# EDGAR Filing Document

**Accession Number:** 0001389124
**File Stem:** 0001213900-25-076300
**Filing Date:** 2025-8
**Character Count:** 425361
**Document Hash:** 53e18b832d0e6015552046ade8e17350
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-076300.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001213900-25-076300

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 155

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Funds
- **CENTRAL INDEX KEY:** 0001261379
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 386815533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51274
- **FILM NUMBER:** 251216194

**BUSINESS ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-454-5500

**MAIL ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equinox Frontier Funds
- **DATE OF NAME CHANGE:** 20131211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRONTIER FUND
- **DATE OF NAME CHANGE:** 20030826
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Heritage Fund
- **CENTRAL INDEX KEY:** 0001389123
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 386815533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52467
- **FILM NUMBER:** 251216195

**BUSINESS ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-454-5500

**MAIL ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equinox Frontier Heritage Fund
- **DATE OF NAME CHANGE:** 20131212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Frontier Heritage Series, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20130320

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WINTON/GRAHAM SERIES, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20080515
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Masters Fund
- **CENTRAL INDEX KEY:** 0001450722
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 386815533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53761
- **FILM NUMBER:** 251216199

**BUSINESS ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-454-5500

**MAIL ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equinox Frontier Masters Fund
- **DATE OF NAME CHANGE:** 20131211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRONTIER MASTERS SERIES, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20081125
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Select Fund
- **CENTRAL INDEX KEY:** 0001389125
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 386815533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52465
- **FILM NUMBER:** 251216197

**BUSINESS ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-454-5500

**MAIL ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equinox Frontier Select Fund
- **DATE OF NAME CHANGE:** 20131211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Frontier Select Series, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20130320

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIVERTON/GRAHAM/TRANSTREND SERIES, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20120305
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Long/Short Commodity Fund
- **CENTRAL INDEX KEY:** 0001389128
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 386815533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52462
- **FILM NUMBER:** 251216200

**BUSINESS ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-454-5500

**MAIL ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equinox Frontier Long/Short Commodity Fund
- **DATE OF NAME CHANGE:** 20131211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRONTIER LONG/SHORT COMMODITY SERIES, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20081124

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LONG/SHORT COMMODITY SERIES, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20070206
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Diversified Fund
- **CENTRAL INDEX KEY:** 0001450720
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 386815533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53763
- **FILM NUMBER:** 251216201

**BUSINESS ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-454-5500

**MAIL ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equinox Frontier Diversified Fund
- **DATE OF NAME CHANGE:** 20131211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRONTIER DIVERSIFIED SERIES, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20081125
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Balanced Fund
- **CENTRAL INDEX KEY:** 0001389122
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 386815533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52468
- **FILM NUMBER:** 251216198

**BUSINESS ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-454-5500

**MAIL ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equinox Frontier Balanced Fund
- **DATE OF NAME CHANGE:** 20131211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BALANCED SERIES, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20070206
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Global Fund
- **CENTRAL INDEX KEY:** 0001389124
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 386815533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52466
- **FILM NUMBER:** 251216196

**BUSINESS ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-454-5500

**MAIL ADDRESS:**
- **STREET 1:** 25568 GENESEE TRAIL ROAD
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Frontier Winton Fund
- **DATE OF NAME CHANGE:** 20170504

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equinox Frontier Winton Fund
- **DATE OF NAME CHANGE:** 20131212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WINTON SERIES, a series of The Frontier Fund
- **DATE OF NAME CHANGE:** 20070206

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 10-Q**

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

**For the quarterly period ended June 30, 2025**

**or** 

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

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Commission File Number 000-51274**

**FRONTIER FUNDS**

**FRONTIER DIVERSIFIED FUND;**

**FRONTIER LONG/SHORT COMMODITY FUND;**

**FRONTIER MASTERS FUND;**

**FRONTIER BALANCED FUND;**

**FRONTIER SELECT FUND;**

**FRONTIER GLOBAL FUND;**

**FRONTIER HERITAGE FUND**

**(Exact Name of Registrant as specified in Its Charter)**

---

| | |
|:---|:---|
| **Delaware** | **36-6815533** |
| **(State or Other Jurisdiction of <br> Incorporation or Organization)** | **(IRS Employer <br> Identification No.)** |

---

**c/o Frontier Fund Management, LLC 25568 Genesee Trail Road Golden, Colorado 80401**

**(Address of Principal Executive Offices)**

**Registrant's Telephone Number, Including Area Code: (303) 454-5500**

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

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

**Title of Each Class**

**Frontier Diversified Fund Class 2 and Class 3 Units;**

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

**Frontier Masters Fund Class 2 and Class 3 Units;**

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

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

**Frontier Global Fund Class 1 and Class 2 Units;**

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

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

Large Accelerated Filer ☐ Accelerated Filer ☐ <br> Non–Accelerated Filer ☒ Smaller Reporting Company ☐ <br> Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

The Frontier Funds' units of beneficial interest are not traded on any market and, accordingly, do not have an aggregate market value. Units outstanding as of June 30, 2025 were: 14,531 for the Frontier Diversified Fund, 4,511 for the Frontier Masters Fund, 5,677 for the Frontier Long/Short Commodity Fund, 49,352 for the Frontier Balanced Fund, 13,647 for the Frontier Select Fund, 6,467 for the Frontier Global Fund and 13,121 for the Frontier Heritage Fund.

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Pages** |
| **PART I – FINANCIAL INFORMATION** | **PART I – FINANCIAL INFORMATION** |  |
| Item 1. | Series Financial Statements | 1 |
|  | [Consolidated Statements of Financial Condition as of June 30, 2025 (Unaudited) and December 31, 2024](#a_001) | 1 |
|  | [Consolidated Condensed Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024](#a_002) | 4 |
|  | [Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#a_003) | 10 |
|  | [Consolidated Statements of Changes in Owners' Capital for the three and six months ended June 30, 2025 (Unaudited)](#a_004) | 16 |
|  | [Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)](#a_005) | 24 |
|  | [Notes to Financial Statements (Unaudited)](#a_006) | 27 |
|  | Trust Financial Statements (1) |  |
|  | [Combined Consolidated Statements of Financial Condition as of June 30, 2025 (Unaudited) and December 31, 2024](#a_007) | 57 |
|  | [Combined Consolidated Condensed Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024](#a_008) | 58 |
|  | [Combined Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#a_009) | 60 |
|  | [Combined Consolidated Statement of Changes in Owners' Capital for the three and six months ended June 30, 2025 (Unaudited)](#a_010) | 62 |
|  | [Combined Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)](#a_011) | 63 |
|  | [Notes to Consolidated Financial Statements (Unaudited)](#a_012) | 64 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_013) | 83 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#a_014) | 107 |
| Item 4. | [Controls and Procedures](#a_015) | 112 |
| **[PART II – OTHER INFORMATION](#a_016)** | **[PART II – OTHER INFORMATION](#a_016)** | 113 |
| Item 1. | [Legal Proceedings](#a_017) | 113 |
| Item 1A. | [Risk Factors](#a_018) | 113 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_019) | 113 |
| Item 3. | [Defaults Upon Senior Securities](#a_020) | 113 |
| Item 4. | [Mine Safety Disclosures](#a_021) | 113 |
| Item 5. | [Other Information](#a_022) | 113 |
| Item 6. | [Exhibits](#a_023) | 114 |
| [**SIGNATURES**](#a_024) | [**SIGNATURES**](#a_024) | 115 |

---

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

i

**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 FRONTIER FUND MANAGEMENT LLC'S CURRENT EXPECTATIONS ABOUT THE FUTURE RESULTS, PERFORMANCE, PROSPECTS AND OPPORTUNITIES OF FRONTIER FUNDS (THE "TRUST"). FRONTIER FUND MANAGEMENT LLC (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 PART II. 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 JUNE 30, 2025, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

ii

**The Series of Frontier Funds**

**Consolidated Statements of Financial Condition**

**June 30, 2025 (Unaudited) and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier** | **Frontier** | **Frontier** | **Frontier** | **Frontier** | **Frontier** |
|  | **Diversified Fund** | **Diversified Fund** | **Masters Fund** | **Masters Fund** | **Long/Short Commodity Fund** | **Long/Short Commodity Fund** |
|  | **6/30/2025** | **12/31/2024** | **6/30/2025** | **12/31/2024** | **6/30/2025** | **12/31/2024** |
| **ASSETS** | | | | | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $13185 | $30763 | $4156 | $17336 | $3999 | $17526 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities, at fair value | 3630 | 1945 | 1144 | 1096 | 1101 | 1108 |
| &nbsp;&nbsp;&nbsp;Investments in private investment companies, at fair value | 543546 | 924439 | 161815 | 269394 | 176035 | 239475 |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated trading companies, at fair value | 33642 | 23131 | 10603 | 13036 | 10203 | 13179 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 135 | 160 | 43 | 90 | 41 | 91 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $**594138** | $**980438** | $**177761** | $**300952** | $**191379** | $**271379** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>LIABILITIES & CAPITAL</u>** |  |  |  |  |  |  |
| **LIABILITIES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest payable to Managing Owner | $- | $- | $- | $- | $13 | $18 |
| &nbsp;&nbsp;&nbsp;Service fees payable to Managing Owner | 19 | 30 | 8 | 15 | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Trading fees payable to Managing Owner | 1792 | 3057 | 1050 | 1767 | 542 | 695 |
| &nbsp;&nbsp;&nbsp;Subscriptions in advance for service fee rebates | 22650 | 22650 | 31725 | 31725 | 393 | 393 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 726 | 363 | 230 | 204 | 220 | 205 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **25187** | **26100** | **33013** | **33711** | **1170** | **1314** |
| **CAPITAL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Managing Owner - Class 2 | 3625 | 5409 | 1558 | 3110 | 243 | 317 |
| &nbsp;&nbsp;&nbsp;Managing Owner - Class 2a | - | - | - | - | 1340 | 3909 |
| &nbsp;&nbsp;&nbsp;Managing Owner - Class 3 | 2566 | 7684 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Managing Owner - Class 3a | - | - | - | - | 472 | 607 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 2 | 88043 | 131392 | 36305 | 64129 | 3824 | 4984 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 2a | - | - | - | - | 6902 | 8890 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 3 | 474717 | 809853 | 106885 | 200002 | 133749 | 191887 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 3a | - | - | - | - | 43679 | 59471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Owners' Capital | 568951 | 954338 | 144748 | 267241 | 190209 | 270065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capital | 568951 | 954338 | 144748 | 267241 | 190209 | 270065 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Capital** | $**594138** | $**980438** | $**177761** | $**300952** | $**191379** | $**271379** |
| **Units Outstanding** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 | 2237 | 2237 | 1137 | 1165 | 113 | 113 |
| &nbsp;&nbsp;&nbsp;Class 2a | N/A | N/A | N/A | N/A | 335 | 403 |
| &nbsp;&nbsp;&nbsp;Class 3 | 12294 | 14128 | 3374 | 3648 | 3549 | 3906 |
| &nbsp;&nbsp;&nbsp;Class 3a | N/A | N/A | N/A | N/A | 1680 | 1777 |
| **Net Asset Value per Unit** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 | $40.98 | $61.16 | $33.30 | $57.71 | $35.92 | $46.82 |
| &nbsp;&nbsp;&nbsp;Class 2a | N/A | N/A | N/A | N/A | $24.63 | $31.72 |
| &nbsp;&nbsp;&nbsp;Class 3 | $38.82 | $57.87 | $31.67 | $54.82 | $37.68 | $49.12 |
| &nbsp;&nbsp;&nbsp;Class 3a | N/A | N/A | N/A | N/A | $26.29 | $33.81 |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Financial Condition**

**June 30, 2025 (Unaudited) and December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Frontier <br> Balanced Fund** | **Frontier <br> Balanced Fund** | **Frontier<br> Select Fund** | **Frontier<br> Select Fund** |
|  | **6/30/2025** | **12/31/2024** | **6/30/2025** | **12/31/2024** |
| **ASSETS** | | | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $9291 | $76744 | $5010 | $23606 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities, at fair value | 2557 | 4851 | 1379 | 1492 |
| &nbsp;&nbsp;&nbsp;Investments in private investment companies, at fair value | 2318452 | 3616091 | 329163 | 563791 |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated trading companies, at fair value | 23704 | 57707 | 12781 | 17750 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 96 | 400 | 52 | 123 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $**2354100** | $**3755793** | $**348385** | $**606762** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>LIABILITIES & CAPITAL</u>** |  |  |  |  |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest payable to Managing Owner | $348 | $700 | $103 | $215 |
| &nbsp;&nbsp;&nbsp;Service fees payable to Managing Owner | 3230 | 5929 | 743 | 1478 |
| &nbsp;&nbsp;&nbsp;Trading fees payable to Managing Owner | 8354 | 13196 | 1219 | 2202 |
| &nbsp;&nbsp;&nbsp;Subscriptions in advance for service fee rebates | 419234 | 416816 | 22970 | 22838 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 512 | 907 | 277 | 276 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 431678 | 437548 | 25312 | 27009 |
| **CAPITAL** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Managing Owner - Class 2 | 19927 | 29935 | 3556 | 6712 |
| &nbsp;&nbsp;&nbsp;Managing Owner - Class 2a | 2000 | 13359 | - | - |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 1 | 1420064 | 2478195 | 307367 | 541125 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 1AP | 28021 | 42095 | 3704 | 6004 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 2 | 384971 | 620599 | 8446 | 25912 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 3a | 67439 | 134062 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Owners' Capital | 1922422 | 3318245 | 323073 | 579753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capital | 1922422 | 3318245 | 323073 | 579753 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Capital** | $**2354100** | $**3755793** | $**348385** | $**606762** |
| **Units Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 41237 | 47196 | 13251 | 14181 |
| &nbsp;&nbsp;&nbsp;Class 1AP | 587 | 587 | 115 | 115 |
| &nbsp;&nbsp;&nbsp;Class 2 | 6289 | 6726 | 281 | 471 |
| &nbsp;&nbsp;&nbsp;Class 2a | 36 | 158 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Class 3a | 1204 | 1595 | N/A | N/A |
| **Net Asset Value per Unit** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $34.44 | $52.51 | $23.20 | $38.16 |
| &nbsp;&nbsp;&nbsp;Class 1AP | $47.74 | $71.72 | $32.19 | $52.17 |
| &nbsp;&nbsp;&nbsp;Class 2 | $64.38 | $96.71 | $42.71 | $69.23 |
| &nbsp;&nbsp;&nbsp;Class 2a | $56.22 | $84.35 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Class 3a | $56.03 | $84.06 | N/A | N/A |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Financial Condition**

**June 30, 2025 (Unaudited) and December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Frontier <br> Global Fund** | **Frontier <br> Global Fund** | **Frontier <br> Heritage Fund** | **Frontier <br> Heritage Fund** |
|  | **6/30/2025** | **12/31/2024** | **6/30/2025** | **12/31/2024** |
| **ASSETS** | | | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $7698 | $43072 | $16872 | $56774 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities, at fair value | 2119 | 2723 | 4644 | 3589 |
| &nbsp;&nbsp;&nbsp;Investments in private investment companies, at fair value | 608129 | 985419 | 755935 | 1149833 |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated trading companies, at fair value | 19639 | 32387 | 43046 | 42692 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 79 | 224 | 174 | 296 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $**637664** | $**1063825** | $**820671** | $**1253184** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>LIABILITIES & CAPITAL</u>** |  |  |  |  |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest payable to Managing Owner | $162 | $321 | $333 | $425 |
| &nbsp;&nbsp;&nbsp;Service fees payable to Managing Owner | 1071 | 2105 | 1502 | 2495 |
| &nbsp;&nbsp;&nbsp;Trading fees payable to Managing Owner | 2493 | 3984 | 3007 | 4540 |
| &nbsp;&nbsp;&nbsp;Subscriptions in advance for service fee rebates | 166498 | 166099 | 91854 | 90620 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 425 | 508 | 933 | 673 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 170649 | 173017 | 97629 | 98753 |
| **CAPITAL** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Managing Owner - Class 2 | 5300 | 10129 | 7375 | 13334 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 1 | 448971 | 859439 | 666398 | 1064870 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 1AP | - | - | 4707 | 7282 |
| &nbsp;&nbsp;&nbsp;Limited Owner - Class 2 | 12744 | 21240 | 44562 | 68945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Owners' Capital | 467015 | 890808 | 723042 | 1154431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capital | 467015 | 890808 | 723042 | 1154431 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Capital** | $**637664** | $**1063825** | $**820671** | $**1253184** |
| **Units Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 6320 | 7152 | 12531 | 12751 |
| &nbsp;&nbsp;&nbsp;Class 1AP | N/A | N/A | 64 | 64 |
| &nbsp;&nbsp;&nbsp;Class 2 | 147 | 153 | 526 | 539 |
| **Net Asset Value per Unit** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $71.04 | $120.17 | $53.18 | $83.51 |
| &nbsp;&nbsp;&nbsp;Class 1AP | N/A | N/A | $73.79 | $114.16 |
| &nbsp;&nbsp;&nbsp;Class 2 | $122.84 | $204.73 | $98.75 | $152.78 |

---

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

**The Series of Frontier Funds**

**Consolidated Condensed Schedule of Investments**

**June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Frontier** | **Frontier** |
| | **Frontier<br> Diversified Fund** | **Frontier<br> Diversified Fund** | **Frontier<br> Masters Fund** | **Frontier<br> Masters Fund** | **Long/Short <br> Commodity Fund** | **Long/Short <br> Commodity Fund** |
| <br>**Description** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |
| <u>PRIVATE INVESTMENT COMPANIES (2)</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | $112712 | 19.81% | $- | 0.00% | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 95722 | 16.82% | - | 0.00% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 137155 | 24.11% | - | 0.00% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 113313 | 19.92% | 112848 | 77.96% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | 31734 | 5.58% | 22616 | 15.62% | 29342 | 15.43% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 52910 | 9.30% | 26351 | 18.20% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC) | - | 0.00% | - | 0.00% | 146693 | 77.12% |
| &nbsp;&nbsp;&nbsp;**Total Private Investment Companies** | $543546 | 95.54% | $161815 | 111.78% | $176035 | 92.55% |
| <u>INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Trading Company XXXVIII, LLC | $33642 | 5.91% | $10603 | 7.33% | $10203 | 5.36% |
| &nbsp;&nbsp;&nbsp;**Total Investment in Unconsolidated Trading Companies** | $33642 | 5.91% | $10603 | 7.33% | $10203 | 5.36% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <u>U.S. TREASURY SECURITIES (1)</u> |  |  |  |  |  |  |
|  | **Fair Value** |  | **Fair Value** |  | **Fair Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 | $3630 | 0.64% | $1144 | 0.79% | $1101 | 0.58% |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Face Value** |  | **Face Value** |  | **Face Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $3613 |  | $1139 |  | $1096 |  |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Cost** |  | **Cost** |  | **Cost** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $3852 |  | $1214 |  | $1168 |  |

---

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

**The Series of Frontier Funds**

**Consolidated Condensed Schedule of Investments**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Frontier** | **Frontier** | **Frontier** | **Frontier** |
| | **Balanced Fund** | **Balanced Fund** | **Select Fund** | **Select Fund** |
| <br>**Description** |<br>**Fair Value** | **% of Total <br> Capital**<br>**(Net Asset <br> Value)** |<br>**Fair Value** | **% of Total <br> Capital**<br>**(Net Asset <br> Value)** |
| <u>PRIVATE INVESTMENT COMPANIES (2)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | $145007 | 7.54% | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 304474 | 15.84% | 223627 | 69.22% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 412642 | 21.46% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 548966 | 28.56% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 680431 | 35.39% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | 102048 | 5.31% | 49709 | 15.39% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | 124884 | 6.50% | 55827 | 17.28% |
| &nbsp;&nbsp;&nbsp;**Total Private Investment Companies** | $2318452 | 120.60% | $329163 | 101.89% |
| <u>INVESTMENT IN UNCONSOLIDATED COMPANIES (2)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Trading Company XXXVIII, LLC | $23704 | 1.23% | $12781 | 3.96% |
| &nbsp;&nbsp;&nbsp;**Total Investment in Unconsolidated Trading Companies** | $23704 | 1.23% | $12781 | 3.96% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>U.S. TREASURY SECURITIES (1)</u> |  |  |  |  |
|  | **Fair Value** |  | **Fair Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 | $2557 | 0.13% | $1379 | 0.43% |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Face Value** |  | **Face Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $2546 |  | $1373 |  |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Cost** |  | **Cost** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $2714 |  | $1463 |  |

---

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

**The Series of Frontier Funds**

**Consolidated Condensed Schedule of Investments**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Frontier Global** | **Frontier Global** | **Frontier** | **Frontier** |
| | **Fund** | **Fund** | **Heritage Fund** | **Heritage Fund** |
| <br>**Description** |<br>**Fair Value** | **% of Total <br> Capital**<br>**(Net Asset Value)** |<br>**Fair Value** | **% of Total <br> Capital**<br>**(Net Asset Value)** |
| <u>PRIVATE INVESTMENT COMPANIES (2)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | $608129 | 130.22% | $525762 | 72.72% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | - | - | 173685 | 24.02% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | - | - | 56488 | 7.81% |
| **Total Private Investment Companies** | $608129 | 130.22% | $755935 | 104.55% |
| <u>INVESTMENT IN UNCONSOLIDATED COMPANIES (2)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Trading Company XXXVIII, LLC | $19639 | 4.21% | $43046 | 5.95% |
| &nbsp;&nbsp;&nbsp;**Total Investment in Unconsolidated Trading Companies** | $19639 | 4.21% | $43046 | 5.95% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>U.S. TREASURY SECURITIES (1)</u> |  |  |  |  |
|  | **Fair Value** |  | **Fair Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 | $2119 | 0.45% | $4644 | 0.64% |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Face Value** |  | **Face Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $2109 |  | $4623 |  |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Cost** |  | **Cost** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $2249 |  | $4928 |  |

---

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

**The Series of Frontier Funds**

**Consolidated Condensed Schedules of Investments**

**December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Frontier** | **Frontier** | **Frontier** | **Frontier** | **Frontier Long/Short** | **Frontier Long/Short** |
| | **Diversified Fund** | **Diversified Fund** | **Masters Fund** | **Masters Fund** | **Commodity Fund** | **Commodity Fund** |
| <br>**Description** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |
| <u>PRIVATE INVESTMENT COMPANIES (2)</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | $200783 | 21.04% | $- | 0.00% | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 107734 | 11.29% | - | 0.00% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 97625 | 10.23% | 48601 | 18.19% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 215875 | 22.62% | - | 0.00% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 204509 | 21.43% | 177375 | 66.37% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | 97913 | 10.26% | 43418 | 16.25% | 86661 | 32.09% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC) | - | 0.00% | - | 0.00% | 152814 | 56.58% |
| &nbsp;&nbsp;&nbsp;**Total Private Investment Companies** | $924439 | 96.87% | $269394 | 100.81% | $239475 | 88.67% |
| <u>INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Trading Company XXXVIII, LLC | $23131 | 2.42% | $13036 | 4.88% | $13179 | 4.88% |
| &nbsp;&nbsp;&nbsp;**Total Investment in Unconsolidated Trading Companies** | $23131 | 2.42% | $13036 | 4.88% | $13179 | 4.88% |
| <u>U.S. TREASURY SECURITIES (1)</u> |  |  |  |  |  |  |
|  | **Fair Value** |  | **Fair Value** |  | **Fair Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 | $1945 | 0.20% | $1096 | 0.41% | $1108 | 0.41% |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Face Value** |  | **Face Value** |  | **Face Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $1909 |  | $1076 |  | $1088 |  |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Cost** |  | **Cost** |  | **Cost** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $2035 |  | $1147 |  | $1160 |  |

---

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

**The Series of Frontier Funds**

**Consolidated Condensed Schedules of Investments**

**December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Frontier** | **Frontier** | **Frontier** | **Frontier** |
| | **Balanced Fund** | **Balanced Fund** | **Select Fund** | **Select Fund** |
| <br>**Description** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |
| <u>PRIVATE INVESTMENT COMPANIES (2)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | $267881 | 8.07% | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 462054 | 13.92% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 500760 | 15.09% | 333552 | 57.53% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 780969 | 23.54% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 1082825 | 32.63% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | 293875 | 8.86% | 140978 | 24.32% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund – Horizon3 Feeder Fund (577) LLC | 227727 | 6.86% | 89261 | 15.40% |
| &nbsp;&nbsp;&nbsp;**Total Private Investment Companies** | $3616091 | 108.97% | $563791 | 97.25% |
| <u>INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Trading Company XXXVIII, LLC | $57707 | 1.74% | $17750 | 3.06% |
| &nbsp;&nbsp;&nbsp;**Total Investment in Unconsolidated Trading Companies** | $57707 | 1.74% | $17750 | 3.06% |
| <u>U.S. TREASURY SECURITIES (1)</u> |  |  |  |  |
|  | **Fair Value** |  | **Fair Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 | $4851 | 0.15% | $1492 | 0.26% |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Face Value** |  | **Face Value** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $4764 |  | $1465 |  |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Cost** |  | **Cost** |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 (1) | $5078 |  | $1562 |  |

---

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

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

**The Series of Frontier Funds**

**Consolidated Condensed Schedules of Investments**

**December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Frontier Global** | **Frontier Global** | **Frontier** | **Frontier** |
| | **Fund** | **Fund** | **Heritage Fund** | **Heritage Fund** |
| <br>**Description** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |<br>**Fair Value** | **% of Total Capital**<br>**(Net Asset Value)** |
| <u>PRIVATE INVESTMENT COMPANIES (2)</u> |  |  |  |  |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | $985419 | 110.62% | $793570 | 68.74% |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | - | - | 130134 | 11.27% |
| Galaxy Plus Fund – Horizon3 Feeder Fund (577) LLC | - | - | 226129 | 19.59% |
| **Total Private Investment Companies** | $985419 | 110.62% | $1149833 | 99.60% |
| <u>INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)</u> |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $32387 | 3.64% | $42692 | 3.70% |
| **Total Investment in Unconsolidated Trading Companies** | $32387 | 3.64% | $42692 | 3.70% |
| <u>U.S. TREASURY SECURITIES (1)</u> |  |  |  |  |
|  | **Fair Value** |  | **Fair Value** |  |
| US Treasury Note 6.875% due 08/15/2025 | $2723 | 0.31% | $3589 | 0.31% |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Face Value** |  | **Face Value** |  |
| US Treasury Note 6.875% due 08/15/2025 (1) | $2674 |  | $3524 |  |
| <u>Additional Disclosure on U.S. Treasury Securities</u> | **Cost** |  | **Cost** |  |
| US Treasury Note 6.875% due 08/15/2025 (1) | $2850 |  | $3756 |  |

---

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

**The Series of Frontier Funds**

**Consolidated Statements of Operations (Unaudited)**

**For the Three Months Ended June 30, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier <br> Diversified Fund** | **Frontier <br> Diversified Fund** | **Frontier <br> Masters Fund** | **Frontier <br> Masters Fund** | **Frontier <br> Long/Short Commodity Fund** | **Frontier <br> Long/Short Commodity Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Investment income:** | | | | | | |
| &nbsp;&nbsp;&nbsp;Interest - net | $664 | $1264 | $245 | $374 | $247 | $680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 664 | 1264 | 245 | 374 | 247 | 680 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Fees - Class 1 | 58 | 134 | 25 | 58 | 5 | 14 |
| &nbsp;&nbsp;&nbsp;Due Diligence Fees | 178 | 438 | 46 | 126 | 16 | 35 |
| &nbsp;&nbsp;&nbsp;Trading Fees | 6060 | 13279 | 3511 | 8227 | 1665 | 3968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 6296 | 13851 | 3582 | 8411 | 1686 | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (loss) - net | (5632) | (12587) | (3337) | (8037) | (1439) | (3337) |
| **Realized and unrealized gain/(loss) on investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on private investment companies | (113609) | (5444) | (46825) | (34761) | (13607) | 79011 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on private investment companies | (38912) | 3988 | (3691) | 3009 | (7582) | (155924) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on U.S. Treasury securities | (473) | (654) | (171) | (212) | (202) | (440) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on U.S. Treasury securities | (21) | 105 | (8) | 44 | (9) | 81 |
| &nbsp;&nbsp;&nbsp;Change in fair value of investments in unconsolidated trading companies | (3561) | 875 | (1294) | 234 | (1591) | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments | (156576) | (1130) | (51989) | (31686) | (22991) | (76724) |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS** | (162208) | (13717) | (55326) | (39723) | (24430) | (80061) |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS** | $**(162208)** | $**(13717)** | $**(55326)** | $**(39723)** | $**(24430)** | $**(80061)** |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 | $(11.08) | $(0.81) | $(12.75) | $(7.73) | $(4.56) | $(9.09) |
| &nbsp;&nbsp;&nbsp;Class 2a | N/A | N/A | N/A | N/A | $(2.91) | $(6.00) |
| &nbsp;&nbsp;&nbsp;Class 3 | $(10.47) | $(0.72) | $(12.10) | $(7.29) | $(4.79) | $(9.53) |
| &nbsp;&nbsp;&nbsp;Class 3a | N/A | N/A | N/A | N/A | $(3.09) | $(6.36) |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Operations (Unaudited)**

**For the Three Months Ended June 30, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Frontier <br> Balanced Fund** | **Frontier <br> Balanced Fund** | **Frontier <br> Select Fund** | **Frontier <br> Select Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Investment income:** | | | | |
| &nbsp;&nbsp;&nbsp;Interest - net | $50 | $123 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income/(loss) | 50 | 123 | - | - |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Fees - Class 1 | 11565 | 30384 | 2342 | 5791 |
| &nbsp;&nbsp;&nbsp;Trading Fees | 28739 | 62586 | 4107 | 8819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 40304 | 92970 | 6449 | 14610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (loss) - net | (40254) | (92847) | (6449) | (14610) |
| **Realized and unrealized gain/(loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on private investment companies | (447543) | (113200) | (83443) | (100716) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on private investment companies | (108547) | 44503 | (11508) | (1063) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on U.S. Treasury securities | (1071) | (1146) | (263) | (486) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on U.S. Treasury securities | (48) | 113 | (12) | 89 |
| &nbsp;&nbsp;&nbsp;Change in fair value of investments in unconsolidated trading companies | (6694) | (1700) | (2015) | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments | (563903) | (71430) | (97241) | (101261) |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS** | (604157) | (164277) | (103690) | (115871) |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS** | $**(604157)** | $**(164277)** | $**(103690)** | $**(115871)** |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $(9.79) | $(2.51) | $(7.15) | $(7.17) |
| &nbsp;&nbsp;&nbsp;Class 1AP | $(13.12) | $(2.65) | $(9.61) | $(9.11) |
| &nbsp;&nbsp;&nbsp;Class 2 | $(17.70) | $(3.58) | $(12.75) | $(12.10) |
| &nbsp;&nbsp;&nbsp;Class 2a | $(15.42) | $(3.08) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Class 3a | $(15.35) | $(3.07) | N/A | N/A |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Operations (Unaudited)**

**For the Three Months Ended June 30, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Frontier <br> Global Fund** | **Frontier <br> Global Fund** | **Frontier <br> Heritage Fund** | **Frontier <br> Heritage Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Investment income:** | | | | |
| &nbsp;&nbsp;&nbsp;Interest - net | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | - | - | - | - |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Fees - Class 1 | 3576 | 10865 | 5239 | 11833 |
| &nbsp;&nbsp;&nbsp;Trading Fees | 8387 | 20174 | 9966 | 20515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 11963 | 31039 | 15205 | 32348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (loss) - net | (11963) | (31039) | (15205) | (32348) |
| **Realized and unrealized gain/(loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on private investment companies | (160963) | (105008) | (165492) | (55125) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on private investment companies | (1928) | 68921 | (16019) | 11224 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on U.S. Treasury securities | (420) | (506) | (719) | (632) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on U.S. Treasury securities | (19) | 80 | (32) | 97 |
| &nbsp;&nbsp;&nbsp;Change in fair value of investments in unconsolidated trading companies | (3117) | (42) | (5453) | (912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments | (166447) | (36555) | (187715) | (45348) |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS** | (178410) | (67594) | (202920) | (77696) |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS** | $**(178410)** | $**(67594)** | $**(202920)** | $**(77696)** |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $(26.29) | $(8.52) | $(14.93) | $(5.69) |
| &nbsp;&nbsp;&nbsp;Class 1AP | N/A  | &nbsp;&nbsp;&nbsp;&nbsp;N/A  | $(20.02) | $(6.43) |
| &nbsp;&nbsp;&nbsp;Class 2 | $(44.21) | $(11.99) | $(26.78) | $(8.61) |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Operations (Unaudited)**

**For the Six Months Ended June 30, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier<br> Diversified Fund** | **Frontier<br> Diversified Fund** | **Frontier <br> Masters Fund** | **Frontier <br> Masters Fund** | **Frontier <br> Long/Short Commodity Fund** | **Frontier <br> Long/Short Commodity Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Investment income:** | | | | | | |
| &nbsp;&nbsp;&nbsp;Interest - net | $1330 | $2252 | $518 | $798 | $455 | $1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 1330 | 2252 | 518 | 798 | 455 | 1381 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Fees - Class 1 | 137 | 259 | 62 | 113 | 12 | 35 |
| &nbsp;&nbsp;&nbsp;Due Diligence Fees | 434 | 882 | 117 | 239 | 36 | 75 |
| &nbsp;&nbsp;&nbsp;Trading Fees | 14093 | 26295 | 8306 | 14959 | 3559 | 8910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 14664 | 27436 | 8485 | 15311 | 3607 | 9020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (loss) - net | (13334) | (25184) | (7967) | (14513) | (3152) | (7639) |
| **Realized and unrealized gain/(loss) on investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on private investment companies | (222146) | 240332 | (91875) | 73495 | (34045) | 70794 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on private investment companies | (55896) | (5087) | (5761) | 3787 | (19974) | (165874) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on U.S. Treasury securities | (872) | (1029) | (333) | (375) | (349) | (768) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on U.S. Treasury securities | (31) | 79 | (12) | 27 | (13) | 43 |
| &nbsp;&nbsp;&nbsp;Change in fair value of investments in unconsolidated trading companies | (6018) | (841) | (2414) | 33 | (2603) | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments | (284963) | 233454 | (100395) | 76967 | (56984) | (95305) |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS** | (298297) | 208270 | (108362) | 62454 | (60136) | (102944) |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS** | $**(298297)** | $**208270** | $**(108362)** | $**62454** | $**(60136)** | $**(102944)** |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 | $(20.18) | $10.51 | $(24.41) | $11.93 | $(10.90) | $(11.39) |
| &nbsp;&nbsp;&nbsp;Class 2a | N/A | N/A | N/A | N/A | $(7.09) | $(7.14) |
| &nbsp;&nbsp;&nbsp;Class 3 | $(19.05) | $10.01 | $(23.15) | $11.41 | $(11.44) | $(11.95) |
| &nbsp;&nbsp;&nbsp;Class 3a | N/A | N/A | N/A | N/A | $(7.52) | $(7.54) |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Operations (Unaudited)**

**For the Six Months Ended June 30, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Select Fund** | **Frontier Select Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Investment income:** | | | | |
| &nbsp;&nbsp;&nbsp;Interest - net | $127 | $282 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income/(loss) | 127 | 282 | - | - |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Fees - Class 1 | 28446 | 59994 | 5867 | 11477 |
| &nbsp;&nbsp;&nbsp;Trading Fees | 64896 | 120069 | 9539 | 16853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 93342 | 180063 | 15406 | 28330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (loss) - net | (93215) | (179781) | (15406) | (28330) |
| **Realized and unrealized gain/(loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on private investment companies | (824027) | 796650 | (164101) | 32653 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on private investment companies | (181216) | (1925) | (35478) | 15811 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on U.S. Treasury securities | (2435) | (2396) | (570) | (834) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on U.S. Treasury securities | (82) | (21) | (20) | 49 |
| &nbsp;&nbsp;&nbsp;Change in fair value of investments in unconsolidated trading companies | (16409) | (2812) | (4093) | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments | (1024169) | 789496 | (204262) | 48452 |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS** | (1117384) | 609715 | (219668) | 20122 |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS** | $**(1117384)** | $**609715** | $**(219668)** | $**20122** |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $(18.07) | $7.22 | $(14.96) | $0.90 |
| &nbsp;&nbsp;&nbsp;Class 1AP | $(23.98) | $10.97 | $(19.98) | $2.14 |
| &nbsp;&nbsp;&nbsp;Class 2 | $(32.33) | $14.80 | $(26.52) | $2.83 |
| &nbsp;&nbsp;&nbsp;Class 2a | $(28.13) | $12.97 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Class 3a | $(28.03) | $12.93 | N/A | N/A |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Operations (Unaudited)**

**For the Six Months Ended June 30, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Investment income:** | | | | |
| &nbsp;&nbsp;&nbsp;Interest - net | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | - | - | - | - |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Fees - Class 1 | 9339 | 20305 | 12482 | 23136 |
| &nbsp;&nbsp;&nbsp;Trading Fees | 20036 | 36334 | 22761 | 39752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 29375 | 56639 | 35243 | 62888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (loss) - net | (29375) | (56639) | (35243) | (62888) |
| **Realized and unrealized gain/(loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on private investment companies | (307032) | 307028 | (323037) | 103527 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on private investment companies | 298 | 92858 | (44534) | 106990 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on U.S. Treasury securities | (754) | (925) | (1288) | (966) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on U.S. Treasury securities | (26) | 31 | (46) | 57 |
| &nbsp;&nbsp;&nbsp;Change in fair value of investments in unconsolidated trading companies | (5353) | (184) | (9560) | (1601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments | (312867) | 398808 | (378465) | 208007 |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS** | (342242) | 342169 | (413708) | 145119 |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS** | $**(342242)** | $**342169** | $**(413708)** | $**145119** |
| **NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $(49.13) | $41.44 | $(30.33) | $9.52 |
| &nbsp;&nbsp;&nbsp;Class 1AP | N/A | N/A | $(40.37) | $14.95 |
| &nbsp;&nbsp;&nbsp;Class 2 | $(81.89) | $72.89 | $(54.03) | $20.01 |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Changes in Owners' Capital (Unaudited)**

**For the Three Months Ended June 30, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** |
|  | **Class 2** | **Class 2** | **Class 3** | **Class 3** | | **Class 2** | **Class 2** | **Class 3** | **Class 3** | |
|  | **Managing<br> Owner** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** | **Managing<br> Owner** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** |
| **Owners' Capital, March 31, 2025** | $4604 | $111840 | $3258 | $645793 | $765495 | $2155 | $50204 | $- | $147714 | $200073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | - | - | - | (34336) | (34336) | - | - | - | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer of Units In(Out) | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests | (979) | (23797) | (692) | (136740) | (162208) | (597) | (13899) | - | (40830) | (55326) |
| **Owners' Capital, June 30, 2025** | $3625 | $88043 | $2566 | $474717 | $568951 | $1558 | $36305 | $- | $106885 | $144748 |
| **Owners' Capital - Units, March 31, 2025** | 89 | 2148 | 66 | 13103 | 15406 | 46 | 1091 | - | 3374 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | - | - | - | (875) | (875) | (0) | - | - | - | - |
| **Owners' Capital - Units, June 30, 2025** | 89 | 2148 | 66 | 12228 | 14531 | 46 | 1091 | - | 3374 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per unit at March 31, 2025 |  | $52.06 |  | $49.29 |  |  | $46.05 |  | $43.77 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net asset value per unit for the three months ended June 30, 2025 |  | (11.08) |  | (10.47) |  |  | (12.75) |  | $(12.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per unit at June 30, 2025 |  | $40.98 |  | $38.82 |  |  | $33.30 |  | $31.67 |  |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Changes in Owners' Capital (Unaudited)**

**For the Three Months Ended June 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** |
|  | **Class 2** | **Class 2** | **Class 3** | **Class 2a** | **Class 2a** | **Class 3a** | **Class 3a** | |
|  | **Managing<br> Owner** | **Limited<br> Owners** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** |
| **Owners' Capital, March 31, 2025** | $274 | $4309 | $159228 | $1499 | $7719 | $527 | $48820 | $222376 |
| &nbsp;&nbsp;&nbsp;Sale of Units | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units | - | - | (7737) | - |  | - | - | (7737) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests | (31) | (485) | (17742) | (159) | (817) | (55) | (5141) | (24430) |
| **Owners' Capital, June 30, 2025** | $243 | $3824 | $133749 | $1340 | $6902 | $472 | $43679 | $190209 |
| **Owners' Capital - Units, March 31, 2025** | 7 | 106 | 3749 | 55 | 280 | 18 | 1662 | 5877 |
| &nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | - | - | (200) | - | - | - | - | (200) |
| **Owners' Capital - Units, June 30, 2025** | 7 | 106 | 3549 | 55 | 280 | 18 | 1662 | 5677 |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at March 31, 2025 |  | $40.48 | $42.47 |  | $27.54 |  | $29.38 |  |
| &nbsp;&nbsp;&nbsp;Change in net asset value per unit for the three months ended June 30, 2025 |  | (4.56) | (4.79) |  | (2.91) |  | (3.09) |  |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at June 30, 2025 |  | $35.92 | $37.68 |  | $24.63 |  | $26.29 |  |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Changes in Owners' Capital (Unaudited)**

**For the Three Months Ended June 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** |
|  | **Class 1** | **Class 1AP** | **Class 2** | **Class 2** | **Class 2a** | **Class 2a** | **Class 3a** | |
|  | **Limited<br> Owners** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** | **Limited<br> Owners** |<br>**Total** |
| **Owners' Capital, March 31, 2025** | $2049149 | $35724 | $25404 | $526667 | $2549 | $- | $107912 | $2747405 |
| &nbsp;&nbsp;&nbsp;Sale of Units | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units | (175261) | - | - | (28481) | - | - | (17084) | (220826) |
| &nbsp;&nbsp;&nbsp;Transfer of Units In (Out) | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests | (453824) | (7703) | (5477) | (113215) | (549) | - | (23389) | (604157) |
| **Owners' Capital, June 30, 2025** | $1420064 | $28021 | $19927 | $384971 | $2000 | $- | $67439 | $1922422 |
| **Owners' Capital - Units, March 31, 2025** | 46327 | 587 | 310 | 6416 | 36 | - | 1512 | 55188 |
| &nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | (5090) | - | - | (437) | - | - | (308) | (5835) |
| **Owners' Capital - Units, June 30, 2025** | 41237 | 587 | 310 | 5979 | 36 | - | 1204 | 49353 |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at March 31, 2025 | $44.23 | $60.86 |  | $82.08 |  | $71.64 | $71.38 |  |
| &nbsp;&nbsp;&nbsp;Change in net asset value per unit for the three months ended June 30, 2025 | (9.79) | (13.12) |  | (17.70) |  | (15.42) | (15.35) |  |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at June 30, 2025 | $34.44 | $47.74 |  | $64.38 |  | $56.22 | $56.03 |  |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Changes in Owners' Capital (Unaudited)**

**For the Three Months Ended June 30, 2025**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** |
|  | **Class 1** | **Class 1AP** | **Class 2** | **Class 2** | | **Class 1** | **Class 2** | **Class 2** | | **Class 1** | **Class 1AP** | **Class 2** | **Class 2** | |
|  | **Limited<br> Owners** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** | **Limited<br> Owners** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** |
| **Owners' Capital, March 31, 2025** | $413065 | $4810 | $4617 | $20760 | $443252 | $642724 | $7207 | $17330 | $667261 | $859383 | $5984 | $9376 | $56648 | $931391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Units | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (8820) | - | - | (7669) | (16489) | (21835) | (1) | - | (21836) | (5429) | - |  | - | (5429) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer of Units In(Out) | - | - | - |  | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests | (96878) | (1106) | (1061) | (4645) | (103690) | (171918) | (1906) | (4586) | (178410) | (187556) | (1277) | (2001) | (12086) | (202920) |
| **Owners' Capital, June 30, 2025** | $307367 | $3704 | $3556 | $8446 | $323073 | $448971 | $5300 | $12744 | $467015 | $666398 | $4707 | $7375 | $44562 | $723042 |
| **Owners' Capital - Units, March 31, 2025** | 13612 | 115 | 84 | 374 | 14185 | 6604 | 43 | 104 | 6751 | 12617 | 64 | 74 | 452 | 13207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | (361) | - | (1) | (176) | (538) | (284) | - | - | (284) | (86) | - | - | - | (86) |
| **Owners' Capital - Units, June 30, 2025** | 13251 | 115 | 83 | 198 | 13647 | 6320 | 43 | 104 | 6467 | 12531 | 64 | 74 | 452 | 13121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per unit at March 31, 2025 | $30.35 | $41.80 |  | $55.46 |  | $97.33 |  | $167.05 |  | $68.11 | $93.81 |  | $125.53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net asset value per for the three months ended June 30, 2025 | (7.15) | (9.61) |  | (12.75) |  | (26.29) |  | (44.21) |  | (14.93) | (20.02) |  | (26.78) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per unit at June 30, 2025 | $23.20 | $32.19 |  | $42.71 |  | $71.04 |  | $122.84 |  | $53.18 | $73.79 |  | $98.75 |  |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Changes in Owners' Capital (Unaudited)**

**For the Six Months Ended June 30, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** |
|  | **Class 2** | **Class 2** | **Class 3** | **Class 3** | | **Class 2** | **Class 2** | **Class 3** | **Class 3** | |
|  | **Managing Owner** | **Limited Owners** | **Managing Owner** | **Limited Owners** |<br>**Total** | **Managing Owner** | **Limited Owners** | **Managing Owner** | **Limited Owners** |<br>**Total** |
| **Owners' Capital, December 31, 2024** | $5409 | $131392 | $7684 | $809853 | $954338 | $3110 | $64129 | $- | $200002 | $267241 |
| &nbsp;&nbsp;&nbsp;Sale of Units | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units | - | - | (3750) | (83340) | (87090) | (400) | (1226) | - | (12505) | (14131) |
| &nbsp;&nbsp;&nbsp;Transfer of Units In(Out) | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests | (1784) | (43349) | (1368) | (251796) | (298297) | (1152) | (26598) | - | (80612) | (108362) |
| **Owners' Capital, June 30, 2025** | $3625 | $88043 | $2566 | $474717 | $568951 | $1558 | $36305 | $- | $106885 | $144748 |
| **Owners' Capital - Units, December 31, 2024** | 89 | 2148 | 133 | 13995 | 16365 | 53 | 1112 | - | 3648 | 4813 |
| &nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | - | - | (67) | (1767) | (1834) | (7) | (21) | - | (274) | (302) |
| **Owners' Capital - Units, June 30, 2025** | 89 | 2148 | 66 | 12228 | 14531 | 46 | 1091 | - | 3374 | 4511 |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at December 31, 2024 |  | $61.16 |  | $57.87 |  |  | $57.71 |  | $54.82 |  |
| &nbsp;&nbsp;&nbsp;Change in net asset value per unit for the six months ended June 30, 2025 |  | (20.18) |  | (19.05) |  |  | (24.41) |  | $(23.15) |  |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at June 30, 2025 |  | $40.98 |  | $38.82 |  |  | $33.30 |  | $31.67 |  |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Changes in Owners' Capital (Unaudited)**

**For the Six Months Ended June 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** |
|  | **Class 2** | **Class 2** | **Class 3** | **Class 2a** | **Class 2a** | **Class 3a** | **Class 3a** | |
|  | **Managing<br> Owner** | **Limited<br> Owners** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** |
| **Owners' Capital, December 31, 2024** | $317 | $4984 | $191887 | $3909 | $8890 | $607 | $59471 | $270065 |
| &nbsp;&nbsp;&nbsp;Sale of Units | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units | - | - | (14735) | (2100) | - |  | (2885) | (19720) |
| &nbsp;&nbsp;&nbsp;Transfer of Units In(Out) | - | - | - | - | - |  | - | - |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests | (74) | (1160) | (43403) | (469) | (1988) | (135) | (12907) | (60136) |
| **Owners' Capital, June 30, 2025** | $243 | $3824 | $133749 | $1340 | $6902 | $472 | $43679 | $190209 |
| **Owners' Capital - Units, December 31, 2024** | 7 | 106 | 3906 | 123 | 280 | 18 | 1759 | 6199 |
| &nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | - | - | (357) | (68) | - | - | (97) | (522) |
| **Owners' Capital - Units, June 30, 2025** | 7 | 106 | 3549 | 55 | 280 | 18 | 1662 | 5677 |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at December 31, 2024 |  | $46.82 | $49.12 |  | $31.72 |  | $33.81 |  |
| &nbsp;&nbsp;&nbsp;Change in net for the six months ended June 30, 2025 |  | (10.90) | (11.44) |  | (7.09) |  | (7.52) |  |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at June 30, 2025 |  | $35.92 | $37.68 |  | $24.63 |  | $26.29 |  |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Changes in Owners' Capital (Unaudited)**

**For the Six Months Ended June 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** |
|  | **Class 1** | **Class 1AP** | **Class 2** | **Class 2** | **Class 2a** | **Class 2a** | **Class 3a** | |
|  | **Limited<br> Owners** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** | **Limited<br> Owners** |<br>**Total** |
| **Owners' Capital, December 31, 2024** | $2478195 | $42095 | $29935 | $620599 | $13359 | $- | $134062 | $3318245 |
| &nbsp;&nbsp;&nbsp;Sale of Units | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units | (216481) | - | - | (28481) | (10000) | - | (23477) | (278439) |
| &nbsp;&nbsp;&nbsp;Transfer of Units In (Out) | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests | (841650) | (14074) | (10008) | (207147) | (1359) | - | (43146) | (1117384) |
| **Owners' Capital, June 30, 2025** | $1420064 | $28021 | $19927 | $384971 | $2000 | $- | $67439 | $1922422 |
| **Owners' Capital - Units, December 31, 2024** | 47196 | 587 | 310 | 6416 | 158 | - | 1595 | 56262 |
| &nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | (5959) | - | - | (437) | (122) | - | (391) | (6909) |
| **Owners' Capital - Units, June 30, 2025** | 41237 | 587 | 310 | 5979 | 36 | - | 1204 | 49353 |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at December 31, 2024 | $52.51 | $71.72 |  | $96.71 |  | $84.35 | $84.06 |  |
| &nbsp;&nbsp;&nbsp;Change in net asset value for the six months ended June 30, 2025 | (18.07) | (23.98) |  | (32.33) |  | (28.13) | (28.03) |  |
| &nbsp;&nbsp;&nbsp;Net asset value per unit at June 30, 2025 | $34.44 | $47.74 |  | $64.38 |  | $56.22 | $56.03 |  |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Changes in Owners' Capital (Unaudited)**

**For the Six Months Ended June 30, 2025**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** |
|  | **Class 1** | **Class 1AP** | **Class 2** | **Class 2** | | **Class 1** | **Class 2** | **Class 2** | | **Class 1** | **Class 1AP** | **Class 2** | **Class 2** | |
|  | **Limited<br> Owners** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** | **Limited<br> Owners** | **Limited<br> Owners** | **Managing<br> Owner** | **Limited<br> Owners** |<br>**Total** |
| **Owners' Capital, December 31, 2024** | $541125 | $6004 | $6712 | $25912 | $579753 | $859439 | $10129 | $21240 | $890808 | $1064870 | $7282 | $13334 | $68945 | $1154431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Units |  |  | - | - | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (28443) |  | (900) | (7669) | (37012) | (80250) | (1301) | - | (81551) | (15781) | - | (1900) | - | (17681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer of Units In(Out) |  |  | - |  | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests | (205315) | (2300) | (2256) | (9797) | (219668) | (330218) | (3528) | (8496) | (342242) | (382691) | (2575) | (4059) | (24383) | (413708) |
| **Owners' Capital, June 30, 2025** | $307367 | $3704 | $3556 | $8446 | $323073 | $448971 | $5300 | $12744 | $467015 | $666398 | $4707 | $7375 | $44562 | $723042 |
| **Owners' Capital - Units, December 31, 2024** | 14181 | 115 | 97 | 374 | 14767 | 7152 | 49 | 104 | 7305 | 12751 | 64 | 87 | 452 | 13354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Units (including transfers) |  |  | - | - | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | (930) |  | (14) | (176) | (1120) | (832) | (6) | - | (838) | (220) | - | (13) | - | (233) |
| **Owners' Capital - Units, June 30, 2025** | 13251 | 115 | 83 | 198 | 13647 | 6320 | 43 | 104 | 6467 | 12531 | 64 | 74 | 452 | 13121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per unit at December 31, 2024 | $38.16 | $52.17 |  | $69.23 |  | $120.17 |  | $204.73 |  | $83.51 | $114.16 |  | $152.78 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net asset value per for the six months ended June 30, 2025 | (14.96) | (19.98) |  | (26.52) |  | (49.13) |  | (81.89) |  | (30.33) | (40.37) |  | (54.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per unit at June 30, 2025 | $23.20 | $32.19 |  | $42.71 |  | $71.04 |  | $122.84 |  | $53.18 | $73.79 |  | $98.75 |  |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Cash Flows (Unaudited)**

**For the Six Months Ended June 30, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Long/Short<br> Commodity Fund** | **Frontier Long/Short<br> Commodity Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| Cash Flows from Operating Activities: |  |  |  |  |  |  |
| Net increase/(decrease) in capital resulting from operations | $(298297) | $208270 | $(108362) | $62454 | $(60136) | $(102944) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Change in:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in ownership allocation of U.S. Treasury securities | (3918) | (3460) | (911) | (1984) | (810) | (2789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (gain)/loss on U.S. Treasury securities | 31 | (79) | 12 | (27) | 13 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on U.S. Treasuries securities | 872 | 1029 | 333 | 375 | 349 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (gain)/loss on private investment companies | 222146 | (240332) | 91875 | (73495) | 34045 | (70794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on private investment companies | 55896 | 5087 | 5761 | (3787) | 19974 | 165874 |
| &nbsp;&nbsp;&nbsp;*(Purchases) sales of:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of U.S. Treasury securities | - | 3519 | - | 1371 | - | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury interest and premium paid/amortized | 1330 | 2252 | 518 | 798 | 455 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Purchases) of Private Investment Companies | (49257) | (140852) | (23300) | (50625) | (18562) | (66041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of Private Investment Companies | 152108 | 418816 | 33243 | 85933 | 27983 | 318351 |
| *Increase and/or decrease in:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated trading companies, at fair value | (10511) | 3052 | 2433 | (3338) | 2976 | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 25 | 215 | 47 | 32 | 50 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable to Managing Owner | - | - | - | - | (5) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading fees payable to Managing Owner | (1265) | (251) | (717) | (61) | (153) | (1010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees payable to Managing Owner | (11) | (5) | (7) | 1 | (1) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 363 | 1406 | 26 | 622 | 15 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net cash provided by (used in) operating activities* | 69512 | 258667 | 951 | 18269 | 6193 | 251178 |
| Cash Flows from Financing Activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for redemption of units | (87090) | (274709) | (14131) | (17216) | (19720) | (277529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in owner redemptions payable | - | (21822) | - | (2601) | - | (485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net cash provided by (used in) financing activities* | (87090) | (296531) | (14131) | (19817) | (19720) | (278014) |
| Net increase (decrease) in cash and cash equivalents | (17578) | (37864) | (13180) | (1548) | (13527) | (26836) |
| Cash and cash equivalents, beginning of period | 30763 | 98119 | 17336 | 25514 | 17526 | 50991 |
| Cash and cash equivalents, end of period | $**13185** | $**60255** | $**4156** | $**23966** | $**3999** | $**24155** |

---

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

**The Series of Frontier Funds**

**Consolidated Statements of Cash Flows (Unaudited)**

**For the Six Months Ended June 30, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Select Fund** | **Frontier Select Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| Cash Flows from Operating Activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net increase/(decrease) in capital resulting from operations | $(1117384) | $609715 | $(219668) | $20122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Change in:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on futures, forwards and options | - | (14434) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in ownership allocation of U.S. Treasury securities | (350) | (426) | (477) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (gain)/loss on U.S. Treasury securities | 82 | 21 | 20 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on U.S. Treasury securities | 2435 | 2396 | 570 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (gain)/loss on private investment companies | 824027 | (796650) | 164101 | (32653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on private investment companies | 181216 | 1925 | 35478 | (15811) |
| &nbsp;&nbsp;&nbsp;*(Purchases) sales of:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of U.S. Treasury securities | - | 4244 | - | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury interest and premium paid/amortized | 127 | 282 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Purchases) of Private Investment Companies | (136721) | (884212) | (37943) | (255363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of Private Investment Companies | 429117 | 946305 | 72992 | 257521 |
| &nbsp;&nbsp;&nbsp;*Increase and/or decrease in:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from futures commission merchants | - | 769384 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated trading companies, at fair value | 34003 | (8001) | 4969 | 11667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 304 | 421 | 71 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees payable to Managing Owner | - | (692) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable to Managing Owner | - | (2440) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable to Managing Owner | (352) | (423) | (112) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading fees payable to Managing Owner | (4842) | (335) | (983) | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees payable to Managing Owner | (2699) | (330) | (735) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk analysis fees payable | - | (11307) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions in advance for service fee rebates | 2418 | 7239 | 132 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (395) | 4546 | 1 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net cash provided by (used in) operating activities* | 210986 | 627228 | 18416 | (9371) |
| Cash Flows from Financing Activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for redemption of units | (278439) | (685815) | (37012) | (43750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net cash provided by (used in) financing activities* | (278439) | (685815) | (37012) | (43750) |
| Net increase (decrease) in cash and cash equivalents | (67453) | (58587) | (18596) | (53121) |
| Cash and cash equivalents, beginning of period | 76744 | 230796 | 23606 | 91807 |
| Cash and cash equivalents, end of period | $**9291** | $**172209** | $**5010** | $**38686** |

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

**The Series of Frontier Funds**

**Consolidated Statements of Cash Flows (Unaudited)**

**For the Six Months Ended June 30, 2025 and 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| Cash Flows from Operating Activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in capital resulting from operations | $(342242) | $342169 | $(413708) | $145119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Change in:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in ownership allocation of U.S. Treasury securities | (176) | (922) | (2389) | (1620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (gain)/loss on U.S. Treasury securities | 26 | (31) | 46 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on U.S. Treasury securities | 754 | 925 | 1288 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (gain)/loss on private investment companies | 307032 | (307028) | 323037 | (103527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on private investment companies | (298) | (92858) | 44534 | (106990) |
| &nbsp;&nbsp;&nbsp;*(Purchases) sale of:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of U.S. Treasury Securities | - | 2629 | - | 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Purchases) of Private Investment Companies | (34868) | (101299) | (48955) | (727193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of Private Investment Companies | 105424 | 233704 | 75282 | 952373 |
| &nbsp;&nbsp;&nbsp;*Increase and/or decrease in:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated trading companies, at fair value | 12748 | (627) | (354) | (3663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 145 | 170 | 122 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable to Managing Owner | (159) | (176) | (92) | (128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading fees payable to Managing Owner | (1491) | 1070 | (1533) | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees payable to Managing Owner | (1034) | 471 | (993) | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions in advance for service fee rebates | 399 | 947 | 1234 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (83) | 1431 | 260 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net cash provided by (used in) operating activities* | 46177 | 80575 | (22221) | 162083 |
| Cash Flows from Financing Activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for redemption of units | (81551) | (107069) | (17681) | (183373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net cash provided by (used in) financing activities* | (81551) | (107069) | (17681) | (183373) |
| Net increase (decrease) in cash and cash equivalents | (35374) | (26494) | (39902) | (21290) |
| Cash and cash equivalents, beginning of period | 43072 | 85804 | 56774 | 88561 |
| Cash and cash equivalents, end of period | $**7698** | $**59310** | $**16872** | $**67271** |

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

**Notes to Financial Statements**

**1. Organization and Purpose**

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 combined 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 Frontier Fund Management LLC (the "Managing Owner").

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

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

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

The Trust, with respect to each Series:

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

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

● maintains separate, distinct records for each Series, and separately accounts for the assets of each 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, offering exposure to the investment programs of individual Trading Advisors and to specific instruments;

● maintains each Series of Units in 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 Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Global Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale. 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 Frontier Diversified Fund, and Frontier Masters Fund or Class 2a Units of the 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 2a Units of the Frontier Long/Short Commodity Fund or Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) business day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of June 30, 2025, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund and Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Global Fund, separates Units into two separate Classes—Class 1 and Class 2. The Trust, with respect to the Frontier Balanced Fund, separates Units into five separate Classes—Class 1, Class 1AP, Class 2, Class 2a and Class 3a. The Trust, with respect to the Frontier Long/Short Commodity Fund, separates Units into four separate Classes—Class 2, Class 2a, Class 3 and Class 3a.

Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform ("Galaxy Plus Platform") which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP's Multi-Strategy Program, Quantitative Investment Management, LLC's Quantitative Global Program, Quest Partners LLC's Quest Tracker Index Program, Chesapeake Capital Management, LLC's Diversified Program, and Doherty Advisors LLC's Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC's Multi-Strategy Program, Red Oak Commodity Advisors, Inc.'s Fundamental Diversified Program, Rosetta Capital Management, LLC's Rosetta Trading Program, and Landmark Trading Company's Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.'s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.'s Global Contrarian Program have been transferred to individual Delaware limited liability companies ("Master Funds") in Galaxy Plus. Each Master Fund is sponsored and operated by New Hyde Park Alts, LLC ("New Hyde Park"). New Hyde Park has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors' respective program. For those Series that invest in Galaxy Plus, approximately 75-95% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. All the funds are invested in Galaxy Plus entities.

Each of the Series has invested a portion of its assets in several different Trading Companies or Galaxy Plus entities, and one or more Trading Advisors may manage the assets invested in such Trading Companies or Galaxy Plus entities.

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

**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 consolidated financial condition, consolidated condensed schedules of investments, consolidated results of operations, consolidated changes in capital and consolidated cash flows. Each Series of the Trust is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946.

*Consolidation*— Each Series, through investing in the Trading Companies and the Galaxy Plus Platform, authorize certain Trading Advisors to place trades and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series if consolidated by a Series. The Galaxy Plus Platform is a series of Delaware limited liability companies, sponsored by New Hyde Park, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. The Galaxy Plus Platform is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series' pro-rata net asset value in the Trading Company are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series' interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the consolidated statements of operations as change in fair value of investments in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies.

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

*Use of Estimates—*The preparation of consolidated financial statements in conformity with GAAP may require the Managing Owner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated 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 Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series and shown net on the consolidated statement of operations. The amount reflected in the consolidated financial statements of the Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those Series may be zero.

*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 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 Series of the Trust deposit assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of June 30, 2025 and December 31, 2024 included restricted cash for margin requirements of $0 and $0 respectively, for the Frontier Balanced Fund.

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

Any change in net unrealized gain or loss from the preceding period is reported in the 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 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 consolidated statements of operations.

*Purchase and Sales of Private Investment Companies* – The Series are able to subscribe into and redeem from the Galaxy Plus entities on a daily basis. The value of the private investment companies is determined by New Hyde Park and reported on a daily basis. The change in the difference between the total purchase cost and the fair value calculated by New Hyde Park is recorded as net unrealized gain/(loss) on private investment companies on the consolidated 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 two to seven subclasses of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a, Class 3a, and Class 1AP. All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that fees charged to a Class or Series differ as described below. Revenues, expenses (other than expenses attributable to a specific class), and realized and unrealized trading gains and losses of each Series are allocated daily to Class 1, Class 1a, Class 2, Class 2a, Class 3, Class 3a and Class 1AP Units based on each Class's respective owners' capital balances as applicable to the classes maintained by the Series.

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

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

*Income Taxes*—The Trust, with respect to the Series, applies the provisions of ASC 740 *Income Taxes* ("ASC 740"), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated 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', consolidated 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 Series for the quarter ended June 30, 2025.

The 2022 through 2025 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

In the opinion of the Managing Owner, (i) the Trust, with respect to the Series, is treated as a partnership for federal income tax purposes and, assuming that at least 90% of the gross income of the Trust constitutes "qualifying income" within the meaning of Section 7704(d) of the Code, (ii) the Trust is not a publicly traded partnership treated as a corporation, and (iii) the discussion set forth in the prospectus filed by the Trust on January 31, 2019 pursuant to Rule 424(b)(3) of the Securities Act of 1933 (File No 333-210313) (the "Prospectus") under the heading "U.S. Federal Income Tax Consequences" correctly summarizes the material federal income tax consequences as of the date of the Prospectus to potential U.S. Limited Owners of the purchase, ownership and disposition of Units of the Trust.

*Fees and Expenses*—All management fees, incentive fees, service fees, risk analysis fees (for closed Series only) and trading fees of the Trust, with respect to the Series, are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, selling agent service fees and all other operating expenses and continuing offering costs of the Trust, with respect to the Series. Only management fees and incentive fees related to assets allocated through Trading Companies are included in expense on the consolidated statements of operations. The Series are all charged management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the consolidated statements of operations. The Series are also charged management and incentive fees on assets allocated to swaps. Such fees are embedded in the fair value of the swap and are included in net unrealized gain (loss) on swap contracts on the consolidated statements of operations.

*Incentive Fee (rebate)*—The Managing Owner is allowed to share in the incentive fees earned by the CTAs up to 10% of New Net Profits (as defined in the Prospectus). If the Managing Owner's share of the incentive fee exceeds 10% of new net profits during the period for a particular series, then the Managing Owner is obligated to return any amount in excess to the Series. The returned amounts are recorded as Incentive Fee (Rebate) on the consolidated statements of operations.

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2024, 2023 and 2022, the Series were not allowed to issue additional units. The Managing Owner has determined that the purchase of additional units of the relevant Series will commence in 2025 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $419,234, $22,970, $166,498 and $91,854 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of June 30, 2025.

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 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.

*Owner redemptions payable—*Funds payable for existing owner redemption requests are recorded as capital subtractions at the NAV per unit on the second business day following receipt or request.

Subsequent Events—Each Series follows the provisions of ASC 855, *Subsequent Events*, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the consolidated financial statements are issued. Refer to Note 11.

**3. Fair Value Measurements**

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

***Level 1 Inputs***

 ****

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

***Level 2 Inputs***

 ****

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

***Level 3 Inputs***

 ****

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

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

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

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

Swap contracts are reported at fair value upon daily reports from the counterparty. In addition, a third party takes the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner's Valuation Committee for evaluation and resolution. The Swap contracts are reported at fair value using Level 3 inputs. The Series did not hold any swap contracts as of June 30, 2025.

*Investments in Private Investment Companies*. Investments in private investment companies are valued utilizing the net asset values provided by the underlying private investment companies as a practical expedient. Each Series applies the practical expedient to its investments in private investment companies on an investment-by-investment basis, and consistently with the Series' entire position in a particular investment, unless it is probable that the Series will sell a portion of an investment at an amount different from the net asset value of the investment. Investments in Private Investment Companies are excluded from the leveling table below.

*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.

The following table summarizes the investments in each Series measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, as well as investments valued using the practical expedient (net asset value).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Practical <br> Expedient** | **Level 1 Inputs** | **Level 2 Inputs** | **Level 3 Inputs** | **Total <br> Fair Value** |
| **Frontier Diversified Fund** | | | | | |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | $33642 | $- | $- | $- | $33642 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 3630 | - | - | 3630 |
| **Frontier Masters Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 10603 | - | - | - | 10603 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 1144 | - | - | 1144 |
| **Frontier Long/Short Commodity Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 10203 | - | - | - | 10203 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 1101 | - | - | 1101 |
| **Frontier Balanced Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 23704 | - | - | - | 23704 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 2557 | - | - | 2557 |
| **Frontier Select Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 12781 | - | - | - | 12781 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 1379 | - | - | 1379 |
| **Frontier Global Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 19639 | - | - | - | 19639 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 2119 | - | - | 2119 |
| **Frontier Heritage Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 43046 | - | - | - | 43046 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 4644 | - | - | 4644 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Practical <br> Expedient** | **Level 1 Inputs** | **Level 2 Inputs** | **Level 3 Inputs** | **Total <br> Fair Value** |
| **Frontier Diversified Fund** | | | | | |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | $23131 | $- | $- | $- | $23131 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 1945 | - | - | 1945 |
| **Frontier Masters Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 13036 | - | - | - | 13036 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 1096 | - | - | 1096 |
| **Frontier Long/Short Commodity Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 13179 | - | - | - | 13179 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 1108 | - | - | 1108 |
| **Frontier Balanced Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 57707 | - | - | - | 57707 |
| &nbsp;&nbsp;&nbsp;*Open Trade Equity (Deficit)* | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 4851 | - | - | 4851 |
| **Frontier Select Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 17750 | - | - | - | 17750 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 1492 | - | - | 1492 |
| **Frontier Global Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 32387 | - | - | - | 32387 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 2723 | - | - | 2723 |
| **Frontier Heritage Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment in Unconsolidated Trading Companies* | 42692 | - | - | - | 42692 |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Securities* | - | 3589 | - | - | 3589 |

---

**4. Swap Contracts**

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner's minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of June 30, 2025, none of the Trust's assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps or are recorded as collateral within the swap fair value within the Statements of Financial Condition.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series' exposure and remove cash from the Series' total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the index exposure in total. Index exposure is defined as the total notional amount plus any profit.

**5. Investments in Unconsolidated Trading Companies and Private Investment Companies**

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

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

The following table summarizes each of the Series' investments in unconsolidated Trading Companies as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| <br>**Series** | **Percentage of<br> Series Total<br> Capital Invested in <br> Unconsolidated<br> Trading Companies** | **Fair Value** | **Percentage of<br> Series Total<br> Capital Invested in <br> Unconsolidated<br> Trading Companies** | **Fair Value** |
| Frontier Diversified Series : |  |  |  |  |
| Frontier Trading Company XXXVIII | 5.91% | $33642 | 2.42% | $23131 |
| Frontier Masters Fund : |  |  |  |  |
| Frontier Trading Company XXXVIII | 7.33% | $10603 | 4.88% | $13036 |
| Frontier Long/Short Commodity Fund : |  |  |  |  |
| Frontier Trading Company XXXVIII | 5.36% | $10203 | 4.88% | $13179 |
| Frontier Balanced Fund : |  |  |  |  |
| Frontier Trading Company XXXVIII | 1.23% | $23704 | 1.74% | $57707 |
| Frontier Select Fund : |  |  |  |  |
| Frontier Trading Companies XXXVIII | 3.96% | $12781 | 3.06% | $17750 |
| Frontier Global Fund : |  |  |  |  |
| Frontier Trading Company XXXVIII | 4.21% | $19639 | 3.64% | $32387 |
| Frontier Heritage Fund : |  |  |  |  |
| Frontier Trading Company XXXVIII | 5.95% | $43046 | 3.70% | $42692 |

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The following tables summarize each of the Series' equity in earnings from unconsolidated Trading Companies and private investment companies for the three and six months ended June 30, 2025 and 2024:

**Three months ended June 30, 2025 and 2024**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June, 2025** | **Three Months Ended June, 2025** | **Three Months Ended June, 2025** | **Three Months Ended June, 2025** | **Three Months Ended June, 2024** | **Three Months Ended June, 2024** | **Three Months Ended June, 2024** | **Three Months Ended June, 2024** |
|  | **Trading**<br>**Commissions** | **Realized**<br>**Gain/(Loss)** | **Change in<br> Unrealized**<br>**Gain/(Loss)** | **Net Income**<br>**(Loss)** | **Trading**<br>**Commissions** | **Realized**<br>**Gain/(Loss)** | **Change in<br> Unrealized**<br>**Gain/(Loss)** | **Net Income**<br>**(Loss)** |
| **Frontier Balanced Fund** | | | | | | | | |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(6694) | $(6694) | $- | $- | $(1700) | $(1700) |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (556) | (2615) | (172400) | (175571) | (1698) | 59263 | (85437) | (27872) |
| Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | (851) | (24481) | (35614) | (60946) | (950) | (43691) | 95758 | 51117 |
| Galaxy Plus Fund - QIM Feeder Fund (526) LLC | (1048) | (11399) | (45279) | (57726) | (2215) | (16614) | 89751 | 70922 |
| Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | (2) | (27166) | 25117 | (2051) | (1753) | (1141) | 22322 | 19428 |
| Galaxy Plus Fund - Quest Feeder Fund (517) LLC | (557) | (19546) | (96792) | (116895) | (1746) | 13973 | (14253) | (2026) |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (725) | (18835) | (42108) | (61668) | (3336) | 21854 | (74953) | (56435) |
| Galaxy Plus Fund – Quantica Managed Futures Master Fund (507) LLC | (361) | (4506) | (76366) | (81233) | (615) | 10859 | (134074) | (123830) |
| Total | $(4100) | $(108548) | $(450136) | $(562784) | $(12313) | $44503 | $(102586) | $(70396) |
| **Frontier Global Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(3117) | $(3117) | $- | $- | $(42) | $(42) |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (487) | (1928) | (160476) | (162891) | (1635) | 68921 | (103371) | (36085) |
| Total | $(487) | $(1928) | $(163593) | $(166008) | $(1635) | $68921 | (103413) | $(36127) |
| **Frontier Select Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(2015) | $(2015) | $- | $- | $915 | $915 |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (343) | (7883) | (21837) | (30063) | (1143) | 4 | (19640) | (20779) |
| Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | - | (3558) | 1551 | (2007) | (422) | (2281) | 2397 | (306) |
| Galaxy Plus Fund – Quantica Managed Futures Master Fund (507) LLC | (262) | (66) | (62552) | (62880) | (354) | 1214 | (81582) | (80722) |
| Total | $(605) | $(11507) | $(84853) | $(96965) | $(1919) | $(1063) | $(97910) | $(100892) |
| **Frontier Heritage Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(5453) | $(5453) | $- | $- | $(912) | $(912) |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (422) | (866) | (142410) | (143698) | (1105) | 16760 | (43362) | (27707) |
| Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | (3) | (14727) | 8496 | (6234) | (1256) | (5656) | 11291 | 4379 |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (356) | (426) | (30797) | (31579) | (1137) | 120 | (19558) | (20575) |
| Total | $(781) | $(16019) | $(170164) | $(186964) | $(3498) | $11224 | $(52541) | $(44815) |
| **Frontier Long/Short Commodity Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(1591) | $(1591) | $- | $- | $548 | $548 |
| Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC) | (30) | (1819) | (1900) | (3749) | (261) | (35870) | 24258 | (11873) |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (197) | (5764) | (11473) | (17434) | (960) | (19995) | (1579) | (22534) |
| Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC | - | - | - | - | 120 | (100059) | 57355 | (42584) |
| Total | $(227) | $(7583) | $(14964) | $(22774) | $(1101) | $(155924) | $80582 | $(76443) |
| **Frontier Diversified Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(3561) | $(3561) | $- | $- | $875 | $875 |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (94) | (1246) | (28755) | (30095) | (298) | 15697 | (20025) | (4626) |
| Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | (645) | (13177) | (32250) | (46072) | (694) | (14529) | 51062 | 35839 |
| Galaxy Plus Fund - QIM Feeder Fund (526) LLC | (250) | (10265) | (5136) | (15651) | (591) | (11) | 19311 | 18709 |
| Galaxy Plus Fund - Quest Feeder Fund (517) LLC | (146) | (11894) | (17968) | (30008) | (536) | 1204 | (4639) | (3971) |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (200) | (2315) | (14876) | (17391) | (1113) | (156) | (17753) | (19022) |
| Galaxy Plus Fund – Quantica Managed Futures Master Fund (507) LLC | (61) | (14) | (13226) | (13301) | (138) | 1783 | (30034) | (28389) |
| Total | $(1396) | $(38911) | $(115772) | $(156079) | $(3370) | $3988 | $(1203) | $(585) |
| **Frontier Masters Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(1294) | $(1294) | $- | $- | $234 | $234 |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (90) | (466) | (29698) | (30254) | (249) | 5379 | (11455) | (6325) |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (152) | (3224) | (9900) | (13276) | (427) | (3483) | (3625) | (7535) |
| Galaxy Plus Fund – Quantica Managed Futures Master Fund (507) LLC | (30) | (1) | (6954) | (6985) | (82) | 1113 | (18920) | (17889) |
| Total | $(272) | $(3691) | $(47846) | $(51809) | $(758) | $3009 | $(33766) | $(31515) |

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**Six months ended June 30, 2025 and 2024**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June, 2025** | **Six Months Ended June, 2025** | **Six Months Ended June, 2025** | **Six Months Ended June, 2025** | **Six Months Ended June, 2024** | **Six Months Ended June, 2024** | **Six Months Ended June, 2024** | **Six Months Ended June, 2024** |
|  | **Trading**<br>**Commissions** | **Realized**<br>**Gain/(Loss)** | **Change in<br> Unrealized**<br>**Gain/(Loss)** | **Net Income**<br>**(Loss)** | **Trading**<br>**Commissions** | **Realized**<br>**Gain/(Loss)** | **Change in<br> Unrealized**<br>**Gain/(Loss)** | **Net Income**<br>**(Loss)** |
| **Frontier Balanced Fund** | | | | | | | | |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(16409) | $(16409) | $- | $- | $(2812) | $(2812) |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (1418) | 15177 | (328812) | (315053) | (3313) | 94500 | 363217 | 454404 |
| Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | (1812) | (29448) | (90966) | (122226) | (1717) | (114044) | 222512 | 106751 |
| Galaxy Plus Fund - QIM Feeder Fund (526) LLC | (2922) | (23610) | (24359) | (50891) | (4178) | (50481) | 135334 | 80675 |
| Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | (320) | (80294) | 53720 | (26894) | (4277) | (2123) | (39449) | (45849) |
| Galaxy Plus Fund - Quest Feeder Fund (517) LLC | (1109) | (21098) | (176441) | (198648) | (3249) | 25983 | 33681 | 56415 |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (2673) | (35294) | (97547) | (135514) | (5593) | 31432 | (52015) | (26176) |
| Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC | (736) | (6650) | (148630) | (156016) | (1122) | 12808 | 157124 | 168810 |
| Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) | - | - | - | - | - | - | - | - |
| Total | $(10990) | $(181217) | $(829444) | $(1021651) | $(23449) | $(1925) | $817592 | $792218 |
| **Frontier Global Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(5353) | $(5353) | $- | $- | $(184) | $(184) |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (1285) | 298 | (305747) | (306734) | (3162) | 92858 | 310191 | 399887 |
| Total | $(1285) | $298 | $(311100) | $(312087) | $(3162) | $92858 | $310007 | $399703 |
| **Frontier Select Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(4093) | $(4093) | $- | $- | $773 | $773 |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (1273) | (17682) | (46107) | (65062) | (1900) | 17482 | (29144) | (13562) |
| Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | (127) | (12189) | (995) | (13311) | (1008) | (2684) | (14694) | (18386) |
| Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC | (527) | (5607) | (115105) | (121239) | (644) | 1013 | 80045 | 80414 |
| Total | $(1927) | $(35478) | $(166300) | $(203705) | $(3552) | $15811 | $36980 | $49239 |
| **Frontier Heritage Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(9560) | $(9560) | $- | $- | $(1601) | $(1601) |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (1073) | (3154) | (260743) | (264970) | (2188) | 119656 | 156076 | 273544 |
| Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | (360) | (32451) | (4575) | (37386) | (3129) | (8633) | (41277) | (53039) |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (1228) | (8929) | (55058) | (65215) | (1793) | (4033) | (4163) | (9989) |
| Total | $(2661) | $(44534) | $(329936) | $(377131) | $(7110) | $106990 | $109035 | $208915 |
| **Frontier Long/Short Commodity Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(2603) | $(2603) | $- | $- | $500 | $500 |
| Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC) | (30) | (2211) | (11405) | (13646) | (303) | (43394) | 9796 | (33901) |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (789) | (17763) | (21821) | (40373) | (1640) | (22421) | 8684 | (15377) |
| Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC | - | - | - | - | (42) | (100059) | 54298 | (45803) |
| Total | $(819) | $(19974) | $(35829) | $(56622) | $(1985) | $(165874) | $73278 | $(94581) |
| **Frontier Diversified Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(6018) | $(6018) | $- | $- | $(841) | $(841) |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (252) | 3555 | (59395) | (56092) | (690) | 74833 | 34108 | 108251 |
| Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | (1365) | (16163) | (74849) | (92377) | (1261) | (76599) | 154582 | 76722 |
| Galaxy Plus Fund - QIM Feeder Fund (526) LLC | (694) | (11848) | (494) | (13036) | (1042) | (9398) | 31052 | 20612 |
| Galaxy Plus Fund - Quest Feeder Fund (517) LLC | (299) | (12588) | (39786) | (52673) | (1045) | 9649 | 4068 | 12672 |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (743) | (15380) | (20200) | (36323) | (1948) | (5862) | (4730) | (12540) |
| Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC | (130) | (3471) | (23937) | (27538) | (239) | 2290 | 27476 | 29527 |
| Total | $(3483) | $(55895) | $(224679) | $(284057) | $(6225) | $(5087) | $245715 | $234403 |
| **Frontier Masters Fund** |  |  |  |  |  |  |  |  |
| Frontier Trading Company XXXVIII, LLC | $- | $- | $(2414) | $(2414) | $- | $- | $33 | $33 |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | (229) | (519) | (54111) | (54859) | (475) | 9552 | 49456 | 58533 |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (513) | (7214) | (19748) | (27475) | (708) | (6199) | 3849 | (3058) |
| Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC | (67) | 1972 | (17207) | (15302) | (153) | 434 | 21527 | 21808 |
| Total | $(809) | $(5761) | $(93480) | $(100050) | $(1336) | $3787 | $74865 | $77316 |

---

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

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| | | | |
|:---|:---|:---|:---|
|  | **Redemptions<br> Notice Period** | **Redemptions<br> Permitted** | **Liquidity<br> Restrictions** |
| **Frontier Diversified Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC**\*** | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;Trend Following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 24 hours | Daily |  |
| **Frontier Masters Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Trend Following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC**\*** | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 24 hours | Daily |  |
| **Frontier Long/Short Commodity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC**\*** | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (552) LLC | 24 hours | Daily |  |
| **Frontier Balanced Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC**\*** | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;Trend Following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 24 hours | Daily |  |
| **Frontier Select Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC**\*** | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | 24 hours | Daily |  |
| **Frontier Global Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Trend Following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 24 hours | Daily |  |
| **Frontier Heritage Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC**\*** | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;Trend Following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 24 hours | Daily |  |

---

\* Effective July 1, 2025, Welton Investment Partners LLC accessed through Galaxy Plus Fund – Welton GDP Feeder Fund (538) LLC, ceased to act as a commodity trading advisor to the Trust.

**6. Transactions with Affiliates**

The Managing Owner contributes funds to the Trust, with respect to the Series, in order to have a 1% interest ("Minimum Purchase Commitment") in the aggregate capital, profits and losses of all Series and in return will receive units designated as general units in the Series in which the Managing Owner invests such funds. The general units may only be purchased by the Managing Owner and may be subject to no management fees or management 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 Frontier Balanced Fund Class 1AP and 2a Units, aggregated, and each of the Frontier Long/Short Commodity Fund, Frontier Diversified Fund and 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 notional assets of such Series allocated to Trading Companies, calculated on a daily basis. The percentage basis of the fees varies and are in line with the amounts being disclosed below. In addition, the Managing Owner receives a monthly management fee equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series' (including notional assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the consolidated statements of operations. The total amount of assets of a Series allocated to Trading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the Trading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the Trading Advisors and any reference programs, is referred to herein as the "notional assets" of the Series. The annual rate of the management fee is: 0.5% for the Frontier Balanced Fund Class 1 and Class 2, 0.5% for the Frontier Balanced Fund Class 1AP, Class 2a and Class 3a, 2.0% for the Frontier Global Fund, Frontier Long/Short Commodity Fund Class 1a, Class 2a, and Class 3a and Frontier Masters Fund, 0.75% for Frontier Diversified Fund, 2.5% for the Frontier Heritage Fund and Frontier Select Fund, and 3.5% for the Frontier Long/Short Commodity Fund 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.

The management fee as a percentage of the applicable Series' notional assets will be greater than the percentage of the applicable Series' net asset value to the extent that the notional assets of the Series exceeds its net asset value. The Managing Owner expects that the notional 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 Frontier Balanced Fund, Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund pays to the Managing Owner an FCM Fee of up to 2.25% per annum of notional assets allocated to the Trading Advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of the applicable Series. The Frontier Diversified Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund pays to the Managing Owner an FCM Fee of up to 2.25% of notional assets allocated to the Trading Advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 0.12% of such Series' NAV, calculated daily.

*Incentive Fees—* Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the consolidated statements of operations. Because the Frontier Diversified Fund, Frontier Masters Fund, Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and 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 Frontier Balanced Fund and the Frontier Diversified Fund and 20% for the Frontier Global Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and 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—* Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Global Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Fund and Frontier Masters Fund or Class 2a Units of the Frontier Long/Short Commodity Fund) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents.

The following table summarizes fees earned by the Managing Owner for the three and six months ended June 30, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2025** | **Incentive <br> (Rebate) <br> Fees** | **Management <br> Fee** | **Service <br> Fee** | **Trading <br> Fee** |
| Frontier Diversified Fund | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $58 | $6060 |
| Frontier Masters Fund | - | - | 25 | 3511 |
| Frontier Long/Short Commodity Fund | - | - | 5 | 1665 |
| Frontier Balanced Fund | - | - | 11565 | 28739 |
| Frontier Select Fund | - | - | 2342 | 4107 |
| Frontier Global Fund | - | - | 3576 | 8387 |
| Frontier Heritage Fund | - | - | 5239 | 9966 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2024** | **Incentive <br> (Rebate) <br> Fees** | **Management <br> Fee** | **Service <br> Fee** | **Trading <br> Fee** |
| Frontier Diversified Fund | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp; - | $134 | $13279 |
| Frontier Masters Fund | - | - | 58 | 8227 |
| Frontier Long/Short Commodity Fund | - | - | 14 | 3968 |
| Frontier Balanced Fund | - | - | 30384 | 62586 |
| Frontier Select Fund | - | - | 5791 | 8819 |
| Frontier Global Fund | - | - | 10865 | 20174 |
| Frontier Heritage Fund | - | - | 11833 | 20515 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025** | **Incentive <br> (Rebate) <br> Fees** | **Management <br> Fee** | **Service <br> Fee** | **Trading <br> Fee** |
| Frontier Diversified Fund | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - | $137 | $14093 |
| Frontier Masters Fund | - | - | 62 | 8306 |
| Frontier Long/Short Commodity Fund | - | - | 12 | 3559 |
| Frontier Balanced Fund | - | - | 28446 | 64896 |
| Frontier Select Fund | - | - | 5867 | 9539 |
| Frontier Global Fund | - | - | 9339 | 20036 |
| Frontier Heritage Fund | - | - | 12482 | 22761 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 2024** | **Incentive <br> (Rebate) <br> Fees** | **Management <br> Fee** | **Service <br> Fee** | **Trading <br> Fee** |
| Frontier Diversified Fund | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - | $259 | $26295 |
| Frontier Masters Fund | - | - | 113 | 14959 |
| Frontier Long/Short Commodity Fund | - | - | 35 | 8910 |
| Frontier Balanced Fund | - | - | 59994 | 120069 |
| Frontier Select Fund | - | - | 11477 | 16853 |
| Frontier Global Fund | - | - | 20305 | 36334 |
| Frontier Heritage Fund | - | - | 23136 | 39752 |

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The following table summarizes fees payable to the Managing Owner as of June 30, 2025 and December 31, 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of June 30, 2025** | **Incentive <br> (Rebate) <br> Fees** | **Management <br> Fees** | **Interest <br> Fees** | **Service <br> Fees** | **Trading <br> Fees** |
| Frontier Diversified Fund | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - | $- | $19 | $1792 |
| Frontier Masters Fund | - | - | - | 8 | 1050 |
| Frontier Long/Short Commodity Fund | - | - | 13 | 2 | 542 |
| Frontier Balanced Fund | - | - | 348 | 3230 | 8354 |
| Frontier Select Fund | - | - | 103 | 743 | 1219 |
| Frontier Global Fund | - | - | 162 | 1071 | 2493 |
| Frontier Heritage Fund | - | - | 333 | 1502 | 3007 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Incentive <br> (Rebate) <br> Fees** | **Management <br> Fees** | **Interest <br> Fees** | **Service <br> Fees** | **Trading <br> Fees** |
| Frontier Diversified Fund | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp; - | $- | $30 | $3057 |
| Frontier Masters Fund | - | - | - | 15 | 1767 |
| Frontier Long/Short Commodity Fund | - | - | 18 | 3 | 695 |
| Frontier Balanced Fund | - | - | 700 | 5929 | 13196 |
| Frontier Select Fund | - | - | 215 | 1478 | 2202 |
| Frontier Global Fund | - | - | 321 | 2105 | 3984 |
| Frontier Heritage Fund | - | - | 425 | 2495 | 4540 |

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

Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) of average net assets less any fair market value related to swaps is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series.

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, <br> 2025** | **June 30, <br> 2024** | **June 30, <br> 2025** | **June 30, <br> 2024** |
| <br>**Three Months Ended** | **Gross <br> Amount Paid <br> to the <br> Managing <br> Owner** | **Gross <br> Amount Paid <br> to the <br> Managing <br> Owner** | **Ratio to <br> Average <br> Net Assets** | **Ratio to <br> Average <br> Net Assets** |
| **Frontier Long/Short Commodity Fund Class 2** | $1 | $2 | 0.02% | 0.03% |
| **Frontier Long/Short Commodity Fund Class 3** | 41 | 126 | 0.03% | 0.03% |
| **Frontier Balanced Fund Class 1** | 1165 | 1828 | 0.08% | 0.05% |
| **Frontier Balanced Fund Class 1AP** | 21 | 26 | 0.07% | 0.05% |
| **Frontier Balanced Fund Class 2** | 314 | 415 | 0.08% | 0.05% |
| **Frontier Balanced Fund Class 2a** | - | 2 | 0.00% | 0.01% |
| **Frontier Balanced Fund Class 3a** | 12 | 29 | 0.01% | 0.01% |
| **Frontier Select Fund Class 1** | 361 | 833 | 0.12% | 0.11% |
| **Frontier Select Fund Class 1AP** | 4 | 8 | 0.11% | 0.10% |
| **Frontier Select Fund Class 2** | 17 | 55 | 0.12% | 0.11% |
| **Frontier Global Fund Class 1** | 590 | 948 | 0.12% | 0.07% |
| **Frontier Global Fund Class 2** | 23 | 31 | 0.12% | 0.07% |
| **Frontier Heritage Fund Class 1** | 947 | 1121 | 0.14% | 0.07% |
| **Frontier Heritage Fund Class 1AP** | 7 | 7 | 0.14% | 0.07% |
| **Frontier Heritage Fund Class 2** | 73 | 89 | 0.13% | 0.07% |
| **Total** | $**3576** | $**5520** |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, <br> 2025** | **June 30, <br> 2024** | **June 30, <br> 2025** | **June 30, <br> 2024** |
| <br>**Six months ended June 30** | **Gross <br> Amount Paid <br> to the <br> Managing <br> Owner** | **Gross <br> Amount Paid <br> to the <br> Managing <br> Owner** | **Ratio to <br> Average <br> Net Assets** | **Ratio to <br> Average <br> Net Assets** |
| **Frontier Long/Short Commodity Fund Class 2** | $2 | $4 | 0.04% | 0.05% |
| **Frontier Long/Short Commodity Fund Class 3** | 76 | 260 | 0.05% | 0.05% |
| **Frontier Balanced Fund Class 1** | 2872 | 4293 | 0.15% | 0.11% |
| **Frontier Balanced Fund Class 1AP** | 50 | 58 | 0.15% | 0.11% |
| **Frontier Balanced Fund Class 2** | 766 | 986 | 0.15% | 0.11% |
| **Frontier Balanced Fund Class 2a** | 2 | 4 | 0.04% | 0.02% |
| **Frontier Balanced Fund Class 3a** | 30 | 67 | 0.03% | 0.02% |
| **Frontier Select Fund Class 1** | 840 | 1673 | 0.21% | 0.22% |
| **Frontier Select Fund Class 1AP** | 10 | 17 | 0.22% | 0.22% |
| **Frontier Select Fund Class 2** | 46 | 110 | 0.21% | 0.22% |
| **Frontier Global Fund Class 1** | 1129 | 1995 | 0.18% | 0.15% |
| **Frontier Global Fund Class 2** | 43 | 65 | 0.18% | 0.15% |
| **Frontier Heritage Fund Class 1** | 1817 | 1958 | 0.22% | 0.13% |
| **Frontier Heritage Fund Class 1AP** | 13 | 13 | 0.22% | 0.13% |
| **Frontier Heritage Fund Class 2** | 140 | 166 | 0.22% | 0.13% |
| **Total** | $**7836** | $**11669** |  |  |

---

**7. Financial Highlights**

The following information presents the financial highlights of the Series for the three months ended June 30, 2025 and 2024. This data has been derived from the information presented in the consolidated financial statements.

For the three months ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** |
|  | **Class 2** | **Class 3** | **Class 2** | **Class 3** | **Class 2** | **Class 2a** | **Class 3** | **Class 3a** |
| **Per unit operating performance (1)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, March 31, 2025 | $52.06 | $49.29 | $46.05 | $43.77 | $40.48 | $27.54 | $42.47 | $29.38 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 0.05 | 0.04 | 0.06 | 0.05 | 0.05 | 0.03 | 0.05 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (0.44) | (0.42) | (0.82) | (0.78) | (0.31) | (0.21) | (0.32) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (10.69) | (10.09) | (11.99) | (11.37) | (4.30) | (2.73) | (4.51) | (2.90) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (11.08) | (10.47) | (12.75) | (12.10) | (4.56) | (2.91) | (4.79) | (3.09) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2025 | $40.98 | $38.82 | $33.30 | $31.67 | $35.92 | $24.63 | $37.68 | $26.29 |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -3.77% | -3.77% | -8.75% | -8.75% | -2.82% | -2.82% | -2.82% | -2.82% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 4.22% | 4.22% | 9.40% | 9.40% | 3.31% | 3.31% | 3.31% | 3.31% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 4.22% | 4.22% | 9.40% | 9.40% | 3.31% | 3.31% | 3.31% | 3.31% |
| **Total return before incentive fees (2)** | -21.28% | -21.24% | -27.68% | -27.63% | -11.26% | -10.58% | -11.27% | -10.53% |
| **Total return after incentive fees (2)** | -21.28% | -21.24% | -27.68% | -27.63% | -11.26% | -10.58% | -11.27% | -10.53% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** |
|  | **Class 1** | **Class 1AP** | **Class 2** | **Class 2a** | **Class 3a** | **Class 1** | **Class 1AP** | **Class 2** |
| **Per unit operating performance (1)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, March 31, 2025 | $44.23 | $60.86 | $82.08 | $71.64 | $71.38 | $30.35 | $41.80 | $55.46 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.00 | 0.00 | 0.28 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (0.74) | (0.67) | (163.01) | (0.78) | (0.78) | (0.46) | (0.40) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (9.05) | (12.45) | 145.03 | (14.64) | (14.57) | (6.69) | (9.21) | (12.22) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (9.79) | (13.12) | (17.70) | (15.42) | (15.35) | (7.15) | (9.61) | (12.75) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2025 | $34.44 | $47.74 | $64.38 | $56.22 | $56.03 | $23.20 | $32.19 | $42.71 |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -8.55% | -5.55% | -5.55% | -5.55% | -5.55% | -7.97% | -4.98% | -4.98% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 8.56% | 5.56% | 5.56% | 5.56% | 5.56% | 7.97% | 4.98% | 4.98% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 8.56% | 5.56% | 5.56% | 5.56% | 5.56% | 7.97% | 4.98% | 4.98% |
| **Total return before incentive fees (2)** | -22.14% | -21.56% | -21.56% | -21.53% | -21.51% | -23.57% | -22.99% | -22.98% |
| **Total return after incentive fees (2)** | -22.14% | -21.56% | -21.56% | -21.53% | -21.51% | -23.57% | -22.99% | -22.98% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** |
|  | **Class 1** | **Class 2** | **Class 1** | **Class 1AP** | **Class 2** |
| **Per unit operating performance (1)** | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, March 31, 2025 | $97.33 | $167.05 | $68.11 | $93.81 | $125.53 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (1.81) | (2.16) | (1.15) | (1.01) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (24.48) | (42.05) | (13.78) | (19.01) | (25.43) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (26.29) | (44.21) | (14.93) | (20.02) | (26.78) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2025 | $71.04 | $122.84 | $53.18 | $73.79 | $98.75 |
| **Ratios to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -9.78% | -6.78% | -8.26% | -5.26% | -5.26% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 9.78% | 6.78% | 8.26% | 5.26% | 5.26% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 9.78% | 6.78% | 8.26% | 5.26% | 5.26% |
| **Total return before incentive fees (2)** | -27.01% | -26.46% | -21.92% | -21.34% | -21.33% |
| **Total return after incentive fees (2)** | -27.01% | -26.46% | -21.92% | -21.34% | -21.33% |

---

(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.

(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 Series.

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

For the three months ended June 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** |
|  | **Class 2** | **Class 3** | **Class 2** | **Class 3** | **Class 2** | **Class 2a** | **Class 3** | **Class 3a** |
| **Per unit operating performance (1)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, March 31, 2024 | $79.50 | $75.08 | $85.05 | $80.66 | $70.44 | $47.22 | $73.89 | $50.24 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.05 | 0.08 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (0.76) | (0.72) | (1.65) | (1.57) | (0.46) | (0.31) | (0.49) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (0.12) | (0.07) | (6.15) | (5.79) | (8.71) | (5.74) | (9.12) | (6.09) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (0.81) | (0.72) | (7.73) | (7.29) | (9.09) | (6.00) | (9.53) | (6.36) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2024 | $78.69 | $74.36 | $77.32 | $73.37 | $61.35 | $41.22 | $64.36 | $43.88 |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -3.42% | -3.42% | -7.66% | -7.66% | -2.33% | -2.33% | -2.33% | -2.33% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 3.77% | 3.77% | 8.02% | 8.02% | 2.80% | 2.80% | 2.80% | 2.80% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 3.77% | 3.77% | 8.02% | 8.02% | 2.80% | 2.80% | 2.80% | 2.80% |
| **Total return before incentive fees (2)** | -1.02% | -0.96% | -9.09% | -9.03% | -12.91% | -12.71% | -12.89% | -12.65% |
| **Total return after incentive fees (2)** | -1.02% | -0.96% | -9.09% | -9.03% | -12.91% | -12.71% | -12.89% | -12.65% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** |
|  | **Class 1** | **Class 1AP** | **Class 2** | **Class 2a** | **Class 3a** | **Class 1** | **Class 1AP** | **Class 2** |
| **Per unit operating performance (1)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, March 31, 2024 | $72.36 | $96.63 | $130.31 | $113.49 | $113.10 | $54.04 | $72.23 | $95.85 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.00 | 0.00 | 0.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (1.39) | (1.14) | (67.67) | (1.33) | (1.33) | (0.92) | (0.72) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (1.12) | (1.51) | 63.96 | (1.75) | (1.74) | (6.25) | (8.39) | (11.14) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (2.51) | (2.65) | (3.58) | (3.08) | (3.07) | (7.17) | (9.11) | (12.10) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2024 | $69.85 | $93.98 | $126.73 | $110.41 | $110.03 | $46.87 | $63.12 | $83.75 |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -7.68% | -4.67% | -4.67% | -4.67% | -4.67% | -7.26% | -4.25% | -4.25% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 7.68% | 4.68% | 4.68% | 4.68% | 4.68% | 7.26% | 4.25% | 4.25% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 7.68% | 4.68% | 4.68% | 4.68% | 4.68% | 7.26% | 4.25% | 4.25% |
| **Total return before incentive fees (2)** | -3.46% | -2.74% | -2.75% | -2.71% | -2.71% | -13.27% | -12.62% | -12.63% |
| **Total return after incentive fees (2)** | -3.46% | -2.74% | -2.75% | -2.71% | -2.71% | -13.27% | -12.62% | -12.63% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** |
|  | **Class 1** | **Class 2** | **Class 1** | **Class 1AP** | **Class 2** |
| **Per unit operating performance (1)** | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, March 31, 2024 | $184.56 | $307.41 | $121.66 | $162.58 | $217.59 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (3.91) | (4.20) | (2.37) | (1.95) | (2.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (4.61) | (7.79) | (3.32) | (4.48) | (5.99) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (8.52) | (11.99) | (5.69) | (6.43) | (8.61) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2024 | $176.04 | $295.42 | $115.97 | $156.15 | $208.98 |
| **Ratios to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -8.42% | -5.41% | -7.81% | -4.80% | -4.80% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 8.42% | 5.41% | 7.81% | 4.80% | 4.80% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 8.42% | 5.41% | 7.81% | 4.80% | 4.80% |
| **Total return before incentive fees (2)** | -4.62% | -3.90% | -4.68% | -3.95% | -3.96% |
| **Total return after incentive fees (2)** | -4.62% | -3.90% | -4.68% | -3.95% | -3.96% |

---

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

(2) 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.

(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 Series.

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

For the six months ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** |
|  | **Class 2** | **Class 3** | **Class 2** | **Class 3** | **Class 2** | **Class 2a** | **Class 3** | **Class 3a** |
| **Per unit operating performance (1)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, December 31, 2024 | $61.16 | $57.87 | $57.71 | $54.82 | $46.82 | $31.72 | $49.12 | $33.81 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.09 | 0.09 | 0.12 | 0.11 | 0.08 | 0.06 | 0.09 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (0.99) | (0.94) | (1.89) | (1.81) | (0.64) | (0.44) | (0.68) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (19.28) | (18.20) | (22.64) | (21.45) | (10.34) | (6.71) | (10.85) | (7.11) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (20.18) | (19.05) | (24.41) | (23.15) | (10.90) | (7.09) | (11.44) | (7.52) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2025 | $40.98 | $38.82 | $33.30 | $31.67 | $35.92 | $24.63 | $37.68 | $26.29 |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -3.64% | -3.64% | -8.12% | -8.12% | -2.78% | -2.78% | -2.78% | -2.78% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 4.01% | 4.01% | 8.65% | 8.65% | 3.18% | 3.18% | 3.18% | 3.18% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 4.01% | 4.01% | 8.65% | 8.65% | 3.18% | 3.18% | 3.18% | 3.18% |
| **Total return before incentive fees (2)** | -32.99% | -32.91% | -42.29% | -42.22% | -23.28% | -22.36% | -23.28% | -22.26% |
| **Total return after incentive fees (2)** | -32.99% | -32.91% | -42.29% | -42.22% | -23.28% | -22.36% | -23.28% | -22.26% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** |
|  | **Class 1** | **Class 1AP** | **Class 2** | **Class 2a** | **Class 3a** | **Class 1** | **Class 1AP** | **Class 2** |
| **Per unit operating performance (1)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, December 31, 2024 | $52.51 | $71.72 | $96.71 | $84.35 | $84.06 | $38.16 | $52.17 | $69.23 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (1.69) | (1.45) | (1.97) | (1.90) | (1.72) | (1.08) | (0.90) | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (16.38) | (22.53) | (30.36) | (26.23) | (26.31) | (13.88) | (19.08) | (25.29) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (18.07) | (23.98) | (32.33) | (28.13) | (28.03) | (14.96) | (19.98) | (26.52) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2025 | $34.44 | $47.74 | $64.38 | $56.22 | $56.03 | $23.20 | $32.19 | $42.71 |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -8.08% | -5.08% | -5.08% | -5.08% | -5.08% | -7.55% | -4.56% | -4.56% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 8.09% | 5.09% | 5.09% | 5.09% | 5.09% | 7.55% | 4.56% | 4.56% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 8.09% | 5.09% | 5.09% | 5.09% | 5.09% | 7.55% | 4.56% | 4.56% |
| **Total return before incentive fees (2)** | -34.42% | -33.43% | -33.43% | -33.35% | -33.35% | -39.21% | -38.30% | -38.30% |
| **Total return after incentive fees (2)** | -34.42% | -33.43% | -33.43% | -33.35% | -33.35% | -39.21% | -38.30% | -38.30% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** |
|  | **Class 1** | **Class 2** | **Class 1** | **Class 1AP** | **Class 2** |
| **Per unit operating performance (1)** | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, December 31, 2024 | $120.17 | $204.73 | $83.51 | $114.16 | $152.78 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (4.28) | (4.92) | (2.65) | (2.29) | (3.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | (44.85) | (76.97) | (27.68) | (38.08) | (50.97) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | (49.13) | (81.89) | (30.33) | (40.37) | (54.03) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2025 | $71.04 | $122.84 | $53.18 | $73.79 | $98.75 |
| **Ratios to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -9.18% | -6.19% | -8.03% | -5.03% | -5.03% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 9.18% | 6.19% | 8.03% | 5.03% | 5.03% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 9.18% | 6.19% | 8.03% | 5.03% | 5.03% |
| **Total return before incentive fees (2)** | -40.89% | -40.00% | -36.32% | -35.36% | -35.36% |
| **Total return after incentive fees (2)** | -40.89% | -40.00% | -36.32% | -35.36% | -35.36% |

---

For the three months ended June 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Diversified Fund** | **Frontier Diversified Fund** | **Frontier Masters Fund** | **Frontier Masters Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** | **Frontier Long/Short Commodity Fund** |
|  | **Class 2** | **Class 3** | **Class 2** | **Class 3** | **Class 2** | **Class 2a** | **Class 3** | **Class 3a** |
| **Per unit operating performance (1)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, December 31, 2023 | $68.18 | $64.35 | $65.39 | $61.96 | $72.74 | $48.36 | $76.31 | $51.42 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.12 | 0.11 | 0.16 | 0.15 | 0.15 | 0.10 | 0.15 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (1.41) | (1.33) | (2.97) | (2.81) | (0.95) | (0.64) | (1.01) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | 11.80 | 11.23 | 14.74 | 14.07 | (10.59) | (6.60) | (11.09) | (6.96) |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | 10.51 | 10.01 | 11.93 | 11.41 | (11.39) | (7.14) | (11.95) | (7.54) |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2024 | $78.69 | $74.36 | $77.32 | $73.37 | $61.35 | $41.22 | $64.36 | $43.88 |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -3.40% | -3.40% | -7.24% | -7.24% | -2.40% | -2.40% | -2.40% | -2.40% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 3.71% | 3.71% | 7.64% | 7.64% | 2.84% | 2.84% | 2.84% | 2.84% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 3.71% | 3.71% | 7.64% | 7.64% | 2.84% | 2.84% | 2.84% | 2.84% |
| **Total return before incentive fees (2)** | 15.41% | 15.55% | 18.25% | 18.42% | -15.67% | -14.77% | -15.65% | -14.66% |
| **Total return after incentive fees (2)** | 15.41% | 15.55% | 18.25% | 18.42% | -15.67% | -14.77% | -15.65% | -14.66% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Balanced Fund** | **Frontier Select Fund** | **Frontier Select Fund** | **Frontier Select Fund** |
|  | **Class 1** | **Class 1AP** | **Class 2** | **Class 2a** | **Class 3a** | **Class 1** | **Class 1AP** | **Class 2** |
| **Per unit operating performance (1)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, December 31, 2023 | $62.63 | $83.01 | $111.93 | $97.44 | $97.10 | $45.97 | $60.98 | $80.92 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (2.61) | (2.10) | (2.83) | (2.46) | (2.46) | (1.76) | (1.36) | (1.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | 9.83 | 13.07 | 17.62 | 15.42 | 15.38 | 2.66 | 3.50 | 4.63 |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | 7.22 | 10.97 | 14.80 | 12.97 | 12.93 | 0.90 | 2.14 | 2.83 |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2024 | $69.85 | $93.98 | $126.73 | $110.41 | $110.03 | $46.87 | $63.12 | $83.75 |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -7.54% | -4.53% | -4.53% | -4.53% | -4.53% | -7.11% | -4.10% | -4.10% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 7.55% | 4.54% | 4.54% | 4.54% | 4.54% | 7.11% | 4.10% | 4.10% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 7.55% | 4.54% | 4.54% | 4.54% | 4.54% | 7.11% | 4.10% | 4.10% |
| **Total return before incentive fees (2)** | 11.53% | 13.21% | 13.22% | 13.31% | 13.32% | 1.96% | 3.50% | 3.49% |
| **Total return after incentive fees (2)** | 11.53% | 13.21% | 13.22% | 13.31% | 13.32% | 1.96% | 3.50% | 3.49% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Frontier Global Fund** | **Frontier Global Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** | **Frontier Heritage Fund** |
|  | **Class 1** | **Class 2** | **Class 1** | **Class 1AP** | **Class 2** |
| **Per unit operating performance (1)** | | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, December 31, 2023 | $134.60 | $222.53 | $106.45 | $141.20 | $188.97 |
| &nbsp;&nbsp;&nbsp;Net operating results: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (7.06) | (7.46) | (4.50) | (3.68) | (4.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments, net of non-controlling interests | 48.50 | 80.35 | 14.02 | 18.63 | 24.90 |
| &nbsp;&nbsp;&nbsp;Net income/(loss) | 41.44 | 72.89 | 9.52 | 14.95 | 20.01 |
| &nbsp;&nbsp;&nbsp;Net asset value, June 30, 2024 | $176.04 | $295.42 | $115.97 | $156.15 | $208.98 |
| **Ratios to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | -8.23% | -5.22% | -7.73% | -4.73% | -4.73% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3)(4) | 8.23% | 5.22% | 7.73% | 4.73% | 4.73% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3)(4) | 8.23% | 5.22% | 7.73% | 4.73% | 4.73% |
| **Total return before incentive fees (2)** | 30.79% | 32.76% | 8.94% | 10.59% | 10.59% |
| **Total return after incentive fees (2)** | 30.79% | 32.76% | 8.94% | 10.59% | 10.59% |

---

**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 June 30, 2025 and 2024 is included in the consolidated 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:

**<u>For the Three Months Ended June 30, 2025</u>**

**Monthly average contracts:**

---

| | | |
|:---|:---|:---|
|  | **Bought** | **Sold** |
| Frontier Balanced Fund | - | - |

---

**<u>For the Three Months Ended June 30, 2024</u>**

**Monthly average contracts:**

---

| | | |
|:---|:---|:---|
|  | **Bought** | **Sold** |
| Frontier Balanced Fund | - | - |

---

**<u>For the Six Months Ended June 30, 2025</u>**

**Monthly average contracts:**

---

| | | |
|:---|:---|:---|
|  | **Bought** | **Sold** |
| Frontier Balanced Fund | - | - |

---

**<u>For the Six Months Ended June 30, 2025</u>**

**Monthly average contracts:**

---

| | | |
|:---|:---|:---|
|  | **Bought** | **Sold** |
| Frontier Balanced Fund | - | - |

---

The following tables summarize the consolidated trading revenues for the three and six months ended June 30, 2025 and 2024 by sector:

**Realized Trading Revenue from Futures, Forwards and Options**

**for the Three Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** | **Frontier Balanced Fund** |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Realized trading income/(loss)<sup>(1)</sup> | $- |

---

**Realized Trading Revenue from Futures, Forwards and Options**

**for the Three Months Ended June 30, 2024**

---

| | |
|:---|:---|
| **Type of contract** | **Frontier Balanced Fund** |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Realized trading income/(loss)<sup>(1)</sup> | $- |

---

**Realized Trading Revenue from Futures, Forwards and Options**

**for the Six Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** | **Frontier Balanced Fund** |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Realized trading income/(loss)<sup>(1)</sup> | $- |

---

**Realized Trading Revenue from Futures, Forwards and Options**

**for the Six Months Ended June 30, 2024**

---

| | |
|:---|:---|
| **Type of contract** | **Frontier Balanced Fund** |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Realized trading income/(loss)<sup>(1)</sup> | $- |

---

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

**for the Three Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** | **Frontier Balanced Fund** |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Change in unrealized trading income/(loss)<sup>(2)</sup> | $- |

---

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

**for the Three Months Ended June 30, 2024**

---

| | |
|:---|:---|
| **Type of contract** | **Frontier Balanced Fund** |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Change in unrealized trading income/(loss)<sup>(2)</sup> | $- |

---

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

**for the Six Months Ended June 30, 2024**

---

| | |
|:---|:---|
| **Type of contract** | **Frontier Balanced Fund** |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Change in unrealized trading income/(loss)<sup>(2)</sup> | $- |

---

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

**for the Six Months Ended June 30, 2024**

---

| | |
|:---|:---|
| **Type of contract** | **Frontier Balanced Fund** |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Change in unrealized trading income/(loss)<sup>(2)</sup> | $- |

---

(1) Amounts recorded in the consolidated statements of operations
under net change in open trade equity/(deficit).

Certain financial instruments and derivative instruments are eligible for offset in the consolidated 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 consolidated 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 consolidated statements of financial condition as of June 30, 2025 and December 31, 2024.

As of June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Gross Amounts of recognized Derivative Assets/Liabilities** | | **Gross Amounts offset in the Consolidated Statements of Financial Condition** | | **Net Amounts Presented in the Consolidated Statements of Financial Condition** |
| **<u>Frontier Balanced Fund</u>** |  |  |  |  |  |  |
| Open Trade Equity/(Deficit) | $| - | $| - | $| - |

---

As of December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Gross Amounts of recognized Derivative Assets/Liabilities** | | **Gross Amounts offset in the Consolidated Statements of Financial Condition** | | **Net Amounts Presented in the Consolidated Statements of Financial Condition** |
| **<u>Frontier Balanced Fund</u>** |  |  |  |  |  |  |
| Open Trade Equity/(Deficit) | $| - | $| - | $| - |

---

**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 Commodities Exchange Act ("CEA") 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 consolidated 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, clearing house 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, bad faith or willful misconduct. 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 the custodian of the referenced Series as allocated from the Trading Company. The Series have not recorded any liability for the indemnifications in the accompanying consolidated financial statements as it expects any possibility of losses to be remote.

**11. Subsequent Events**

The Managing Owner evaluates events that occur after the balance sheet date but before and up until consolidated financial statements are available to be issued. The Managing Owner has assessed the subsequent events through the date that the consolidated financial statements were issued and has determined that, except as set forth below, there were no subsequent events requiring adjustment to or disclosure in the consolidated financial statements.

From July 1, 2025 through August 14, 2025, Frontier Balanced Fund, Frontier Diversified Fund, Frontier Heritage Fund, Frontier Long/Short Commodity Fund, Frontier Masters Fund, Frontier Select Fund and Frontier Global Fund paid $120,234, $16,068, $2,513, $4,800, $0, $7,139 and $8,264, respectively, in redemptions.

**Frontier Funds**

**Combined Consolidated Statements of Financial Condition**

**June 30, 2025 (Unaudited) and December 31, 2024**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **<u>ASSETS</u>** | | |
| Cash and cash equivalents | $60211 | $265821 |
| U.S. Treasury securities, at fair value | 16574 | 16804 |
| Investments in private investment companies, at fair value | 5046693 | 7948324 |
| Interest receivable | 620 | 1384 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $**5124098** | $**8232333** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>LIABILITIES & CAPITAL</u>** |  |  |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Interest payable to Managing Owner | $959 | $1679 |
| &nbsp;&nbsp;&nbsp;Trading fees payable to Managing Owner | 18457 | 29441 |
| &nbsp;&nbsp;&nbsp;Service fees payable to Managing Owner | 6575 | 12055 |
| &nbsp;&nbsp;&nbsp;Subscriptions in advance for service fee rebates | 755324 | 751141 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 3323 | 3136 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 784638 | 797452 |
| **OWNERS' CAPITAL** |  |  |
| &nbsp;&nbsp;&nbsp;Managing Owner Units | 47962 | 94505 |
| &nbsp;&nbsp;&nbsp;Limited Owner Units | 4291498 | 7340376 |
| &nbsp;&nbsp;&nbsp;**Total Owners' Capital** | 4339460 | 7434881 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Owners' Capital** | $**5124098** | $**8232333** |

---

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

**Frontier Funds**

**Combined Consolidated Condensed Schedule of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| <br>**Description** |<br>**Fair Value** | **% of Total <br> Capital**<br>**(Net Asset Value)** |
| <u>PRIVATE INVESTMENT COMPANIES (1)</u> |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | $257719 | 5.94% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 508364 | 11.71% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC | 153618 | 3.54% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 686121 | 15.81% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 607362 | 14.00% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 2040483 | 47.02% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | 291937 | 6.73% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | 354396 | 8.17% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC) | 146693 | 3.38% |
| &nbsp;&nbsp;&nbsp;**Total Private Investment Companies** | $5046693 | 116.30% |
| <u>U.S. TREASURY SECURITIES</u> |  |  |
| <u>FACE VALUE</u> |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 | $16574 | 0.38% |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Securities** | $16574 | 0.38% |

---

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

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

**Frontier Funds**

**Combined Consolidated Condensed Schedule of Investments**

**December 31, 2024**

---

| | | |
|:---|:---|:---|
| <br>**Description** |<br>**Fair Value** | **% of Total <br> Capital**<br>**(Net Asset Value)** |
| <u>PRIVATE INVESTMENT COMPANIES (1)</u> |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | $468664 | 6.30% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 569788 | 7.66% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 980537 | 13.19% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC | 199882 | 2.69% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 996844 | 13.41% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 3243699 | 43.63% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | 792979 | 10.67% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | 543117 | 7.30% |
| &nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known a Galaxy Plus Fund - LRR Feeder Fund (522) LLC) | 152814 | 2.06% |
| &nbsp;&nbsp;&nbsp;**Total Private Investment Companies** | $7948324 | 106.91% |
| <u>U.S. TREASURY SECURITIES</u> |  |  |
| <u>FACE VALUE</u> |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Note 6.875% due 08/15/2025 | $16804 | 0.23% |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Securities** | $16804 | 0.23% |

---

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

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

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

**Frontier Funds**

**Combined Consolidated Statements of Operations (Unaudited)**

**For the Three Months Ended June 30, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| **Investment income:** | | |
| &nbsp;&nbsp;&nbsp;Interest - net | $1206 | $2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 1206 | 2441 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Service Fees - Class 1 | 22810 | 59079 |
| &nbsp;&nbsp;&nbsp;Due Diligence Fees | 240 | 599 |
| &nbsp;&nbsp;&nbsp;Trading Fees | 62435 | 137568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 85485 | 197246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income/(loss) - net | (84279) | (194805) |
| **Realized and unrealized gain/(loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on private investment companies | (1041892) | (332230) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on private investment companies | (201502) | (28437) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on U.S. Treasury securities | (3319) | (4076) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on U.S. Treasury securities | (149) | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments | (1246862) | (364134) |
| **NET INCREASE/(DECREASE) IN OWNERS' CAPITAL RESULTING FROM OPERATIONS** | $**(1331141)** | $**(558939)** |

---

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

**Frontier Funds**

**Combined Consolidated Statements of Operations (Unaudited)**

**For the Six Months Ended June 30, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| **Investment income:** | | |
| &nbsp;&nbsp;&nbsp;Interest - net | $2430 | $4713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 2430 | 4713 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Service Fees - Class 1 | 56345 | 115319 |
| &nbsp;&nbsp;&nbsp;Due Diligence Fees | 587 | 1196 |
| &nbsp;&nbsp;&nbsp;Trading Fees | 143190 | 263172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 200122 | 379687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income/(loss) - net | (197692) | (374974) |
| **Realized and unrealized gain/(loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on private investment companies | (1992764) | 1623197 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on private investment companies | (362510) | 43710 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on U.S. Treasury securities | (6601) | (7293) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on U.S. Treasury securities | (230) | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain/(loss) on investments | (2362105) | 1659879 |
| **NET INCREASE/(DECREASE) IN OWNERS' CAPITAL RESULTING FROM OPERATIONS** | $**(2559797)** | $**1284905** |

---

**Frontier Funds**

**Combined Consolidated Statements of Changes in Owners' Capital (Unaudited) For the Three Months Ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Managing <br> Owner** | **Limited <br> Owners** | **Total** |
| **Owners' Capital, March 31, 2025** | $61470 | $5915783 | $5977253 |
| &nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | - | (306652) | (306652) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations | (13508) | (1317633) | (1331141) |
| **Owners' Capital, June 30, 2025** | $47962 | $4291498 | $4339460 |

---

**Frontier Funds**

**Combined Consolidated Statements of Changes in Owners' Capital (Unaudited) For the Six Months Ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Managing Owner** | **Limited Owners** | **Total** |
| **Owners' Capital, December 31, 2024** | $94505 | $7340376 | $7434881 |
| &nbsp;&nbsp;&nbsp;Sale of Units (including transfers) | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption of Units (including transfers) | (20350) | (515274) | (535624) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Owners' Capital resulting from operations | (26193) | (2533604) | (2559797) |
| **Owners' Capital, June 30, 2025** | $47962 | $4291498 | $4339460 |

---

**Frontier Funds Combined Consolidated Statements of Cash Flows (Unaudited)**

**For the Six Months Ended June 30, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| **Cash Flows from Operating Activities:** | | |
| &nbsp;&nbsp;&nbsp;***Net increase/(decrease) in capital resulting from operations*** | $(2559797) | $1284905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;***Change in:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in open trade equity | - | (14434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in ownership allocation of U.S. Treasury Securities | (9031) | (11175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (gain)/loss on private investment companies | 1992764 | (1623197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on private investment companies | 362510 | (43710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (gain)/loss on U.S. Treasury securities | 230 | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on U.S. Treasuries securities | 6601 | 7293 |
| &nbsp;&nbsp;&nbsp;***(Purchases) sales of:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of U.S. Treasury securities | - | 20488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Purchases) of Private Investment Companies | (349793) | (2225476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of Private Investment Companies | 896150 | 3213003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury interest and premium paid/amortized | 2430 | 4713 |
| &nbsp;&nbsp;&nbsp;***Increase and/or decrease in:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from futures commission merchants | - | 769384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 764 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees payable to Managing Owner | - | (692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable to Managing Owner, net of change in receivable | - | (2440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable to Managing Owner | (720) | (801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading fees payable to Managing Owner | (10984) | (518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees payable to Managing Owner | (5480) | (189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk analysis fees payable | - | (11307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions in advance for service fee rebates | 4183 | 10717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 187 | 10949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Net cash provided by operating activities*** | 330014 | 1388629 |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment for redemption of capital | (535624) | (1589461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | - | (24908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Net cash provided by (used in) financing activities*** | (535624) | (1614369) |
| **Net increase (decrease) in cash and cash equivalents** | (205610) | (225740) |
| **Cash and cash equivalents, beginning of period** | 265821 | 671592 |
| **Cash and cash equivalents, end of period** | $**60211** | $**445852** |

---

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

**Frontier Funds**

**Notes to Combined Consolidated Financial Statements**

**1. Organization and Purpose**

Frontier Funds, which is referred to in this report as the "Trust", was formed on August 8, 2003, as a Delaware statutory trust and is set to expire on December 31, 2053. The Trust is a multi-advisor commodity pool, as described in CFTC Regulation § 4.10(d)(2). The Trust has authority to issue separate Series of Units pursuant to the requirements of the Trust Act. The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act. It is managed by the Managing Owner.

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

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

The Trust has seven (7) separate and distinct Series of Units issued and outstanding: Frontier Diversified Fund, Frontier Masters Fund, Frontier Long/Short Commodity Fund, Frontier Balanced Fund, Frontier Select Fund, Frontier Global Fund, and Frontier Heritage Fund. The Trust's combined consolidated financial statements are comprised of each unitized Series' consolidated financial statements being combined to present all Series in aggregate. However, the combined consolidated Trust does not issue units.

The Trust, with respect to each Series:

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

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

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

● calculates the Net Asset Value ("NAV") of its Units for each Series separately from the other Series.

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

● maintains each Series of Units in 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 Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve(12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Global Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale. 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 Frontier Diversified Fund, and Frontier Masters Fund or Class 2a Units of the 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 Frontier Long/Short Commodity Fund or Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) business day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of June 30, 2025, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund and Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Global Fund, separates Units into two separate Classes—Class 1 and Class 2. The Trust, with respect to the Frontier Balanced Fund, separates Units into five separate Classes—Class 1, Class 1AP, Class 2, Class 2a and Class 3a. The Trust, with respect to the Frontier Long/Short Commodity Fund, separates Units into four separate Classes—Class 2, Class 2a, Class 3 and Class 3a.

Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform ("Galaxy Plus Platform") which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP's Multi-Strategy Program, Quantitative Investment Management, LLC's Quantitative Global Program, Quest Partners LLC's Quest Tracker Index Program, Chesapeake Capital Management, LLC's Diversified Program, and Doherty Advisors LLC's Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC's Multi-Strategy Program, Red Oak Commodity Advisors, Inc.'s Fundamental Diversified Program, Rosetta Capital Management, LLC's Rosetta Trading Program, and Landmark Trading Company's Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.'s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.'s Global Contrarian Program have been transferred to individual Delaware limited liability companies ("Master Funds") in the Galaxy Plus Platform. Each Master Fund is sponsored and operated by New Hyde Park. New Hyde Park has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors' respective program. For those Series that invest in Galaxy Plus Platform, approximately 75%-95% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in the Galaxy Plus Platform, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

Each of the Series has invested a portion of its assets in several different Trading Companies or Galaxy Plus entities and one or more Trading Advisors may manage the assets invested in such Trading Companies or Galaxy Plus entities.

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

**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 combined consolidated financial condition, combined consolidated condensed schedules of investments, combined consolidated results of operations, combined consolidated changes in capital and combined consolidated cash flows. The Trust is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946.

 

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

The income or loss attributable thereto in proportion to the investment level of the private investment companies is shown in the combined consolidated statements of operations as net unrealized gain/(loss) on private investment companies. The consolidated financial statements of the Series and Trading Companies are combined to form the combined consolidated financial statements of the Trust. All intercompany transactions have been eliminated in combination.

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

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

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

*Interest Income—*U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasury securities and assets held at an 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 Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the combined consolidated statements 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 combined consolidated statements of financial condition as interest receivable.

*Receivable from Futures Commission Merchants*—The Trust deposits assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of June 30, 2025 and December 31, 2024 included restricted cash for margin requirements of $0 and $0 for the Frontier Balanced Fund.

*Investment Transactions—*Futures, options on futures, forward and swap contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are settled. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the combined 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 combined 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 combined consolidated statements of operations.

*Purchase and Sales of Private Investment Companies* – The Series are able to subscribe into and redeem from the Galaxy Plus entities on a daily basis. The value of the private investment companies is determined by New Hyde Park and reported on a daily basis. The change in value is calculated as the difference between the total purchase cost and the fair value calculated by New Hyde Park and is recorded as net unrealized gain/(loss) on private investment companies on the combined 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 two to seven classes of Units—Class 1, Class 2, Class 3, Class 1a, Class 2a Class 3a and Class 1AP. All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that fees charged to a Class or Series differ as described below. Revenues, expenses (other than expenses attributable to a specific class), and realized and unrealized trading gains and losses of each Series are allocated daily to Class 1, Class 1a, Class 2, Class 2a, Class 3, Class 3a and Class 1AP Units based on each Class's respective owners' capital balances as applicable to the classes maintained by the Series.

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

*Investments and Swaps—* The Trust records investment transactions on a trade date basis and all investments are recorded at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the combined consolidated statements of operations. Investments in private investment companies are valued utilizing the net asset values as a practical expedient. Certain Series of the Trust strategically invest a portion or all of their assets in total return swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount" (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a "basket" of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported at fair value based upon daily reports from the counterparty. The Managing Owner reviews and approves current day pricing of the 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 combined consolidated 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 quarter ended June 30, 2025.

The 2022 through 2025 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

*Fees and Expenses—*All management fees, incentive fees, service fees, risk analysis fees (for closed Series only) and trading fees of the Trust are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, selling agent service fees and all other operating expenses and continuing offering costs of the Trust. Only management fees and incentive fees related to assets allocated through Trading Companies are included in expense on the combined consolidated statements of operations. The Series are all charged management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the combined consolidated statements of operations. The Series are also charged management and incentive fees on assets allocated to swaps. Such fees are embedded in the fair value of the swap and are included in net unrealized gain (loss) on swap contracts on the combined consolidated statements of operations.

*Incentive Fee (rebate)—*The Managing Owner is allowed to share in the incentive fees earned by the CTAs up to 10% of New Net Profits (as defined in the Prospectus). If the Managing Owner's share of the incentive fee exceeds 10% of new net profits during the period, then the Managing Owner is obligated to return any amount in excess. The returned amounts are recorded as Incentive Fee (Rebate) on the combined consolidated statements of operations.

 

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2024, 2023 and 2022, the Series were not allowed to issue additional units. The Managing Owner has determined that the purchase of additional units of the relevant Series will commence in 2025 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $755,324 and $751,141 as of June 30, 2025 and December 31, 2024, respectively.

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.

*Owner redemptions payable—*Funds payable for existing owner redemption requests are recorded as capital subtractions at the NAV per unit on the second business day following receipt or request.

*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. Refer to Note 11.

**3. Fair Value Measurements**

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

***Level 1 Inputs***

 ****

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

***Level 2 Inputs***

 ****

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

***Level 3 Inputs***

 ****

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

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

*Trading Securities.* These instruments include open trade equity positions (futures contracts) that are actively traded on public markets with quoted pricing for corroboration. Futures contracts are reported at fair value using Level 1 inputs. Trading securities instruments further include open trade equity positions (trading options and currency forwards) that are quoted prices for identical or similar assets that are not traded on active markets. Trading options and currencies are reported at fair value using Level 2 inputs. As of June 30, 2025, the Trust did not hold any open trade equity position.

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

Swap contracts are reported at fair value upon daily reports from the counterparty. In addition, a third party takes the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approved current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner's Valuation Committee for evaluation and resolution. The Swap Contracts are reported at fair value using Level 3 inputs. The Trust did not hold any swap contacts as of June 30, 2025.

 

*Investments in Private Investment Companies*. Investments in private investment companies are valued utilizing the net asset values provided by the underlying private investment companies as a practical expedient. Each Series applies the practical expedient to its investments in private investment companies on an investment-by-investment basis, and consistently with the Series' entire position in a particular investment, unless it is probable that the Series will sell a portion of an investment at an amount different from the net asset value of the investment. The private investment companies are excluded from the fair value hierarchy table below.

The following table summarizes the instruments that comprise the Trust's combined consolidated financial asset portfolio, in aggregate, measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Level 1 <br> Inputs** | **Level 2 <br> Inputs** | **Level 3 <br> Inputs** | **Fair Value** |
| *Open Trade Equity (Deficit)* | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $- |
| *U.S. Treasury Securities* | 16574 | - | - | 16574 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Level 1 <br> Inputs** | **Level 2 <br> Inputs** | **Level 3 <br> Inputs** | **Fair Value** |
| *Open Trade Equity (Deficit)* | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $- |
| *U.S. Treasury Securities* | 16804 | - | - | 16804 |

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**4. Swap Contracts**

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner's minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 2020, all swaps were sold so that no Trust's assets were deposited with over-the-counter counterparties.

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.

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series' exposure and remove cash from the Series' total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit.

**5. Investments in Private Investment Companies**

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

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

The following table summarizes the Trust's equity in earnings from each of the private investment companies during the three and six months ended June 30, 2025 and 2024:

**Three Months Ended June 30, 2025 and 2024**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June, 2025** | **Three Months Ended June, 2025** | **Three Months Ended June, 2025** | **Three Months Ended June, 2025** | **Three Months Ended June, 2024** | **Three Months Ended June, 2024** | **Three Months Ended June, 2024** | **Three Months Ended June, 2024** |
|  | **Trading<br> Commissions** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Gain/(Loss)** | **Net <br> Income <br> (Loss)** | **Trading <br> Commissions** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Gain/(Loss)** | **Net <br> Income <br> (Loss)** |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | $(1649) | $(7121) | $(533739) | $(542509) | $(4985) | $166020 | $(263650) | $(102615) |
| Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | (1496) | (37658) | (67864) | (107018) | (1644) | (58220) | 146820 | 86956 |
| Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC<br> (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC) | (30) | (1819) | (1900) | (3749) | (261) | (35870) | 24258 | (11873) |
| Galaxy Plus Fund - QIM Feeder Fund (526) LLC | (1298) | (21664) | (50415) | (73377) | (2806) | (16625) | 109062 | 89631 |
| Galaxy Plus Fund - Quest Feeder Fund (517) LLC | (703) | (31440) | (114760) | (146903) | (2282) | 15177 | (18892) | (5997) |
| Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC | - | (13315) | (10410) | (23725) | - | (3095) | 3013 | (82) |
| Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | (5) | (45451) | 35164 | (10292) | (3431) | (9078) | 36010 | 23501 |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (1973) | (38447) | (130991) | (171411) | (8116) | (1656) | (137108) | (146880) |
| Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC | - | - | - | - | 120 | (100059) | 57355 | (42584) |
| Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC | (714) | (4587) | (159098) | (164399) | (1189) | 14969 | (264610) | (250830) |
| Total | $(7868) | $(201502) | $(1034013) | $(1243383) | $(24594) | $(28437) | $(307742) | $(360773) |

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**Six Months Ended June 30, 2025 and 2024**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June, 2025** | **Six Months Ended June, 2025** | **Six Months Ended June, 2025** | **Six Months Ended June, 2025** | **Six Months Ended June, 2024** | **Six Months Ended June, 2024** | **Six Months Ended June, 2024** | **Six Months Ended June, 2024** |
|  | **Trading <br> Commissions** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Gain/(Loss)** | **Net <br> Income <br> (Loss)** | **Trading <br> Commissions** | **<br> Realized Gain/(Loss)** | **Change in <br> Unrealized <br> Gain/(Loss)** | **Net <br> Income <br> (Loss)** |
| Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | $(4257) | $15357 | $(1008808) | $(997708) | $(9828) | $391399 | $913048 | $1294619 |
| Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | (3177) | (45611) | (165815) | (214603) | (2978) | (190643) | 377094 | 183473 |
| Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC<br> (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC) | (30) | (2211) | (11405) | (13646) | (303) | (43394) | 9796 | (33901) |
| Galaxy Plus Fund - QIM Feeder Fund (526) LLC | (3616) | (35458) | (24853) | (63927) | (5220) | (59879) | 166386 | 101287 |
| Galaxy Plus Fund - Quest Feeder Fund (517) LLC | (1408) | (33686) | (216227) | (251321) | (4294) | 35632 | 37749 | 69087 |
| Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC | - | (19949) | (26501) | (46450) | - | (2850) | (1282) | (4132) |
| Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | (807) | (124934) | 48150 | (77591) | (8414) | (13440) | (95420) | (117274) |
| Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | (7219) | (102262) | (260481) | (369962) | (13582) | 10399 | (77519) | (80702) |
| Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC | - | - | - | - | (42) | (100059) | 54298 | (45803) |
| Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC | (1460) | (13756) | (304879) | (320095) | (2158) | 16545 | 286172 | 300559 |
| Total | $(21974) | $(362510) | $(1970819) | $(2355303) | $(46819) | $43710 | $1670322 | $1667213 |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Redemptions**<br>**Notice Period** | **Redemptions**<br>**Permitted** | **Liquidity**<br>**Restrictions** |
| **Frontier Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-Strategy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (552) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;Trend Following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Aspect Feeder Fund (532) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - QIM Feeder Fund (526) LLC | 24 hours | Daily |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Plus Fund - Quest Feeder Fund (517) LLC | 24 hours | Daily |  |

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**6. Transactions with Affiliates**

The Managing Owner contributes funds to the Trust in order to have a 1% interest in the aggregate capital, profits and losses and in return will receive units designated as general units in the Series of the Trust in which the Managing Owner invests such funds. The general units may only be purchased by the Managing Owner and may be subject to no advisory fees or management advisory fees at reduced rates. Otherwise, the general units hold the same rights as the limited units. The Managing Owner is required to maintain at least a 1% interest ("Minimum Purchase Commitment") in the aggregate capital, profits and losses of the Trust so long as it is acting as the Managing Owner of the Trust. Such contribution was made by the Managing Owner before trading commenced for the Trust and will be maintained throughout the existence of the Trust, and the Managing Owner will make such purchases as are necessary to effect this requirement. Additionally, the Managing Owner agreed with certain regulatory bodies to maintain a 1% interest specifically in the Frontier Balanced Fund Class 1AP Units and Frontier Balanced Fund Class 2a Units, aggregated, and each of the Frontier Long/Short Commodity Fund, Frontier Diversified Fund, and 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 notional assets of such Series allocated to Trading Companies, calculated on a daily basis. The percentage basis of the fees varies and are in line with the amounts being disclosed below. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series' (including notional assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the combined consolidated statements of operations. The total amount of assets of a Series allocated to Trading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the Trading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the Trading Advisors and any reference programs, is referred to herein as the "notional assets" of the Series. The annual rate of the management fee is: 0.5% for the Frontier Balanced Fund Class 1 and Class 2, 1.0% for the Frontier Balanced Fund Class 1AP, Class 2a and Class 3a, 2.0% for the Frontier Global Fund, Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a and Frontier Masters Fund, 0.75% for Frontier Diversified Fund, 2.5% for the Frontier Heritage Fund and Frontier Select Fund, and 3.5% for the Frontier Long/Short Commodity Fund 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.

The management fee as a percentage of the applicable Series' notional assets will be greater than the percentage of the applicable Series' net asset value to the extent that the notional assets of the Series exceeds its net asset value. The Managing Owner expects that the notional 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 Frontier Balanced Fund, Frontier Select Fund, Frontier Global Fund (formerly Frontier Winton Fund) and Frontier Heritage Fund pays to the Managing Owner an FCM Fee of up to 2.25% per annum of notional assets allocated to the Trading Advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of the applicable Series. The Frontier Diversified Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund pays to the Managing Owner an FCM Fee of up to 2.25% of notional assets allocated to the Trading Advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 0.12% of such Series' NAV, calculated daily.

*Incentive Fees -* Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the combined consolidated statements of operations. Because the Frontier Balanced Fund, Frontier Diversified Fund, Frontier Masters Fund, Frontier Heritage Fund, Frontier Select Fund, and 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 Frontier Balanced Fund and the Frontier Diversified Fund and 20% for the Frontier Global Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and 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% and 2% annually, for the closed Series and open Series, respectively, which the Managing Owner pays to selling agents of the Trust. With respect to Class 2 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 0.25% annually, for the closed Series and open Series, respectively, which the Managing Owner pays to selling agents of the Trust.

As of June 30, 2025, the Trust had a payable to the Managing Owner in the amounts of $0, $0, $959, $18,457 and $6,575 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2024, the Trust had a payable to the Managing Owner in the amounts of $0, $0, $1,679, $29,441 and $12,055 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the six months ended June 30, 2025, the Managing Owner earned $0, $0, $0, $56,345 and $143,190 for incentive fees (rebate), management fees, risk analysis fees, service fees, and trading fees, respectively.

For the six months ended June 30, 2024, the Managing Owner earned $0, $0, $0, $115,319 and $263,172 for incentive fees (rebate), management fees, risk analysis fees, service fees, and trading fees, respectively.

For the three months ended June 30, 2025, the Managing Owner earned $0, $0, $0, $22,810 and $62,435 for incentive fees (rebate), management fees, risk analysis fees service fees, and trading fees, respectively.

For the three months ended June 30, 2024, the Managing Owner earned $0, $0, $0, $59,079 and $137,568 for incentive fees (rebate), management fees, risk analysis 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.

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 Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series*.***

During the three months ended June 30, 2025 and 2024, the Trust paid $3,576, and $5,520, respectively, of such interest income to the Managing Owner. Such amounts are not included in the combined consolidated statements of operations of the Trust. During the six months ended June 30, 2025 and 2024, the Trust paid $7,836, and $11,669, respectively, of such interest income to the Managing Owner. Such amounts are not included in the combined consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the combined consolidated statements of operations.

**7. Financial Highlights**

The following information presents the financial highlights of the Trust for the three and six months ended June 30, 2025 and 2024. This data has been derived from the information presented in the combined consolidated financial statements.

**<u>Three Months Ended June 30</u>**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Ratios to average net assets (1)** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | -7.45% | -6.63% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3) | 7.55% | 6.72% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3) | 7.55% | 6.72% |
| **Total return before incentive fees (2)** | -29.33% | -4.74% |
| **Total return after incentive fees (2)** | -29.33% | -4.74% |

---

**<u>Six Months Ended June 30</u>**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Ratios to average net assets (1)** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | -6.87% | -6.43% |
| &nbsp;&nbsp;&nbsp;Expenses before incentive fees (3) | 6.95% | 6.51% |
| &nbsp;&nbsp;&nbsp;Expenses after incentive fees (3) | 6.95% | 6.51% |
| **Total return before incentive fees (2)** | -44.09% | 10.99% |
| **Total return after incentive fees (2)** | -44.09% | 10.99% |

---

(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 Combined Consolidated Statements
of Operations of the Trust.

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

**8. Derivative Instruments and Hedging Activities**

The Trust's primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust's derivatives by instrument types as of June 30, 2025 and 2024 is included in the combined consolidated condensed schedules of investments. See Note 4 for further disclosure related to the Trust's positions in swap contracts. There are embedded management fees in transacting these swaps ranging from 1% to 1.5% based on fair value of swaps and the embedded incentive fees ranging from 15% to 25% based on net new trading profits on swaps.

For the three months ended June 30, 2025 and 2024, the monthly average of futures, forwards and options contracts bought was approximately 0, and 0, respectively and the monthly average of futures, forwards, and options contracts sold was approximately 0, and 0, respectively.

For the six months ended June 30, 2025 and 2024, the monthly average of futures, forwards and options contracts bought was approximately 0, and 0, respectively and the monthly average of futures, forwards, and options contracts sold was approximately 0, and 0, respectively.

The following tables summarize the Trust's combined consolidated trading revenues for the three months ended June 30, 2025 and 2024 by contract type:

**Realized Trading Revenue from Futures, Forwards and Options for the Three Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** |  |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Realized trading income/(loss)<sup>(1)</sup> | $- |

---

**Realized Trading Revenue from Futures, Forwards and Options for the Three Months Ended June 30, 2024**

---

| | |
|:---|:---|
| **Type of contract** |  |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Realized trading income/(loss)<sup>(1)</sup> | $- |

---

**Realized Trading Revenue from Futures, Forwards and Options for the Six Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** |  |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Realized trading income/(loss)<sup>(1)</sup> | $- |

---

**Realized Trading Revenue from Futures, Forwards and Options for the Six Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** |  |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Realized trading income/(loss)<sup>(1)</sup> | $- |

---

(1) Amounts
recorded in the combined consolidated 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 June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** |  |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Change in unrealized trading income/(loss)<sup>(2)</sup> | $- |

---

**Net Change in Open Trade Equity from Futures, Forwards and Options for the Three Months Ended June 30, 2024**

---

| | |
|:---|:---|
| **Type of contract** |  |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Change in unrealized trading income/(loss)<sup>(2)</sup> | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts recorded in the combined consolidated statements of operations under net change in open trade equity/(deficit).

**Net Change in Open Trade Equity from Futures, Forwards and Options for the Six Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** |  |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Change in unrealized trading income/(loss)<sup>(2)</sup> | $- |

---

**Net Change in Open Trade Equity from Futures, Forwards and Options for the Six Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **Type of contract** |  |
| Agriculturals | $- |
| Currencies | - |
| Energies | - |
| Interest rates | - |
| Metals | - |
| Stock indices | - |
| Change in unrealized trading income/(loss)<sup>(2)</sup> | $- |

---

Certain financial instruments and derivative instruments are eligible for offset in the combined consolidated 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 combined 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 combined consolidated statements of financial condition as of June 30, 2025 and December 31, 2024:

As of June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gross Amounts of <br> recognized <br> Derivative Assets** |  | **Gross Amounts <br> offset in the <br> Statements of <br> Financial Condition** |  | **Net Amounts <br> Presented in the <br> Statements of <br> Financial Condition** |
| Open Trade Equity/(Deficit) | $| - | $| - | $| - |

---

As of December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gross Amounts of <br> recognized <br> Derivative Assets** |  | **Gross Amounts <br> offset in the <br> Statements of <br> Financial Condition** |  | **Net Amounts <br> Presented in the <br> Statements of <br> Financial Condition** |
| Open Trade Equity/(Deficit) | $| - | $| - | $| - |

---

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

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

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

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

**10. Indemnifications and Guarantees**

The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence, bad faith or willful misconduct. 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 Morgan Stanley & Co. 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 not recorded any liability for the indemnifications in the accompanying combined consolidated financial statements as it expects any possibility of losses to be remote.

**11. Subsequent Events**

The Managing Owner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The Managing Owner has assessed the subsequent events through the date that the combined consolidated financial statements were issued and has determined that, except as set forth below, there were no subsequent events requiring adjustment to or disclosure in the combined consolidated financial statements.

From July 1, 2025 through August 14, 2025, the Trust paid $159,018 in redemptions.

**I** **TEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

**Introduction**

The following discussion and analysis contain 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 2024 Annual Report on Form 10-K for the year ended December 31, 2024.

***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 from the assets of other Series. The Trust is managed by the Managing Owner, and its term will expire on December 31, 2053 (unless terminated earlier in certain circumstances).

The Trust, with respect to each Series of Units, engages in the speculative trading of a diversified portfolio of futures, forward (including interbank foreign currencies) and options contracts and other derivative instruments (including swaps). The Trust allocates funds to affiliated Trading Companies and Galaxy Plus entities, each of which has one-year renewable contracts with its own independent Trading Advisor(s) that will manage all or a portion of the applicable Trading Company's or Galaxy Plus entity's assets and make the trading decisions for the assets of each Series invested in such Trading Company or Galaxy Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of each other Trading Company and Galaxy Plus entity. The Trust has an investment objective of increasing the value of the Units over the long term (capital appreciation), while controlling risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments (currencies). For additional overview of the Trust's structure and business activities, see Item 1 "BUSINESS." For a discussion of fees paid by the Trust, see Item 11 "EXECUTIVE COMPENSATION."

***Critical Accounting Policies and Estimates***

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

The Trust's other significant accounting policies are described in detail in Note 2 of the combined consolidated 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 Combined Consolidated Statements of Financial Condition, with changes in fair value reported as a component of net gain/(loss) on investments in the Combined Consolidated 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 combined consolidated 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) due diligence questionnaires and (4) 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. Portfolios comprised of multiple Trading Advisors can provide diversification across trading methodologies, trading time horizons, and markets traded, resulting in more consistent performance returns and overall lower volatility.

As of June 30, 2025, the trading system of each of the major Trading Advisors and the means by which the Series access those Trading Advisors were as follows:

---

| | | |
|:---|:---|:---|
| **Major Commodity Trading Advisor** | **Trading System Style** | **Accessed Through** |
| Aspect Capital Limited | Systematic | Galaxy Plus |
| Fort, L.P. | Systematic | Galaxy Plus |
| Horizon3 Investment Management LLP | Systematic | Galaxy Plus |
| Quantica Capital AG | Systematic | Galaxy Plus |
| Quantitative Investment Management, LLC | Systematic | Galaxy Plus |
| Quest Partners LLC | Systematic | Galaxy Plus |
| Rosetta Capital Management, LLC | Discretionary | Galaxy Plus |
| Welton Investment Partners LLC | Systematic | Galaxy Plus |

---

As of June 30, 2025, the allocation of the assets of each applicable Series of the Trust among the Trading Advisors was as follows:

**Allocation as of June 30, 2025 (expressed as a percentage of aggregate notional exposure to commodity trading programs)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Advisor** | **Frontier<br> Diversified<br> Fund** | **Frontier<br> Long/Short<br> Commodity<br> Fund** | **Frontier<br> Masters<br> Fund** | **Frontier<br> Balanced<br> Fund** | **Frontier<br> Select<br> Fund** | **Frontier<br> Global<br> Fund** | **Frontier<br> Heritage<br> Fund** |
| Aspect Capital Limited | 25% |  | 75% | 33% |  | 100% | 72% |
| Fort, L.P. | 19% |  |  | 6% |  |  |  |
| Horizon3 Investment Management LLP |  |  |  | 6% | 19% |  | 24% |
| Quantica Capital AG | 11% |  | 17% | 14% | 72% |  |  |
| Quantitative Investment Management, LLC | 18% |  |  | 17% |  |  |  |
| Quest Partners LLC | 23% |  |  | 21% |  |  |  |
| Rosetta Capital Management, LLC |  | 90% |  |  |  |  |  |
| Welton Investment Partners LLC | 4% | 10% | 8% | 3% | 9% |  | 4% |

---

**Effective July 1, 2025, Frontier Fund Management, the managing owner of the Registrant, removed Welton Investment Partners LLC, a major commodity trading advisor for Frontier Balanced Fund, Frontier Diversified Fund, Frontier Heritage Fund, Frontier Long/Short Commodity Fund, Frontier Masters Fund and Frontier Select Fund. Welton was accessed through the Galaxy Plus Managed Account platform.**

***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 June 30, 2025, cash deposited at the clearing brokers was $0 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 4.25% to 4.50%, this amount is estimated to be 4.25%. 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 U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. The amount reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero.

Approximately 75% to 95% 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 CEA and regulations there under. The remaining approximately 5% to 25% 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 June 30, 2025, total cash and cash equivalents held at banking institutions were $13,185 for the Frontier Diversified Fund, $3,999 for the Frontier Long/Short Commodity Fund, $4,156 for the Frontier Masters Fund, $9,291 for the Frontier Balanced Fund, $5,010 for the Frontier Select Fund, $7,698 for the Frontier Global Fund, and $16,872 for the Frontier Heritage Fund.

As a commodity pool, the Trust 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 Trust has not been forced to liquidate positions to fund redemptions. During the six months ended June 30, 2025, the redemptions payable were $0 for the Frontier Balanced Fund, $0 for the Frontier Long/Short Commodity Fund and $0 for the Frontier Master Fund. During the six months ended June 30, 2025, the Trust was able to pay all redemptions on a timely basis.

***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 interest 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 interest positions, such Trading Company could lose all of its assets and the holders of Units of such Series would realize a 100% loss. The Managing Owner seeks to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor's portfolio. It is anticipated that any Trading Advisor's margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time.

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

In the case of forward contracts traded on the interbank market and swaps, neither is necessarily 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, bad faith or willful misconduct. The Trust has had no prior claims or payments pursuant to these agreements. The Trust's individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience the Trust expects the risk of loss to be remote.

***Disclosure of Contractual Obligations***

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

***Results of Operations for the Three Months Ended June 30, 2025***

***Series Returns and Other Information***

The returns for each Series and Class of Units for the three months ended June 30, 2025 and 2024, and related information, are discussed below. The activities of the Trust on a combined consolidated basis are explained through the activity of each underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a combined consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during the three months ended June 30, 2025 and 2024. The performance of each Series was impacted over the course of the year by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by, the Series' Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For each of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series' positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the periods presented.

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024.***

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***Frontier Diversified Fund***

 

The Frontier Diversified Fund—Class 2 NAV lost 21.28% and lost 1.02%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 21.24% and lost 0.96%, respectively, for the three months ended June 30, 2025 and 2024.

For the three months ended June 30, 2025, the Frontier Diversified Fund recorded total expenses of $6,296, net investments loss of $5,632, and net realized/unrealized loss on investments of $156,576, resulting in a net decrease in Owners' capital from operations of $162,208. For the three months ended June 30, 2024, the Frontier Diversified Fund recorded total expenses of $13,851, net investments loss of $12,587, and net realized/unrealized loss on investments of $1,130, resulting in a net decrease in Owners' capital from operations of $13,317.

Please see additional discussion under "Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024–Frontier Diversified Fund."

***Frontier Masters Fund***

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The Frontier Masters Fund—Class 2 NAV lost 27.68% and lost 9.09%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 27.63% and lost 9.03%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses.

For the three months ended June 30, 2025, the Frontier Masters Fund recorded total expenses of $3,582, net investment loss of $3,337, and net realized/unrealized loss on investments of $51,989, resulting in a net decrease in Owners' capital from operations of $55,326. For the three months ended June 30, 2024, the Frontier Masters Fund recorded total expenses of $8,411, net investment loss of $8,037, and net realized/unrealized loss on investments of $31,686, resulting in a net decrease in Owners' capital from operations of $39,723.

Please see additional discussion under "Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024–Frontier Masters Fund."

***Frontier Long/Short Commodity Fund***

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The Frontier Long/Short Commodity Fund—Class 2 NAV lost 11.26% and lost 12.91%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 3 NAV lost 11.27% and lost 12.89%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV lost 10.58% and lost 12.71%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 10.53% and lost 12.65%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses.

For the three months ended June 30, 2025, the Frontier Long/Short Commodity Fund recorded total expenses of $1,686, net investment loss of $1,439, and net realized/unrealized loss on investments of $22,991, resulting in a net decrease in Owners' capital from operations of $24,430. For the three months ended March 31, 2024, the Frontier Long/Short Commodity Fund recorded total expenses of $4,017, net investment loss of $3,337, and net realized/unrealized loss on investments of $76,724, resulting in a net decrease in Owners' capital from operations of $80,061.

Please see additional discussion under "Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024–Frontier Long/Short Commodity Fund."

***Frontier Balanced Fund***

 

The Frontier Balanced Fund—Class 1 NAV lost 22.14% and lost 3.46%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV lost 21.56% and lost 2.75%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV lost 21.53% and lost 2.71%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV lost 21.51% and lost 2.71%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV lost 21.56% and lost 2.74%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses.

For the three months ended June 30, 2025, the Frontier Balanced Fund recorded total expenses of $40,304, net investment loss of $40,254, and net realized/unrealized loss on investments of $563,903, resulting in a net decrease in Owners' capital from operations of $604,157. For the three months ended June 30, 2024, the Frontier Balanced Fund recorded total expenses of $92,970, net investment loss of $92,847, and net realized/unrealized loss on investments of $71,430, resulting in a net decrease in Owners' capital from operations of $164,277.

Please see additional discussion under "Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 –Frontier Balanced Fund."

***Frontier Select Fund***

The Frontier Select Fund—Class 1 NAV lost 23.57% and lost 13.27%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Select Fund —Class 2 NAV lost 22.98% and lost 12.63%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Select Fund —Class 1AP NAV lost 22.99% and lost 12.62%, respectively, for the three months ended June 30, 2025 and 2024.

For the three months ended June 30, 2025, the Frontier Select Fund recorded total expenses of $6,499, net investment loss of $6,499, and net realized/unrealized loss on investments of $97,241, resulting in a net decrease in Owners' capital from operations of $103,690. For the three months ended June 30, 2024, the Frontier Select Fund recorded total expenses of $14,610, net investment loss of $14,610, and net realized/unrealized loss on investments of $101,261, resulting in a net decrease in Owners' capital from operations of $115,871.

Please see additional discussion under "Six Months Ended June 30, 2025 Compared to Six Months Ended 30, 2024 –Frontier Select Fund."

***Frontier Global Fund***

The Frontier Global Fund—Class 1 NAV lost 27.01% and lost 4.62%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Global Fund —Class 2 NAV lost 26.46% and lost 3.90%, respectively, for the three months ended June 30, 2025 and 2024.

For the three months ended June 30, 2025, the Frontier Global Fund recorded total expenses of $11,963, net investment loss of $11,963, and net realized/unrealized loss on investments of $166,447, resulting in a net decrease in Owners' capital from operations of $178,410. For the three months ended March 31, 2024, the Frontier Global Fund recorded total expenses of $31,039, net investment loss of $31,039, and net realized/unrealized loss on investments of $36,355, resulting in a net decrease in Owners' capital from operations of $67,594.

Please see additional discussion under "Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 –Frontier Global Fund."

***Frontier Heritage Fund***

The Frontier Heritage Fund—Class 1 NAV lost 21.92% and lost 4.68%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV lost 21.33% and lost 3.96%, respectively for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV lost 21.34% and lost 3.95%, respectively, for the three months ended June 30, 2025 and 2024.

For the three months ended June 30, 2025, the Frontier Heritage Fund recorded total expenses of $15,205, net investment loss of $15,205 , and net realized/unrealized loss on investment of $187,715, resulting in a net decrease in Owners' capital from operations of $202,920. For the three months ended June 30, 2024, the Frontier Heritage Fund recorded total expenses of $32,348, net investment loss of $32,348, and net realized/unrealized loss on investments of $45,348, resulting in a net decrease in Owners' capital from operations of $77,696.

Please see additional discussion under "Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 –Frontier Heritage Fund."

***Six months ended June 30, 2025 Compared to six Months Ended June 30, 2024***

***Frontier Diversified Fund***

*2025*

The Frontier Diversified Fund—Class 2 NAV lost 32.99% and gained 15.41%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 32.91% and gained 15.55%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses.

For the six months ended June 30, 2025, the Frontier Diversified Fund recorded total expenses of $14,664, net investments loss of $13,334, and net realized/unrealized loss on investments of $284,963, resulting in a net decrease in Owners' capital from operations of $298,297. For the six months ended June 30, 2024, the Frontier Diversified Fund recorded total expenses of $27,436, net investments loss of $25,184, and net realized/unrealized gain on investments of $233,454, resulting in a net increase in Owners' capital from operations of $208,270.

The NAV per Unit, Class 2, decreased from $61.16 at December 31, 2024 to $40.98 as of June 30, 2025. The NAV per Unit, Class 3 decreased from $57.87 at December 31, 2024 to $38.82 as of June 30, 2025. Total Class 2 subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $87,090, respectively. Ending capital at June 30, 2025 was $91,668 for Class 2, and $477,283 for Class 3. Ending capital at December 31, 2024 was $136,801 for Class 2, and $817,537 for Class 3.

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

**Sector & Major Advisor Attribution for the Frontier Diversified Fund**

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One of the six sectors which traded in the Frontier Diversified Fund was profitable in Q2 2025 and one of the six was profitable year to date ("YTD"). Currencies were profitable for the quarter while Agriculturals, Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

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

In terms of major CTA performance, one of the six major CTAs in the Frontier Diversified Fund was profitable in the quarter. QIM finished positive while Aspect, Fort, Quantica, Quest and Welton finished negative for the quarter. In terms of YTD performance one of the six major CTAs was positive. QIM finished positive while Aspect, Fort, Quantica, Quest and Welton were negative YTD.

**2024**

The Frontier Diversified Fund—Class 2 NAV gained 15.41% and lost 10.55%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV gained 15.55% and lost 10.43%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses.

For the six months ended June 30, 2024, the Frontier Diversified Fund recorded total expenses of $27,436, net investments loss of $25,184, and net realized/unrealized gain on investments of $233,454, resulting in a net increase in Owners' capital from operations of $208,270. For the six months ended June 30, 2023, the Frontier Diversified Fund recorded total expenses of $46,731, net investments loss of $44,201, and net realized/unrealized loss on investments of $278,278, resulting in a net decrease in Owners' capital from operations of $322,479.

The NAV per Unit, Class 2, increased from $68.18 at December 31, 2023 to $78.69 as of June 30, 2024. The NAV per Unit, Class 3 increased from $64.35 at December 31, 2023 to $74.36 as of June 30, 2024. Total Class 2 subscriptions and redemptions for the period were $0 and $31,466, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $243,243, respectively. Ending capital at June 30, 2024 was $199,582 for Class 2, and $1,207,767 for Class 3. Ending capital at December 31, 2023 was $201,966 for Class 2, and $1,271,822 for Class 3.

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

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| ![](image_005.jpg) | ![](image_006.jpg) |
| ![](image_007.jpg) | ![](image_008.jpg) |

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Three of the six sectors which traded in the Frontier Diversified Fund were profitable in Q2 2024 and three of the six were profitable year to date ("YTD"). Agriculturals, Currencies and Metals were profitable for the quarter while Energies, Interest Rates and Stock Indices finished negative for the quarter. Agriculturals, Currencies and Stock Indices were profitable YTD while Energies, Interest Rates and Metals finished negative YTD.

In terms of major CTA performance, two of the six major CTAs in the Frontier Diversified Fund were profitable in the quarter. Fort and QIM finished positive while Aspect, Quantica, Quest and Welton finished negative for the quarter. In terms of YTD performance five of the six major CTAs were positive YTD. Aspect, Fort, Quantica, QIM and Quest finished positive while Welton was negative YTD.

***Frontier Masters Fund***

*2025*

The Frontier Masters Fund—Class 2 NAV lost 42.29% and gained 18.25%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 42.22% and gained 18.42%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses.

For the six months ended June 30, 2025, the Frontier Masters Fund recorded total expenses of $8,485, net investment loss of $7,967, and net realized/unrealized loss on investments of $100,395, resulting in a net decrease in Owners' capital from operations of $108,362. For the six months ended June 30, 2024, the Frontier Masters Fund recorded total expenses of $15,311, net investment loss of $14,513, and net realized/unrealized gain on investments of $76,967, resulting in a net increase in Owners' capital from operations of $62,454.

The NAV per Unit, Class 2, decreased from $57.71 at December 31, 2024 to $33.30 as of June 30, 2025. The NAV per Unit, Class 3, decreased from $54.82 at December 31, 2024 to $31.67 as of June 30, 2025. Total Class 2 subscriptions and redemptions for the period were $0 and $1,626, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $12,505, respectively. Ending capital at June 30, 2025 was $37,863 for Class 2, and $106,885 for Class 3. Ending capital at December 31, 2024 was $67,239 for Class 2, and $200,002 for Class 3.

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

**Sector & Major Advisor Attribution for the Frontier Masters Fund**

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None of the six sectors which traded in the Frontier Masters Fund were profitable in Q2 2025 and one of the six was profitable YTD. Agriculturals, Currencies, Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

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

In terms of major CTA performance none of the three major CTAs finished positive for the quarter. Aspect, Quantica and Welton all finished negative for the quarter. None of the three major CTAs finished positive YTD while Aspect, Quantica and Welton were negative YTD.

**2024**

The Frontier Masters Fund—Class 2 NAV gained 18.25% and lost 13.80%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV gained 18.42% and lost 13.69%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses.

For the six months ended June 30, 2024, the Frontier Masters Fund recorded total expenses of $15,311, net investment loss of $14,513, and net realized/unrealized gain on investments of $76,967, resulting in a net increase in Owners' capital from operations of $62,454. For the six months ended June 30, 2023, the Frontier Masters Fund recorded total expenses of $19,692, net investment loss of $18,173, and net realized/unrealized loss on investments of $81,687, resulting in a net decrease in Owners' capital from operations of $99,860.

The NAV per Unit, Class 2, increased from $65.39 at December 31, 2023 to $77.32 as of June 30, 2024. The NAV per Unit, Class 3, increased from $61.96 at December 31, 2023 to $73.37 as of June 30, 2024. Total Class 2 subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $17,216, respectively. Ending capital at June 30, 2024 was $90,088 for Class 2, and $295,112 for Class 3. Ending capital at December 31, 2023 was $76,186 for Class 2, and $263,776 for Class 3.

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

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Two of the six sectors which traded in the Frontier Masters Fund were profitable in Q2 2024 and three of the six were profitable YTD. Currencies and Metals were profitable for the quarter while Agriculturals, Energies, Interest Rates and Stock Indices finished negative for the quarter. Agriculturals, Currencies and Stock Indices were profitable YTD while Energies, Interest Rates and Metals finished negative YTD.

In terms of major CTA performance none of the major CTAs finished positive for the quarter while Aspect, Quantica and Welton finished negative for the quarter. Aspect and Quantica were positive YTD while Welton was negative YTD.

***Frontier Long/Short Commodity Fund***

*2025*

 

The Frontier Long/Short Commodity Fund—Class 2 NAV lost 23.28% and lost 15.67%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 3 NAV lost 23.28% and lost 15.65%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV lost 22.36% and lost 2.36%, respectively, for the three months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 22.26% and lost 14.66%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses.

For the six months ended June 30, 2025, the Frontier Long/Short Commodity Fund recorded total expenses of $3,607, net investment loss of $3,152, and net realized/unrealized loss on investments of $56,984, resulting in a net decrease in Owners' capital from operations of $60,136. For the six months ended June 30, 2024, the Frontier Long/Short Commodity Fund recorded total expenses of $9,020, net investment loss of $7,639, and net realized/unrealized loss on investments of $95,305, resulting in a net decrease in Owners' capital from operations of $102,944.

The NAV per Unit, Class 2, decreased from $46.82 as of December 31, 2024 to $35.92 at June 30, 2025. The NAV per Unit, Class 3, decreased from $49.12 as of December 31, 2024 to $37.68 at June 30, 2025. The NAV per Unit, Class 2a, decreased from $31.72 as of December 31, 2024 to $24.63 at June 30, 2025. The NAV per Unit, Class 3a, decreased from $33.81 as of December 31, 2024 to $26.29 at June 30, 2025. Total Class 2 subscriptions and redemptions for the six months were $0 and $0, respectively. Total Class 3 subscriptions and redemptions for the six months were $0 and $14,735, respectively. Total Class 2a subscriptions and redemptions for the six months were $0 and $2,100, respectively. Total Class 3a subscriptions and redemptions for the six months were $0 and $2,885, respectively. Ending capital at June 30, 2025 is $4,067 for Class 2, $133,749 for Class 3, $8,242 for Class 2a, and $44,151 for Class 3a. Ending capital at December 31, 2024 is $5,301 for Class 2, $191,887 for Class 3, $12,799 for Class 2a, and $60,078 for Class 3a.

The Frontier Long/Short Commodity Fund may have both long and short exposure to the Base Metals, Energies, Grains, Meats, Precious Metals, Financials and Softs sectors, although the majority of the exposure will typically be in the Energies, Metals and Softs sectors.

**Sector & Major Advisor Attribution for the Frontier Long/Short Commodity Fund**

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One of the seven sectors traded in the Frontier Long/Short Commodity Fund was profitable in Q2 2025 and none of the seven were profitable YTD. Grains finished the quarter profitable while Energies, Base Metals, Meats, Precious Metals, Softs and Financials finished the quarter negative.

Energies, Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished negative YTD. None were positive YTD.

In terms of major CTA performance, no CTAs were positive for the quarter while Rosetta and Welton both finished negative. In terms of YTD performance, no CTAs were positive while Rosetta and Welton were both negative YTD.

**2024**

 

The Frontier Long/Short Commodity Fund—Class 2 NAV lost 15.67% and lost 19.56%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 3 NAV lost 15.65% and lost 19.56%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV lost 14.77% and lost 19.14%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 14.66% and lost 19.04%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses.

For the six months ended June 30, 2024, the Frontier Long/Short Commodity Fund recorded total expenses of $9,020, net investment loss of $7,639, and net realized/unrealized loss on investments of $95,305, resulting in a net decrease in Owners' capital from operations of $102,944. For the six months ended June 30, 2023, the Frontier Long/Short Commodity Fund recorded total expenses of $12,433, net investment loss of $10,119, and net realized/unrealized loss on investments of $244,485, resulting in a net decrease in Owners' capital from operations of $254,604.

The NAV per Unit, Class 2, decreased from $72.74 as of December 31, 2023 to $61.35 at June 30, 2024. The NAV per Unit, Class 3, decreased from $76.31 as of December 31, 2023 to $64.36 at June 30, 2024. The NAV per Unit, Class 2a, decreased from $48.36 as of December 31, 2023 to $41.22 at June 30, 2024. The NAV per Unit, Class 3a, decreased from $51.42 as of December 31, 2023 to $43.88 at June 30, 2024. Total Class 2 subscriptions and redemptions for the six months were $0 and $0, respectively. Total Class 3 subscriptions and redemptions for the six months were $0 and $255,621, respectively. Total Class 2a subscriptions and redemptions for the six months were $0 and $18,488, respectively. Total Class 3a subscriptions and redemptions for the six months were $0 and $3,420, respectively. Ending capital at June 30, 2024 is $6,946 for Class 2, $252,658 for Class 3, $16,630 for Class 2a, and $87,062 for Class 3a. Ending capital at December 31, 2023 is $8,235 for Class 2, $590,578 for Class 3, $39,437 for Class 2a, and $105,519 for Class 3a.

The Frontier Long/Short Commodity Fund may have both long and short exposure to the Base Metals, Energies, Grains, Meats, Precious Metals, Financials and Softs sectors, although the majority of the exposure will typically be in the Energies, Metals and Softs sectors.

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None of the seven sectors traded in the Frontier Long/Short Commodity Fund were profitable in Q2 2024 and none of the seven were profitable YTD. Energies, Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished the quarter negative while none finished positive for the quarter. Energies, Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished negative YTD. None were positive YTD.

In terms of major CTA performance, no CTAs finished positive for the quarter while Rosetta, Volt and Welton finished negative. In terms of YTD performance, no CTAs were positive while Rosetta, Volt and Welton were negative YTD.

***Frontier Balanced Fund***

*2025*

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The Frontier Balanced Fund—Class 1 NAV lost 34.42% and gained 11.53%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Balanced Fund—Class 2 NAV lost 33.43% and gained 13.22%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV lost 33.35% and gained 13.31%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV lost 33.35% and gained 13.32% for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV lost 33.43% and gained 13.21%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses.

For the six months ended June 30, 2025, the Frontier Balanced Fund recorded total expenses of $93,342, net investment loss of $93,215, and net realized/unrealized loss on investments of $1,024,169, resulting in a net decrease in Owners' capital from operations of $1,117,384. For the six months ended June 30, 2024, the Frontier Balanced Fund recorded total expenses of $180,063, net investment loss of $179,781, and net realized/unrealized gain on investments of $789,496, resulting in a net increase in Owners' capital from operations of $609,715.

The NAV per Unit, Class 1, decreased from $52.51 as of December 31, 2024 to $34.44 at June 30, 2025. The NAV per Unit, Class 1AP, decreased from $71.72 as of December 31, 2024 to $47.74 at June 30, 2025. The NAV per Unit, Class 2, decreased from $96.71 as of December 31, 2024 to $64.38 at June 30, 2025. For Class 2a, the NAV per Unit decreased from $84.35 as of December 31, 2024 to $56.22 at June 30, 2025. For Class 3a, the NAV per Unit decreased from $84.06 as of December 31, 2024 to $56.03 at June 30, 2025. Total Class 1 subscriptions and redemptions for the three months were $0 and $216,481, respectively. Total Class 1AP subscriptions and redemptions for the six months were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the six months were $0 and $28,481, respectively. Total Class 2a subscriptions and redemptions for the six months were $0 and $10,000, respectively. Total Class 3a subscriptions and redemptions for the six months were $0 and $23,477, respectively. Ending capital at June 30, 2025, was $1,420,064 for Class 1, $28,021 for Class 1 AP, $404,898 for Class 2, $2,000 for Class 2a and $67,439 for Class 3a. Ending capital at December 31, 2024, was $2,478,195 for Class 1, $42,095 for Class 1 AP, $650,534 for Class 2, $13,359 for Class 2a and $134,062 for Class 3a.

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

**Sector & Major Advisor Attribution for the Frontier Balanced Fund**

---

| | |
|:---|:---|
| ![](image_033.jpg) | ![](image_034.jpg) |
| ![](image_035.jpg) | ![](image_036.jpg) |
| ![](image_037.jpg) |  |

---

---

| | |
|:---|:---|
| ![](image_038.jpg) | ![](image_039.jpg) |
| ![](image_040.jpg) | ![](image_041.jpg) |
| ![](image_042.jpg) |  |

---

Two of the six sectors which traded in the Frontier Balanced Fund were profitable in Q2 2025 and one of the six were profitable YTD. Agriculturals and Currencies were profitable for the quarter while Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter. Metals were profitable YTD while Agriculturals, Currencies, Energies, Interest Rates and Stock Indices finished negative YTD.

In terms of major CTA performance, Horizon3 finished positive for the quarter while Aspect, Fort, QIM, Quantica and Welton finished negative for the quarter. No CTAs finished positive YTD while Aspect, Fort, Horizon3, Quantica, QIM and Welton were negative YTD.

**2024**

 ****

The Frontier Balanced Fund—Class 1 NAV gained 11.53% and lost 16.03%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Balanced Fund—Class 2 NAV gained 13.22% and lost 14.77%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV gained 13.31% and lost 14.70%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV gained 13.32% and lost 14.70%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV gained 13.21% and lost 14.78%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses.

For the six months ended June 30, 2024, the Frontier Balanced Fund recorded total expenses of $180,063, net investment loss of $179,781, and net realized/unrealized gain on investments of $789,496, resulting in a net increase in Owners' capital from operations of $609,715. For the six months ended June 30, 2023, the Frontier Balanced Fund recorded total expenses of $271,648, net investment loss of $268,336, and net realized/unrealized loss on investments of $1,181,305, resulting in a net decrease in Owners' capital from operations of $1,449,641.

The NAV per Unit, Class 1, increased from $62.63 as of December 31, 2023 to $69.85 at June 30, 2024. The NAV per Unit, Class 1AP, increased from $83.01 as of December 31, 2023 to $93.98 at June 30, 2024. The NAV per Unit, Class 2, increased from $111.93 as of December 31, 2023 to $126.73 at June 30, 2024. For Class 2a, the NAV per Unit increased from $97.44 as of December 31, 2023 to $110.41 at June 30, 2024. For Class 3a, the NAV per Unit increased from $97.10 as of December 31, 2023 to $110.03 at June 30, 2024. Total Class 1 subscriptions and redemptions for the six months were $0 and $501,383, respectively. Total Class 1AP subscriptions and redemptions for the six months were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the six months were $0 and $155,513, respectively. Total Class 2a subscriptions and redemptions for the six months were $0 and $2,750, respectively. Total Class 3a subscriptions and redemptions for the six months were $0 and $26,169, respectively. Ending capital at June 30, 2024, was $3,758,298 for Class 1, $55,160 for Class 1 AP, $852,446 for Class 2, $17,486 for Class 2a and $297,635 for Class 3a. Ending capital at December 31, 2023, was $3,815,001 for Class 1, $48,720 for Class 1 AP, $889,894 for Class 2, $18,194 for Class 2a and $285,316 for Class 3a.

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

---

| | |
|:---|:---|
| ![](image_043.jpg) | ![](image_044.jpg) |
| ![](image_045.jpg) | ![](image_046.jpg) |
| ![](image_047.jpg) |  |

---

---

| | |
|:---|:---|
| ![](image_048.jpg) | ![](image_049.jpg) |
| ![](image_050.jpg) | ![](image_051.jpg) |
| ![](image_052.jpg) |  |

---

Two of the six sectors which traded in the Frontier Balanced Fund were profitable in Q2 2024 and three of the six were profitable YTD. Currencies and Metals were profitable for the quarter while Agriculturals, Energies, Interest Rates and Stock Indices finished negative for the quarter. Agriculturals, Currencies and Stock Indices were profitable YTD while Energies, Interest Rates and Metals finished negative YTD.

In terms of major CTA performance, Fort and QIM finished positive for the quarter while Aspect, Horizon3, Quantica and Welton finished negative for the quarter. Aspect, Fort, Quantica and QIM finished positive YTD while Horizon3 and Welton were negative YTD.

***Frontier Select Fund***

*2025*

 ****

The Frontier Select Fund—Class 1 NAV lost 39.21% and gained 1.96%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Select Fund—Class 2 NAV lost 38.30% and gained 3.49%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV lost 38.30% and gained 3.50%, respectively, for the six months ended June 30, 2025 and 2024.

For the six months ended June 30, 2025, the Frontier Select Fund recorded total expenses of $15,406, net investment loss of $15,406, and net realized/unrealized loss on investments of $204,262, resulting in a net decrease in Owners' capital from operations of $219,668. For the six months ended June 30, 2024, the Frontier Select Fund recorded total expenses of $28,330, net investment loss of $28,330, and net realized/unrealized gain on investments of $48,452, resulting in a net increase in Owners' capital from operations of $20,122.

The NAV per Unit, Class 1, decreased from $38.16 as of December 31, 2024 to $23.20 at June 30, 2025. The NAV per Unit, Class 1AP, decreased from $52.17 as of December 31, 2024 to $32.19 at June 30, 2025. The NAV per Unit, Class 2, decreased from $69.23 as of December 31, 2024 to $42.71 at June 30, 2025. Total Class 1 subscriptions and redemptions for the six months ended June 30, 2025, were $0 and $28,443, respectively. Total Class 1AP subscriptions and redemptions for the six months ended June 30, 2025, were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the six months ended June 30, 2025, were $0 and $8,569, respectively. Ending capital at June 30, 2025 was $307,367 for Class 1, $3,704 for Class 1AP, and $12,002 for Class 2. Ending capital at December 31, 2024 was $541,125 for Class 1, $6,004 for Class 1AP, and $32,624 for Class 2.

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

**Sector & Major Advisor Attribution for the Frontier Select Fund**

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| | |
|:---|:---|
| ![](image_053.jpg) | ![](image_054.jpg) |
| ![](image_055.jpg) | ![](image_056.jpg) |
| ![](image_057.jpg) | ![](image_058.jpg) |

---

One of the six sectors which traded in the Frontier Select Fund was profitable in Q2 2025 and one of the six was profitable YTD. Agriculturals were profitable for the quarter while Currencies, Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

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

In terms of major CTA performance, no CTAs finished positive for the quarter while Horizon3, Quantica and Welton finished negative for the quarter. No CTAs finished positive YTD while Horizon3, Quantica and Welton finished negative YTD.

**2024**

The Frontier Select Fund—Class 1 NAV gained 1.96% and lost 21.48%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Select Fund—Class 2 NAV gained 3.49% and lost 20.31%,respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV gained 3.50% and lost 20.30%, respectively, for the six months ended June 30, 2024 and 2023.

For the six months ended June 30, 2024, the Frontier Select Fund recorded total expenses of $28,330, net investment loss of $28,330, and net realized/unrealized gain on investments of $48,452, resulting in a net increase in Owners' capital from operations of $20,122. For the six months ended June 30, 2023, the Frontier Select Fund recorded total expenses of $36,311, net investment loss of $36,311, and net realized/unrealized loss on investments of $288,054, resulting in a net decrease in Owners' capital from operations of $324,365.

The NAV per Unit, Class 1, increased from $45.97 as of December 31, 2023 to $46.87 at June 30, 2024. The NAV per Unit, Class 1AP, increased from $60.98 as of December 31, 2023 to $63.12 at June 30, 2024. The NAV per Unit, Class 2, increased from $80.92 as of December 31, 2023 to $83.75 at June 30, 2024. Total Class 1 subscriptions and redemptions for the six months ended June 30, 2024, were $0 and $41,136, respectively. Total Class 2 subscriptions and redemptions for the six months ended June 30, 2024, were $0 and $2,614, respectively. Ending capital at June 30, 2024 was $710,640 for Class 1, $7,264 for Class 1AP, and $47,543 for Class 2. Ending capital at December 31, 2023 was $733,700 for Class 1, $7,018 for Class 1AP, and $48,357 for Class 2.

 ****

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

---

| | |
|:---|:---|
| ![](image_059.jpg) | ![](image_060.jpg) |
| ![](image_061.jpg) | ![](image_062.jpg) |
| ![](image_063.jpg) | ![](image_064.jpg) |

---

Three of the six sectors which traded in the Frontier Select Fund were profitable in Q2 2024 and three of the six were profitable YTD. Agriculturals, Currencies and Metals were profitable for the quarter while Energies, Interest Rates and Stock Indices finished negative for the quarter. Agriculturals, Currencies and Stock Indices were profitable YTD while Energies, Interest Rates and Metals finished negative YTD.

In terms of major CTA performance, no CTAs finished positive for the quarter while Horizon3, Quantica and Welton finished negative for the quarter. Quantica finished positive YTD while Horizon3 and Welton finished negative YTD.

***Frontier Global Fund***

*2025*

The Frontier Global Fund—Class 1 NAV lost 40.89% and gained 30.79%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Global Fund—Class 2 NAV lost 40.00% and gained 32.76%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses.

For the six months ended June 30, 2025, the Frontier Global Fund recorded total expenses of $29,375, net investment loss of $29,375, and net realized/unrealized loss on investments of $312,867, resulting in a net decrease in Owners' capital from operations of $342,242. For the six months ended June 30, 2024, the Frontier Global Fund recorded total expenses of $56,639, net investment loss of $56,639, and net realized/unrealized gain on investments of $398,808, resulting in a net increase in Owners' capital from operations of $342,169.

The NAV per Unit, Class 1, decreased from $120.17 at December 31, 2024 to $71.04 as of June 30, 2025. The NAV per Unit, Class 2, decreased from $204.73 at December 31, 2024 to $122.84 as of June 30, 2025. Total Class 1 subscriptions and redemptions for the period were $0 and $80,250, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $1,301, respectively. Ending capital at June 30, 2025 was $448,971 for Class 1, $18,044 for Class 2. Ending capital at December 31, 2024 was $859,439 for Class 1, $31,369 for Class 2.

Frontier Global Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals and Agriculturals sectors.

**Sector Attribution for the Frontier Global Fund**

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| | |
|:---|:---|
| ![](image_065.jpg) | ![](image_066.jpg) |

---

One of the six sectors which traded in the Frontier Global Fund was profitable in Q2 2025 and one of the six were profitable YTD. Agriculturals were profitable for the quarter while Currencies, Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

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

**2024**

The Frontier Global Fund—Class 1 NAV gained 30.79% and lost 6.59%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Global Fund—Class 2 NAV gained 32.76% and lost 5.19%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses.

For the six months ended June 30, 2024, the Frontier Global Fund recorded total expenses of $56,639, net investment loss of $56,639, and net realized/unrealized gain on investments of $398,808, resulting in a net increase in Owners' capital from operations of $342,169. For the six months ended June 30, 2023, the Frontier Global Fund recorded total expenses of $93,634, net investment loss of $93,634, and net realized/unrealized loss on investments of $142,709, resulting in a net decrease in Owners' capital from operations of $236,343.

The NAV per Unit, Class 1, increased from $134.60 at December 31, 2023 to $176.04 as of June 30, 2024. The NAV per Unit, Class 2, increased from $222.53 at December 31, 2023 to $295.42 as of June 30, 2024. Total Class 1 subscriptions and redemptions for the period were $0 and $106,869, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $200, respectively. Ending capital at June 30, 2024 was $1,293,252 for Class 1, $45,264 for Class 2. Ending capital at December 31, 2023 was $1,069,125 for Class 1 and $34,291 for Class 2.

Frontier Global Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals and Agriculturals sectors.

---

| | |
|:---|:---|
| ![](image_067.jpg) | ![](image_068.jpg) |

---

One of the six sectors which traded in the Frontier Global Fund were profitable in Q2 2024 and three of the six were profitable YTD. Currencies were profitable for the quarter while Agriculturals, Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter. Agriculturals, Currencies and Stock Indices were profitable YTD while Energies, Interest Rates and Metals finished negative YTD.

***Frontier Heritage Fund***

*2025*

The Frontier Heritage Fund—Class 1 NAV lost 36.32% and gained 8.94%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV lost 35.36% and gained 10.59%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV lost 35.36% and gained 10.59%, respectively, for the six months ended June 30, 2025 and 2024, net of fees and expenses.

For the six months ended June 30, 2025, the Frontier Heritage Fund recorded total expenses of $35,243, net investment loss of $35,243, and net realized/unrealized loss on investment of $378,465, resulting in a net decrease in Owners' capital from operations of $413,078. For the six months ended June 30, 2024, the Frontier Heritage Fund recorded total expenses of $62,888, net investment loss of $62,888, and net realized/unrealized gain on investment of $208,007, resulting in a net increase in Owners' capital from operations of $145,119.

The NAV per Unit, Class 1, decreased from $83.51 as of December 31, 2024 to $53.18 at June 30, 2025. The NAV per Unit, Class 1AP, decreased from $114.16 as of December 31, 2024 to $73.79 at June 30, 2025. The NAV per Unit, Class 2, decreased from $152.78 as of December 31, 2024 to $98.75 at June 30, 2025. Total Class 1 subscriptions and redemptions for the six months were $0 and $15,781, respectively. Total Class 1AP subscriptions and redemptions for the six months were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the six months were $0 and $1,900, respectively. Ending capital at June 30, 2025 was $666,398 for Class 1, $4,707 for Class 1AP, and $51,937 for Class 2. Ending capital at December 31, 2024 was $1,064,870 for Class 1, $7,282 for Class 1AP, and $82,279 for Class 2.

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

**Sector & Major Advisor Attribution for the Frontier Heritage Fund**

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| | |
|:---|:---|
| ![](image_069.jpg) | ![](image_070.jpg) |
| ![](image_071.jpg) | ![](image_072.jpg) |
| ![](image_073.jpg) | ![](image_074.jpg) |

---

None of the six sectors which traded in the Frontier Heritage Fund were profitable in Q2 2025 and one of the six were profitable YTD. None were profitable for the quarter while Agriculturals, Currencies, Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

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

In terms of major CTA performance, no CTAs were positive for the quarter while Aspect, Horizon3 and Welton were negative for the quarter. No CTAs were positive YTD while Aspect, Horizon3 and Welton were negative YTD.

**2024**

The Frontier Heritage Fund—Class 1 NAV gained 8.94% and lost 11.43%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 10.59% and lost 10.10%, respectively for the six months ended June 30, 2024 and 2023, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 10.59% and lost 10.09%, respectively, for the six months ended June 30, 2024 and 2023, net of fees and expenses.

For the six months ended June 30, 2024, the Frontier Heritage Fund recorded total expenses of $62,888, net investment loss of $62,888, and net realized/unrealized gain on investment of $208,007, resulting in a net increase in Owners' capital from operations of $145,119. For the six months ended June 30, 2023, the Frontier Heritage Fund recorded total expenses of $93,408, net investment loss of $93,408, and net realized/unrealized loss on investments of $272,991, resulting in a net decrease in Owners' capital from operations of $366,399.

The NAV per Unit, Class 1, increased from $106.45 as of December 31, 2023 to $115.97 at June 30, 2024. The NAV per Unit, Class 1AP, increased from $141.20 as of December 31, 2023 to $156.15 at June 30, 2024. The NAV per Unit, Class 2, increased from $188.97 as of December 31, 2023 to $208.98 at June 30, 2024. Total Class 1 subscriptions and redemptions for the six months were $0 and $114,262, respectively. Total Class 1AP subscriptions and redemptions for the six months were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the six months were $0 and $69,111, respectively. Ending capital at June 30, 2024 was $1,500,043 for Class 1, $9,961 for Class 1AP, and $112,542 for Class 2. Ending capital at December 31, 2023 was $1,483,520 for Class 1, $9,007 for Class 1AP, and $168,273 for Class 2.

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

---

| | |
|:---|:---|
| ![](image_075.jpg) | ![](image_076.jpg) |
| ![](image_077.jpg) | ![](image_078.jpg) |
| ![](image_079.jpg) | ![](image_080.jpg) |

---

Two of the six sectors which traded in the Frontier Heritage Fund were profitable in Q2 2024 and three of the six were profitable YTD. Currencies and Interest Rates were profitable for the quarter while Agriculturals, Energies, Metals and Stock Indices finished negative for the quarter. Agriculturals, Currencies and Stock Indices were profitable YTD while Energies, Interest Rates and Metals finished negative YTD.

In terms of major CTA performance, no CTAs were positive for the quarter while Aspect, Horizon3 and Welton were negative for the quarter. Aspect was positive YTD while Horizon3 and Welton were negative YTD.

**ITEM 3. *QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK*.** 

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

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

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

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

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

***Quantitative Market Risk***

The Series' approximate risk exposure in the various market sectors traded by its Trading Advisors is quantified below in terms of value at risk. Due to the Series' mark-to-market accounting, any loss in the fair value of the Series' (through the Trading Companies and Galaxy Plus entities) open positions is directly reflected in the Series' earnings, realized or unrealized gain/loss.

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

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

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

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

***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 June 30, 2025 and December 31, 2024. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

**DOMESTIC EXPOSURE**

**Frontier Balanced Fund:**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **VALUE <br> AT RISK** | **% OF TOTAL <br> CAPITALIZATION** | **VALUE <br> AT RISK** | **% OF TOTAL <br> CAPITALIZATION** |
| **MARKET SECTOR** | | | | |
| &nbsp;&nbsp;&nbsp;Interest Rates | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp;&nbsp;Currencies |  | 0.00% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;Stock Indices |  | 0.00% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;Metals |  | 0.00% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;Agriculturals/Softs |  | 0.00% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;Energy | - | 0.00% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: | $- | 0.00% | $- | 0.00% |

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***Value at Risk: Foreign Markets***

The following table presents the portion of trading value at risk associated with each Series' exposure to open positions (as held by the Trading Companies) by market sector as of June 30, 2025 and December 31, 2024, on foreign markets. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

**FOREIGN EXPOSURE**

**Frontier Balanced Fund:**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **VALUE**<br>**AT RISK** | **% OF TOTAL**<br>**CAPITALIZATION** | **VALUE**<br>**AT RISK** | **% OF TOTAL**<br>**CAPITALIZATION** |
| **MARKET SECTOR** | | | | |
| &nbsp;&nbsp;&nbsp;Interest Rates | $&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;- | 0.00% |
| &nbsp;&nbsp;&nbsp;Currencies |  | 0.00% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;Stock Indices |  | 0.00% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;Agriculturals/Softs | - | 0.00% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: | $- | 0.00% | $- | 0.00% |

---

***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 three 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 June 30, 2025, by market sector.

*Interest Rates* 

Interest rate risk is one of the principal market exposures of each Series. Interest rate movements directly affect the price of interest rate futures positions held and indirectly the value of a Trading Company's stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact profitability. The primary interest rate exposure is to interest rate fluctuations in the U.S. and the other G-7 countries. However, the Trading Companies and Galaxy Plus entities also may take futures positions on the government debt of smaller nations. The Managing Owner anticipates that G-7 interest rates will remain the primary market exposure of each Trading Company and Galaxy Plus entities and accordingly of each Series for the foreseeable future. The changes in interest rates which are expected to have the most effect on the Series are changes in long-term, as opposed to short-term rates. Most of the speculative positions to be held by the Trading Companies and Galaxy Plus entities will be in medium- to long-term instruments. Consequently, even a material change in short term rates is expected to have little effect on the Series if the medium- to long-term rates remain steady. Aggregate interest income from all sources, including assets held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Global Fund, Frontier Select Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 20% of the total interest allocated to each Series was paid to the Managing Owner from January 1, 2017 through April 28, 2017; thereafter 100% of the interest is retained by the respective Series.

*Currencies*

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

 

 

*Stock Indices* 

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

*Metals* 

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

*Agriculturals/Softs* 

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

*Energy* 

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

*Other Trading Risks* 

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

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

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

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

*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 usernames 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 Chairman and Chief Financial Officer, the Trust evaluated the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), for the Trust and each Series as of June 30, 2025 (the "Evaluation Date"). Any control system, no matter how well designed and operated, can only provide 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 its evaluation, the management 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 filing.

***Report on Management's Assessment of Internal Control over Financial Reporting***

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

The Managing Owner's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

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

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

Management assessed the effectiveness of the internal control over financial reporting for the Trust and each Series as of June 30, 2025, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its 2013 report entitled *Internal Control-Integrated Framework*.

Based on that assessment, the Trust's Chief Executive Officer and Chief Financial Officer concluded that the Trust maintained effective internal control over financial reporting as of June 30, 2025.

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

***Scope of Exhibit 31 Certifications***

The certifications of the Chairman and Chief Financial Officer, and the President and Chief Executive Officer, of the Managing Owner as of June 30, 2025 and as of August 14, 2025 (the date of this filing) are included as Exhibits 31.1 and 31.2, respectively, to this Form 10-Q, and 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, or any of the Series.

**ITEM 1A. RISK FACTORS.**

There have been no material changes to the risk factors set forth under Part I, Item 1A. "<u>Risk Factors</u>." in the Trust's annual report on Form 10-K for the fiscal year ended December 31, 2024.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.**

The following table provides information regarding the sale of unregistered Units by the Trust for the six months ended June 30, 2025. 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 Trust claims an exemption from registration of each of the transactions listed below under Section 4(a)(2) of the Securities Act of 1933, as amended, 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.**

---

| | |
|:---|:---|
| 31.1 | [Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934. (filed herewith)](ea025070401ex31-1_frontier.htm) |
| 31.2 | [Certification of Principal Financial Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934. (filed herewith)](ea025070401ex31-2_frontier.htm) |
| 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)](ea025070401ex32-1_frontier.htm) |
| 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)](ea025070401ex32-2_frontier.htm) |
| 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)](ea025070401ex32-3_frontier.htm) |
| 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)](ea025070401ex32-4_frontier.htm) |
| 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)](ea025070401ex32-5_frontier.htm) |
| 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)](ea025070401ex32-6_frontier.htm) |
| 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)](ea025070401ex32-7_frontier.htm) |
| 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)](ea025070401ex32-8_frontier.htm) |
| 101.INS^ | XBRL Instance Document |
| 101.SCH^ | XBRL Taxonomy Extension Schema |
| 101.CAL^ | XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF^ | XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB^ | XBRL Taxonomy Extension Label Linkbase |
| 101.PRE^ | XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

**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.

Frontier Funds <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Patrick J. Kane |
|  |  | **Patrick J. Kane** |
|  |  | Chairman and Chief Financial Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |
| Date: August 14, 2025 | By: | /s/ Patrick F. Hart |
|  |  | **Patrick F. Hart** |
|  |  | President and Chief Executive Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |

---

**SIGNATURES**

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

Frontier Balanced Fund, <br> a Series of Frontier Funds <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Patrick J. Kane |
|  |  | **Patrick J. Kane** |
|  |  | Chairman and Chief Financial Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |
| Date: August 14, 2025 | By: | /s/ Patrick F. Hart |
|  |  | **Patrick F. Hart** |
|  |  | President and Chief Executive Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |

---

**SIGNATURES**

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

Frontier Heritage Fund, <br> a Series of Frontier Funds <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Patrick J. Kane |
|  |  | **Patrick J. Kane** |
|  |  | Chairman and Chief Financial Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |
| Date: August 14, 2025 | By: | /s/ Patrick F. Hart |
|  |  | **Patrick F. Hart** |
|  |  | President and Chief Executive Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |

---

**SIGNATURES**

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

Frontier Global Fund, <br> a Series of Frontier Funds <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Patrick J. Kane |
|  |  | **Patrick J. Kane** |
|  |  | Chairman and Chief Financial Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |
| Date: August 14, 2025 | By: | /s/ Patrick F. Hart |
|  |  | **Patrick F. Hart** |
|  |  | President and Chief Executive Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |

---

**SIGNATURES**

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

Frontier Select Fund, <br> a Series of Frontier Funds <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Patrick J. Kane |
|  |  | **Patrick J. Kane** |
|  |  | Chairman and Chief Financial Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |
| Date: August 14, 2025 | By: | /s/ Patrick F. Hart |
|  |  | **Patrick F. Hart** |
|  |  | President and Chief Executive Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |

---

**SIGNATURES**

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

Frontier Long Short Commodity Fund, <br> a Series of Frontier Funds <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Patrick J. Kane |
|  |  | **Patrick J. Kane** |
|  |  | Chairman and Chief Financial Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |
| Date: August 14, 2025 | By: | /s/ Patrick F. Hart |
|  |  | **Patrick F. Hart** |
|  |  | President and Chief Executive Officer of<br> Frontier Fund Management LLC, <br> the Managing Owner of Frontier Funds |

---

**SIGNATURES**

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

Frontier Diversified Fund, <br> a Series of Frontier Funds <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Patrick J. Kane |
|  |  | **Patrick J. Kane** |
|  |  | Chairman and Chief Financial Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |
| Date: August 14, 2025 | By: | /s/ Patrick F. Hart |
|  |  | **Patrick F. Hart** |
|  |  | President and Chief Executive Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |

---

**SIGNATURES**

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

Frontier Masters Fund, <br> a Series of Frontier Funds <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Patrick J. Kane |
|  |  | **Patrick J. Kane** |
|  |  | Chairman and Chief Financial Officer of<br> Frontier Fund Management LLC,<br> the Managing Owner of Frontier Funds |
| Date: August 14, 2025 | By: | /s/ Patrick F. Hart |
|  |  | **Patrick F. Hart** |
|  |  | President and Chief Executive Officer of<br> Frontier Fund Management LLC, <br> the Managing Owner of Frontier Funds |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C.§1350, RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Patrick F. Hart III, certify that:

1. I have reviewed this quarterly report of Frontier Funds;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I
are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I
have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund |
| Management LLC, the Managing Owner of Frontier Funds |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C.§1350, RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Patrick J. Kane, certify that:

1. I
 have reviewed this quarterly report of Frontier Funds;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations
 and cash flows of the registrant as of, and for, the periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
 and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
 Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the registrant's most recent fiscal quarter (the registrant's
 fourth fiscal quarter in the case of an annual report) that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent
 evaluation of internal control over financial reporting, to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: August 14, 2025

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund |
| Management LLC, the Managing Owner of Frontier Funds |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO** 

**18 U.S.C.§1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of Frontier Funds on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of Frontier Funds.

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund |
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

## Exhibit 32.2

**Exhibit 32.2** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C.§1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of the Frontier Balanced Fund, a Series of Frontier Funds on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Frontier Balanced Fund.

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund |
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund |
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

## Exhibit 32.3

**Exhibit 32.3** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C.§1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of the Frontier Select Fund, a Series of Frontier Funds on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Frontier Select Fund.

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

## Exhibit 32.4

**Exhibit 32.4** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C.§1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of the Frontier Long/Short Commodity Fund, a Series of Frontier Funds on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Frontier Long/Short Commodity Fund.

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund |
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

## Exhibit 32.5

**Exhibit 32.5** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C.§1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of the Frontier Global Fund, a Series of Frontier Funds on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Frontier Global Fund.

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

## Exhibit 32.6

**Exhibit 32.6** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C.§1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of the Frontier Heritage Fund, a Series of Frontier Funds on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Frontier Heritage Fund.

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

## Exhibit 32.7

**Exhibit 32.7** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C.§1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of the Frontier Diversified Fund, a Series of Frontier Funds on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Frontier Diversified Fund.

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

## Exhibit 32.8

**Exhibit 32.8**

**CERTIFICATION PURSUANT TO** 

**18 U.S.C.§1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of the Frontier Masters Fund, a Series of Frontier Funds on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Frontier Masters Fund.

---

| |
|:---|
| /s/ Patrick J. Kane |
| **Patrick J. Kane** |
| Chairman and Chief Financial Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025

---

| |
|:---|
| /s/ Patrick F. Hart III |
| **Patrick F. Hart III** |
| President and Chief Executive Officer of Frontier Fund<br>|
| Management LLC, the Managing Owner of Frontier Funds |

---

August 14, 2025