UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): September ~~January~~22, 142016 (September 20, 2016)

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

EQUINOX FRONTIER SELECT FUND

EQUINOX FRONTIER WINTON FUND

(Exact Name of Registrant as Specified in Charter)

Delaware	000-51274	36-6815533
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

c/o Equinox Fund Management, LLC

1775 Sherman Street, Suite ~~2500~~2010

Denver, Colorado 80203

(Address of Principal Executive Offices)

(303) 837-0600

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act.

Soliciting material pursuant to Rule 14a-12 under the Exchange Act.

Pre-commencement communications pursuant to Rule 14d-2b under the Exchange Act.

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

Item 8.01. Other Events.

AsCommencing ~~previously~~on ~~reported~~September 20, in2016, each of Equinox Frontier ~~Funds’~~Diversified ~~(the~~Fund, ~~“Trust”)~~Equinox ~~most~~Frontier ~~recent~~Long/Short ~~Quarterly~~Commodity ~~Report~~Fund, onEquinox ~~Form~~Frontier ~~10-Q~~Masters ~~for~~Fund, Equinox ~~the~~Frontier ~~period~~Balanced ~~ended September 30~~Fund, ~~2015,~~Equinox ~~which~~Frontier ~~report~~Heritage ~~was~~Fund, ~~filed~~Equinox ~~with~~Frontier ~~the~~Select ~~Securities~~Fund and ~~Exchange~~Equinox ~~Commission~~Frontier Winton Fund (each a “~~SEC~~Fund”) onand ~~November 13~~collectively, ~~2015,~~the ~~Equinox~~“Funds”) ~~Fund~~obtained ~~Management,~~exposure ~~LLC,~~to the ~~managing~~Quest ~~owner~~Fixed ofIncome ~~the~~Tracker ~~Trust~~Index Program (~~the~~ “~~Managing Owner~~QFIT”), ~~had~~of ~~reached~~Quest ~~an agreement~~Partners, inLLC, ~~principle~~which ~~with~~no ~~the~~longer ~~SEC~~advises ~~providing~~Frontier ~~for~~Trading ~~the~~Company ~~entry~~XXXVIII, ~~into~~LLC a(“Trading ~~consent~~Company ~~order~~XXXVIII”). toEach ~~settle~~Fund ~~allegations~~will ~~related~~have exposure to ~~certain~~QFIT ~~disclosures~~through ofTrading ~~certain~~Company ~~options~~XXXVIII’s ~~invested~~investment in bythe Galaxy ~~certain~~Plus ofFund ~~the~~– ~~series~~Quest ofFIT ~~the~~Feeder ~~Trust~~Fund (~~each,~~531) LLC a (“~~Series”~~Quest ~~and~~FIT ~~collectively, the~~Feeder ~~“Series~~Fund”), aswhich ~~well~~is asadvised ~~the~~by ~~Managing~~Quest ~~Owner’s~~Partners, ~~calculation~~LLC. ~~and~~The ~~disclosure~~Quest ofFIT ~~management~~Feeder ~~fees~~Fund ~~paid~~is bya ~~investors~~commodity inpool ~~certain~~available ofto the ~~Series.~~Funds ~~The~~and ~~previous~~other ~~disclosure~~investors ~~also~~through ~~indicated~~the ~~that~~GalaxyPlus Managed ~~discussions~~Account ~~were~~Platform, ~~ongoing~~which ~~with~~is ~~the~~an ~~Commodity~~unaffiliated, ~~Futures Trading~~third-party ~~Commission~~managed ~~(“CFTC”)~~account ~~regarding~~platform ~~similar~~sponsored ~~negligence-based claims,~~ and ~~finalization~~operated ofby anGemini ~~agreement~~Alternative inFunds, ~~principle was expected~~LLC.

OnPlease ~~December 17,~~note ~~2015,~~that ~~the~~QFIT ~~Managing~~is ~~Owner~~not ~~executed~~ an ~~offer~~investment ofprogram, ~~settlement~~but ~~and~~a ~~submitted~~cash itmanagement ~~to the SEC in relation to the above-mentioned allegations~~overlay. The ~~SEC~~use ~~subsequently~~of ~~accepted~~QFIT ~~the~~is ~~offer~~not ofexpected ~~settlement pursuant~~ to ~~which~~materially ~~the~~alter ~~Managing Owner neither admits nor denies~~ the ~~negligence-based~~investment ~~allegations~~objective ~~made~~of byany ~~the~~Fund, ~~SEC~~nor ~~and~~does ~~will make~~ the ~~monetary~~QFIT ~~payments~~overlay asalter ~~described below, and~~ the ~~managing~~basic ~~owner~~allocation ~~expects~~to ~~formal approval by~~ the ~~SEC~~commodity ~~shortly. The Managing Owner has also executed an offer of settlement~~trading ~~with~~advisor ~~the~~trading ~~CFTC,~~programs ~~which~~that ~~the~~each ~~Managing~~Fund ~~Owner~~has ~~expects~~historically ~~the CFTC to formally accept soon~~utilized.

~~Each~~2 of the SEC and CFTC alleges that the Managing Owner acted negligently regarding certain Trust disclosures made in certain registration statements and certain periodic public filings. The findings allege disclosure violations related to over-the-counter derivatives owned by certain Series of the Trust which were liquidated in 2011. Each of the SEC and CFTC alleges that the Trust’s disclosures regarding its methodology of valuing certain derivatives were misleading; that the Trust’s disclosure regarding the transfer of an option between Series was misleading; and that the Trust failed to disclose a material subsequent event in the Trust’s Quarterly Report on Form 10-Q for the period ended June 30, 2011.

Each of the SEC and CFTC also alleges a disclosure violation related to how management fees were calculated and paid to the Managing Owner. Management fees paid by each Series compensate the Managing Owner and the commodity trading advisors (each, a “CTA” and collectively, the “CTAs”) engaged to manage the assets of such Series allocated to such CTA. Management fees are paid to the Managing Owner, and the Managing Owner pays all or a portion of the collected management fees to the CTAs based on the level at which the relevant CTA traded its respective program (i.e., the notional trading level) pursuant to the applicable trading advisory agreement entered into with the CTA.

Certain of the Trust’s registration statements informed investors that the notional trading level of the CTA programs for certain Series would be significantly in excess of such Series’ net asset value (“NAV”). For example, the Trust’s registration statement on Form S-1, dated February 1, 2010, disclosed that Equinox Frontier Diversified Fund (then known as the Frontier Diversified Series) may employ notional equity of 140% or more of its NAV. The assets allocated to a CTA for trading, or the notional trading level, equaled the NAV of the Series plus the notional equity that was allocated to a CTA for trading with respect to a given Series. The Managing Owner paid CTAs based upon the notional trading level.

From the inception of the Trust through March 2011, the Trust filed registration statements that informed investors that each Series would pay the Managing Owner a management fee based on the NAV of the applicable Series. From the inception of the Trust through March 2011, the Managing Owner charged management fees based on the value of the assets allocated by such Series for trading by the CTAs (i.e., the NAV plus the notional equity, if any, employed by the Series), which was also the basis on which the Managing Owner had contracted to pay, and paid, management fees to the CTAs. Over this timeframe, the difference between (a) the aggregate management fees charged to investors based on the assets allocated to the CTAs for trading across all of the Series and (b) the aggregate management fees based on the Series’ NAVs was approximately $5.4 million.

Each of the SEC and CFTC alleges that the Managing Owner’s methodology of charging management fees based on assets allocated by a Series to CTAs for trading rather than NAV resulted in management fees based on a notional amount to exceed management fees based on actual assets by

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approximately $5.4 million, which the Managing Owner has agreed to disgorge to investors. The Managing Owner has also agreed to pay pre-judgment interest of $596,063. Additionally, the Managing Owner has agreed to pay civil monetary penalties of $400,000 to the SEC and $250,000 to the CFTC, respectively.

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SIGNATURES

Filing Compare · Frontier Masters Fund