.)		319,143			0.72	%		—		0.00	%
	Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%
	Various interest rates futures contracts (Canada)		(3,999	)		-0.01	%		—		0.00	%
	Various interest rates futures contracts (Europe)		549,441			1.24	%*		—		0.00	%
	Various interest rates futures contracts (Far East)		(10,038	)		-0.02	%		—		0.00	%
	Various interest rates futures contracts (Oceanic)		10,830			0.02	%		—		0.00	%
	Various interest rates futures contracts (U.S.)		358,616			0.81	%		—		0.00	%
	Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various precious metal futures contracts (U.S.)		(26,250	)		-0.06	%		—		0.00	%
	Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%
	Various soft futures contracts (Europe)		—			0.00	%		—		0.00	%
	Various soft futures contracts (U.S.)		18,461			0.04	%		—		0.00	%
	Various stock index futures contracts (Canada)		(415	)		0.00	%		—		0.00	%
	Various stock index futures contracts (Europe)		(1,536	)		0.00	%		—		0.00	%
	Various stock index futures contracts (Far East)		6,436			0.01	%		—		0.00	%
	Various stock index futures contracts (Oceanic)		(2,374	)		-0.01	%		—		0.00	%
	Various stock index futures contracts (U.S.)		370,802			0.84	%		—		0.00	%

	Total Long Futures Contracts	$	1,544,629			3.48	%	$	—		0.00	%

SHORT FUTURES CONTRACTS
	Various base metals futures contracts (Europe)	$	(98,529	)		-0.22	%	$	—		0.00	%
	Various base metals futures contracts (U.S.)		(27,650	)		-0.06	%		—		0.00	%
	Various currency futures contracts (U.S.)		(802,996	)		-1.81	%*		—		0.00	%
	Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%
	Various energy futures contracts (U.S.)		17,264			0.04	%		—		0.00	%
	Various interest rates futures contracts (Canada)		952			0.00	%		—		0.00	%
	Various interest rates futures contracts (Europe)		—			0.00	%		—		0.00	%
	Various interest rates futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various interest rates futures contracts (Oceanic)		3,624			0.01	%		—		0.00	%
	Various interest rates futures contracts (U.S.)		(87,937	)		-0.20	%		—		0.00	%
	Various precious metal futures contracts (U.S.)		(17,200	)		-0.04	%		—		0.00	%
	Various soft futures contract (Europe)		(7,010	)		-0.02	%		—		0.00	%
	Various soft futures contracts (Canada)		(2,041	)		0.00	%		—		0.00	%
	Various soft futures contracts (Europe)		9,799			0.02	%		—		0.00	%
	Various soft futures contracts (U.S.)		(63,343	)		-0.14	%		—		0.00	%
	Various stock index futures contracts (Africa)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (Canada)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (Europe)		6,684			0.02	%		—		0.00	%
	Various stock index futures contracts (Far East)		(43,480	)		-0.10	%		—		0.00	%
	Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (U.S.)		(384,565	)		-0.87	%		—		0.00	%
	Various stock index futures contracts (Warsaw)		—			0.00	%		—		0.00	%

	Total Short Futures Contracts	$	(1,496,428	)		-3.37	%	$	—		0.00	%

CURRENCY FORWARDS
	Various currency forwards contracts (NA)	$	627,532			1.42	%	$	—		0.00	%

	Total Currency Forwards	$	627,532			1.42	%	$	—		0.00	%

	Total Open Trade Equity (Deficit)	$	675,733			1.53	%	$	—		0.00	%

OPTIONS PURCHASED
	Various energy futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%
	Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (U.S.)		—			0.00	%		—		0.00	%

	Total Options Purchased	$	—			0.00	%	$	—		0.00	%

OPTIONS WRITTEN
	Various energy futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%
	Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (U.S.)		—			0.00	%		—		0.00	%

	Total Options Written	$	—			0.00	%	$	—		0.00	%

SWAPS (1)
	Frontier Brevan Howard swap (U.S.)	$	—			0.00	%	$	8,857,363		54.53	%

	Total Swaps	$	—			0.00	%	$	8,857,363		54.53	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
	Equinox Frontier Trading Company II, LLC	$	—			0.00	%	$	1,656,113		10.20	%
	Equinox Frontier Trading Company XXXVIII, LLC		431,600			0.97	%		205,914		1.27	%

	Total Investment in Uncosolidated Trading Companies	$	431,600			0.97	%	$	1,862,027		11.47	%


U.S. TREASURY SECURITIES (2)

FACE VALUE		Fair Value						Fair Value
$67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	17,554,458			39.65	%	$	3,728,227		22.95	%
$20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		5,469,537			12.35	%		1,161,624		7.15	%
$15,000,000	US Treasury Note 2.25% due 11/15/2025 (Cost $15,552,664)		2,957,221			6.68	%		628,057		3.87	%

		$	25,981,216			58.68	%	$	5,517,908		33.97	%


Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.000% due 02/15/2026 (2)	$	12,676,129					$	2,692,165
	US Treasury Note 6.875% due 08/15/2025 (2)		3,783,919						803,631
	US Treasury Note 2.25% due 11/15/2025 (2)		2,837,939						602,723

		$	19,297,987					$	4,098,519


Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.000% due 02/15/2026 (2)	$	16,908,161					$	3,590,967
	US Treasury Note 6.875% due 08/15/2025 (2)		5,299,852						1,125,586
	US Treasury Note 2.25% due 11/15/2025 (2)		2,942,501						624,930

		$	25,150,514					$	5,341,483

*	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.

(3)	See Note 5 to the Financial Statements.

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

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015


		Equinox Frontier Diversified Fund					Equinox Frontier Masters Fund					Equinox Frontier Long/Short Commodity Fund
Description		Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
SWAPS (1)
	Frontier XXXIV Balanced select swap (U.S.)	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%
	Frontier Brevan Howard swap (U.S.)		—		0.00	%		—		0.00	%		—		0.00	%
	Frontier XXXV Diversified select swap (U.S.)		8,685,849		15.59	%		—		0.00	%		—		0.00	%
	Frontier XXXVII L/S select swap (U.S.)		—		0.00	%		—		0.00	%		4,332,428		33.09	%

	Total Swaps	$	8,685,849		15.59	%	$	—		0.00	%	$	4,332,428		33.09	%

INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
	Equinox Frontier Trading Company I, LLC	$	10,703,801		19.21	%	$	1,061,508		4.65	%	$	525,389		4.01	%
	Equinox Frontier Trading Company II, LLC		1,755,041		3.15	%		1,080,538		4.73	%		—		0.00	%
	Equinox Frontier Trading Company VII, LLC		1,883,299		3.38	%		940,686		4.12	%		2,544,993		19.44	%
	Equinox Frontier Trading Company XV, LLC		—		0.00	%		5,975,465		26.18	%		—		0.00	%
	Equinox Frontier Trading Company XXIII, LLC		1,151,741		2.07	%		—		0.00	%		—		0.00	%
	Equinox Frontier Trading Company XXXVIII, LLC		600,325		1.08	%		351,733		1.54	%		344,281		2.63	%

	Total Investment in Unconsolidated Trading Companies	$	16,094,207		28.89	%	$	9,409,930		41.22	%	$	3,414,663		26.08	%


U.S. TREASURY SECURITIES (2)

FACE VALUE		Fair Value					Fair Value					Fair Value
$67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	21,022,579		37.73	%	$	9,102,988		39.88	%	$	3,649,979		27.88	%
$20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		6,582,337		11.81	%		2,850,218		12.49	%		1,142,838		8.73	%

		$	27,604,916		49.54	%	$	11,953,206		52.37	%	$	4,792,817		36.61	%


Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value					Face Value
	US Treasury Note 6.000% due 02/15/2026 (2)	$	15,743,566				$	6,817,122				$	2,733,427
	US Treasury Note 6.875% due 08/15/2025 (2)		4,699,572					2,034,962					815,948

		$	20,443,138				$	8,852,084				$	3,549,375


Additional Disclosure on U.S. Treasury Securities		Cost					Cost					Cost
	US Treasury Note 6.000% due 02/15/2026 (2)	$	20,999,686				$	9,093,075				$	3,646,004
	US Treasury Note 6.875% due 08/15/2025 (2)		6,582,337					2,850,218					1,142,838

		$	27,582,023				$	11,943,293				$	4,788,842

(1)	See Note 4 to the Financial Statements.

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

(3)	See Note 5 to the Financial Statements.

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

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015


		Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
Description		Fair Value			% of Total Capital (Net Asset Value)			Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS
	Various base metals futures contracts (Europe)	$	46,701			0.05	%	$	(50,387	)		-0.25	%
	Various base metals futures contracts (U.S.)		650			0.00	%		—			0.00	%
	Various currency futures contracts (Singapore)		—			0.00	%		6,824			0.03	%
	Various currency futures contracts (U.S.)		(30,157	)		-0.03	%		(11,664	)		-0.06	%
	Various energy futures contracts (Europe)		—			0.00	%		13,493			0.07	%
	Various energy futures contracts (Far East)		605			0.00	%		—			0.00	%
	Various energy futures contracts (U.S.)		(237,837	)		-0.27	%		—			0.00	%
	Various interest rates futures contracts (Canada)		58,668			0.07	%		8,285			0.04	%
	Various interest rates futures contracts (Europe)		(132,159	)		-0.15	%		(380,769	)		-1.91	%*
	Various interest rates futures contracts (Far East)		93,495			0.11	%		22,925			0.12	%
	Various interest rates futures contracts (Oceanic)		14,834			0.02	%		(1,711	)		-0.01	%
	Various interest rates futures contracts (U.S.)		(163,570	)		-0.18	%		(35,830	)		-0.18	%
	Various precious metal futures contracts (U.S.)		(6,180	)		-0.01	%		—			0.00	%
	Various soft futures contracts (Canada)		—			0.00	%		68			0.00	%
	Various soft futures contracts (Europe)		394			0.00	%		238			0.00	%
	Various soft futures contracts (Oceanic)		—			0.00	%		5,505			0.03	%
	Various soft futures contracts (U.S.)		(87,878	)		-0.10	%		17,813			0.09	%
	Various stock index futures contracts (Canada)		(2,002	)		0.00	%		—			0.00	%
	Various stock index futures contracts (Europe)		38,507			0.04	%		14,580			0.07	%
	Various stock index futures contracts (Far East)		(14,865	)		-0.02	%		(33,510	)		-0.17	%
	Various stock index futures contracts (Oceanic)		13,845			0.02	%		(1,931	)		-0.01	%
	Various stock index futures contracts (U.S.)		25,421			0.03	%		(4,360	)		-0.02	%

	Total Long Futures Contracts	$	(381,528	)		-0.42	%	$	(430,431	)		-2.16	%

SHORT FUTURES CONTRACTS
	Various base metals futures contracts (Europe)	$	(5,389	)		-0.01	%	$	109,629			0.55	%
	Various base metals futures contracts (U.S.)		(11,475	)		-0.01	%		(4,250	)		-0.02	%
	Various currency futures contracts (U.S.)		188,615			0.21	%		32,835			0.16	%
	Various energy futures contracts (Europe)		—			0.00	%		29,608			0.15	%
	Various energy futures contracts (Far East)		1,020			0.00	%		410			0.00	%
	Various energy futures contracts (U.S.)		97,810			0.11	%		586,716			2.95	%*
	Various interest rates futures contracts (Canada)		—			0.00	%		(63	)		0.00	%
	Various interest rates futures contracts (Europe)		2,481			0.00	%		3,113			0.02	%
	Various interest rates futures contracts (Far East)		—			0.00	%		—			0.00	%
	Various interest rates futures contracts (Oceanic)		(3,367	)		0.00	%		(12,330	)		-0.06	%
	Various interest rates futures contracts (U.S.)		28,086			0.03	%		50,113			0.25	%
	Various precious metal futures contracts (Far East)		466			0.00	%		4,026			0.02	%
	Various precious metal futures contracts (U.S.)		3,105			0.00	%		93,125			0.47	%
	Various precious metal futures contracts (Far East)		—			0.00	%		(2,639	)		-0.01	%
	Various soft futures contract (Europe)		(1,700	)		0.00	%		2,000			0.01	%
	Various soft futures contracts (Canada)		(1,305	)		0.00	%		—			0.00	%
	Various soft futures contracts (Europe)		1,832			0.00	%		6,824			0.03	%
	Various soft futures contracts (Far East)		2,791			0.00	%		—			0.00	%
	Various soft futures contracts (Singapore)		—			0.00	%		930			0.00	%
	Various soft futures contracts (U.S.)		48,192			0.05	%		34,651			0.17	%
	Various stock index futures contracts (Africa)		(751	)		0.00	%		(1,849	)		-0.01	%
	Various stock index futures contracts (Canada)		—			0.00	%		—			0.00	%
	Various stock index futures contracts (Europe)		(5,629	)		-0.01	%		8,952			0.04	%
	Various stock index futures contracts (Far East)		3,179			0.00	%		5,289			0.03	%
	Various stock index futures contracts (Mexico)		717			0.00	%		74			0.00	%
	Various stock index futures contracts (Oceanic)		—			0.00	%		—			0.00	%
	Various stock index futures contracts (U.S.)		17,499			0.02	%		(17,786	)		-0.09	%
	Various stock index futures contracts (Warsaw)		—			0.00	%		(3,926	)		-0.02	%

	Total Short Futures Contracts	$	366,177			0.41	%	$	925,452			4.65	%

CURRENCY FORWARDS
	Various currency forwards contracts (NA)	$	26,881			0.03	%	$	(32,682	)		-0.16	%

	Total Currency Forwards	$	26,881			0.03	%	$	(32,682	)		-0.16	%

	Total Open Trade Equity (Deficit)	$	11,530			0.00	%	$	462,339			2.32	%

SWAPS (1)
	Frontier XXXIV Balanced select swap (U.S.)	$	19,157,520			21.26	%	$	—			0.00	%

	Total Swaps	$	19,157,520			21.26	%	$	—			0.00	%

INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
	Equinox Frontier Trading Company I, LLC	$	10,856,048			12.05	%	$	—			0.00	%
	Equinox Frontier Trading Company II, LLC		2,283,605			2.53	%		—			0.00	%
	Equinox Frontier Trading Company VII, LLC		2,633,484			2.92	%		—			0.00	%
	Equinox Frontier Trading Company XV, LLC		841,070			0.93	%		—			0.00	%
	Equinox Frontier Trading Company XXIII, LLC		—			0.00	%		—			0.00	%
	Equinox Frontier Trading Company XXXVIII, LLC		1,009,761			1.12	%		213,920			1.07	%
	Equinox Frontier Trading Company XXXIX, LLC		—			0.00	%		3,933,920			19.76	%

	Total Investment in Unconsolidated Trading Companies	$	17,623,968			19.56	%	$	4,147,840			20.83	%


U.S. TREASURY SECURITIES (2)

FACE VALUE		Fair Value						Fair Value
$67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	31,336,857			34.77	%	$	1,410,721			7.08	%
$20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		9,811,819			10.89	%		441,708			2.22	%

		$	41,148,676			45.66	%	$	1,852,429			9.30	%


Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.000% due 02/15/2026 (2)	$	23,467,807					$	1,056,473
	US Treasury Note 6.875% due 08/15/2025 (2)		7,005,315						315,365

		$	30,473,122					$	1,371,838


Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.000% due 02/15/2026 (2)	$	31,302,731					$	1,409,185
	US Treasury Note 6.875% due 08/15/2025 (2)		9,811,820						441,708

		$	41,114,551					$	1,850,893

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

(1)	See Note 4 to the Financial Statements.

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

(3)	Same as other page

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

The Series of Equinox Frontier Funds

Condensed Schedule of Investments

December 31, 2015


		Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
		Fair			% of Total Capital			Fair		% of Total Capital
Description		Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS
	Various base metals futures contracts (Europe)	$	(1,294	)		0.00	%	$	—		0.00	%
	Various base metals futures contracts (U.S.)		—			0.00	%		—		0.00	%
	Various currency futures contracts (Singapore)		—			0.00	%		—		0.00	%
	Various currency futures contracts (U.S.)		(26,609	)		-0.06	%		—		0.00	%
	Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%
	Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%
	Various interest rates futures contracts (Canada)		10,868			0.03	%		—		0.00	%
	Various interest rates futures contracts (Europe)		(126,797	)		-0.31	%		—		0.00	%
	Various interest rates futures contracts (Far East)		68,874			0.17	%		—		0.00	%
	Various interest rates futures contracts (Oceanic)		(3,134	)		-0.01	%		—		0.00	%
	Various interest rates futures contracts (U.S.)		(317,169	)		-0.77	%		—		0.00	%
	Various precious metal futures contracts (U.S.)		—			0.00	%		—		0.00	%
	Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%
	Various soft futures contracts (Europe)		—			0.00	%		—		0.00	%
	Various soft futures contracts (Oceanic)		—			0.00	%		—		0.00	%
	Various soft futures contracts (U.S.)		4,274			0.01	%		—		0.00	%
	Various stock index futures contracts (Canada)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (Europe)		36,783			0.09	%		—		0.00	%
	Various stock index futures contracts (Far East)		(83,141	)		-0.20	%		—		0.00	%
	Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (U.S.)		148,532			0.36	%		—		0.00	%

	Total Long Futures Contracts	$	(288,813	)		-0.70	%	$	—		0.00	%

SHORT FUTURES CONTRACTS
	Various base metals futures contracts (Europe)	$	134,930			0.33	%	$	—		0.00	%
	Various base metals futures contracts (U.S.)		(11,450	)		-0.03	%		—		0.00	%
	Various currency futures contracts (U.S.)		466,490			1.13	%*		—		0.00	%
	Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%
	Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various energy futures contracts (U.S.)		142,483			0.34	%		—		0.00	%
	Various interest rates futures contracts (Canada)		—			0.00	%		—		0.00	%
	Various interest rates futures contracts (Europe)		—			0.00	%		—		0.00	%
	Various interest rates futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various interest rates futures contracts (Oceanic)		(3,043	)		-0.01	%		—		0.00	%
	Various interest rates futures contracts (U.S.)		(266	)		0.00	%		—		0.00	%
	Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various precious metal futures contracts (U.S.)		244,230			0.59	%		—		0.00	%
	Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various soft futures contract (Europe)		(1,140	)		0.00	%		—		0.00	%
	Various soft futures contracts (Canada)		(16	)		0.00	%		—		0.00	%
	Various soft futures contracts (Europe)		3,608			0.01	%		—		0.00	%
	Various soft futures contracts (Far East)		—			0.00	%		—		0.00	%
	Various soft futures contracts (Singapore)		—			0.00	%		—		0.00	%
	Various soft futures contracts (U.S.)		137,220			0.33	%		—		0.00	%
	Various stock index futures contracts (Africa)		(7,124	)		-0.02	%		—		0.00	%
	Various stock index futures contracts (Canada)		(2,344	)		-0.01	%		—		0.00	%
	Various stock index futures contracts (Europe)		(1,191	)		0.00	%		—		0.00	%
	Various stock index futures contracts (Far East)		22,625			0.05	%		—		0.00	%
	Various stock index futures contracts (Mexico)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%
	Various stock index futures contracts (U.S.)		(68,081	)		-0.16	%		—		0.00	%
	Various stock index futures contracts (Warsaw)		—			0.00	%		—		0.00	%

	Total Short Futures Contracts	$	1,056,931			2.56	%	$	—		0.00	%

CURRENCY FORWARDS
	Various currency forwards contracts (NA)	$	(168,539	)		-0.41	%	$	—		0.00	%

	Total Currency Forwards	$	(168,539	)		-0.41	%	$	—		0.00	%

	Total Open Trade Equity (Deficit)	$	599,579			1.45	%	$	—		0.00	%

SWAPS (1)
	Frontier Brevan Howard swap (U.S.)	$	—			0.00	%	$	7,960,268		51.44	%

	Total Swaps	$	—			0.00	%	$	7,960,268		51.44	%

INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
	Equinox Frontier Trading Company II, LLC	$	—			0.00	%	$	1,248,467		8.07	%
	Equinox Frontier Trading Company XXXVIII, LLC		297,554			0.72	%		157,119		1.02	%

	Total Investment in Unconsolidated Trading Companies	$	297,554			0.72	%	$	1,405,586		9.08	%

U.S. TREASURY SECURITIES (2)

FACE VALUE		Fair Value						Fair Value
$67,000,000	US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	18,747,748			45.38	%	$	4,195,068		10.16	%
$20,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		5,870,069			14.21	%		1,313,509		3.18	%

		$	24,617,817			59.59	%	$	5,508,577		13.33	%


Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.000% due 02/15/2026 (2)	$	14,039,970					$	3,141,637
	US Treasury Note 6.875% due 08/15/2025 (2)		4,191,036						937,802

		$	18,231,006					$	4,079,439


Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.000% due 02/15/2026 (2)	$	18,727,332					$	4,190,501
	US Treasury Note 6.875% due 08/15/2025 (2)		5,870,069						1,313,509

		$	24,597,401					$	5,504,010

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

(1)	See Note 4 to the Financial Statements.

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

(3)	Same as other page

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

The Series of Equinox Frontier Funds

Statements of Operations

For the three months ended March 31, 2016 and 2015

(Unaudited)


	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund
	3/31/2016			3/31/2015			3/31/2016			3/31/2015			3/31/2016			3/31/2015
Investment income:
Interest - net	$	153,985		$	169,258		$	57,379		$	71,164		$	22,970		$	47,058

Total Income		153,985			169,258			57,379			71,164			22,970			47,058

Expenses:
Incentive Fees		921,036			1,634,242			226,228			535,302			134,601			239,217
Management Fees		238,847			246,304			161,635			178,660			138,546			123,036
Service Fees - Class 1		76,178			121,918			47,135			65,178			21,031			31,900
Trading Fees		356,708			370,802			138,344			153,633			49,619			68,928

Total Expenses		1,592,769			2,373,266			573,342			932,773			343,797			463,081

Investment (loss) - net		(1,438,784	)		(2,204,008	)		(515,963	)		(861,609	)		(320,827	)		(416,023	)

Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			8,401,169			—			—			—			—
Net change in open trade equity/(deficit)		—			(127,891	)		—			—			—			—
Net realized gain/(loss) on swap contracts		—			—			—			—			—			—
Net unrealized gain/(loss) on swap contracts		(1,240,231	)		2,988,716			—			—			(75,579	)		668,912
Net realized gain/(loss) on U.S. Treasury securities		18,406			—			6,077			—			2,649			—
Net unrealized gain/(loss) on U.S. Treasury securities		1,201,604			684,086			494,017			344,244			194,814			128,767
Trading commissions		—			(184,318	)		—			—			—			—
Change in fair value of investments in unconsolidated trading companies		2,992,776			3,472,709			1,366,245			3,095,759			(41,329	)		1,934,525

Net gain/(loss) on investments		2,972,555			15,234,471			1,866,339			3,440,003			80,555			2,732,204

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		1,533,771			13,030,463			1,350,376			2,578,394			(240,272	)		2,316,181

Less: Operations attributable to non-controlling interests		—			3,313,397			—			—			—			—

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	1,533,771		$	9,717,066		$	1,350,376		$	2,578,394		$	(240,272	)	$	2,316,181

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	2.91		$	18.57		$	6.14		$	11.77			N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	(2.21	)	$	19.58
Class 2	$	3.84		$	21.09		$	7.47		$	13.59		$	(2.60	)	$	27.90
Class 2a		N/A			N/A			N/A			N/A		$	(2.03	)	$	22.14
Class 3	$	3.63		$	19.54		$	7.02		$	12.67		$	(2.61	)	$	27.72
Class 3a		N/A			N/A			N/A			N/A		$	(1.97	)	$	22.32

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

The Series of the Equinox Frontier Funds

Statements of Operations

For the three months ended March 31, 2016 and 2015 (Unaudited)


	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	3/31/2016			3/31/2015			3/31/2016			3/31/2015
Investment income:
Interest - net	$	7,337		$	7,190		$	—		$	—

Total Income/(loss)		7,337			7,190			—			—

Expenses:
Incentive Fees		935,617			1,486,957			23,986			158,971
Management Fees		234,025			259,595			70,821			80,072
Service Fees - Class 1		484,072			562,801			93,444			106,901
Trading Fees		172,789			195,344			26,180			29,893

Total Expenses		1,826,503			2,504,697			214,431			375,837

Investment (loss) - net		(1,819,166	)		(2,497,507	)		(214,431	)		(375,837	)

Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		1,617,558			6,275,679			2,016,474			2,285,627
Net change in open trade equity/(deficit)		(17,640	)		(1,365,815	)		(4,350	)		(704,083	)
Net realized gain/(loss) on swap contracts		—			—			—			—
Net unrealized gain/(loss) on swap contracts		(2,201,706	)		5,226,678			—			—
Net realized gain/(loss) on U.S. Treasury securities		25,792			—			748			—
Net unrealized gain/(loss) on U.S. Treasury securities		1,670,998			737,851			71,447			159,412
Trading commissions		(78,483	)		(141,905	)		(28,929	)		(32,172	)
Change in fair value of investments in unconsolidated trading companies		4,033,474			5,522,449			403,455			1,032,449

Net gain/(loss) on investments		5,049,993			16,254,937			2,458,845			2,741,233

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		3,230,827			13,757,430			2,244,414			2,365,396

Less: Operations attributable to non-controlling interests		108,355			830,142			918,943			682,333

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	3,122,472		$	12,927,288		$	1,325,471		$	1,683,063

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	4.15		$	17.26		$	9.05		$	10.55
Class 1AP	$	5.38		$	18.60		$	10.22		$	11.49
Class 2	$	7.23		$	25.01		$	13.57		$	15.25
Class 2a	$	6.61		$	21.74			N/A			N/A
Class 3a	$	6.59		$	21.67			N/A			N/A

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

The Series of the Equinox Frontier Funds

Statements of Operations

For the three months ended March 31, 2016 and 2015 (Unaudited)


	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	3/31/2016			3/31/2015			3/31/2016			3/31/2015
Investment income/(loss):
Interest - net	$	176		$	—		$	—		$	—

Total Income/(Loss)		176			—			—			—

Expenses:
Incentive Fees		99,067			715,409			9,072			132,676
Management Fees		275,820			323,105			63,021			77,898
Service Fees - Class 1		179,855			205,337			67,669			77,017
Trading Fees		68,324			76,976			22,714			25,691

Total Expenses		623,066			1,320,827			162,476			313,282

Investment (loss) - net		(622,890	)		(1,320,827	)		(162,476	)		(313,282	)

Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		2,528,723			—			—			—
Net change in open trade equity/(deficit)		76,154			—			—			—
Net realized gain/(loss) on swap contracts		—			—			—			—
Net unrealized gain/(loss) on swap contracts		—			—			897,095			2,059,865
Net realized gain/(loss) on U.S. Treasury securities		14,357			—			3,064			—
Net unrealized gain/(loss) on U.S. Treasury securities		1,042,863			553,885			227,789			126,818
Trading commissions		(22,138	)		—			—			—
Change in fair value of investments in unconsolidated trading companies		(607,638	)		4,443,233			109,315			861,401

Net gain/(loss) on investments		3,032,321			4,997,118			1,237,263			3,048,084

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		2,409,431			3,676,291			1,074,787			2,734,802

Less: Operations attributable to non-controlling interests		1,243,146			—			443,002			967,115

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	1,166,285		$	3,676,291		$	631,785		$	1,767,687

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	5.01		$	15.95		$	6.49		$	17.59
Class 1AP	$	6.55		$	17.59		$	7.80		$	18.93
Class 2	$	8.31		$	22.33		$	10.43		$	25.33

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

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2016 (Unaudited)


	Equinox Frontier Diversified Fund																				Equinox Frontier Masters Fund
	Class 1		Class 1			Class 2		Class 2			Class 3		Class 3								Class 1		Class 1			Class 2		Class 2			Class 3		Class 3
	Managing Owner		Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Non-Controlling Interests		Total			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Non-Controlling Interests		Total
Owners’ Capital, December 31, 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		—		241,609			—		3,924,703			—		3,419,573			—		7,585,885			—		53,938			—		50,000			—		1,045,040			—		1,148,978
Redemption of Units		—		(3,601,250	)		—		(645,622	)		—		(348,905	)		—		(4,595,777	)		—		(1,460,661	)		—		(812,685	)		—		(1,213,531	)		—		(3,486,877	)
Change in control of ownership - Trading Companies		—		—			—		—			—		—			—		—			—		—			—		—			—		—			—		—
Operations attributable to non-controlling interests		—		—			—		—			—		—			—		—			—		—			—		—			—		—			—		—
Payment made by the Managing Owner		—		—			—		—			—		—			—		—			—		—			—		—			—		—			—		—
Net increase/(decrease) in Owners’
Capital resulting from operations		—		426,185			77,548		867,544			998		161,496			—		1,533,771			—		438,291			42,039		440,628			1,930		427,488			—		1,350,376

Owners’ Capital, March 31, 2016	$	—	$	8,880,778		$	2,693,806	$	36,163,467		$	33,962	$	12,466,832		$	—	$	60,238,845		$	—	$	7,355,368		$	754,430	$	6,858,910		$	34,262	$	6,837,806		$	—	$	21,840,776

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		—		1,953			—		28,639			—		26,699								—		438			—		369			—		8,509
Redemption of Units		—		(29,234	)		—		(4,676	)		—		(2,792	)							—		(12,381	)		—		(5,932	)		—		(9,581	)

Owners’ Capital - Units, March 31, 2016		—		74,988			20,188		271,015			275		100,948								—		61,804			5,627		51,157			275		54,883

				(1	)				(1	)				(1	)									(1	)				(1	)				(1	)
Net asset value per unit at December 31, 2015				115.52					129.60					119.87										112.87					126.60					117.57
Change in net asset value per unit for the three months ended March 31, 2016				2.91					3.84					3.63										6.14					7.47					7.02

Net asset value per unit at March 31, 2016			$	118.43				$	133.44				$	123.50									$	119.01				$	134.07				$	124.59

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

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

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2016 (Unaudited)


	Equinox Frontier Long/Short Commodity Fund
	Class 2						Class 3			Class 1a		Class 1a			Class 2a						Class 3a
	Managing Owner			Limited Owners			Limited Owners			Managing Owner		Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Non-Controlling Interests		Total
Owners’ Capital, December 31, 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		—			—			—			—		—			—			—			—			25,206			—		25,206
Redemption of Units		—			(56,113	)		(300,584	)		—		(206,317	)		—			(121,492	)		—			(49,302	)		—		(733,808	)
Change in control of ownership - Trading Companies		—			—			—			—		—			—			—			—			—			—		—
Contributions		—			—			—			—		—			—			—			—			—			—		—
Distributions		—			—			—			—		—			—			—			—			—			—		—
Payment made by the Managing Owner																														—
Operations attributable to non-controlling interests		—			—			—			—		—			—			—			—			—			—		—
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(8,035	)		(11,429	)		(99,949	)		—		(83,924	)		(4,500	)		(18,446	)		(216	)		(13,773	)		—		(240,272	)

Owners’ Capital, March 31, 2016	$	399,220		$	518,803		$	5,506,136		$	—	$	3,763,513		$	231,471		$	911,756		$	11,474		$	801,604		$	—	$	12,143,977

Owners’ Capital - Units, December 31, 2015		3,083			4,439			44,702			—		42,778			2,222			9,905			109			7,856

Sale of Units		—			—			—			—		—			—			—			—			231
Redemption of Units		—			(432	)		(2,193	)		—		(2,114	)		—			(1,151	)		—			(444	)

Owners’ Capital - Units, March 31, 2016		3,083			4,007			42,509			—		40,664			2,222			8,754			109			7,643

					(1	)							(1	)					(1	)					(1	)
Net asset value per unit at December 31, 2015					132.10			132.14					94.76						106.19						106.86
Change in net asset value per unit for the three months ended March 31, 2016					(2.60	)		(2.61	)				(2.21	)					(2.03	)					(1.97	)

Net asset value per unit at March 31, 2016				$	129.50		$	129.53				$	92.55					$	104.16					$	104.89

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

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

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2016 (Unaudited)


	Equinox Frontier Balanced Fund
	Class 1			Class 1AP			Class 2					Class 2a					Class 3a
	Limited Owners			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Limited Owners			Non-Controlling Interests		Total
Owners’ Capital, December 31, 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		48,635			—			—		4,757			—		—			—			—		53,392
Redemption of Units		(1,432,500	)		(49,264	)		—		(8,788	)		—		—			(4,606	)		—		(1,495,158	)
Change in control of ownership - Trading Companies		—			—			—		—			—		—			—			94,513		94,513
Contributions		—			—			—		—			—		—			—			—		—
Distributions		—			—			—		—			—		—			—			—		—
Payments made by the Managing Owner		—			—			—		—			—		—			—			—		—
Operations attributable to non-controlling interests		—			—			—		—			—		—			—			108,355		108,355
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		2,053,520			28,740			57,482		855,272			8,172		15,199			104,087			—		3,122,472

Owners’ Capital, March 31, 2016	$	63,232,992		$	694,223		$	1,487,026	$	22,130,105		$	199,817	$	371,624		$	2,534,902		$	1,354,609	$	92,005,298

Owners’ Capital - Units, December 31, 2015		488,680			5,351			7,956		118,419			1,237		2,302			15,776

Sale of Units		362			—			—		25			—		—			—
Redemption of Units		(10,669	)		(355	)		—		(49	)		—		—			(27	)

Owners’ Capital - Units, March 31, 2016		478,373			4,996			7,956		118,395			1,237		2,302			15,749

										(1	)				(1	)
Net asset value per unit at December 31, 2015	$	128.03		$	133.59				$	179.69				$	154.88		$	154.37

Change in net asset value per unit for the three months ended March 31, 2016		4.15			5.38					7.23					6.61			6.59

Net asset value per unit at March 31, 2016	$	132.18		$	138.97				$	186.92				$	161.49		$	160.96

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

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

The Series of Equinox Frontier Funds

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2016 (Unaudited)


	Equinox Frontier Select Fund															Equinox Frontier Winton Fund															Equinox Frontier Heritage Fund
	Class 1			Class 1AP		Class 2										Class 1			Class 1AP		Class 2										Class 1			Class 1AP			Class 2
	Limited Owners			Limited Owners		Managing Owner		Limited Owners			Non-Controlling Interests		Total			Limited Owners			Limited Owners		Managing Owner		Limited Owners			Non-Controlling Interests		Total			Limited Owners			Limited Owners			Managing Owner		Limited Owners			Non-Controlling Interests			Total
Owners’ Capital, December 31, 2015		11,710,517			47,365		8,814		1,329,359			6,816,535		19,912,590			23,022,800			36,576		44,962		11,837,205			6,367,651		41,309,194			8,628,726			58,523			74,329		2,779,024			3,933,920			15,474,522
Sale of Units		4,233			—		—		—			—		4,233			41,296			—		—		—			—		41,296			10,011			—			—		—			—			10,011
Redemption of Units		(361,720	)		—		—		—			—		(361,720	)		(170,765	)		—		—		(72,363	)		—		(243,128	)		(217,867	)		(15,210	)		—		—			—			(233,077	)
Change in control of ownership - Trading Companies		—			—		—		—			280,988		280,988			—			—		—		—			759,513		759,513			—			—			—		—			(82,540	)		(82,540	)
Contributions		—			—		—		—			—		—			—			—		—		—			—		—			—			—			—		—			—			—
Distributions		—			—		—		—			—		—			—			—		—		—			—		—			—			—			—		—			—			—
Operations attributable to non-controlling interests		—			—		—		—			918,943		918,943			—			—		—		—			1,243,146		1,243,146			—			—			—		—			443,002			443,002
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		1,175,285			5,135		955		144,096			—		1,325,471			707,864			1,398		1,718		455,305			—		1,166,285			456,679			3,519			4,469		167,118			—			631,785

Owners’ Capital, March 31, 2016	$	12,528,315		$	52,500	$	9,769	$	1,473,455		$	8,016,466	$	22,080,505		$	23,601,195		$	37,974	$	46,680	$	12,220,147		$	8,370,310	$	44,276,306		$	8,877,549		$	46,832		$	78,798	$	2,946,142		$	4,294,382		$	16,243,703

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		43			—		—		—								239			—		—		—								75			—			—		—
Redemption of Units		(3,616	)		—		—		—								(971	)		—		—		(308	)							(1,621	)		(111	)		—		—

Owners’ Capital - Units, March 31, 2016		126,039			503		70		10,626								139,507			214		207		54,114								67,890			341			428		16,013

									(1	)														(1	)															(1	)
Net asset value per unit at December 31, 2015		90.35			94.28				125.11								164.17			171.31				217.51								124.27			129.67					173.54
Change in net asset value per unit for the three months ended March 31, 2016		9.05			10.22				13.57								5.01			6.55				8.31								6.49			7.80					10.43

Net asset value per unit at March 31, 2016	$	99.40		$	104.50			$	138.68							$	169.18		$	177.86			$	225.82							$	130.76		$	137.47				$	183.97

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

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

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Three Months Ended March 31, 2016 and 2015 (Unaudited)


	Equinox Frontier Diversified Fund						Equinox Frontier Masters Fund						Equinox Frontier Long/Short Commodity Fund
	3/31/2016			3/31/2015			3/31/2016			3/31/2015			3/31/2016			3/31/2015
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	1,533,771		$	13,030,463		$	1,350,376		$	2,578,394		$	(240,272	)	$	2,316,181
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		—			645,700			—			—			—			—
Net change in options purchased, at fair value		—			(36,590	)		—			—			—			—
Net change in options written, at fair value		—			(145,851	)		—			—			—			—
Net change in ownership allocation of U.S. Treasury securities		(5,614,267	)		(178,938	)		2,709,419			3,311,932			1,126,530			(699,172	)
Net unrealized (gain)/loss on swap contracts		1,240,231			(2,988,716	)		—			—			75,579			(668,912	)
Net unrealized (gain)/loss on U.S. Treasury securities		(1,201,604	)		(684,086	)		(494,017	)		(344,244	)		(194,814	)		(128,767	)
Net realized (gain)/loss on U.S. Treasury securities		(18,406	)		—			(6,077	)		—			(2,649	)		—
(Purchases) sales of:								—			—			—			—
Purchases of swap contracts		—			—			—			—			—			—
Sales of U.S. Treasury securities		2,760,417			—			846,363			—			361,384			(1,000,000	)
Purchases of U.S. Treasury securities		(6,518,818	)		(4,787,243	)		(2,380,650	)		(2,291,604	)		(948,803	)		(1,395,765	)
Increase and/or decrease in:
Receivable from futures commission merchants		—			3,217,669			—			—			—			—
Change in control of ownership - trading companies		—			(4,686,248	)		—			—			—			—
Investments in unconsolidated trading companies, at fair value		1,019,187			129,407			(1,407,118	)		(3,013,677	)		(147,956	)		813,933
Prepaid service fees - Class 1		3,771			(5,050	)		7,355			(1,732	)		338			322
Interest receivable		253,771			267,335			140,930			160,364			56,927			66,333
Receivable from related parties		—			—			(4,488	)		598			(818	)		338
Other assets		—			249,997			—			—			—			—
Incentive fees payable to Managing Owner		716,122			(753,583	)		183,977			(186,742	)		106,193			80,556
Management fees payable to Managing Owner		(2,145	)		1,797			(968	)		2,966			(2,212	)		(1,799	)
Interest payable to Managing Owner		2,642			910			(181	)		(773	)		706			747
Trading fees payable to Managing Owner		8,726			10,676			(2,276	)		932			(863	)		1,010
Service fees payable to Managing Owner		(3,374	)		(909	)		(1,073	)		3,951			452			516
Payables to related parties		(812	)		1,135			—			—			—			—
Other liabilities		(1	)		—			27			—			1			(1	)

Net cash provided by (used in) operating activities		(5,820,789	)		3,287,875			941,599			220,365			189,723			(614,480	)

Cash Flows from Financing Activities:
Proceeds from sale of units		7,585,885			3,060,993			1,148,978			865,703			25,206			46,303
Payment for redemption of units		(4,595,777	)		(8,736,585	)		(3,486,877	)		(2,425,896	)		(733,808	)		(839,912	)
Payment made by the Managing Owner		—			144,349			—			—			—			907,163
Pending owner additions		29			280			43			239			—			—
Owner redemptions payable		(309	)		150,010			108,020			37,184			1,500			(8,935	)

Net cash provided by (used in) financing activities		2,989,828			(5,380,953	)		(2,229,836	)		(1,522,770	)		(707,102	)		104,619

Net increase (decrease) in cash and cash equivalents		(2,830,961	)		(2,093,078	)		(1,288,237	)		(1,302,405	)		(517,379	)		(509,861	)
Cash and cash equivalents, beginning of period		3,283,973			4,210,638			1,421,994			2,199,066			570,169			1,110,779

Cash and cash equivalents, end of period	$	453,012		$	2,117,560		$	133,757		$	896,661		$	52,790		$	600,918

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

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Three Months Ended March 31, 2016 and 2015 (Unaudited)


	Equinox Frontier Balanced Fund						Equinox Frontier Select Fund
	3/31/2016			3/31/2015			3/31/2016			3/31/2015
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	3,230,827		$	13,757,430		$	2,244,414		$	2,365,396
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		17,640			3,028,571			4,350			(958,673	)
Net change in options purchased, at fair value		—			—			—			—
Net change in options written, at fair value		—			—			—			—
Net change in ownership allocation of U.S. Treasury securities		(2,195,925	)		(8,010,664	)		789,804			3,949,649
Net change in ownership allocation of total return swaps		—			—			—			—
Net change in ownership allocation of custom time deposits		—			—			—			—
Net unrealized (gain)/loss on swap contracts		2,201,706			(5,226,678	)		—			—
Net realized (gain)/loss on swap contracts		—			—			—			—
Net unrealized (gain)/loss on U.S. Treasury securities		(1,670,998	)		(737,851	)		(71,447	)		(159,412	)
Net realized (gain)/loss on U.S. Treasury securities		(25,792	)		—			(748	)		—
(Purchases) sales of:
Purchases of swap contracts		—			—			—			—
Sales of swap contracts		—			—			—			—
Purchases of U.S. Treasury securities		(9,340,565	)		(6,360,723	)		(320,766	)		(911,929	)
Sales of U.S. Treasury securities		3,835,630			—			103,593			—
Increase and/or decrease in:
Receivable from futures commission merchants		69,519			11,523,045			(2,519,184	)		(14,715,637	)
Change in control of ownership - trading companies		94,513			(8,327,863	)		280,988			6,674,834
Investments in unconsolidated trading companies, at fair value		30,155			901,079			(410,760	)		3,368,672
Prepaid service fees - Class 1		—			—			—			—
Interest receivable		415,909			315,275			24,176			78,965
Receivable from related parties		—			—			—			—
Other assets		—			250,000			3			—
Incentive fees payable to Managing Owner		829,054			(306,361	)		23,986			(26,820	)
Management fees payable to Managing Owner		(1,458	)		(7,383	)		1,404			1,127
Interest payable to Managing Owner		18,088			26,134			(527	)		(5,884	)
Trading fees payable to Managing Owner		852			5,207			296			733
Service fees payable to Managing Owner		108			9,510			793			3,196
Payables to related parties		2,015			2,462			165			97
Other liabilities		4			—			(156	)		—

Net cash provided by (used in) operating activities		(2,488,718	)		841,190			150,384			(335,686	)

Cash Flows from Financing Activities:
Proceeds from sale of units		53,392			61,926			4,233			5,664
Payment for redemption of units		(1,495,158	)		(3,435,656	)		(361,720	)		(340,894	)
Payment made by Managing Owner		—			160,098			—			—
Pending owner additions		991			2,872			115			387
Owner redemptions payable		(366,226	)		(1,542	)		2,651			(124	)

Net cash provided by (used in) financing activities		(1,807,001	)		(3,212,302	)		(354,721	)		(334,967	)

Net increase (decrease) in cash and cash equivalents		(4,295,719	)		(2,371,112	)		(204,337	)		(670,653	)
Cash and cash equivalents, beginning of period		4,895,183			5,644,510			220,371			878,280

Cash and cash equivalents, end of period	$	599,464		$	3,273,398		$	16,034		$	207,627

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

The Series of Equinox Frontier Funds

Statements of Cash Flows

For the Three Months Ended March 31, 2016 and 2015 (Unaudited)


	Equinox Frontier Winton Fund						Equinox Frontier Heritage Fund
	3/31/2016			3/31/2015			3/31/2016			3/31/2015
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	2,409,431		$	3,676,291		$	1,074,787		$	2,734,802
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		(76,154	)		—			—			—
Net change in ownership allocation of U.S. Treasury securities		2,959,214			1,797,790			931,889			524,232
Net change in custom time deposits		—			—			—			—
Net change in ownership allocation of total return swaps		—			—			—			—
Net unrealized (gain)/loss on swap contracts		—			—			(897,095	)		(2,059,865	)
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		(1,042,863	)		(553,885	)		(227,789	)		(126,818	)
Net realized (gain) loss on U.S. Treasury securities, at fair value		(14,357	)		—			(3,064	)		—
(Purchases) sale of:		—			—			—			—
Sales of custom time deposits		—			—			—			—
Purchases of U.S. Treasury Securities, at fair value		(5,237,808	)		(4,444,636	)		(1,129,741	)		(1,004,975	)
Sales of U.S. Treasury Securities, at fair value		1,972,415			—			419,374			—
Increase and/or decrease in:
Receivable from futures commision merchants		(4,344,236	)		—			—			—
Change in control of ownership of trading companies		759,513			—			(82,540	)		(856	)
Investments in unconsolidated trading companies, at fair value		(134,046	)		(1,493,014	)		(456,441	)		(180,521	)
Interest receivable		273,181			267,277			63,055			62,111
Other assets		2			—			2			—
Incentive fees payable to Managing Owner		99,067			(462,955	)		9,072			(106,649	)
Management fees payable to Managing Owner		(1,228	)		314			(576	)		(589	)
Interest payable to Managing Owner		6,484			2,705			807			342
Trading fees payable to Managing Owner		268			907			77			677
Service fees payable to Managing Owner		152			501			64			2,178
Payables to related parties		3,649			4,220			301			286
Other liabilities		—			—			—			—

Net cash provided by (used in) operating activities		(2,367,316	)		(1,204,485	)		(297,818	)		(155,645	)

Cash Flows from Financing Activities:
Proceeds from sale of units		41,296			45,490			10,011			11,744
Payment for redemption of units		(243,128	)		(940,759	)		(233,077	)		(332,342	)
Pending owner additions		331			811			152			560
Owner redemptions payable		(51,671	)		(21,902	)		(69,146	)		(18,735	)

Net cash provided by (used in) financing activities		(253,172	)		(916,360	)		(292,060	)		(338,773	)

Net increase (decrease) in cash and cash equivalents		(2,620,488	)		(2,120,845	)		(589,878	)		(494,418	)
Cash and cash equivalents, beginning of period		2,928,616			4,012,974			655,319			921,598

Cash and cash equivalents, end of period	$	308,128		$	1,892,129		$	65,441		$	427,180

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

The Series of the Equinox Frontier Funds

Notes to Financial Statements (Unaudited)

1. Organization and Purpose

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

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

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

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

•

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

•

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

•

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

•

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

purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. 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. 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 March 31, 2016, the Trust, with respect to the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Balanced Fund and the Equinox Frontier Long/Short Commodity Fund separates Units into a maximum of six separate Classes—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The 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.

As of March 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 and one or more Trading Advisors may manage the assets invested in such Trading Companies.

Each Series of the Trust may invest a portion of its assets in a single Trading Company or in several different Trading Companies and may have multiple Trading Advisors that manage the assets invested in such Trading Companies. On November 26, 2014, the Trust’s portfolio management team approved an allocation change in an Emil Van Essen trading program that was not fully implemented as intended. As a result, certain series who invested in Emil Van Essen were not allocated sufficient gains and certain other series who invested in Emil Van Essen suffered greater losses. In January 2015, the Managing Owner determined to make a payment to the affected investors within the Equinox Frontier Balanced Fund, Equinox Frontier Diversified Fund and Equinox Frontier Long/Short Commodity Fund, in the aggregate amount of $1,211,610 to reimburse the effect of the missed gain or higher loss on such investors in the series, and such amount was recorded in the Statement of Changes in Owners’ Capital as Payment Made by the Managing Owner.

2. Significant Accounting Policies

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

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

Consolidation—The Series, through investing in the Trading Companies, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses, all of which is allocated to the Series. Trading Companies in which a Series has a controlling and majority equity interest are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest are accounted for under the equity method, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company. The equity interest held by Series of the Trust is shown as investments in unconsolidated trading companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated trading companies.

As of March 31, 2016, the consolidated balance sheet of Equinox Frontier Balanced Fund included the assets and liabilities of its majority owned Trading Companies. These Trading Companies include Frontier Trading Company XIV, LLC, Frontier Trading Company XXIII, LLC, Frontier Trading Company XXIX, LLC and Frontier Trading Company XXXIV, LLC.

For the three months ended March 31, 2016, the consolidated statement of operations of Equinox Frontier Balanced Fund included the earnings of its majority owned Trading Companies listed above.

As of March 31, 2016, the consolidated balance sheet of Equinox Frontier Long/Short Commodity Fund included the assets and liabilities of its majority owned Trading Company, Frontier Trading Company XXXVII, LLC.

For the three months ended March 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.

As of March 31, 2016, the consolidated balance sheet of Equinox Frontier Diversified Fund included the assets and liabilities of its majority owned Frontier Trading Company XXXV, LLC.

For the three months ended March 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 three months ended March 31, 2016, the consolidated balance sheet 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 three months ended March 31, 2016, the consolidated balance sheet 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.

As of and for the three months ended March 31, 2016, the consolidated balance sheet 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.

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.

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

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

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

U.S. Treasury Securities—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.

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

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

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

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

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

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

Income Taxes—The Trust, 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 2012 through 2015 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

Fees and Expenses—All management fees, incentive fees, service fees and trading fees of the Trust, with respect to the Series, are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, selling agent service fees and all other operating expenses and continuing offering costs of the Trust, with respect to the Series.

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

These service fees are part of the offering costs of the Trust, 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).” Adoption did 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). Adoption did not affect the Trust’s financial condition, results of operations, or cash flows.

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

Subsequent Events—On April 15, 2016, Equinox Frontier Long/Short Commodity Fund (the “Fund”), which previously obtained exposure to the Multi-Strategy Program of Emil van Essen LLC through its investment in Frontier Trading Company VII, LLC (“the Trading Company”), exchanged its interests in the Trading Company for interests of equivalent value in a feeder fund of the Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC (“Master Fund”), which is advised by Emil van Essen LLC. The Fund will now obtain exposure to the Multi-Strategy Program through this investment in the feeder fund. The feeder fund is a commodity pool available to the Fund and other investors through the Galaxy Plus Managed Account Platform, which is an unaffiliated, third-party managed account platform sponsored and operated by Gemini Alternative Funds, LLC.

On March 30, 2016, Equinox Fund Management, LLC, on its own behalf and on behalf of each series of Equinox Frontier Funds, entered into a new Administrative Services Agreement with Gemini Hedge Fund Services, LLC (“Gemini”) pursuant to which Gemini will act as an independent, third party administrator to perform certain administrative services including the calculation of net asset value, trade reconciliation, audit support and other financial bookkeeping services.

On March 30, 2016, the Trust entered into a new Fund Services Agreement with Gemini Fund Services, LLC (the “Transfer Agent”) pursuant to which the Transfer Agent will act as an independent, third party transfer agent to perform investor and administration services and related services including, but not limited to, sales processing and commissions, distribution processing, transfer agent services, shareholder telephone support, tax reporting and processing, reinvestment agent servicing and redemption agent servicing. In connection with the foregoing transactions, the Trust and the Managing Owner have terminated the Administration Agreement dated July 7, 2011 with BNP Paribas Financial Services, LLC and the Transfer Agency Agreement dated December 1, 2011 with Phoenix American Financial Services, LLC.

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The Valuation Committee discontinued its use of a third-party pricing service on March 1, 2016. The valuation committee reports to both the Managing Owner’s Investment Oversight and Risk Committee and the Trust’s Executive Committee. The valuation committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provided by the pricing service.

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.

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


March 31, 2016	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Equinox Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	15,049,590		$	25,430		$	—	$	15,075,020
Swap Contracts		—			—			7,445,618		7,445,618
U.S. Treasury Securities		38,197,594			—			—		38,197,594
Equinox Frontier Masters Fund
Investment in Unconsolidated Trading Companies		10,784,090			32,958			—		10,817,048
U.S. Treasury Securities		11,278,168			—			—		11,278,168
Equinox Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		3,574,740			(12,121	)		—		3,562,619
Swap Contracts		—			—			4,256,848		4,256,848
U.S. Treasury Securities		4,451,169			—			—		4,451,169
Equinox Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		17,541,006			52,807			—		17,593,813
Open Trade Equity (Deficit)		(6,110	)		—			—		(6,110	)
Swap Contracts		—			—			16,955,814		16,955,814
U.S. Treasury Securities		50,546,326			—			—		50,546,326
Equinox Frontier Select Fund										—
Investment in Unconsolidated Trading Companies		264,221			—			4,294,379		4,558,600
Open Trade Equity (Deficit)		457,989			—			—		457,989
U.S. Treasury Securities		1,351,993			—			—		1,351,993
Equinox Frontier Winton Fund
Investment in Unconsolidated Trading Companies		431,600			—			—		431,600
Open Trade Equity (Deficit)		675,733			—			—		675,733
U.S. Treasury Securities		25,981,216			—			—		25,981,216
Equinox Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		1,785,699			76,328			—		1,862,027
Swap Contracts		—			—			8,857,363		8,857,363
U.S. Treasury Securities		5,517,908			—			—		5,517,908


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

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During the three months March 31, 2016, all identified Level 3 assets are components of the Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund.

2016:

For the Three Months Ended March 31, 2016

Swaps:


	Equinox Frontier Diversified Fund			Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund
Balance of recurring Level 3 assets as of January 1, 2016	$	8,685,849		$	4,332,428		$	19,157,520
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—			—
Included in earnings-unrealized		(1,240,231	)		(75,580	)		(2,201,706	)
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 March 31, 2016	$	7,445,618		$	4,256,848		$	16,955,814


	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		897,095
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 March 31, 2016	$	8,857,363

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		360,460
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 March 31, 2016	$	4,294,379

For the Year Ended December 31, 2015

Swaps:


	Equinox Frontier Diversified Fund		Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund
Balance of recurring Level 3 assets as of January 1, 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 three months ended March 31, 2016, the Trust did not transfer any assets between Levels 1, 2 or 3.

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

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


	Equinox Frontier Diversified Fund			Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Balanced Fund			Equinox Frontier Heritage Fund
Swaps	$	(1,240,231	)	$	(75,579	)	$	(2,201,706	)	$	897,095


	Equinox Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	360,460

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


	Equinox Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	419,803

4. Swaps

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of March 31, 2016 and December 31, 2015, approximately 9.2% and 9.3%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps and is recorded as collateral within the swap fair value within the statement of financial condition. The cash held with the counterparty is not restricted.

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

The Series have invested in the following Swaps as of and for the three months ended March 31, 2016:


	Equinox Frontier Balanced Fund	Equinox Frontier Diversified Fund	Equinox Frontier Long/Short Commodity Fund	Equinox Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$22,580,043	$13,851,707	$1,877,692	$11,413,283
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$9,600,000	$3,400,000	$3,880,000	$5,989,499
Swap Value	$7,355,814	$4,045,618	$376,848	$2,867,864
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0

Change in Unrealized Gain/(Loss)	($2,201,706)	($1,240,231)	($75,579)	$897,095

Fair Value as of 3/31/2016	$16,955,814	$7,445,618	$4,256,848	$8,857,363

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


	Equinox Frontier Balanced Fund	Equinox Frontier Diversified Fund	Equinox Frontier Long/Short Commodity Fund	Equinox Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$22,580,043	$13,851,707	$1,877,692	$12,663,283
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$9,600,000	$3,400,000	$3,880,000	$5,993,000
Swap Value	$9,557,520	$5,285,849	$452,428	$1,967,268
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0

Change in Unrealized Gain/(Loss)	$910,566	$2,115,441	($300,633)	$419,803

Fair Value as of 12/31/2015	$19,157,520	$8,685,849	$4,332,428	$7,960,268

5. Investments in Unconsolidated Trading Companies

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

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


	As of March 31, 2016					As of December 31, 2015
	Percentage of Series Net Assets Invested in Unconsolidated Trading Companies			Fair Value		Percentage of Series Net Assets Invested in Unconsolidated Trading Companies			Fair Value
Series
Equinox Frontier Diversified Fund —
Frontier Trading Companies I, II, VII, XXIII and XXXVIII		25.02	%	$	15,075,020		28.89	%	$	16,094,207
Equinox Frontier Masters Fund —
Frontier Trading Companies I, II, VII, XV, VII and XXXVIII		49.51	%	$	10,817,048		41.22	%	$	9,409,930
Equinox Frontier Long/Short Commodity Fund —
Frontier Trading Company I, VII and XXXVIII		29.34	%	$	3,562,619		26.08	%	$	3,414,663
Equinox Frontier Balanced Fund —
Frontier Trading Companies I, II, VII, XXXVIII and XXXIX		19.12	%	$	17,593,813		19.56	%	$	17,623,968
Equinox Frontier Select Fund —
Frontier Trading Companies XXXVIII and XXXIX		20.65	%	$	4,558,600		20.83	%	$	4,147,840
Equinox Frontier Winton Fund —
Frontier Trading Company XXXVIII		0.97	%	$	461,600		0.72	%	$	297,554
Equinox Frontier Heritage Fund —
Frontier Trading Companies II and XXXVIII		11.47	%	$	1,862,027		9.08	%	$	1,405,586

The following tables summarize each of the Series; equity in earnings from unconsolidated Trading Companies for the three months ended March 31, 2016 and 2015.


	Three Months Ended March 31, 2016												Three Months Ended March 31, 2015
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Trading Company
Equinox Frontier Diversified Fund —
Frontier Trading Company I LLC	$	(137,214	)	$	2,545,837		$	(725,957	)	$	1,682,666		$	—		$	—		$	—		$	—
Frontier Trading Company II LLC		(2,862	)		327,231			21,313			345,682			(4,083	)		1,333,292			(127,311	)		1,201,898
Frontier Trading Company VII, LLC		(35,220	)		(648,724	)		2,235,332			1,551,388			(82,381	)		2,108,509			(1,223,126	)		803,002
Frontier Trading Company XXIII, LLC		(17,627	)		67,978			58,004			108,355			(19,782	)		872,609			(26,219	)		826,608
Frontier Trading Company XXXVIII, LLC		(7,062	)		(566,912	)		(121,341	)		(695,315	)		(7,008	)		875,067			(226,858	)		641,201

Total	$	(199,985	)	$	1,725,410		$	1,467,351		$	2,992,776		$	(113,254	)	$	5,189,477		$	(1,603,514	)	$	3,472,709

Equinox Frontier Masters Fund —
Frontier Trading Company I LLC	$	(5,098	)	$	(36,859	)	$	(351,921	)	$	(393,878	)	$	(3,974	)	$	1,259,037		$	(138,423	)	$	1,116,640
Frontier Trading Company II LLC		(1,709	)		196,149			23,001			217,441			(2,329	)		752,839			(71,107	)		679,403
Frontier Trading Company XV, LLC		(13,399	)		933,829			(1,487	)		918,943			(14,122	)		1,127,983			(429,920	)		683,941
Frontier Trading Company VII, LLC		(20,788	)		(362,846	)		1,291,104			907,470			(35,943	)		3,411,269			(3,011,878	)		363,448
Frontier Trading Company XXXVIII, LLC		(2,512	)		(241,160	)		(40,059	)		(283,731	)		(2,805	)		298,322			(43,190	)		252,327

Total	$	(43,506	)	$	489,113		$	920,638		$	1,366,245		$	(59,173	)	$	6,849,450		$	(3,694,518	)	$	3,095,759

Equinox Frontier Long/Short Commodity Fund
Frontier Trading Company I LLC	$	(2,398	)	$	(16,177	)	$	(157,698	)	$	(176,273	)	$	—		$	—		$	—		$	—
Frontier Trading Companies VII, LLC		(21,945	)		(275,777	)		543,257			245,535			(84,768	)		2,757,328			(928,844	)		1,743,716
Frontier Trading Company XXXVIII, LLC		(1,044	)		(94,696	)		(14,851	)		(110,591	)		(1,968	)		256,376			(63,599	)		190,809

Total	$	(25,387	)	$	(386,650	)	$	370,708		$	(41,329	)	$	(86,736	)	$	3,013,704		$	(992,443	)	$	1,934,525

Equniox Frontier Balanced Fund —
Frontier Trading Company I, LLC	$	(157,072	)	$	3,776,064		$	(839,943	)	$	2,779,049		$	(89,859	)	$	2,048,945		$	237,670		$	2,196,756
Frontier Trading Company II LLC		(3,834	)		437,433			4,959			438,558			(5,197	)		1,686,860			(159,819	)		1,521,844
Frontier Trading Company VII, LLC		(42,259	)		(709,503	)		2,546,996			1,795,234			(92,052	)		2,316,304			(1,347,583	)		876,669
Frontier Trading Company XV, LLC		—			—			—			—			107			275,900			(275,956	)		51
Frontier Trading Company XXXVIII, LLC		(9,945	)		(817,203	)		(159,283	)		(986,431	)		(9,702	)		1,220,917			(284,086	)		927,129
Frontier Trading Company XXXIX, LLC		(10	)		7,074			—			7,064			—			—			—			—

Total	$	(213,120	)	$	2,693,865		$	1,552,729		$	4,033,474		$	(196,703	)	$	7,548,926		$	(1,829,774	)	$	5,522,449

Equniox Frontier Frontier Select Fund —
Frontier Trading Company XV, LLC	$	—		$			$	—		$	—			—			(195	)		2,175			1,980
Frontier Trading Company XXXIX, LLC		(1,697	)		—			444,699			443,002			—			—			968,685			968,685
Frontier Trading Company XXXVIII, LLC		(342	)		(35,482	)		(3,723	)		(39,547	)		780			56,689			7,435			63,344

Total	$	(2,039	)	$	(35,482	)	$	440,976		$	403,455		$	780		$	56,494		$	978,295		$	1,034,009

Equniox Frontier Winton Fund —
Frontier Trading Company II LLC	$	—		$	—		$	—		$	—		$	(13,273	)	$	4,309,466		$	(409,695	)	$	3,886,498
Frontier Trading Company XXXVIII, LLC		(5,685	)		(517,940	)		(84,013	)		(607,638	)		(5,886	)		674,550			(111,929	)		556,735

Total	$	(5,685	)	$	(517,940	)	$	(84,013	)	$	(607,638	)	$	(19,159	)	$	4,984,016		$	(521,624	)	$	4,443,233

Equniox Frontier Heritage Fund —
Frontier Trading Company II LLC	$	(2,066	)	$	236,237		$	7,296		$	241,467		$	(2,502	)	$	816,543		$	(78,076	)	$	735,965
Frontier Trading Company XXXVIII, LLC		(1,220	)		(113,136	)		(17,796	)		(132,152	)		(1,325	)		150,850			(24,089	)		125,436

Total	$	(3,286	)	$	123,101		$	(10,500	)	$	109,315		$	(3,827	)	$	967,393		$	(102,165	)	$	861,401

The statements of financial condition as of March 31, 2016 and December 31, 2015 and the Condensed Statement of Income for the three months ended March 31, 2016 and 2015 for the unconsolidated Trading Companies are as follows:


Statements of Financial Condition - March 31, 2016	Frontier Trading Company I LLC			Frontier Trading Company VII LLC		Frontier Trading Company XXXVIII LLC
Receivable from commission merchants	$	19,583,145		$	9,353,961	$	4,110,010
Open trade equity/(deficit)		(1,117,627	)		72,129		(136,186	)
Interest receivable/(payable)		(1,016	)		481		65

Total net asset value	$	18,464,502		$	9,426,571	$	3,973,890

Members’ equity	$	18,464,502		$	9,426,571	$	3,973,890


Statements of Financial Condition - December 31, 2015	Frontier Trading Company I LLC			Frontier Trading Company II LLC		Frontier Trading Company VII LLC			Frontier Trading Company XXXVIII LLC
Receivable from commission merchants	$	22,731,131		$	10,851,264	$	6,694,318		$	2,944,692
Open trade equity/(deficit)		3,215,205			3,473,284		3,469,339			1,369,043
Options purchased (written)		35,396			0		76,655			—
Interest receivable/(payable)		(2,027	)		421		(170	)		(52	)

Total net asset value	$	25,979,705		$	14,324,969	$	10,240,142		$	4,313,683

Members’ equity	$	25,979,705		$	14,324,969	$	10,240,142		$	4,313,683


Condensed Statement of Income - For the Three Months Ended March 31, 2016	Frontier Trading Company I LLC			Frontier Trading Company VII LLC			Frontier Trading Company XXIX LLC			Frontier Trading Company XXXVIII LLC
Interest income	$	3,807		$	(1,472	)	$	(235	)	$	401
Net realized gain/(loss) on investments, less commissions		(5,988,211	)		2,116,017			(126,760	)		2,417,045
Change in open trade equity/(deficit)		2,096,648			(6,615,655	)		(7,429	)		438,358

Net income/(loss)	$	(3,887,756	)	$	(4,501,110	)	$	(134,424	)	$	2,855,804


Condensed Statement of Income - For the Three Months Ended March 31, 2015	Frontier Trading Company II LLC			Frontier Trading Company VII LLC			Frontier Trading Company XXXVIII LLC
Interest income	$	(992	)	$	438		$	430
Net realized gain/(loss) on investments, less commissions		(8,874,767	)		(11,505,782	)		(3,512,349	)
Change in open trade equity/(deficit)		849,059			6,507,341			755,355

Net income/(loss)	$	(8,026,700	)	$	(4,998,003	)	$	(2,756,564	)

6. Transactions with Affiliates

The Managing Owner contributes funds to the Trust, with respect to the Series, in order to have a 1% interest in the aggregate capital, profits and losses of all Series and in return will receive units designated as general units in the Series in which the Managing Owner invests such funds. The general units may only be purchased by the Managing Owner and may be subject to no advisory fees or advisory fees at reduced rates. Otherwise, the general units hold the same rights as the limited units. The Managing Owner 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 1a and 2a Units, aggregated, and each of the Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Diversified Fund and Equinox Frontier Masters Fund. The 1% interest in these specific Series is included in computing the Minimum Purchase Commitment in aggregate capital. In addition to the general units the Managing Owner receives in respect of its Minimum Purchase Commitment, the Managing Owner may purchase limited units in any Series as a Limited Owner. Principals of the Managing Owner or affiliates are allowed to own beneficial interests in the Trust, with respect to the Series, as well. All Units purchased by the Managing Owner are held for investment purposes only and not for resale. The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates.

Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the nominal assets of such Series, calculated on a daily basis. The total amount of assets of a series allocated to trading advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisors and any reference programs, is referred to herein as the “nominal assets” of the series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 1a, 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, the Equinox Frontier Long/Short Commodity Fund (Classes 1, 2 and 3), Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund pays to the Managing Owner a trading fee, or FCM Fee, of up to 0.75% of such Series’ NAV, calculated daily. The Equinox Frontier Diversified Fund, Equinox Frontier Long/Short Commodity Fund (Classes 1a and 2a) and Equinox Frontier Masters Fund pays to the Managing Owner a trading fee, or FCM Fee, of up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

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

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

The following table summarizes fees earned by the Managing Owner for the three months ended March 31, 2016 and 2015


Three Months Ended March 31, 2016	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	921,036	$	238,847	$	76,178	$	356,708
Equinox Frontier Masters Fund		226,228		161,635		47,135		138,344
Equinox Frontier Long/Short Commodity Fund		134,601		138,546		21,031		49,619
Equinox Frontier Balanced Fund		935,617		234,025		484,072		172,789
Equinox Frontier Select Fund		23,986		70,821		93,444		26,180
Equinox Frontier Winton Fund		99,067		275,820		179,855		68,324
Equinox Frontier Heritage Fund		9,072		63,021		67,669		22,714

Three Months Ended March 31, 2015	Incentive Fee		Management Fee		Service Fee		Trading Fee
Equinox Frontier Diversified Fund	$	1,634,242	$	246,304	$	121,918	$	370,802
Equinox Frontier Masters Fund		535,302		178,660		65,178		153,633
Equinox Frontier Long/Short Commodity Fund		239,217		123,036		31,900		68,928
Equinox Frontier Balanced Fund		1,486,957		259,595		562,801		195,344
Equinox Frontier Select Fund		158,971		80,072		106,901		29,893
Equinox Frontier Winton Fund		715,409		323,105		205,337		76,976
Equinox Frontier Heritage Fund		132,676		77,898		77,017		25,691

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


As of March 31, 2016
	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Equinox Frontier Diversified Fund	$	921,036	$	79,795	$	14,303	$	13,646	$	129,791
Equinox Frontier Masters Fund		226,228		53,706		4,776		11,025		46,225
Equinox Frontier Long/Short Commodity Fund		134,601		45,998		2,074		7,293		16,266
Equinox Frontier Balanced Fund		935,617		79,116		95,730		145,684		58,302
Equinox Frontier Select Fund		23,986		24,288		3,022		29,885		8,811
Equinox Frontier Winton Fund		99,067		91,943		56,108		44,574		22,673
Equinox Frontier Heritage Fund		9,072		20,914		11,873		18,871		7,534

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.

For the three months ended March 31, 2016, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $(2,015) for the Equinox Frontier Balanced Fund, $818 for the Equinox Frontier Long/Short Commodity Fund, $812 for the Equinox Frontier Diversified Fund, $(165) for the Equinox Frontier Select Fund, $(301) for the Equinox Frontier Heritage Fund, $(3,649) for the Equinox Frontier Winton Fund and $4,488 for the Equinox Frontier Masters Fund.

For the three months ended March 31, 2015, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $2,462 for the Equinox Frontier Balanced Fund, ($338) for the Equinox Frontier Long/Short Commodity Fund, $1,133 for the Equinox Frontier Diversified Fund, $97 for the Equinox Frontier Select Fund, $286 for the Equinox Frontier Heritage Fund, $4,220 for the Equinox Frontier Winton Fund and ($598) for the Equinox Frontier Masters Fund.

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

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three months ended March 31, 2016 and 2015:


	2016		2015		2016			2015
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Equinox Frontier Diversified Fund Class 1	$	6,619	$	13,441		0.06	%		0.07	%
Equinox Frontier Diversified Fund Class 2		24,507		24,311		0.06	%		0.08	%
Equinox Frontier Diversified Fund Class 3		7,171		4,562		0.06	%		0.13	%
Equinox Frontier Masters Fund Class 1		5,171		8,161		0.06	%		0.07	%
Equinox Frontier Masters Fund Class 2		4,978		6,281		0.06	%		0.08	%
Equinox Frontier Masters Fund Class 3		4,194		3,349		0.06	%		0.11	%
Equinox Frontier Long/Short Commodity Fund Class 2		444		895		0.04	%		0.07	%
Equinox Frontier Long/Short Commodity Fund Class 3		2,568		5,174		0.04	%		0.07	%
Equinox Frontier Long/Short Commodity Fund Class 1a		1,778		4,027		0.04	%		0.07	%
Equinox Frontier Long/Short Commodity Fund Class 2a		575		1,188		0.04	%		0.07	%
Equinox Frontier Long/Short Commodity Fund Class 3a		377		480		0.04	%		0.09	%
Equinox Frontier Balanced Fund Class 1		189,608		206,350		0.29	%		0.33	%
Equinox Frontier Balanced Fund Class 1AP		2,196		2,192		0.01	%		0.01	%
Equinox Frontier Balanced Fund Class 2		69,764		69,007		0.29	%		0.34	%
Equinox Frontier Balanced Fund Class 2a		337		322		0.06	%		0.06	%
Equinox Frontier Balanced Fund Class 3a		1,497		1,475		0.06	%		0.07	%
Equinox Frontier Select Fund Class 1		9,889		24,071		0.08	%		0.19	%
Equinox Frontier Select Fund Class 1AP		41		85		0.00	%		0.00	%
Equinox Frontier Select Fund Class 2		1,151		2,762		0.79	%		0.20	%
Equinox Frontier Winton Fund Class 1		104,787		122,407		0.43	%		0.53	%
Equinox Frontier Winton Fund Class 1AP		168		177		0.01	%		0.01	%
Equinox Frontier Winton Fund Class 2		54,267		60,971		0.43	%		0.57	%
Equinox Frontier Heritage Fund Class 1		25,473		30,992		0.28	%		0.37	%
Equinox Frontier Heritage Fund Class 1AP		175		188		0.01	%		0.01	%
Equinox Frontier Heritage Fund Class 2		8,547		10,169		0.28	%		0.38	%

Total	$	526,283	$	603,037

The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, and $300,000 for the third and final year for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $0 and $139,848, respectively under this agreement for the three months ended March 31, 2016 and 2015, respectively. These amounts have no impact on the Series’ financial statements. This contract ended April 30, 2015.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $0 and $305,000, respectively, for the three months ended March 31, 2016 and 2015. These amounts have no impact on the Series’ financial statements and have had a portion waived at the discretion of the Managing Owner.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $0 and $316,272, respectively, for the three months ended March 31, 2016 and 2015, respectively. These amounts have no impact on the Series’ financial statements and have had a portion waived at the discretion of the Managing Owner.

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

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the three months ended March 31, 2016 and 2015


	Equinox Frontier Diversified Fund									Equinox Frontier Masters Fund									Equinox Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 3			Class 1a			Class 2a			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		$	132.10		$	132.14		$	94.76		$	106.19		$	106.86
Net operating results:
Interest income		0.31			0.35			0.32			0.29			0.33			0.31			0.24			0.24			0.17			0.19			0.19
Expenses		(3.92	)		(3.42	)		(3.17	)		(3.36	)		(3.03	)		(2.81	)		(3.34	)		(3.34	)		(2.89	)		(2.68	)		(2.70	)
Net gain/(loss) on investments, net of non-controlling interests		6.51			6.91			6.48			9.21			10.17			9.54			0.50			0.50			0.52			0.45			0.53

Net income/(loss)		2.91			3.84			3.63			6.14			7.47			7.02			(2.60	)		(2.61	)		(2.21	)		(2.03	)		(1.97	)

Net asset value, March 31, 2016	$	118.43		$	133.44		$	123.50		$	119.01		$	134.07		$	124.59		$	129.50		$	129.53		$	92.55		$	104.16		$	104.89

Ratios to average net assets (3)
Net investment income/(loss)		-7.38	%		-4.45	%		-4.45	%		-7.37	%		-5.12	%		-5.12	%		-6.09	%		-6.09	%		-8.17	%		-6.09	%		-5.87	%
Expenses before incentive fees (4)		6.88	%		3.95	%		3.95	%		7.39	%		5.14	%		5.14	%		5.77	%		5.77	%		7.85	%		5.77	%		5.48	%
Expenses after incentive fees (4)		8.40	%		5.47	%		5.47	%		8.35	%		6.11	%		6.11	%		6.79	%		6.79	%		8.88	%		6.79	%		6.58	%
Total return before incentive fees (2)		4.04	%		4.48	%		4.55	%		6.40	%		6.86	%		6.94	%		-0.94	%		-0.95	%		-1.31	%		-0.89	%		-0.75	%
Total return after incentive fees (2)		2.52	%		2.96	%		3.03	%		5.44	%		5.90	%		5.97	%		-1.97	%		-1.98	%		-2.33	%		-1.91	%		-1.84	%

	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		0.01			0.01			0.01			0.01			0.01						0.00			0.00			0.00
Expenses		(2.94	)		(2.03	)		(2.74	)		(2.36	)		(2.35	)					(1.58	)		(0.89	)		(1.18	)
Net gain/(loss) on investments, net of non-controlling interests		7.08			7.40			9.96			8.96			8.93						10.63			11.11			14.75

Net income/(loss)		4.15			5.38			7.23			6.61			6.59						9.05			10.22			13.57

Net asset value, March 31, 2016	$	132.18		$	138.97		$	186.92		$	161.49		$	160.96					$	99.40		$	104.50		$	138.68

Ratios to average net assets (3)
Net investment income/(loss)		-5.74	%		-2.74	%		-2.74	%		-2.74	%		-2.74	%					-5.95	%		-2.95	%		-2.95	%
Expenses before incentive fees (4)		4.77	%		1.77	%		1.77	%		1.77	%		1.77	%					5.78	%		2.78	%		2.78	%
Expenses after incentive fees (4)		5.77	%		2.78	%		2.78	%		2.78	%		2.78	%					5.95	%		2.95	%		2.95	%
Total return before incentive fees (2)		4.25	%		5.04	%		5.03	%		5.28	%		5.28	%					10.19	%		11.01	%		11.02	%
Total return after incentive fees (2)		3.24	%		4.03	%		4.02	%		4.27	%		4.27	%					10.02	%		10.84	%		10.85	%

	Equinox Frontier Winton Fund									Equinox Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2015	$	164.17		$	171.31		$	217.51		$	124.27		$	129.67		$	173.54
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(3.37	)		(2.18	)		(2.77	)		(2.01	)		(1.07	)		(1.44	)
Net gain/(loss) on investments, net of non-controlling interests		8.38			8.73			11.08			8.50			8.87			11.87

Net income/(loss)		5.01			6.55			8.31			6.49			7.80			10.43

Net asset value, March 31, 2016	$	169.18		$	177.86		$	225.82		$	130.76		$	137.47		$	183.97

Ratios to average net assets (3)
Net investment income/(loss)		-7.04	%		-4.04	%		-4.04	%		-5.90	%		-2.90	%		-2.90	%
Expenses before incentive fees (4)		6.77	%		3.78	%		3.78	%		5.83	%		2.83	%		2.83	%
Expenses after incentive fees (4)		7.04	%		4.05	%		4.05	%		5.90	%		2.90	%		2.90	%
Total return before incentive fees (2)		3.32	%		4.09	%		4.09	%		5.30	%		6.09	%		6.08	%
Total return after incentive fees (2)		3.05	%		3.82	%		3.82	%		5.22	%		6.02	%		6.01	%

(1)

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

(2)

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

(3)	Annualized with the exception of incentive fees.

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


	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		0.34			0.37			0.34			0.34			0.37			0.34			0.40			0.40			0.29			0.33			0.33
Expenses		(5.23	)		(4.95	)		(4.58	)		(4.79	)		(4.54	)		(4.21	)		(3.70	)		(3.71	)		(3.29	)		(2.98	)		(2.99	)
Net gain/(loss) on investments, net of non-controlling interests		23.46			25.67			23.78			16.22			17.76			16.54			31.20			31.03			22.58			24.79			24.98

Net income/(loss)		18.57			21.09			19.54			11.77			13.59			12.67			27.90			27.72			19.58			22.14			22.32

Net asset value, March 31, 2015	$	131.66		$	145.76		$	134.57		$	128.38		$	142.12		$	131.73		$	166.20		$	166.06		$	120.70		$	133.49		$	134.09

Ratios to average net assets (3)
Net investment income/(loss)		-8.00	%		-5.53	%		-5.53	%		-8.34	%		-6.12	%		-6.12	%		-4.59	%		-4.59	%		-6.69	%		-4.59	%		-4.41	%
Expenses before incentive fees (4)		6.48	%		4.01	%		4.01	%		7.40	%		5.17	%		5.17	%		4.32	%		4.32	%		6.42	%		4.32	%		4.09	%
Expenses after incentive fees (4)		9.10	%		6.63	%		6.63	%		9.45	%		7.23	%		7.23	%		5.65	%		5.65	%		7.75	%		5.65	%		5.47	%
Total return before incentive fees (2)		19.04	%		19.53	%		19.60	%		12.15	%		12.63	%		12.70	%		21.50	%		21.36	%		20.69	%		21.21	%		21.35	%
Total return after incentive fees (2)		16.42	%		16.92	%		16.99	%		10.09	%		10.57	%		10.64	%		20.17	%		20.04	%		19.36	%		19.88	%		19.97	%

	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		0.01			0.01			0.01			0.01			0.01						0.00			0.00			0.00
Expenses		(3.68	)		(2.67	)		(3.59	)		(3.07	)		(3.06	)					(2.46	)		(1.73	)		(2.29	)
Net gain/(loss) on investments, net of non-controlling interests		20.93			21.26			28.59			24.80			24.72						13.01			13.22			17.54

Net income/(loss)		17.26			18.60			25.01			21.74			21.67						10.55			11.49			15.25

Net asset value, March 31, 2015	$	148.80		$	151.80		$	204.17		$	174.76		$	174.19					$	106.16		$	108.31		$	143.73

Ratios to average net assets (3)
Net investment income/(loss)		-6.17	%		-3.14	%		-3.14	%		-3.14	%		-3.14	%					-6.75	%		-3.75	%		-3.75	%
Expenses before incentive fees (4)		4.78	%		1.76	%		1.76	%		1.76	%		1.76	%					5.77	%		2.76	%		2.76	%
Expenses after incentive fees (4)		6.19	%		3.17	%		3.17	%		3.17	%		3.17	%					6.75	%		3.75	%		3.75	%
Total return before incentive fees (2)		14.54	%		15.38	%		15.38	%		15.62	%		15.62	%					12.02	%		12.85	%		12.85	%
Total return after incentive fees (2)		13.12	%		13.96	%		13.96	%		14.21	%		14.21	%					11.03	%		11.87	%		11.87	%

	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		(6.31	)		(5.03	)		(6.38	)		(3.44	)		(2.43	)		(3.26	)
Net gain/(loss) on investments, net of non-controlling interests		22.26			22.62			28.71			21.03			21.36			28.59

Net income/(loss)		15.95			17.59			22.33			17.59			18.93			25.33

Net asset value, March 31, 2015	$	191.90		$	195.77		$	248.56		$	147.87		$	150.86		$	201.89

Ratios to average net assets (3)
Net investment income/(loss)		-8.63	%		-5.63	%		-5.63	%		-7.00	%		-3.99	%		-3.99	%
Expenses before incentive fees (4)		6.91	%		3.90	%		3.90	%		6.05	%		3.03	%		3.03	%
Expenses after incentive fees (4)		8.63	%		5.63	%		5.63	%		7.00	%		3.99	%		3.99	%
Total return before incentive fees (2)		10.79	%		11.59	%		11.59	%		14.46	%		15.31	%		15.30	%
Total return after incentive fees (2)		9.07	%		9.87	%		9.87	%		13.50	%		14.35	%		14.35	%

(1)

(2)

(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.

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 March 31, 2016 and December 31, 2015 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

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

For the Three Months Ended March 31, 2016

Monthly average contracts:


	Bought		Sold
Equinox Frontier Balanced Fund		1,094		1,089
Equinox Frontier Winton Fund		782		729
Equinox Frontier Select Fund		572		509

For the Three Months Ended March 31, 2015

Monthly average contracts:


	Bought		Sold
Equinox Frontier Balanced Fund		1,797		1,774
Equinox Frontier Diversified Fund		2,769		2,726
Equinox Frontier Select Fund		546		584

The following tables summarize the trading revenues for the three months ended March 31, 2016 and 2015 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended March 31, 2016


Type of contract	Equinox Frontier Select Fund			Equinox Frontier Balanced Fund			Equinox Frontier Winton Fund
Metals	$	(108,809	)	$	30,120		$	(1,316,623	)
Currencies		28,131			(355,492	)		(89,124	)
Energies		1,057,284			299,529			894,793
Agriculturals		(139,494	)		(44,749	)		239,120
Interest rates		1,351,605			3,630,729			3,472,864
Stock indices		(172,243	)		(1,942,579	)		(672,307	)

Realized trading income/(loss)⁽¹⁾	$	2,016,474		$	1,617,558		$	2,528,723

Realized Trading Revenue from Futures, Forwards and Options

for the Year Ended March 31, 2015


Type of contract	Equinox Frontier Select Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	(545,578	)	$	(373,850	)	$	(480,274	)
Currencies		333,693			1,690,865			1,300,174
Energies		693,912			566,049			673,969
Agriculturals		(27,708	)		40,555			43,268
Interest rates		1,052,987			2,082,162			4,697,960
Stock indices		778,321			2,269,898			2,166,072

Realized trading income/(loss)⁽¹⁾	$	2,285,627		$	6,275,679		$	8,401,169

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

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

for the Three Months Ended March 31, 2016


Type of contract	Equinox Frontier Select Fund			Equinox Frontier Balanced Fund			Equinox Frontier Winton Fund
Metals	$	(198,411	)	$	(32,743	)	$	(490,237	)
Currencies		146,018			(565,832	)		(162,275	)
Energies		(639,356	)		247,539			(125,218	)
Agriculturals		10,560			37,881			(188,079	)
Interest rates		475,301			281,778			1,226,766
Stock indices		201,538			13,737			(184,803	)

Change in unrealized trading income/ (loss)⁽¹⁾	$	(4,350	)	$	(17,640	)	$	76,154

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

for the Three Months Ended March 31, 2015


Type of contract	Equinox Frontier Select Fund			Equinox Frontier Balanced Fund			Equinox Frontier Diversified Fund
Metals	$	406,842		$	84,744		$	169,599
Currencies		72,173			(201,541	)		(702,482	)
Energies		(660,346	)		(545,488	)		(310,222	)
Agriculturals		78,938			(104,841	)		294,460
Interest rates		(436,930	)		(247,430	)		(313,845	)
Stock indices		(164,760	)		(351,259	)		734,599

Change in unrealized trading income/(loss)⁽¹⁾	$	(704,083	)	$	(1,365,815	)	$	(127,891	)

(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.

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 March 31, 2016 and December 31, 2015.

As of March 31, 2016


	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Equinox Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	257,286	$	(263,396	)	$	(6,110	)
Swap Contracts		16,955,814		—			16,955,814

Equinox Frontier Diversified Fund
Swap Contracts	$	7,445,618	$	—		$	7,445,618

Equinox Frontier Long/Short Commodity Fund
Swap Contracts	$	4,256,848	$	—		$	4,256,848

Equinox Frontier Heritage Fund
Swap Contracts	$	8,857,363	$	—		$	8,857,363

Equinox Frontier Select Fund
Open Trade Equity/(Deficit)	$	499,695	$	(41,706	)	$	457,989

Equinox Frontier Winton Fund
Open Trade Equity/(Deficit)	$	675,733	$	—		$	675,733

As of December 31, 2015


	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Equinox Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	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

9. Trading Activities and Related Risks

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

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

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

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

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

10. Indemnifications and Guarantees noted in Management Discussion and Analysis

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

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

11. Subsequent Events

exchanged its interests in the Trading Company for interests of equivalent value in a feeder fund of the Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC (“Master Fund”), which is advised by Emil van Essen LLC. The Fund will now obtain exposure to the Multi-Strategy Program through this investment in the feeder fund. The feeder fund is a commodity pool available to the Fund and other investors through the Galaxy Plus Managed Account Platform, which is an unaffiliated, third-party managed account platform sponsored and operated by Gemini Alternative Funds, LLC.

On March 30, 2016, Equinox Fund Management, LLC on its own behalf and on behalf of each series of Equinox Frontier Funds entered into a new Administrative Services Agreement with Gemini Hedge Fund Services, LLC (“Gemini”) pursuant to which Gemini will act as an independent, third party administrator to perform certain administrative services including the calculation of net asset value, trade reconciliation, audit support and other financial bookkeeping services. This agreement will not take effect until July 1, 2016.

On March 30, 2016, the Trust entered into a new Fund Services Agreement with Gemini Fund Services, LLC (the “New Transfer Agent”) pursuant to which the New Transfer Agent will act as an independent, third party transfer agent to perform investor and administration services and related services including, but not limited to, sales processing and commissions, distribution processing, transfer agent services, shareholder telephone support, tax reporting and processing, reinvestment agent servicing and redemption agent servicing. This agreement will not take effect until July 1, 2016.

In connection with the foregoing transactions, the Trust and the Managing Owner have terminated the Administration Agreement dated July 7, 2011 with BNP Paribas Financial Services, LLC and the Transfer Agency Agreement dated December 1, 2011 with Phoenix American Financial Services, LLC. Both company’s services will end June 30, 2016.

Offers and sales of units of the Fund were suspended on May 2, 2016 and resumed on May 6, 2016 due to a delay in the receipt of certain regulatory approvals of the Fund’s offering documentation.

Equinox Frontier Funds

Consolidated Statements of Financial Condition

March 31, 2016 (unaudited) and December 31, 2015


	3/31/16		12/31/15
ASSETS
Cash and cash equivalents	$	1,628,626	$	13,975,625
U.S. Treasury securities, at fair value		137,324,374		117,478,438
Receivable from futures commission merchants		73,384,641		72,731,570
Open trade equity, at fair value		—		—
Options purchased, at fair value		216,150		526,288
Swap contracts, at fair value		37,515,643		40,136,065
Prepaid service fees		12,787		24,251
Interest receivable		811,567		2,039,516
Receivables from related parties		2,533		3,120
Other assets		—		17

Total Assets	$	250,896,321	$	246,914,890

LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	64,871	$	4,348,870
Written options, at fair value		205,350		165,760
Pending owner additions		38,123		36,462
Owner redemptions payable		236,989		612,170
Incentive fees payable to Managing Owner		2,349,607		382,136
Management fees payable to Managing Owner		395,760		402,943
Interest payable to Managing Owner		188,358		162,121
Trading fees payable to Managing Owner		289,602		282,522
Service fees payable to Managing Owner		270,978		273,856
Payables to related parties		63,014		63,744
Other liabilities		26		7

Total Liabilities		4,102,678		6,730,591

CAPITAL
Managing Owner Units		5,980,715		5,798,155
Limited Owner Units		240,812,928		234,386,144

Total Capital		246,793,643		240,184,299

Total Liabilities and Capital	$	250,896,321	$	246,914,890

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

Equinox Frontier Fund

Consolidated Condensed Schedule of Investments

March 31, 2016 (Unaudited)


Description	Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	43,962			0.02	%
Various base metals futures contracts (U.S.)		(931,636	)		-0.38	%
Various currency futures contracts (Singapore)		9,476			0.00	%
Various currency futures contracts (U.S.)		1,025,979			0.42	%
Various energy futures contracts (Far East)		744			0.00	%
Various energy futures contracts (U.S.)		(652,894	)		-0.26	%
Various interest rates futures contracts (Canada)		(59,409	)		-0.02	%
Various interest rates futures contracts (Europe)		1,017,916			0.41	%
Various interest rates futures contracts (Far East)		(55,361	)		-0.02	%
Various interest rates futures contracts (Oceanic)		122,489			0.05	%
Various interest rates futures contracts (U.S.)		642,932			0.26	%
Various precious metal futures contracts (Far East)		46			0.00	%
Various precious metal futures contracts (U.S.)		1,293,732			0.52	%
Various soft futures contracts (Canada)		129			0.00	%
Various soft futures contracts (Europe)		(4,209	)		0.00	%
Various soft futures contracts (U.S.)		723,871			0.29	%
Various stock index futures contracts (Canada)		9,819			0.00	%
Various stock index futures contracts (Europe)		(101,191	)		-0.04	%
Various stock index futures contracts (Far East)		60,738			0.02	%
Various stock index futures contracts (Oceanic)		(9,266	)		0.00	%
Various stock index futures contracts (U.S.)		842,103			0.34	%

Total Long Futures Contracts	$	3,979,970			1.61	%

SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(542,388	)		-0.22	%
Various base metals futures contracts (U.S.)		466,677			0.19	%
Various currency futures contracts (U.S.)		(1,706,083	)		-0.69	%
Various energy futures contracts (Europe)		(7,281	)		0.00	%
Various energy futures contracts (U.S.)		(83,071	)		-0.03	%
Various interest rates futures contracts (Canada)		17,837			0.01	%
Various interest rates futures contracts (Europe)		(127,580	)		-0.05	%
Various interest rates futures contracts (Far East)		14,622			0.01	%
Various interest rates futures contracts (Oceanic)		(183,902	)		-0.07	%
Various interest rates futures contracts (U.S.)		(554,998	)		-0.22	%
Various precious metal futures contracts (U.S.)		(237,326	)		-0.10	%
Various soft futures contract (Europe)		(37,110	)		-0.02	%
Various soft futures contracts (Canada)		(49,649	)		-0.02	%
Various soft futures contracts (Europe)		72,992			0.03	%
Various soft futures contracts (U.S.)		(129,956	)		-0.05	%
Various stock index futures contracts (Africa)		2,451			0.00	%
Various stock index futures contracts (Canada)		3,814			0.00	%
Various stock index futures contracts (Europe)		189,334			0.08	%
Various stock index futures contracts (Far East)		(134,125	)		-0.05	%
Various stock index futures contracts (Oceanic)		9,725			0.00	%
Various stock index futures contracts (U.S.)		(1,144,789	)		-0.46	%
Various stock index futures contracts (Warsaw)		(5,857	)		0.00	%

Total Short Futures Contracts	$	(4,166,663	)		-1.66	%

CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	121,822			0.05	%

Total Currency Forwards	$	121,822			0.05	%

Total Open Trade Equity (Deficit)	$	(64,871	)		0.00	%

OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)		216,150			0.09	%

Total Options Purchased	$	216,150			0.09	%

OPTIONS WRITTEN *
Various soft futures contracts (U.S.)	$	(30,780	)		-0.01	%
Various stock index futures contracts (U.S.)		(174,570	)		-0.07	%

Total Options Written	$	(205,350	)		-0.08	%

SWAPS (1)
Frontier Brevan Howard swap (U.S.)	$	8,857,363			3.59	%
Frontier XXXIV Balanced select swap (U.S.)		16,955,814			6.87	%
Frontier XXXV Diversified select swap (U.S.)		7,445,618			3.02	%
Frontier XXXVII L/S select swap (U.S.)		4,256,848			1.72	%

Total Swaps	$	37,515,643			15.20	%


U.S. TREASURY SECURITIES

FACE VALUE	Fair Value			Fair Value
$67,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	92,784,530			37.60	%
$20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,012,500)		28,909,375			11.71	%
$15,000,000 US Treasury Note 2.25% due 11/15/2025 (Cost $15,552,664)		15,630,469			6.33	%

Total U.S. Treasury Securities	$	137,324,374			55.64	%

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

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

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

Equinox Frontier Fund

Consolidated Condensed Schedule of Investments

December 31, 2015


Description	Fair Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	(96,596	)		-0.04	%
Various base metals futures contracts (U.S.)		(1,250,449	)		-0.52	%
Various currency futures contracts (Singapore)		6,824			0.00	%
Various currency futures contracts (U.S.)		54,431			0.02	%
Various energy futures contracts (Europe)		13,493			0.01	%
Various energy futures contracts (Far East)		605			0.00	%
Various energy futures contracts (U.S.)		(2,605,923	)		-1.08	%
Brent Crude Oil Settling 1/29/2016 (Number of Contracts: 546)		(3,709,735	)		-1.54	%
WTI Crude Oil Settling 5/31/2016 (Number of Contracts: 925		(7,677,427	)		-3.20	%
Heat Oil Settling 6/29/2016 (Number of Contracts:2314)		(4,145,156	)		-1.73	%
Various interest rates futures contracts (Canada)		111,674			0.05	%
Various interest rates futures contracts (Europe)		(686,234	)		-0.29	%
Various interest rates futures contracts (Far East)		304,974			0.13	%
Various interest rates futures contracts (Oceanic)		(19,910	)		-0.01	%
Various interest rates futures contracts (U.S.)		(568,406	)		-0.24	%
Various precious metal futures contracts (U.S.)		(2,773,754	)		-1.15	%
Various soft futures contracts (Canada)		513			0.00	%
Various soft futures contracts (Europe)		73,103			0.03	%
Various soft futures contracts (Oceanic)		5,505			0.00	%
Various soft futures contracts (U.S.)		349,981			0.15	%
Various stock index futures contracts (Canada)		(43,551	)		-0.02	%
Various stock index futures contracts (Europe)		100,955			0.04	%
Various stock index futures contracts (Far East)		(184,632	)		-0.08	%
Various stock index futures contracts (Oceanic)		(2,642	)		0.00	%
Various stock index futures contracts (U.S.)		135,830			0.06	%

Total Long Futures Contracts	$	(22,606,527	)		-9.41	%

SHORT FUTURES CONTRACTS *
Various base metals futures contracts (Europe)	$	402,411			0.17	%
Various base metals futures contracts (U.S.)		113,542			0.05	%
Various currency futures contracts (U.S.)		1,304,853			0.54	%
Various energy futures contracts (Europe)		29,608			0.01	%
Various energy futures contracts (Far East)		1,430			0.00	%
Various energy futures contracts (U.S.)		3,963,547			1.65	%
WTI Crude Oil Settling 4/30/2016 (Number of Contracts: 845)		4,039,571			1.68	%
WTI Crude Oil Settling 6/29/2016 (Number of Contracts: 756)		3,923,021			1.63	%
Heat Oil Settling 8/1/2016 (Number of Contracts:210)		3,342,927			1.39	%
Various interest rates futures contracts (Canada)		912			0.00	%
Various interest rates futures contracts (Europe)		130,658			0.05	%
Various interest rates futures contracts (Far East)		(18,300	)		-0.01	%
Various interest rates futures contracts (Oceanic)		(171,001	)		-0.07	%
Various interest rates futures contracts (U.S.)		148,445			0.06	%
Various precious metal futures contracts (Far East)		4,492			0.00	%
Various precious metal futures contracts (U.S.)		1,320,899			0.55	%
Various precious metal futures contracts (Far East)		(2,639	)		0.00	%
Various soft futures contract (Europe)		(10,130	)		0.00	%
Various soft futures contracts (Canada)		(1,321	)		0.00	%
Various soft futures contracts (Europe)		49,202			0.02	%
Various soft futures contracts (Far East)		(1,348	)		0.00	%
Various soft futures contracts (Singapore)		930			0.00	%
Various soft futures contracts (U.S.)		(364,588	)		-0.15	%
Various stock index futures contracts (Africa)		(10,962	)		0.00	%
Various stock index futures contracts (Canada)		(23,117	)		-0.01	%
Various stock index futures contracts (Europe)		(23,385	)		-0.01	%
Various stock index futures contracts (Far East)		87,447			0.04	%
Various stock index futures contracts (Mexico)		790			0.00	%
Various stock index futures contracts (Oceanic)		(12,679	)		-0.01	%
Various stock index futures contracts (U.S.)		(39,052	)		-0.02	%
Various stock index futures contracts (Warsaw)		(3,926	)		0.00	%

Total Short Futures Contracts	$	18,182,237			7.57	%

CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	75,418			0.03	%

Total Currency Forwards	$	75,418			0.03	%

Total Open Trade Equity (Deficit)	$	(4,348,872	)		-1.81	%

OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	154,530			0.06	%
Various stock index futures contracts (U.S.)		371,758			0.15	%

Total Options Purchased	$	526,288			0.21	%

OPTIONS WRITTEN *
Various energy futures contracts (U.S.)	$	(165,760	)		-0.07	%

Total Options Written	$	(165,760	)		-0.07	%

SWAPS (1)
Frontier Brevan Howard swap (U.S.)	$	7,960,269			3.31	%
Frontier XXXIV Balanced select swap (U.S.)		19,157,519			7.98	%
Frontier XXXV Diversified select swap (U.S.)		8,685,849			3.62	%
Frontier XXXVII L/S select swap (U.S.)		4,332,428			1.80	%

Total Swaps	$	40,136,065			16.71	%


U.S. TREASURY SECURITIES

FACE VALUE	Fair Value			Fair Value
$67,000,000 US Treasury Note 6.000% due 02/15/2026 (Cost $99,934,764)	$	89,465,938			37.25	%
$20,000,000 US Treasury Note 6.875% due 08/15/2025 (Cost $28,322,622)		28,012,500			11.66	%

Total U.S. Treasury Securities	$	117,478,438			48.91	%

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

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

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

Equinox Frontier Funds

Consolidated Statements of Operations

For the Three Months Ended March 31, 2016 and 2015

(Unaudited)


	2016			2015
Investment income:
Interest - net	$	241,847		$	294,670

Total Income		241,847			294,670

Expenses:
Incentive Fees		2,349,607			4,902,774
Management Fees		1,182,715			1,288,670
Service Fees - Class 1		969,384			1,171,052
Trading Fees		834,678			921,267

Total Expenses		5,336,384			8,283,763

Investment income/(loss) - net		(5,094,537	)		(7,989,093	)

Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		8,055,316			39,987,665
Net change in open trade equity/(deficit)		4,154,281			(10,301,441	)
Net realized gain/(loss) on swap contracts		—			—
Net unrealized gain/(loss) on swap contracts		(2,620,421	)		10,944,171
Net realized gain/(loss) on U.S. Treasury securities		71,093			—
Net unrealized gain/(loss) on U.S. Treasury securities		4,903,532			2,735,063
Trading commissions		(579,377	)		(710,398	)

Net gain/(loss) on investments		13,984,424			42,655,060

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	$	8,889,887		$	34,665,967

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

Equinox Frontier Funds

Consolidated Statement of Changes in Owners’ Capital

For the Three Months Ended March 31, 2016 (Unaudited)


	Managing Owner		Limited Owners			Total
Owners’ Capital, December 31, 2015		5,798,155		234,386,144			240,184,299
Sale of Units		—		8,869,002			8,869,002
Redemption of Units		—		(11,149,545	)		(11,149,545	)
Net increase/(decrease) in Owners’ Capital resulting from operations		182,560		8,707,327			8,889,887

Owners’ Capital, March 31, 2016	$	5,980,715	$	240,812,928		$	246,793,643

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.

Equinox Frontier Funds

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2016 and 2015 (Unaudited)


	2016			2015
Cash Flows from Operating Activities:
*Net increase/(decrease) in capital resulting from operations*	$	8,889,887		$	34,665,967
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		(4,283,999	)		11,423,649
Net change in options purchased		310,138			(6,419,090	)
Net change in options written		39,590			6,237,689
Net unrealized (gain)/loss on swap contracts		2,620,421			(10,944,171	)
Net realized (gain)/loss on swap contracts		—			—
Net unrealized (gain)/loss on U.S. Treasury securities		(4,903,532	)		(2,735,063	)
Net realized (gain)/loss on U.S. Treasuries securities		71,093			—
*(Purchases) sales of:*
Sales of swap contracts		—			—
(Purchases) of swap contracts		—			(1,000,000	)
(Purchases) of U.S. Trasury securities		(25,877,151	)		—
Sales of U.S. Treasury securities		10,299,176			(21,196,875	)
U.S. Treasury interest and premium paid/amortized		564,478			694,829
*Increase and/or decrease in:*
Receivable from futures commission merchants		(653,071	)		(8,705,337	)
Distributions from trading companies		—			—
Prepaid service fees		11,464			(6,460	)
Interest receivable		1,227,949			1,217,660
Receivable from related parties		587			935
Other assets		17			500,000
Incentive fees payable to Managing Owner		1,967,471			(1,762,554	)
Management fees payable to Managing Owner		(7,183	)		(3,567	)
Interest payable to Managing Owner		26,237			24,238
Trading fees payable to Managing Owner		7,080			20,142
Service fees payable to Managing Owner		(2,878	)		18,943
Payables to related parties		(730	)		8,200
Other liabilities		20			—

*Net cash provided by (used in) operating activities*		(9,692,936	)		2,039,135

Cash Flows from Financing Activities:
Proceeds from sale of capital		8,869,002			4,097,823
Payment for redemption of capital		(11,149,545	)		(17,052,044	)
Payment from the Managing Owner		—			1,211,610
Pending owner additions		1,661			5,149
Redemptions payable		(375,181	)		135,956

*Net cash provided by (used in) financing activities*		(2,654,063	)		(11,601,506	)

Net increase (decrease) in cash and cash equivalents		(12,346,999	)		(9,562,371	)
Cash and cash equivalents, beginning of period		13,975,625			18,977,844

Cash and cash equivalents, end of period	$	1,628,626		$	9,415,473

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

Equinox Frontier Funds

Notes to Consolidated Financial Statements (Unaudited)

1. Organization and Purpose

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

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

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

The Trust has seven (7) separate and distinct Series of Units issued and outstanding: Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Long/Short Commodity Fund, Equinox Frontier Balanced Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund, and Equinox Frontier Heritage Fund. 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:

•

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

•

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

•

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

•

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

of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Equinox Frontier Diversified Fund, and Equinox Frontier Masters Fund or Class 2a Units of the Equinox Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents; and

•

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

As of December 31, 2015, the Trust, with respect to the Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, Equinox Frontier Select Fund, Equinox Frontier Winton Fund and Equinox Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Equinox Frontier Balanced Fund and the Equinox Frontier Long/Short Commodity Fund separates Units into a maximum of six separate Classes—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of U.S. Treasury Securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

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—Each Series of the Trust invests in Trading Companies who authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses, all of which is allocated to the Series. The Trading Companies and Series of the Trust are consolidated by the Trust.

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

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

Interest Income—Aggregate interest income from all sources, including U.S. Treasury securities and assets held at FCMs, up to the first two percentage points or 20% of the aggregate percentage yield (annualized) is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Trust, and shown net on the consolidated statement of operations.

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

Receivable From Futures Commission Merchants—The Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM.

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

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

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

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

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

Income Taxes—The Trust applies the provisions of ASC 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, 2015. The 2012 through 2015 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

Fees and Expenses—All management fees, incentive fees, service fees and trading fees of the Trust are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, Selling Agent Service fees and all other operating expenses and continuing offering costs of the Trust.

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

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

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).” Adoption did 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 is not expected to have a material effect on the Trust’s financial statements. Early adoption is permitted.

“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

Level 3 Inputs

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

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

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

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The Valuation Committee discontinued its use of a third-party pricing service on March 1, 2016. The valuation committee reports to both the Managing Owner’s Management Committee and the Trust’s Executive Committee. The valuation committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The valuation committee’s designee monitors daily pricing valuation provided by the swap. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provide by the pricing service

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


March 31, 2016	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	(186,693	)	$	121,822		$	—	$	(64,871	)
Swap Contracts		—			—			37,515,643		37,515,643
U.S. Treasury Securities		137,324,374			—			—		137,324,374
Purchased Options		—			216,150			—		216,150
Written Options		—			(205,350	)		—		(205,350	)

December 31, 2015	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total 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	)


	For the Three Months ended March 31, 2016
Balance of recurring Level 3 assets as of January 1, 2015	$	40,136,065
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(2,620,422	)
Purchases of investments		—
Sales of investments		—
Transfers in and/or out of Level 3		—

Balance of recurring Level 3 assets as of December 31, 2015	$	37,515,643


	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 three months ended March 31, 2016, the Trust did not transfer any assets between Levels 1, 2 and 3.

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


Swaps		$	(2,620,422	)

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

4. Swaps

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of March 31, 2016 and December 31, 2015, approximately 9.2% or $22,869,499 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 three months ended March 31, 2016:


	Brevan Howard Total Return Swap	XXXIV Balanced select swap Total Return Swap	XXXV Diversified select swap Total Return Swap	XXXVII L/S select swap Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$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	$5,989,499	$9,600,000	$3,400,000	$3,880,000
Swap Value	$2,867,864	$7,355,814	$4,045,618	$376,848
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0

Change in Unrealized Gain/(Loss)	$897,095	($2,201,706)	($1,240,231)	($75,579)

Fair Value as of 3/31/2016	$8,857,363	$16,955,814	$7,445,618	$4,256,848

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


	Brevan Howard Total Return Swap	XXXIV Balanced Select Swap Total Return Swap	XXXV Diversified Select Swap Total Return Swap	XXXVII L/S Select Swap Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$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 12/31/15	$7,960,269	$19,157,519	$8,685,749	$40,136,065

5. Transactions with Affiliates

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

Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the nominal assets of such Series, calculated on a daily basis. The total amount of assets of a series allocated to trading advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the trading advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the trading advisors and any reference programs, is referred to herein as the “nominal assets” of the series. The annual rate of the management fee is: 0.5% for the Equinox Frontier Balanced Fund Class 1, Class 2 and Class 3, 1.0% for the Equinox Frontier Balanced Fund Class 1a, 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.

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

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

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

As of March 31, 2016, the Trust has a payable to the Managing Owner in the amounts of $2,349,607, $395,760, $188,358, $289,602, and $270,978 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2015, the Trust has a payable to the Managing Owner in the amounts of $382,136, $402,943, $162,121, $282,522 and $273,856 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended March 31, 2016, the Trust paid the Managing Owner $2,349,607, $1,182,715, $969,384and $834,678 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended March 31, 2015, the Trust paid the Managing Owner $4,902,774, $1,288,670, $1,171,052 and $921,267 for incentive fees, management fees, service fees, and trading fees, respectively.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the three months ended March 31, 2016 and 2015, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $12 and $7,262, respectively.

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three months ended March 31, 2016 and 2015:


	2016		2015		2016			2015
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Equinox Frontier Diversified Fund Class 1	$	6,619	$	13,441		0.06	%		0.07	%
Equinox Frontier Diversified Fund Class 2		24,507		24,311		0.06	%		0.08	%
Equinox Frontier Diversified Fund Class 3		7,171		4,562		0.06	%		0.13	%
Equinox Frontier Masters Fund Class 1		5,171		8,161		0.06	%		0.07	%
Equinox Frontier Masters Fund Class 2		4,978		6,281		0.06	%		0.08	%
Equinox Frontier Masters Fund Class 3		4,194		3,349		0.06	%		0.11	%
Equinox Frontier Long/Short Commodity Fund Class 2		444		895		0.04	%		0.07	%
Equinox Frontier Long/Short Commodity Fund Class 3		2,568		5,174		0.04	%		0.07	%
Equinox Frontier Long/Short Commodity Fund Class 1a		1,778		4,027		0.04	%		0.07	%
Equinox Frontier Long/Short Commodity Fund Class 2a		575		1,188		0.04	%		0.07	%
Equinox Frontier Long/Short Commodity Fund Class 3a		377		480		0.04	%		0.09	%
Equinox Frontier Balanced Fund Class 1		189,608		206,350		0.29	%		0.33	%
Equinox Frontier Balanced Fund Class 1AP		2,196		2,192		0.01	%		0.01	%
Equinox Frontier Balanced Fund Class 2		69,764		69,007		0.29	%		0.34	%
Equinox Frontier Balanced Fund Class 2a		337		322		0.06	%		0.06	%
Equinox Frontier Balanced Fund Class 3a		1,497		1,475		0.06	%		0.07	%
Equinox Frontier Select Fund Class 1		9,889		24,071		0.08	%		0.19	%
Equinox Frontier Select Fund Class 1AP		41		85		0.00	%		0.00	%
Equinox Frontier Select Fund Class 2		1,151		2,762		0.79	%		0.20	%
Equinox Frontier Winton Fund Class 1		104,787		122,407		0.43	%		0.53	%
Equinox Frontier Winton Fund Class 1AP		168		177		0.01	%		0.01	%
Equinox Frontier Winton Fund Class 2		54,267		60,971		0.43	%		0.57	%
Equinox Frontier Heritage Fund Class 1		25,473		30,992		0.28	%		0.37	%
Equinox Frontier Heritage Fund Class 1AP		175		188		0.01	%		0.01	%
Equinox Frontier Heritage Fund Class 2		8,547		10,169		0.28	%		0.38	%

Total	$	526,283	$	603,037

The Managing Owner, under an amended contract, paid to The Bornhoft Group Corporation, an affiliate of the Trust, an annual payment of $1,100,000 for the first year of the contract and $600,000 for the second year of the contract, and $300,000 for the third and final year for investment and advisor services and 0.1% annually thereafter of the trading level with the Equinox Frontier Balanced Fund in lieu of a monthly service fee. The Managing Owner paid $0 and $139,848, respectively under this agreement for the three months ended March 31, 2016 and 2015, respectively. These amounts have no impact on the Trust’s financial statements. This contract ended April 30, 2015.

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

6. Financial Highlights

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


	2016			2015
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-5.50	%		-6.18	%
Expenses before incentive fees (3)		4.93	%		4.87	%
Expenses after incentive fees (3)		5.90	%		6.61	%
Total return before incentive fees (2)		4.62	%		14.05	%
Total return after incentive fees (2)		3.65	%		12.31	%

(1)	Annualized with the exception of incentive fees.

(2)	Total returns are not annualized.

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

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

7. Derivative Instruments and Hedging Activities

The Trust’s primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust’s derivatives by instrument types as of March 31, 2016 and December 31, 2015 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts.

For the three months ended March 31, 2016 and 2015, the monthly average of futures contracts bought was approximately 9,689 and 10,923, respectively and sold was approximately 9,587 and 10,975, respectively.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2016⁽¹⁾


Type of contract
Metals	$	(5,431,149	)
Currencies		(1,496,926	)
Energies		4,565,694
Agriculturals		(984,627	)
Interest rates		12,614,651
Stock indices		(1,212,327	)

Realized trading income/(loss)⁽¹⁾	$	8,055,316

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

for the Three Months Ended March 31, 2016⁽²⁾


Type of contract
Metals	$	2,474,844
Currencies		(2,141,826	)
Energies		2,011,847
Agriculturals		564,823
Interest rates		1,745,123
Stock indices		(500,530	)

Change in unrealized trading income/(loss)⁽²⁾	$	4,154,281

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

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

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2015⁽¹⁾


Type of contract
Metals	$	(1,858,800	)
Currencies		10,129,391
Energies		11,552,937
Agriculturals		(148,685	)
Interest rates		9,920,908
Stock indices		10,391,914

Realized trading income/(loss)⁽¹⁾	$	39,987,665

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

for the Three Months Ended March 31, 2015⁽²⁾


Type of contract
Metals	$	104,184
Currencies		(2,328,313	)
Energies		(7,926,646	)
Agriculturals		187,764
Interest rates		(190,205	)
Stock indices		(148,225	)

Change in unrealized trading income/(loss)⁽²⁾	$	(10,301,441	)

(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.

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 March 31, 2016 and December 31, 2016:

Offsetting of Derivative Assets and Liabilities

As of March 31, 2016


	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Open Trade Equity/(Deficit)	$	2,141,256	$	(2,206,127	)	$	(64,871	)
Options Purchased		216,150		—			216,150
Options Written		—		(205,350	)		(205,350	)
Swap Contracts		37,515,643		—			37,515,643

Offsetting of Derivative Assets and Liabilities

As of December 31, 2015


	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Open Trade Equity/(Deficit)	$	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.

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.

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 April 15, 2016, Equinox Frontier Long/Short Commodity Fund (the “Fund”), which previously obtained exposure to the Multi-Strategy Program of Emil van Essen LLC through its investment in Frontier Trading Company VII, LLC (“the Trading Company”), exchanged its interests in the Trading Company for interests of equivalent value in a feeder fund of the Galaxy Plus Fund – Emil van Essen STP Master Fund (516) LLC (“Master Fund”), which is advised by Emil van Essen LLC. The Fund will now obtain exposure to the Multi-Strategy Program through this investment in the feeder fund. The feeder fund is a commodity pool available to the Fund and other investors through the Galaxy Plus Managed Account Platform, which is an unaffiliated, third-party managed account platform sponsored and operated by Gemini Alternative Funds, LLC.

Offers and sales of units of the Fund were suspended on May 2, 2016 and resumed on May 6, 2016 due to a delay in the receipt of certain regulatory approvals of the Fund’s offering documentation.

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

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

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

Overview

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

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

Critical Accounting Policies and Estimates

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

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

Investment Transactions and Valuation

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

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

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

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

Selection and Replacement of Trading Advisors

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

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

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

Quantitative Analysis

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

Qualitative Analysis

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

Multi-Manager Approach

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

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


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

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


Advisor	Equinox Frontier Diversified Fund			Equinox Frontier Long/Short Commodity Fund			Equinox Frontier Masters Fund			Equinox Frontier Balanced Fund			Equinox Frontier Select Fund			Equinox Frontier Winton Fund			Equinox Frontier Heritage Fund
Abraham Trading Company		—			—			—			—			—			—			—
Brandywine Asset Management		—			—			—			4	%		—			—			—
BH-DG Systematic Trading LLP		2	%		—			—			—			38	%		—			45	%
Campbell &Company Inc.		—			—			—			5	%		—			—			—
Cantab Capital Partners LLP		—			—			—			10	%		—			—			—
Chesapeake Capital Corporation		11	%		15	%		28	%		—			—			—			—
Commodity Strategies AG		—			—			—			—			—			—			—
Crabel Capital Management, LLC		4	%		—			—			4	%		—			—			—
Emil Van Essen, LLC		7	%		18	%		18	%		5	%		—			—			—
Fort, L.P.		10	%		—			—			13	%		—			—			—
H2O Asset Management		8	%		—			—			10	%		—			—			—
J E Moody & Company		—			14	%		—			—			—			—			—
Quantica Capital AG		—			—			—			2	%		—			—			—
Quantitative Investment Management, LLC		15	%		—			—			16	%		—			—			—
QuantMetrics Capital Management LLP		16	%		—			—			13	%		—			—			—
Quest Partners LLC		14	%		—			—			—			—			—			—
Red Oak Commodity Advisors, Inc.		—			26	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			21	%		—			—			—			—			—
Skyline Management, Inc.		—			—			—			—			—			—			—
Systematic Alpha		—			—			—			—			—			—			—
Tarpon Trading LLC		—			—			—			—			—			—			—
Tiverton Trading		—			—			—			—			—			—			—
Transtrend B.V.		—			—			27	%		—			62	%		—			—
Winton Capital Management Ltd.		8	%		—			27	%		8	%		—			100	%		55	%

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 March 31, 2016, cash deposited at the clearing brokers was $73,384,641 for the Trust. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. Currently, with the Federal Funds target rate at 0.00% to 0.25%, this amount is estimated to be 0.00%. In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds and time deposits. Aggregate interest income from all sources, including assets held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Equinox Frontier Balanced Fund (Class 1 and Class 2 only), Equinox Frontier Winton Fund, Equinox Frontier Select Fund, and Equinox Frontier Heritage Fund. For the Equinox Frontier Balanced Fund (Class 1a and Class 2a only), and the Equinox Frontier Long/Short Commodity Fund, 20% of the total interest allocated to each Series is paid to the Managing Owner. The 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 March 31, 2016, total cash and cash equivalents held at banking institutions were $453,012 for the Equinox Frontier Diversified Fund, $52,790 the Equinox Frontier Long/Short Commodity Fund, $133,757 for the Equinox Frontier Masters Fund, $599,464 for the Equinox Frontier Balanced Fund, $16,034 for the Equinox Frontier Select Fund, $308,128 for the Equinox Frontier Winton Fund, and $65,441 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 three months ended March 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.

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

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

Disclosure of Contractual Obligations

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

Results of Operations

Series Returns and Other Information

The returns for each Series and Class of Units for the three months ended March 31, 2016 and 2015, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during three months ended March 31, 2016 and 2015. The performance of each Series was impacted over the course of the periods by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For certain of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the periods presented.

Three Months Ended March 31, 2016 Compared to Three Months Ended March 31, 2015.

Equinox Frontier Diversified Fund

2016

The Equinox Frontier Diversified Fund—Class 1 NAV gained 2.52% and 16.42%, respectively, for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV gained 2.96% and 16.92%, respectively for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 3 NAV gained 3.03% and 16.99%, respectively for the three months ended March 31, 2016 and 2015.

For the three months ended March 31, 2016, the Equinox Frontier Diversified Fund recorded net gain on investments of $2,972,555, net investment income of $153,985, and total expenses of $1,592,769 resulting in a net increase in Owners’ capital from operations of $1,533,771, after non-controlling interests of $0. The NAV per Unit, Class 1, increased from $115.52 at December 31, 2015 to $118.43 as of March 31, 2016. The NAV per Unit, Class 2, increased from $129.60 at December 31, 2015 to $133.44 as of March 31, 2016. The NAV per Unit, Class 3 increased from $119.87 at December 31, 2015 to $123.50 as of March 31, 2016. Total Class 1 subscriptions and redemptions for the period were $241,609 and $3,601,250, respectively. Total Class 2 subscriptions and redemptions for the period were $3,924,703 and $645,622, respectively. Total Class 3 subscriptions and redemptions for the period were $3,419,573 and $348,905, respectively. Ending capital at March 31, 2016 was $8,880,778 for Class 1, $38,857,273 for Class 2 and $12,500,794 for Class 3. 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.

LOGO

Two of the six sectors traded in the Equinox Frontier Diversified Fund was profitable in Q1 2016 and YTD. Energies and Interest Rates were profitable while and Metals, Currencies, Agriculturals, and Stock Indices finished negative for the quarter.

In terms of major CTA performance Crabel, Emil Van Essen, QIM and Quest Partners finished positive for the quarter and YTD.

2015

The Equinox Frontier Diversified Fund—Class 1 NAV gained 16.42% and lost 4.97%, respectively, for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 2 NAV gained 16.92% and lost 4.56%, respectively for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Diversified Fund—Class 3 NAV gained 16.99% and lost 1.53%, respectively for the three months ended March 31, 2015 and 2014. The inception date of the Equinox Frontier Diversified Fund Class 3 was February 24, 2014.

For the three months ended March 31, 2015, the Equinox Frontier Diversified Fund recorded net gain on investments of $15,234,471, net investment income of $169,258, and total expenses of $2,373,266 resulting in a net increase in Owners’ capital from operations of $9,717,066, after non-controlling interests of $3,313,397. The NAV per Unit, Class 1, increased from $113.09 at December 31, 2014 to $131.66 as of March 31, 2015. The NAV per Unit, Class 2, increased from $124.67 at December 31, 2014 to $145.76 as of March 31, 2015. The NAV per Unit, Class 3 increased from $115.03 at December 31, 2014 to $134.57 as of March 31, 2015. Total Class 1 subscriptions and redemptions for the period were $487,852 and $2,417,127, respectively. Total Class 2 subscriptions and redemptions for the period were $759,658 and $5,722,101, respectively. Total Class 3 subscriptions and redemptions for the period were $1,813,483 and $597,357, respectively. Ending capital at March 31, 2015 was $20,268,019 for Class 1, $36,055,993 for Class 2 and $7,869,420 for Class 3. Ending capital at December 31, 2014 was $19,195,036 for Class 1,$35,224,292 for Class 2 and $5,588,281 for Class 3.

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

LOGO

Four of the six sectors traded in the Equinox Frontier Diversified Fund was profitable in Q1 2015 and YTD. Currencies, Energies, Interest Rates and Stock Indices were profitable while and Metals and Agriculturals finished negative for the quarter.

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

Equinox Frontier Masters Fund

2016

The Equinox Frontier Masters Fund—Class 1 NAV gained 5.44% and 10.09% for the three months ended March 31, 2016 and 2015 net of fees and expenses; the Equinox Frontier Masters Fund —Class 2 NAV gained 5.90% and 10.57% for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV gained 5.97% and 10.64% for the three months ended March 31, 2016 and 2015, net of fees and expenses.

For the three months ended March 31, 2016, the Equinox Frontier Masters Fund recorded net gain on investments of $1,866,339, net investment income of $57,379, and total expenses of $573,342, resulting in a net increase in Owners’ capital from operations of $1,350,376. For the three months ended March 31, 2015, the Equinox Frontier Masters Fund recorded net gain on investments of $3,440,003, net investment income of $71,164, and total expenses of $932,773, resulting in a net increase in Owners’ capital from operations of $2,578,394.

The NAV per Unit, Class 1, increased from $112.87 at December 31, 2015 to $119.01 as of March 31, 2016. The NAV per Unit, Class 2, increased from $126.60 at December 31, 20145 to $134.07 as of March 31, 2016. The NAV per Unit, Class 3, increased from $117.57 at December 31, 2015 to $124.59 as of March 31, 2016. Total Class 1 subscriptions and redemptions for the period were $53,938 and $1,430,661, respectively. Total Class 2 subscriptions and redemptions for the period were $50,000 and $812,685, respectively. Total Class 3 subscriptions and redemptions for the period were $1,045,040 and $1,213,531, respectively. Ending capital at March 31, 2016 was $7,355,368 for Class 1, $7,613,340 for Class 2 and $6,872,068 for Class 3. 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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Three of the six sectors traded in Equinox Frontier Masters Fund were profitable in Q1 2016 and YTD. Energies, Interest Rates, Agriculturals and hybrids were positive while Metals, Currencies, and Stock Indices were negative for the quarter and YTD.

In terms of major CTA performance, all of the major CTAs in the Equinox Frontier Masters Fund were profitable for the quarter except Chesapeake.

2015

The Equinox Frontier Masters Fund—Class 1 NAV gained 10.09% and lost 4.93% for the three months ended March 31, 2015 and 2014 net of fees and expenses; the Equinox Frontier Masters Fund—Class 2 NAV gained 10.57% and lost 4.52% for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Masters Fund—Class 3 NAV gained 10.64% and lost 4.47% for the three months ended March 31, 2015 and 2014, net of fees and expenses.

For the three months ended March 31, 2015, the Equinox Frontier Masters Fund recorded net gain on investments of $3,440,003, net investment income of $71,164, and total expenses of $932,773, resulting in a net increase in Owners’ capital from operations of $2,578,394. For the three months ended March 31, 2014, the Equinox Frontier Masters Fund recorded net loss on investments of $1,139,641, net investment income of $95,272, and total expenses of $570,990, resulting in a net decrease in Owners’ capital from operations of $1,615,359.

The NAV per Unit, Class 1, increased from $116.61 at December 31, 2014 to $128.38 as of March 31, 2015. The NAV per Unit, Class 2, increased from $128.53 at December 31, 2014 to $142.12 as of March 31, 2015. The NAV per Unit, Class 3, increased from $119.06 at December 31, 2014 to $131.73 as of March 31, 2015. Total Class 1 subscriptions and redemptions for the period were $197,260 and $950,034, respectively. Total Class 2 subscriptions and redemptions for the period were $5,000 and $247,295, respectively. Total Class 3 subscriptions and redemptions for the period were $663,443 and $1,228,567, respectively. Ending capital at March 31, 2015 was $12,259,432 for Class 1, $9,548,554 for Class 2 and $4,918,069 for Class 3. Ending capital at December 31, 2014 was $11,850,911 for Class 1, $8,868,743 for Class 2 and $4,988,200 for Class 3.

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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Five of the six sectors traded in Equinox Frontier Masters Fund were profitable in Q1 2015 and YTD. Currencies, Energies, Agriculturals, Interest Rates and Stock Indices were positive while Metals were negative for the quarter and YTD.

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

Equinox Frontier Long/Short Commodity Fund

2016

The Equinox Frontier Long/Short Commodity Fund—Class 2 NAV lost 1.97% and gained 20.17% for the three months ended March 31, 2016 and 2015, respectively, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 3 NAV lost 1.98% and gained 20.04% for the three months ended March 31, 2016 and 2015, respectively, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 1a NAV lost 2.33% and 19.36% for the three months ended March 31, 2016 and 2015, respectively, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 2a NAV lost 1.91% and gained 19.88% for the three months ended March 31, 2016 and 2015, respectively, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV lost 1.84% and gained 19.97%for the three months ended March 31, 2016 and 2015, respectively, net of fees and expenses.

For the three months ended March 31, 2016, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $80,555, net investment income of $22,970, and total expenses of $343,797, resulting in a net decrease in Owners’ capital from operations of $240,272. For the three months ended March 31, 2015, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $2,732,204, net investment income of $47,058, and total expenses of $463,081, resulting in a net increase in Owners’ capital from operations of $2,316,181. The NAV per Unit, Class 2, decreased from $132.10 at December 31, 2015 to $129.50 as of March 31, 2016. The NAV per Unit, Class 3, decreased from $132.14 at December 31, 2015 to $129.53 as of March 31, 2016. The NAV per Unit, Class 1a, decreased from $94.76 at December 31, 2015 to $92.55 as of March 31, 2016. The NAV per Unit, Class 2a, decreased from $106.19 at December 31, 2015 to $104.16 as of March 31, 2016. The NAV per Unit, Class 3a, decreased from $106.86 at December 31, 2015 to $104.89 as of March 31, 2016. Total Class 2 redemptions for the period were $56,113. Total Class 3 redemptions for the period were $300,584. Total Class 1a redemptions were $ $206,317. Class 2a redemptions for the period were $121,492. Class 3a subscriptions and redemptions for the period were $25,206 and $49,302, respectively. Ending capital at March 31, 2016 was $918,023 for Class 2, $5,506,136 for Class 3, $3,763,513 for Class 1a, $1,143,227 for Class 2a and $813,078 for Class 3a. 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.

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Four of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q1 2016. Energies, Precious Metals, Softs and meats finished positive for the quarter while Base Metals, Grains, and Financials finished negative for the quarter.

In terms of major CTA performance, one out of the five major CTAs in the Equinox Frontier Long/Short Commodity Fund were profitable in Q1 2015. Emil Van Essen was positive for the quarter and while Chesapeake, JE Moody, Red Oak and Rosetta finished negative for the quarter.

2015

The Equinox Frontier Long/Short Commodity Fund—Class 2 NAV gained 20.17% and lost 11.00% for the three months ended March 31, 2015 and 2014, respectively, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 3 NAV gained 20.04% and lost 11.01%for the three months ended March 31, 2015 and 2014, respectively, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 1a NAV gained 19.36% and lost 11.12%, for the three months ended March 31, 2015 and 2014, respectively, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund—Class 2a NAV gained 19.88% and lost 10.74%, for the three months ended March 31, 2015 and 2014, respectively, net of fees and expenses; the Equinox Frontier Long/Short Commodity Fund Class 3a NAV gained 19.97% and lost 10.68% for the three months ended March 31, 2015 and 2014, respectively, net of fees and expenses.

For the three months ended March 31, 2015, the Equinox Frontier Long/Short Commodity Fund recorded net gain on investments of $2,732,204, net investment income of $47,058, and total expenses of $463,081, resulting in a net increase in Owners’ capital from operations of $2,316,181. For the three months ended March 31, 2014, the Equinox Frontier Long/Short Commodity Fund recorded net loss on investments of $4,086,877, net investment income of $69,247, and total expenses of $407,171, resulting in a net decrease in Owners’ capital from operations of $4,424,801, after non-controlling interests of ($1,906,446). The NAV per Unit, Class 2, increased from $138.30 at December 31, 2014 to $166.20 as of March 31, 2015. The NAV per Unit, Class 3, increased from $138.34 at December 31, 2014 to $166.06 as of March 31, 2015. The NAV per Unit, Class 1a, increased from $101.12 at December 31, 2014

to $120.70 as of March 31, 2015. The NAV per Unit, Class 2a, increased from $111.35 at December 31, 2014 to $133.49 as of March 31, 2015. The NAV per Unit, Class 3a, increased from $111.77 at December 31, 2014 to $134.09 as of March 31, 2015. Total Class 2 redemptions for the period were $46,260. Total Class 3 redemptions for the period were $226,216. Total Class 1a redemptions were $ $414,752. Class 2a subscriptions and redemptions for the period were $5,000 and $109,918, respectively. Class 3a subscriptions and redemptions for the period were $41,303 and $42,766, respectively. Ending capital at March 31, 2015 was $1,447,695 for Class 2, $8,438,115 for Class 3, $6,448,293 for Class 1a, $1,924,732 for Class 2a and $787,818 for Class 3a. Ending capital at December 31, 2014 was $1,246,481 for Class 2, $7,233,099 for Class 3, $5,776,906 for Class 1a, $1,702,551 for Class 2a and $657,882 for Class 3a.

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

LOGO

Three of the seven sectors traded in the Equinox Frontier Long/Short Commodity Fund were profitable in Q1 2015. Energies, Precious Metals, Softs and Financials finished positive for the quarter while Base Metals, Grains, and Meats finished negative for the quarter and YTD.

In terms of major CTA performance, four out of the five major CTAs in the Equinox Frontier Long/Short Commodity Fund were profitable in Q1 2015. Abraham, Emil Van Essen, and Red Oak were positive for the quarter and are positive YTD while Rosetta finished negative for the quarter and YTD.

Equinox Frontier Balanced Fund

2016

The Equinox Frontier Balanced Fund—Class 1 NAV gained 3.24% and 13.12%, respectively, for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2 NAV gained 4.02% and 13.96%, respectively, for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2a NAV gained 4.27% and 14.21%, respectively, for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 3a NAV gained 4.27% and 14.21%, respectively, for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 1AP NAV gained 4.03% and 13.96% for the three months ended March 31, 2016 and 2015, respectively.

For the three months ended March 31, 2016, the Equinox Frontier Balanced Fund recorded net gain on investments of $5,049,993, net investment income of $7,337, and total expenses of $1,826,503, resulting in a net increase in Owners’ capital from operations of $3,122,472, after non-controlling interests of $108,355. For the three months ended March 31, 2015, the Equinox Frontier Balanced Fund recorded net gain on investments of $16,254,937, net investment income of $7,190, and total expenses of $2,504,697, resulting in a net increase in Owners’ capital from operations of $12,927,288, after non-controlling interests of $830,142. The NAV per Unit, Class 1, increased from $131.54 at December 31, 2014 to $148.80 as of March 31, 2015. The NAV per Unit, Class 1AP, increased from $133.59 at December 31, 2015 to $138.97 as of March 31, 2016. The NAV per Unit, Class 2, increased from $179.69 at December 31, 2015 to $186.92 as of March 31, 2016. The NAV per Unit, Class 2a, increased from $154.88 at December 31, 2015 to $161.49 as of March 31, 2016. The NAV per Unit, Class 3a, increased from $154.37 at December 31, 2015 to $160.96 as of March 31, 2016. Total Class 1 subscriptions and redemptions for the period were $48,635 and $1,432,500, respectively. Total Class 1AP redemptions for the period were $49,264. Total Class 2 subscriptions and redemptions for the period were $4,757 and $8,788, respectively. Total Class 3a redemptions for the period were $4,606. Ending capital at March 31, 2016 was $63,232,992 for Class 1, $694,223 for Class 1AP, $23,617,131 for Class 2, $571,441 for Class 2a, and $2,534,902 for Class 3a. 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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Five of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q1 2016. Currencies, Energies, Agriculturals, Interest Rate and Stock Indies sectors were profitable while Metals finished negative for the quarter and YTD.

In terms of major CTA performance, ten of the twelve major CTAs in the Equinox Frontier Balanced Fund were profitable in Q1 2016. Beach Horizon, Brandywine, Cantab, Crabel, Doherty, Emil Van Essen, Fort (GC), QIM, Quantica, and Winton were positive for the quarter. H20 AM and Quantmetrics finished negative for the quarter.

2015

The Equinox Frontier Balanced Fund—Class 1 NAV gained 13.12% and lost 4.05%, respectively, for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2 NAV gained 13.96% and lost 3.33%, respectively, for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 2a NAV gained 14.21% and lost 3.06%, respectively, for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 3a NAV gained 14.21% and lost 3.05%, respectively, for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Balanced Fund—Class 1AP NAV gained 13.96% for the three months ended March 31, 2015.

For the three months ended March 31, 2015, the Equinox Frontier Balanced Fund recorded net gain on investments of $16,254,937, net investment income of $7,190, and total expenses of $2,504,697, resulting in a net increase in Owners’ capital from operations of $12,927,288, after non-controlling interests of $830,142. For the three months ended March 31, 2014, the Equinox Frontier Balanced Fund recorded net loss on investments of $2,141,831, net investment income of $8,530, and total expenses of $1,578,518, resulting in a net decrease in Owners’ capital from operations of $4,165,357 after non-controlling interests of $453,538. The NAV per Unit, Class 1, increased from $131.54 at December 31, 2014 to $148.80 as of March 31, 2015. The NAV per Unit, Class 1AP, increased from $133.20 at December 31, 2014 to $151.80 as of March 31, 2015. The NAV per Unit, Class 2, increased from $179.16 at December 31, 2014 to $204.17 as of March 31, 2015. The NAV per Unit, Class 2a, increased from $153.02 at December 31, 2014 to $174.76 as of March 31, 2015. The NAV per Unit, Class 3a, increased from $152.52 at December 31, 2014 to $174.19 as of March 31, 2015. Total Class 1 subscriptions and redemptions for the period were $56,154 and $3,119,131, respectively. Total Class 1AP subscriptions and redemptions for the period were $1,457 and $11,615, respectively. Total Class 2 subscriptions and redemptions for the period were $4,315 and $196,584, respectively. Total Class 2a, redemptions for the period were $60,850. Total Class 3a redemptions for the period were $47,479. Ending capital at March 31, 2015 was $78,309,904 for Class 1, $842,256 for Class 1AP, $26,631,212 for Class 2, $618,416 for Class 2a, and 2,837,703 for Class 3a. Ending capital at December 31, 2014 was $72,098,275 for Class 1, $748,275 for Class 1AP, $23,550,697 for Class 2, $600,287 for Class 2a and $2,528,303 for Class 3a.

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

LOGO

Five of the six sectors traded in the Equinox Frontier Balanced Fund were profitable in Q1 2015. Currencies, Energies, Agriculturals, Interest Rate and Stock Indies sectors were profitable while Metals finished negative for the quarter and YTD.

In terms of major CTA performance, fourteen of the fifteen major CTAs in the Equinox Frontier Balanced Fund were profitable in Q1 2015. Beach Horizon, Brandywine, Campbell, Cantab, Crabel, Doherty, Emil Van Essen, Fort (GC), Fort (GD), H2O AM, QIM, Quantica, Quantmetrics, and Winton were positive for the quarter and YTD. Systematic Alpha finished negative for the quarter and is negative YTD.

Equinox Frontier Select Fund

2016

The Equinox Frontier Select Fund—Class 1 NAV gained 10.02% and 11.03% , respectively, for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Select Fund—Class 2 NAV gained 10.85% and 11.87%, respectively for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Select Fund—Class 1AP NAV gained 10.84% and 11.87% for the three months ended March 31, 2016 and 2015, respectively.

For the three months ended March 31, 2016, the Equinox Frontier Select Fund recorded net gain on investments of $2,458,845, net investment income of $0, and total expenses of $214,431, resulting in a net increase in Owners’ capital from operations of $1,325,471, after non-controlling interests of $918,943 For the three months ended March 31, 2015, the Equinox Frontier Select Fund recorded net gain on investments of $2,741,233, net investment income of $0, and total expenses of $375,837, resulting in a net increase in Owners’ capital from operations of $1,683,063, after non-controlling interests of $682,333. The NAV per Unit, Class 1, increased from 90.35 at December 31, 2015 to $99.40 as of March 31, 2016. The NAV per Unit, Class 1AP, increased from $94.28 at December 31, 2015 to $104.50 as of March 31, 2015. The NAV per Unit, Class 2, increased from $125.11 at December 31, 2015 to $138.68 as of March 31, 2016. Total Class 1 subscriptions and redemptions for the period were $4,233 and $361,720, respectively. Total Class 1AP subscriptions for the period were $0. Total Class 2 redemptions for the period were $0. Ending capital at March 31, 2016 was $12,528,315 for Class 1, $52,500 for Class 1AP and $1,483,224 for Class 2. 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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Four of the seven sectors traded in the Equinox Frontier Select Fund were profitable in Q1 2016. Currencies, Energies, Interest Rates and Hybrids were positive while Metals, Agriculturals and Stock Indices were negative for the quarter .

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

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2015

The Equinox Frontier Select Fund—Class 1 NAV gained 11.03% and lost 6.07%, respectively, for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Select Fund—Class 2 NAV gained 11.87% and lost 5.37%, respectively for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Select Fund—Class 1AP NAV gained 11.87% for the three months ended March 31, 2015.

For the three months ended March 31, 2015, the Equinox Frontier Select Fund recorded net gain on investments of $2,741,233, net investment income of $0, and total expenses of $375,837, resulting in a net increase in Owners’ capital from operations of $1,683,063, after non-controlling interests of $682,333. For the three months ended March 31, 2014, the Equinox Frontier Select Fund recorded net loss on investments of $770,338, net investment income of $0, and total expenses of $273,428, resulting in a net decrease in Owners’ capital from operations of $1,043,766. The NAV per Unit, Class 1, increased from $95.61 at December 31, 2014 to $106.16 as of March 31, 2015. The NAV per Unit, Class 1AP, increased from $96.82 at December 31, 2014 to $108.31 as of March 31, 2015. The NAV per Unit, Class 2, increased from $128.48 at December 31, 2014 to $143.73 as of March 31, 2015. Total Class 1 subscriptions and redemptions for the period were $4,734 and $261,695, respectively. Total Class 1AP subscriptions for the period were $930. Total Class 2 redemptions for the period were $79,199. Ending capital at March 31, 2015 was $14,900,908 for Class 1, $54,412 for Class 1AP and $1,661,991 for Class 2. Ending capital at December 31, 2014 was $13,663,563 for Class 1, $47,785 for Class 1AP and $1,558,130 for Class 2.

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

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Three of the six sectors traded in the Equinox Frontier Select Fund were profitable in Q1 2015 and YTD. Currencies, Interest Rates and Stock Indices were positive while Metals, Energies, and Agriculturals were negative for the quarter and YTD.

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

Equinox Frontier Winton Fund

2016

The Equinox Frontier Winton Fund—Class 1 NAV gained 3.05% and 9.07%, respectively, for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Winton Fund—Class 2 NAV gained 3.82% and 9.87%, respectively, for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Winton Fund—Class 1AP NAV gained 3.82% and 9.87% for the three months ended March 31, 2016 and 2015, respectively.

For the three months ended March 31, 2016, the Equinox Frontier Winton Fund recorded net gain on investments of $3,032,321, net investment income of $176, and total expenses of $623,066, resulting in a net increase in Owners’ capital from operations of $1,166,285 after non-controlling interests of $1,243,146. For the three months ended March 31, 2015, the Equinox Frontier Winton Fund recorded net gain on investments of $4,997,118, net investment income of $0, and total expenses of $1,320,827, resulting in a net increase in Owners’ capital from operations of $3,676,291. The NAV per Unit, Class 1, increased from $164.17 at December 31, 2015 to $169.18 as of March 31, 2016. The NAV per Unit, Class 1AP increased from $171.31 at December 31, 2015 to $177.86 as of March 31, 2016. Class 2, increased from $217.51 at December 31, 2015 to $225.82 as of March 31, 2016. Total Class 1 subscriptions and redemptions for the period were $41,296 and $170,765, respectively. There were no subscriptions or redemptions for Class 1AP. Total Class 2 redemptions for the period were 72,363. Ending capital at March 31, 2016 was $23,601,195 for Class 1, $37,974 for Class 1AP, and $12,266,827 for Class 2. 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.

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Three of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q1 2016. Energies, Agriculturals and Interest Rates positive while Metals, Currencies, and Stock Indices were negative for the quarter and YTD.

2015

The Equinox Frontier Winton Fund—Class 1 NAV gained 9.07% and lost 1.91%, respectively, for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Winton Fund—Class 2 NAV gained 9.87% and lost 1.18%, respectively, for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Winton Fund—Class 1AP NAV gained 9.87% for the three months ended March 31, 2015.

For the three months ended March 31, 2015, the Equinox Frontier Winton Fund recorded net gain on investments of $4,997,118, net investment income of $0, and total expenses of $1,320,827, resulting in a net increase in Owners’ capital from operations of

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$3,676,291. For the three months ended March 31, 2014, the Equinox Frontier Winton Fund recorded net loss on investments of $103,198, net investment income of $41, and total expenses of $527,891, resulting in a net decrease in Owners’ capital from operations of $631,089. The NAV per Unit, Class 1, increased from $175.95 at December 31, 2014 to $191.90 as of March 31, 2015. The NAV per Unit, Class 1AP increased from $178.18 at December 31, 2014 to $195.77 as of March 31, 2015. Class 2, increased from $226.23 at December 31, 2014 to $248.56 as of March 31, 2015. Total Class 1 subscriptions and redemptions for the period were $45,490 and $940,759, respectively. There were no subscriptions or redemptions for Class 1AP or Class 2 for the period. Ending capital at March 31, 2015 was $28,350,789 for Class 1, $41,798 for Class 1AP, and $14,439,668 for Class 2. Ending capital at December 31, 2014 was $26,870,878 for Class 1, $38,042 for Class 1AP and $13,142,313 for Class 2.

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

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Five of the six sectors traded in the Equinox Frontier Winton Fund were profitable in Q1 2015. Currencies, Energies, Agriculturals, Interest Rates and Stock Indices were positive while Metals were negative for the quarter and YTD.

Equinox Frontier Heritage Fund

2016

The Equinox Frontier Heritage Fund—Class 1 NAV gained 5.22% and 13.50%, respectively, for the three months ended March 31, 2016 and 2015 net of fees and expenses; the Equinox Frontier Heritage Fund—Class 2 NAV gained 6.01% and 14.35%, respectively for the three months ended March 31, 2016 and 2015, net of fees and expenses; the Equinox Frontier Heritage Fund—Class 1AP NAV gained 6.02% and 14.35% for the three months ended March 31, 2016 and 2015, respectively.

For the three months ended March 31, 2016, the Equinox Frontier Heritage Fund recorded net gain on investments of $1,237,263, net investment income of $0, and total expenses of $162,476, resulting in a net increase in Owners’ capital from operations of $631,785, after non-controlling interests of $443,002. For the three months ended March 31, 2015, the Equinox Frontier Heritage Fund recorded net gain on investments of $3,048,084, net investment income of $0, and total expenses of $313,282, resulting in a net increase in Owners’ capital from operations of $1,767,687, after non-controlling interests of $967,115. The NAV per Unit, Class 1, increased from $124.24 at December 31, 2015 to $130.76 as of March 31, 2016. The NAV per Unit, Class 1AP, increased from $129.67 at December 31, 2015 to $137.47 as of March 31, 2016. The NAV per Unit, Class 2, increased from $173.54 at December 31, 2015 to $183.97 as of March 31, 2016. Total Class 1 subscriptions and redemptions for the period were $10,011 and $217,867, respectively. Total Class 1AP redemptions were $15,210. There were no Class 2 subscriptions or redemptions for the period. Ending capital at March 31, 2016 was $8,877,549 for Class 1, $46,832 for Class 1AP and $3,024,940 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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Three of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q1 2016. Currencies, Energies, and Interest Rates were positive while Metals, Agriculturals and Stock Indices were negative for the quarter.

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

2015

The Equinox Frontier Heritage Fund—Class 1 NAV gained 13.50% and lost 6.51%, respectively, for the three months ended March 31, 2015 and 2014 net of fees and expenses; the Equinox Frontier Heritage Fund—Class 2 NAV gained 14.35% and lost 5.81%, respectively for the three months ended March 31, 2015 and 2014, net of fees and expenses; the Equinox Frontier Heritage Fund—Class 1AP NAV gained 14.35% for the three months ended March 31, 2015.

For the three months ended March 31, 2015, the Equinox Frontier Heritage Fund recorded net gain on investments of $3,048,084, net investment income of $0, and total expenses of $313,282, resulting in a net increase in Owners’ capital from operations of $1,767,687, after non-controlling interests of $967,115. For the three months ended March 31, 2014, the Equinox Frontier Heritage Fund recorded net loss on investments of $1,236,579, net investment income of $0, and total expenses of $175,833, resulting in a net decrease in Owners’ capital from operations of $874,418 after non-controlling interests of $537,994. The NAV per Unit, Class 1, increased from $130.28 at December 31, 2014 to $147.87 as of March 31, 2015. The NAV per Unit, Class 1AP, increased from $131.93 at December 31, 2014 to $150.86 as of March 31, 2015. The NAV per Unit, Class 2, increased from $176.56 at December 31, 2014 to $201.89 as of March 31, 2015. Total Class 1 subscriptions and redemptions for the period were $10,456 and $238,356, respectively. Total Class 1AP subscriptions were $1,288. Total Class 2 redemptions for the period were $93,986. Ending capital at March 31, 2015 was $10,838,892 for Class 1, $68,083 for Class 1AP and $3,567,493 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.

LOGO

110

LOGO

111

LOGO

Three of the six sectors traded in the Equinox Frontier Heritage Fund were profitable in Q1 2015. Currencies, Interest Rates and Stock Indices were positive while Metals, Agriculturals and Energies were negative for the quarter and YTD.

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

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

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

The Trading Companies’ and consequently the Series’ primary market risk exposures as well as the strategies used and to be used by the Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Trust’s and the Managing Owner’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors,

112

political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Trading Companies and consequently the Trust. There can be no assurance that the Trading Companies’ current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in a Series.

Quantitative Market Risk

Trading Risk

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

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

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

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

113

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

Value at Risk by Market Sectors

The following tables present the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of March 31, 2016 and December 31, 2015. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

114

Equinox Frontier Diversified Fund


	March 31, 2016					December 31, 2015
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	1,319,509		2.19	%	$	1,482,594		2.66	%
Currencies		1,645,833		2.73	%		1,825,578		3.28	%
Stock Indices		2,007,941		3.33	%		2,256,114		4.05	%
Metals		258,274		0.43	%		290,196		0.52	%
Agriculturals/Softs		1,094,936		1.82	%		1,230,266		2.21	%
Energy		1,387,419		2.30	%		1,558,897		2.80	%

Total:	$	7,713,912		12.81	%	$	8,643,645		15.51	%

Equinox Frontier Long/Short Commodity Fund


	March 31, 2016					December 31, 2015
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	274,900		2.26	%	$	308,877		2.36	%
Currencies		528,051		4.35	%		593,315		4.53	%
Stock Indices		157,112		1.29	%		176,530		1.35	%
Metals		24,485		0.20	%		27,511		0.21	%
Agriculturals/Softs		306,140		2.52	%		343,977		2.63	%
Energy		1,598,145		13.16	%		1,795,669		13.71	%

Total:	$	2,888,833		23.79	%	$	3,245,879		30.56	%

Equinox Frontier Masters Fund


	March 31, 2016					December 31, 2015
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	663,336		3.04	%	$	745,322		3.26	%
Currencies		1,020,090		4.67	%		1,116,000		4.89	%
Stock Indices		1,028,493		4.71	%		1,155,610		5.06	%
Metals		107,419		0.49	%		120,696		0.53	%
Agriculturals/Softs		517,355		2.37	%		581,297		2.55	%
Energy		737,434		3.38	%		828,577		3.63	%

Total:	$	4,074,127		18.65	%	$	4,547,502		9.62	%

Equinox Frontier Balanced Fund:


	March 31, 2016					December 31, 2015
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	2,465,405		2.68	%	$	2,770,118		3.07	%
Currencies		2,512,426		2.73	%		2,793,664		3.10	%
Stock Indices		2,760,428		3.00	%		3,101,604		3.44	%
Metals		402,629		0.44	%		452,392		0.50	%
Agriculturals/Softs		2,085,490		2.27	%		2,343,248		2.60	%
Energy		2,198,731		2.39	%		2,470,484		2.74	%

Total:	$	12,425,109		13.50	%	$	13,931,510		15.46	%

Equinox Frontier Select Fund:


	March 31, 2016					December 31, 2015
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	446,048		2.02	%	$	501,177		2.52	%
Currencies		625,525		2.83	%		667,887		3.35	%
Stock Indices		844,957		3.83	%		949,390		4.77	%
Metals		53,695		0.24	%		60,331		0.30	%
Agriculturals/Softs		291,024		1.32	%		326,993		1.64	%
Energy		102,601		0.46	%		115,282		0.58	%

Total:	$	2,363,850		10.71	%	$	2,621,060		13.16	%

Equinox Frontier Winton Fund:


	March 31, 2016					December 31, 2015
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	697,380		1.58	%	$	783,573		1.90	%
Currencies		1,529,598		3.45	%		1,718,649		4.16	%
Stock Indices		628,779		1.42	%		706,493		1.71	%
Metals		243,780		0.55	%		273,910		0.66	%
Agriculturals/Softs		615,180		1.39	%		691,213		1.67	%
Energy		309,658		0.70	%		347,931		0.84	%

Total:	$	4,024,375		9.09	%	$	4,521,769		10.95	%

Equinox Frontier Heritage Fund:


	March 31, 2016					December 31, 2015
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	161,710		1.00	%	$	181,696		1.17	%
Currencies		305,439		1.88	%		343,190		2.22	%
Stock Indices		119,229		0.73	%		133,965		0.87	%
Metals		46,424		0.29	%		52,162		0.34	%
Agriculturals/Softs		118,101		0.73	%		132,697		0.86	%
Energy		56,366		0.35	%		63,333		0.41	%

Total:	$	807,269		4.97	%	$	907,043		5.86	%

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

Currencies

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

116

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.

117

Metals

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

Agriculturals/Softs

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

Energy

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

Other Trading Risks

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

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

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

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

118

Cyber Risks and Security

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

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

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

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

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Control Over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting for the quarter ended March 31, 2016 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Scope of Exhibit 31 Certifications

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

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS.

There are no material legal proceedings pending against the Trust, nor any of the Series.

On May 12, 2016, however, the Managing Owner reached an agreement in principle with the SEC providing for the entry into a consent order to settle allegations related to certain disclosures concerning the valuation of certain options invested in by certain of the Series, as well as the Managing Owner’s calculation and disclosure of management fees paid by investors in certain of the Series. Under the terms of the consent order, the Managing Owner neither admits nor denies the negligence-based allegations made by the SEC and will make a monetary payment.

119

While the Managing Owner is in the early stage of discussions with the CFTC regarding similar negligence-based claims, the Managing Owner expects to finalize an agreement in principal with the CFTC shortly.

The agreements in principle with the SEC and CFTC are subject to each agency obtaining final internal approvals. There can be no assurance that such approvals will be obtained in a timely manner, if at all.

ITEM 1A.

RISK FACTORS.

The section entitled “Risk Factors” beginning on page 19 of the Prospectus filed pursuant to Rule 424(b)(3) (File No. 333-185695) is incorporated by reference into this section.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding the sale of unregistered Units by the Registrant for the three months ended March 31, 2016. The number of Units listed below for each transaction is the aggregate number of Units in the particular Series of the Trust purchased in such transaction. The consideration listed below for each transaction is, except as otherwise noted, the aggregate amount of cash paid for the Units purchased. For each transaction reported below, the price per Unit was NAV per Unit at the time of the transaction and the Managing Owner of the Trust was the purchaser of the Units. No underwriting discount or sales commission was paid or received with respect to any of the transactions reported below. The Registrant claims an exemption from registration of each of the transactions listed below under Section 4(a)(2) of the Securities Act, as a sale by an issuer not involving a public offering.


SERIES	DATE	UNITS	CONSIDERATION
NONE

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

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4.

MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5.

OTHER INFORMATION.

None

ITEM 6.

EXHIBITS.

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


31.1		Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934 (furnished herewith)

31.2		Certification of Principal Financial Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934 (furnished herewith)

32.1		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)

32.2		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)

32.3		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)

32.4		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)

32.5		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)

32.6		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)

32.7		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)

120



32.8		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)

101		Financials in XBRL format

121

SIGNATURES

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


	Equinox Frontier Funds
	(Registrant)

Date: May 12, 2016	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

	By:	/S/ VANCE SANDERS
		Vance Sanders
		Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

122

SIGNATURES

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


	Equinox Frontier Balanced Fund,
	a Series of Equinox Frontier Funds
	(Registrant)

Date: May 12, 2016	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

	By:	/S/ VANCE SANDERS
		Vance Sanders
		Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

123

SIGNATURES

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


	Equinox Frontier Heritage Fund,
	a Series of Equinox Frontier Funds
	(Registrant)

Date: May 12, 2016	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

	By:	/S/ VANCE SANDERS
		Vance Sanders
		Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

124

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: May 12, 2016	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

	By:	/S/ VANCE SANDERS
		Vance Sanders
		Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

125

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: May 12, 2016	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

	By:	/S/ VANCE SANDERS
		Vance Sanders
		Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

126

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: May 12, 2016	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

	By:	/S/ VANCE SANDERS
		Vance Sanders
		Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

127

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: May 12, 2016	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

	By:	/S/ VANCE SANDERS
		Vance Sanders
		Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

128

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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: May 12, 2016	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

	By:	/S/ VANCE SANDERS
		Vance Sanders
		Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of Equinox Frontier Funds

129

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