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, 2019

OR

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

Commission File Number 000-51274

FRONTIER FUNDS

FRONTIER DIVERSIFIED FUND;

FRONTIER MASTERS FUND;

FRONTIER LONG/SHORT COMMODITY FUND;

FRONTIER BALANCED FUND;

FRONTIER SELECT FUND;

FRONTIER GLOBAL FUND (FORMERLY FRONTIER WINTON FUND);

FRONTIER HERITAGE FUND

(Exact Name of Registrant as specified in its Charter)

Delaware	36-6815533
(State of Organization)	(IRS Employer
	Identification No.)

c/o Frontier Fund Management LLC

25568 Genesee Trail Road

Golden, Colorado 80401

(Address of Principal Executive Offices)

(303) 454-5500

(Registrant’s Telephone Number)

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

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

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

Frontier Masters Fund Class 1, 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, Class 1AP and Class 2 Units;

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

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

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	☐
Non-Accelerated Filer	☒	Smaller reporting company	☐
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 Exchange Act).    Yes ☐    No   ☒

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Series Financial Statements	1
	Statements of Financial Condition as of June 30, 2019 (Unaudited) and December 31, 2018	1
	Condensed Schedules of Investments as of June 30, 2019 (Unaudited) and December 31, 2018	4
	Statements of Operations for the three and six months ended June 30, 2019 and 2018 (Unaudited)	7
	Statements of Changes in Owners’ Capital for the six months ended June 30, 2019 (Unaudited)	13
	Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (Unaudited)	17
	Notes to Financial Statements (Unaudited)	20
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of June 30, 2019 (Unaudited) and December 31, 2018	57
	Consolidated Condensed Schedules of Investments as of June 30, 2019 (Unaudited) and December 31, 2018	58
	Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (Unaudited)	60
	Consolidated Statement of Changes in Owners’ Capital for the six months ended June 30, 2019 (Unaudited)	62
	Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (Unaudited)	63
	Notes to Consolidated Financial Statements (Unaudited)	64
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	84
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 4.	Controls and Procedures	112
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	124
Item 1A.	Risk Factors	124
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	124
Item 3.	Defaults Upon Senior Securities	124
Item 4.	Mine Safety Disclosures	124
Item 5.	Other Information	124
Item 6.	Exhibits	125
SIGNATURES		126

(1) These financial statements represent the 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 THE MANAGING OWNER’S CURRENT EXPECTATIONS ABOUT THE FUTURE RESULTS, PERFORMANCE, PROSPECTS AND OPPORTUNITIES OF THE TRUST. THE MANAGING OWNER HAS TRIED TO IDENTIFY THESE FORWARD-LOOKING STATEMENTS BY USING WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “BELIEVE,” “INTEND,” “SHOULD,” “ESTIMATE” OR THE NEGATIVE OF THOSE TERMS OR SIMILAR EXPRESSIONS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON INFORMATION CURRENTLY AVAILABLE TO THE MANAGING OWNER AND ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN, SUCH AS THOSE DESCRIBED IN THE “RISK FACTORS” SECTION UNDER 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, 2019, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

ii

PART I. FINANCIAL INFORMATION

ITEM  1. Series Financial Statements  

The Series of Frontier Funds

Statements of Financial Condition

June 30, 2019 (unaudited) and December 31, 2018

									Frontier
	Frontier Diversified Fund				Frontier Masters Fund				Long/Short Commodity Fund
	6/30/2019		12/31/2018		6/30/2019		12/31/2018		6/30/2019		12/31/2018
ASSETS
Cash and cash equivalents	$	37,348	$	472,695	$	75,541	$	46,374	$	26,414	$	61,600
U.S. Treasury securities, at fair value		191,059		1,553,261		386,444		152,384		135,126		202,415
Incentive fees receivable		-		17,277		-		-		-		60,871
Swap contracts, at fair value		5,881,358		5,920,414		-		-		435,901		479,102
Investments in private investment companies, at fair value		11,200,504		11,084,463		3,083,462		4,661,327		1,624,880		1,729,241
Investments in unconsolidated trading companies, at fair value		18,043		1,160,910		36,495		775,088		12,761		28,163
Interest receivable		3,824		32,017		7,734		3,141		2,704		4,172
Due from Managing Owner		-		-		-		-		-		-
Redemptions receivable from private investment companies		-		-		-		-		-		-
Other assets		6,153		-		-		-		-		-
Total Assets	$	17,338,289	$	20,241,037	$	3,589,676	$	5,638,314	$	2,237,786	$	2,565,564
LIABILITIES & CAPITAL
LIABILITIES
Owner redemptions payable	$	-	$	-		-	$	-		-	$	-
Incentive fees payable to Managing Owner		-		10,897		-		-		-		-
Management fees payable to Managing Owner		-		3,875		-		8,347		-		-
Interest payable to Managing Owner		-		-		-		-		-		-
Service fees payable to Managing Owner		2,464		4,498		201		1,750		4		51
Trading fees payable to Managing Owner		36,982		44,827		14,956		27,984		4,793		5,306
Advance on unrealized swap appreciation		4,000,000		4,000,000		-		-		115,000		115,000
Subscriptions in advance for service fee rebates		23,105		20,430		31,765		28,100		136		-
Other liabilities		-		-		1,305		-		385		-
Total Liabilities		4,062,551		4,084,527		48,227		66,181		120,318		120,357
CAPITAL
Managing Owner - Class 2		3,036		3,005		16,450		51,365		5,466		5,998
Managing Owner - Class 2a		-		-		-		-		15,143		20,484
Managing Owner - Class 3		134,696		172,426		19,377		20,019		-		-
Managing Owner - Class 3a		-		-		-		-		1,174		1,253
Limited Owner - Class 1		1,492,841		1,703,556		123,131		1,484,478		-		-
Limited Owner - Class 1a		-		-		-		-		16,174		20,051
Limited Owner - Class 2		5,882,255		7,669,749		1,114,481		1,241,610		57,193		78,098
Limited Owner - Class 2a		-		-		-		-		95,703		165,985
Limited Owner - Class 3		5,762,910		6,607,774		2,268,008		2,774,661		1,646,165		1,791,417
Limited Owner - Class 3a		-		-		-		-		280,450		361,921
Total Owners’ Capital		13,275,738		16,156,510		3,541,447		5,572,133		2,117,468		2,445,207
Non-Controlling Interests		-		-		-		-		-		-
Total Capital		13,275,738		16,156,510		3,541,447		5,572,133		2,117,468		2,445,207
Total Liabilities and Capital	$	17,338,289	$	20,241,037	$	3,589,674	$	5,638,314	$	2,237,786	$	2,565,564
Units Outstanding
Class 1		14,573		16,661		1,410		16,296		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A		306		353
Class 2		48,195		63,494		10,863		12,008		636		851
Class 2a		N/A		N/A		N/A		N/A		1,781		2,803
Class 3		51,751		60,202		23,449		27,734		15,929		17,282
Class 3a		N/A		N/A		N/A		N/A		4,303		5,201
Net Asset Value per Unit
Class 1	$	102.44	$	102.25	$	87.33	$	91.10		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A	$	52.86	$	56.80
Class 2	$	122.11	$	120.84	$	104.10	$	107.68	$	98.52	$	98.82
Class 2a		N/A		N/A		N/A		N/A	$	62.24	$	66.52
Class 3	$	113.96	$	112.62	$	97.53	$	100.77	$	103.34	$	103.66
Class 3a		N/A		N/A		N/A		N/A	$	65.45	$	69.83

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

1

The Series of Frontier Funds

Statements of Financial Condition

June 30, 2019 (unaudited) and December 31, 2018

	Frontier Balanced Fund				Frontier Select Fund
	6/30/2019		12/31/2018		6/30/2019		12/31/2018
ASSETS
Cash and cash equivalents	$	12,895	$	37,556	$	76,187	$	25,072
U.S. Treasury securities, at fair value		65,967		123,409		389,753		82,386
Open trade equity, at fair value		42,147		220,659		-		-
Receivable from futures commission merchants		2,969,199		2,683,299		-		-
Swap contracts, at fair value		10,691,012		10,794,908		-		-
Investments in private investment companies, at fair value		18,409,450		22,854,326		2,665,985		3,252,075
Investments in unconsolidated trading companies, at fair value		6,230		1,744,999		587,909		523,180
Interest receivable		1,320		2,544		7,800		1,698
Redemptions receivable from private investment companies		-		-		-		-
Other assets		-		-		-		-
Total Assets	$	32,198,220	$	38,461,700	$	3,727,634	$	3,884,411
LIABILITIES & CAPITAL
LIABILITIES
Owner redemptions payable	$	428,273	$	23,759	$	3,415	$	-
Management fees payable to Managing Owner		8,828		13,917		-		-
Interest payable to Managing Owner		-		1,490		335		-
Service fees payable to Managing Owner		45,227		56,791		8,212		8,575
Trading fees payable to Managing Owner		76,075		101,770		7,120		7,812
Risk analysis fees payable		9,994		9,127		-		-
Advance on unrealized swap appreciation		6,176,555		6,176,555		-		-
Subscriptions in advance for service fee rebates		296,547		258,194		14,233		11,162
Other liabilities		192		-		8,624		-
Total Liabilities		7,041,691		6,641,603		41,939		27,549
CAPITAL
Managing Owner - Class 2		81,326		125,021		38,714		46,368
Managing Owner - Class 2a		182,049		251,097		-		-
Limited Owner - Class 1		19,585,430		25,703,922		3,566,250		3,709,130
Limited Owner - Class 1AP		356,533		355,112		12,191		1,897
Limited Owner - Class 2		4,026,999		4,403,354		68,540		99,467
Limited Owner - Class 2a		43,789		88,076		-		-
Limited Owner - Class 3a		880,403		893,515		-		-
Total Owners’ Capital		25,156,529		31,820,097		3,685,695		3,856,862
Non-Controlling Interests		-		-		-		-
Total Capital		25,156,529		31,820,097		3,685,695		3,856,862
Total Liabilities and Capital	$	32,198,220	$	38,461,700	$	3,727,634	$	3,884,411
Units Outstanding
Class 1		168,324		218,514		46,901		51,939
Class 1AP		2,647		2,647		138		23
Class 2		22,615		25,027		917		1,348
Class 2a		1,434		2,163		N/A		N/A
Class 3a		5,611		5,718		N/A		N/A
Net Asset Value per Unit
Class 1	$	116.36	$	117.63	$	76.03	$	71.41
Class 1AP	$	134.69	$	134.16	$	88.34	$	82.48
Class 2	$	181.66	$	180.94	$	116.96	$	108.18
Class 2a	$	157.49	$	156.81		N/A		N/A
Class 3a	$	156.91	$	156.26		N/A		N/A

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

2

The Series of Frontier Funds

Statements of Financial Condition

June 30, 2019 (unaudited) and December 31, 2018

	Frontier Global Fund (Formerly Frontier Winton Fund)				Frontier Heritage Fund
		6/30/2019		12/31/2018		6/30/2019		12/31/2018
ASSETS
Cash and cash equivalents	$	38,052	$	951,485	$	50,178	$	135,096
U.S. Treasury securities, at fair value		194,665		3,126,551		256,696		443,921
Incentive fees receivable		-		-		-		697
Swap contracts, at fair value		-		-		3,036,673		2,955,444
Investments in private investment companies, at fair value		5,964,788		-		2,623,105		2,167,879
Investments in unconsolidated trading companies, at fair value		18,384		4,292,075		24,242		726,686
Interest receivable		3,896		64,446		5,137		9,150
Total Assets	$	6,219,785	$	8,434,557	$	5,996,031	$	6,438,873
LIABILITIES & CAPITAL
LIABILITIES
Owner redemptions payable		12,892	$	-	$	4,696	$	-
Management fees payable to Managing Owner		-		42,705		-		9,201
Interest payable to Managing Owner		660		8,124		635		1,238
Service fees payable to Managing Owner		12,926		17,803		6,240		6,684
Trading fees payable to Managing Owner		23,122		24,353		10,467		10,189
Advance on unrealized swap appreciation		-		-		1,900,000		1,900,000
Subscriptions in advance for service fee rebates		145,067		133,281		53,155		46,159
Subscriptions payable to private investment companies		-		-		-		-
Other liabilities		8,661		-		1,495		-
Total Liabilities		203,328		226,266		1,976,688		1,973,471
CAPITAL
Managing Owner - Class 2		62,770		107,598		35,201		46,961
Limited Owner - Class 1		5,583,992		7,755,444		2,839,339		3,331,725
Limited Owner - Class 1AP		35,551		32,082		9,223		1,006
Limited Owner - Class 2		334,144		313,167		584,479		573,992
Total Owners’ Capital		6,016,457		8,208,291		3,468,242		3,953,684
Non-Controlling Interests		-		-		551,101		511,718
Total Capital		6,016,457		8,208,291		4,019,343		4,465,402
Total Liabilities and Capital	$	6,219,785	$	8,434,557	$	5,996,031	$	6,438,873
Units Outstanding
Class 1		38,876		58,946		25,906		33,374
Class 1AP		214		214		73		9
Class 2		1,913		2,248		3,646		4,071
Net Asset Value per Unit
Class 1	$	143.64	$	131.57	$	109.60	$	99.83
Class 1AP	$	166.13	$	149.92	$	126.34	$	111.78
Class 2	$	207.48	$	187.17	$	169.96	$	152.53

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

3

The Series of Frontier Funds

Condensed Schedule of Investments

June 30, 2019 (unaudited)

		Frontier					Frontier					Frontier
		Diversified Fund					Masters Fund					Long/Short Commodity Fund
		Fair		% of Total Capital			Fair		% of Total Capital			Fair		% of Total Capital
Description		Value		(Net Asset Value)			Value		(Net Asset Value)			Value		(Net Asset Value)
SWAPS (1)
	Frontier XXXV Diversified select swap (U.S.)	$	5,881,358		44.30	%	$	-		-		$	-		-
	Frontier XXXVII L/S select swap (U.S.)		-		-			-		-			435,901		20.59	%
	Total Swaps	$	5,881,358		44.30	%	$	-		-		$	435,901		20.59	%
PRIVATE INVESTMENT COMPANIES (3)
	Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	$	850,072		6.40	%	$	423,288		11.95	%	$	272,797		12.88	%
	Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		1,228,724		9.26	%		-		-			-		-
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		2,245,712		16.92	%		-		-			-		-
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,408,553		10.61	%		-		-			-		-
	Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		171,906		1.29	%		-		-			-		-
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		475,189		3.58	%		-		-			-		-
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,768,677		13.32	%		1,060,324		29.94	%		-		-
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,862,338		21.56	%		1,037,971		29.31	%		591,529		27.94	%
	Galaxy Plus Fund - TT Feeder Fund (531) LLC		-		0.00	%		561,880		15.87	%		-		-
	Galaxy Plus Fund - LRR Feeder Fund (522) LLC		189,333		1.43	%		-		-			760,554		35.92	%
	Total Private Investment Companies	$	12,049,867		90.75	%	$	3,083,463		87.07	%	$	1,624,880		76.74	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
	Frontier Trading Company XXXVIII, LLC	$	18,043		0.14	%	$	36,495		1.03	%	$	12,761		0.60	%
	Frontier Trading Company II, LLC		-		0.00	%		-		0.00	%		-		-
	Total Investment in Unconsolidated Trading Companies	$	18,043		0.14	%	$	36,495		1.03	%	$	12,761		0.60	%
U.S. TREASURY SECURITIES (2)
FACE VALUE		Fair Value					Fair Value					Fair Value
$1,255,000	US Treasury Note 6.875% due 08/15/2025 (Cost $1,606,935)	$	191,059		1.44	%	$	386,444		10.91	%	$	135,126		6.38	%
		$	191,059		1.44	%	$	386,444		10.91	%	$	135,126		6.38	%
Additional Disclosure on U.S. Treasury Securities
		Face Value					Face Value					Face Value
	US Treasury Note 6.875% due 08/15/2025 (2)	$	148,039				$	299,428				$	10,470
		$	148,039				$	299,428				$	10,470
Additional Disclosure on U.S. Treasury Securities
		Cost					Cost					Cost
	US Treasury Note 6.875% due 08/15/2025 (2)	$	189,552				$	383,396				$	134,061
		$	189,552				$	383,396				$	134,061

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

4

The Series of Frontier Funds

Condensed Schedule of Investments

June 30, 2019 (unaudited)

		Frontier						Frontier
		Balanced Fund						Select Fund
		Fair			% of Total Capital			Fair		% of Total Capital
Description		Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
	Various agriculture futures contracts (U.S.)	$	(7,390	)		-0.03	%		-		0.00	%
	Various base metals futures contracts (U.S.)		3,030			0.01	%		-		0.00	%
	Various interest rates futures contracts (Canada)		(3,156	)		-0.01	%		-		0.00	%
	Various interest rates futures contracts (Europe)		61,445			0.24	%		-		0.00	%
	Various interest rates futures contracts (Far East)		14,846			0.06	%		-		0.00	%
	Various interest rates futures contracts (Oceanic)		3,380			0.01	%		-		0.00	%
	Various interest rates futures contracts (U.S.)		6,586			0.03	%		-		0.00	%
	Various precious metal futures contracts (U.S.)		15,580			0.06	%		-		0.00	%
	Various soft futures contracts (Far East)		(1,336	)		-0.01	%		-		0.00	%
	Various soft futures contracts (U.S.)		(5,556	)		-0.02	%		-		0.00	%
	Various stock index futures contracts (Africa)		(548	)		0.00	%		-		0.00	%
	Various stock index futures contracts (Canada)		286			0.00	%		-		0.00	%
	Various stock index futures contracts (Europe)		3,686			0.01	%		-		0.00	%
	Various stock index futures contracts (Oceanic)		5,404			0.02	%		-		0.00	%
	Various stock index futures contracts (U.S.)		8,686			0.03	%		-		0.00	%
	Total Long Futures Contracts	$	104,943			0.40	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
	Various agriculture futures contracts (U.S.)	$	19,766			0.08	%		-		0.00	%
	Various base metals futures contracts (U.S.)		(15,221	)		-0.06	%		-		0.00	%
	Various energy futures contracts (U.S.)		(4,480	)		-0.02	%		-		0.00	%
	Various soft futures contracts (U.S.)		(1,170	)		0.00	%		-		0.00	%
	Total Short Futures Contracts	$	(1,105	)		0.00	%	$	-		0.00	%
CURRENCY FORWARDS*
	Various currency forwards contracts (NA)	$	(61,691	)		-0.25	%	$	-		0.00	%
	Total Currency Forwards	$	(61,691	)		-0.25	%	$	-		0.00	%
	Total Open Trade Equity (Deficit)	$	42,147			0.15	%	$	-		0.00	%
SWAP (1)
	Frontier XXXIV Balanced select swap (U.S.)	$	10,691,012			42.50	%	$	-		-
	Total Swap	$	10,691,012			42.50	%	$	-		-
PRIVATE INVESTMENT COMPANIES (3)
	Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	$	1,301,180			5.17	%	$	-		-
	Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		1,917,605			7.62	%		-		-
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		3,351,743			13.32	%		-		-
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		2,480,920			9.86	%		-		-
	Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		380,111			1.51	%		-		-
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		509,442			2.03	%		-		-
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		3,089,103			12.28	%		-		-
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,000,417			19.88	%		1,191,797		32.34	%
	Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			0.00	%		1,474,188		40.00	%
	Galaxy Plus Fund - LRR Feeder Fund (522) LLC		378,929			1.51	%		-		-
	Total Private Investment Companies	$	18,409,450			73.18	%	$	2,665,985		72.34	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
	Frontier Trading Company XXXVIII, LLC	$	6,230			0.02	%	$	36,809		1.00	%
	Frontier Trading Company XXXIX, LLC		-			0.00	%		551,100		14.95	%
	Total Investment in Unconsolidated Trading Companies	$	6,230			0.02	%	$	587,909		15.95	%

U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value				Fair Value
$	1,255,000	US Treasury Note 6.875% due 08/15/2025 (Cost $1,606,935)	$	65,967	0.26	%	$	389,753	10.57	%
			$	65,967	0.26	%	$	389,753	10.57	%

Additional Disclosure on U.S. Treasury Securities		Face Value		Face Value
	US Treasury Note 6.875% due 08/15/2025 (2)		51,113		301,992
		$	51,113	$	301,992

Additional Disclosure on U.S. Treasury Securities		Cost		Cost
	US Treasury Note 6.875% due 08/15/2025 (2)	$	65,447		386,679
		$	65,447	$	386,679

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

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

5

The Series of Frontier Funds

Condensed Schedule of Investments

June 30, 2019 (unaudited)

		Frontier
		Global Fund (Formerly Frontier Winton Fund)					Frontier Heritage Fund
		Fair		% of Total Capital			Fair		% of Total Capital
Description		Value		(Net Asset Value)			Value		(Net Asset Value)
SWAP (1)
	Frontier Brevan Howard swap (U.S.)	$	-		-		$	3,036,673		75.55	%
	Total Swap	$	-		-		$	3,036,673		75.55	%
PRIVATE INVESTMENT COMPANIES (3)
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	5,964,788		99.14	%	$	1,192,146		29.66	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			1,430,959		35.60	%
	Total Private Investment Companies	$	5,964,788		99.14	%	$	2,623,105		65.26	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
	Frontier Trading Company XXXVIII, LLC	$	18,834		0.31	%	$	24,242		0.60	%
	Total Investment in Unconsolidated Trading Companies	$	18,834		0.31	%	$	24,242		0.60	%

U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value				Fair Value
$	1,255,000	US Treasury Note 6.875% due 08/15/2025 (Cost $1,606,935)	$	194,665	3.24	%	$	256,696	6.39	%
			$	194,665	3.24	%	$	256,696	6.39	%

Additional Disclosure on U.S. Treasury Securities		Face Value		Face Value
	US Treasury Note 6.875% due 08/15/2025 (2)	$	150,832	$	198,896
		$	150,832	$	198,896
Additional Disclosure on U.S. Treasury Securities			Cost		Cost
	US Treasury Note 6.875% due 08/15/2025 (2)	$	193,129	$	254,671
		$	193,129	$	254,671

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

6

The Series of Frontier Funds

Statements of Operations

For the Six Months Ended June 30, 2019 and 2018 (unaudited)

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	6/30/2019			6/30/2018			6/30/2019			6/30/2018			6/30/2019			6/30/2018
Investment income:
Interest - net	$	6,002		$	18,038		$	2,156		$	16,734		$	1,135		$	7,459
Total Income		6,002			18,038			2,156			16,734			1,135			7,459
Expenses:
Incentive Fees (rebate)		-			1,881			-			-			-			-
Management Fees		2,668			24,792			7,665			61,211			-			-
Service Fees - Class 1, 1A, 2 and 2A		23,395			30,804			9,754			27,898			314			1,064
Trading Fees		256,330			308,763			126,036			240,046			28,217			46,212
Total Expenses		282,393			366,240			143,455			329,155			28,531			47,276
Investment (loss) - net		(276,391	)		(348,202	)		(141,299	)		(312,421	)		(27,396	)		(39,817	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		929,678			71,595			135,339			84,407			714,483			(152,040	)
Net realized gain/(loss) on private investment companies		(449,834	)		(1,526,351	)		(99,767	)		(1,210,157	)		(702,242	)		(164,066	)
Net unrealized gain/(loss) on swap contracts		(39,055	)		513,328			-			-			(43,201	)		35,886
Net realized gain/(loss) on U.S. Treasury securities		(590	)		(36,355	)		5,397			(40,171	)		2,705			(29,901	)
Net unrealized gain/(loss) on U.S. Treasury securities		(425	)		(3,864	)		3,472			(17,059	)		395			4,012
Change in fair value of investments in unconsolidated trading companies		(85,613	)		4,402			(67,510	)		(77,334	)		(1,029	)		(1,812	)
Net gain/(loss) on investments		354,161			(977,245	)		(23,069	)		(1,260,314	)		(28,889	)		(307,921	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		77,770			(1,325,447	)		(164,368	)		(1,572,735	)		(56,285	)		(347,738	)
Less: Operations attributable to non-controlling interests		-			-			-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	77,770		$	(1,325,447	)	$	(164,368	)	$	(1,572,735	)	$	(56,285	)	$	(347,738	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	0.19		$	(8.11	)	$	(3.77	)	$	(15.41	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	(3.95	)	$	(10.57	)
Class 2	$	1.27		$	(8.32	)	$	(3.58	)	$	(16.89	)	$	(0.30	)	$	(9.29	)
Class 2a		N/A			N/A			N/A			N/A		$	(4.29	)	$	(11.46	)
Class 3	$	1.34		$	(7.59	)	$	(3.23	)	$	(15.63	)	$	(0.31	)	$	(9.74	)
Class 3a		N/A			N/A			N/A			N/A		$	(4.38	)	$	(11.88	)

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

7

The Series of the Frontier Funds

Statements of Operations

For the Six Months Ended June 30, 2019 and 2018 (unaudited)

	Frontier Balanced Fund						Frontier Select Fund
	6/30/2019			6/30/2018			6/30/2019			6/30/2018
Investment income:
Interest - net	$	24,862		$	24,944		$	-		$	-
Total Income/(loss)		24,862			24,944			-			-
Expenses:
Incentive Fees (rebate)		-			145,134			-			-
Management Fees		13,365			42,902			-			-
Service Fees - Class 1, 1A, 2 and 2A		324,926			3,529			52,067			72,962
Risk analysis Fees		2,872			-			-			-
Trading Fees		527,460			500,791			45,107			72,962
Total Expenses		868,623			1,421,301			97,174			138,665
Investment (loss) - net		(843,761	)		(1,396,357	)		(97,174	)		(138,665	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		257,898			(283,336	)		-			-
Net unrealized gain/(loss) on private investment companies		1,466,941			(3,149,240	)		259,209			(961,333	)
Net realized gain/(loss) on private investment companies		(761,338	)		236,606			24,501			59,566
Net change in open trade equity/(deficit)		(196,515	)		(77,662	)		-			-
Net unrealized gain/(loss) on swap contracts		(103,896	)		1,129,650			-			-
Net realized gain/(loss) on U.S. Treasury securities		8,349			(44,907	)		11,151			(12,538	)
Net unrealized gain/(loss) on U.S. Treasury securities		5,068			(6,540	)		(8,678	)		(11,835	)
Trading commissions		(16,232	)		(28,937	)		-			-
Change in fair value of investments in unconsolidated trading companies		(139,630	)		56,484			37,710			(37,017	)
Net gain/(loss) on investments		520,645			(2,167,882	)		323,893			(963,157	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(323,116	)		(3,564,239	)		226,719			(1,101,822	)
Less:  Operations attributable to non-controlling interests		-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(323,116	)	$	(3,564,239	)	$	226,719		$	(1,101,822	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(1.28	)	$	(10.75	)	$	4.62		$	(15.52	)
Class 1AP	$	0.54		$	(9.88	)	$	5.86		$	(15.95	)
Class 2	$	0.72		$	(13.18	)	$	8.78		$	(21.17	)
Class 2a	$	0.68		$	(11.44	)		N/A			N/A
Class 3a	$	0.64		$	(11.42	)		N/A			N/A

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

8

The Series of the Frontier Funds

Statements of Operations

For the Six Months Ended June 30, 2019 and 2018 (unaudited)

	Frontier Global Fund (formerly, Frontier Winton Fund)						Frontier Heritage Fund
	6/30/2019			6/30/2018			6/30/2019			6/30/2018
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income		-			-			-			-
Expenses:
Incentive Fees (rebate)		-			-			-			1,394
Management Fees		38,679			262,342			7,289			69,874
Service Fees - Class 1, 1A, 2 and 2A		94,902			175,167			43,898			68,410
Trading Fees		125,313			163,278			56,746			79,147
Total Expenses		258,894			600,787			107,933			218,825
Investment (loss) - net		(258,894	)		(600,787	)		(107,933	)		(218,825	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		1,553,914			-			516,272			(519,737	)
Net realized gain/(loss) on private investment companies		(366,129	)		-			(73,928	)		(81,298	)
Net unrealized gain/(loss) on swap contracts		-			-			81,229			(90,533	)
Net realized gain/(loss) on U.S. Treasury securities		26,444			(205,194	)		6,140			(32,599	)
Net unrealized gain/(loss) on U.S. Treasury securities		(29,487	)		52,629			(2,613	)		3,677
Change in fair value of investments in unconsolidated trading companies		(352,005	)		(252,761	)		(63,918	)		1,968
Net gain/(loss) on investments		832,737			(405,326	)		463,182			(718,522	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		573,843			(1,006,113	)		355,249			(937,347	)
Less:  Operations attributable to non-controlling interests		-			-			(39,383	)		(43,895	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	573,843		$	(1,006,113	)	$	315,866		$	(893,452	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	12.07		$	(10.42	)	$	9.77		$	(18.52	)
Class 1AP	$	16.21		$	(9.25	)	$	14.56		$	(18.82	)
Class 2	$	20.31		$	(13.03	)	$	17.43		$	(25.16	)

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

9

The Series of Frontier Funds

Statements of Operations

For the Three Months Ended June 30, 2019 and 2018 (unaudited)

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	6/30/2019			6/30/2018			6/30/2019			6/30/2018			6/30/2019			6/30/2018
Investment income:
Interest - net	$	1,134		$	10,421		$	1,466		$	8,315		$	437		$	3,424
Total Income		1,134			10,421			1,466			8,315			437			3,424
Expenses:
Incentive Fees (rebate)		-			-			-			-			-			-
Management Fees		-			13,229			2,072			28,862			-			-
Service Fees - Class 1, 1A, 2 and 2A		11,366			14,689			2,268			12,929			152			407
Trading Fees		126,026			143,613			58,718			105,998			14,365			21,519
Total Expenses		137,392			171,531			63,058			147,789			14,517			21,926
Investment (loss) - net		(136,258	)		(161,110	)		(61,592	)		(139,474	)		(14,080	)		(18,502	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		486,940			2,018,592			71,119			1,426,534			304,133			(67,175	)
Net realized gain/(loss) on private investment companies		(117,397	)		(1,685,616	)		4,089			(1,368,589	)		(156,673	)		(82,628	)
Net unrealized gain/(loss) on swap contracts		47,593			61,335			-			-			(25,765	)		(49,384	)
Net realized gain/(loss) on U.S. Treasury securities		(15,661	)		(12,780	)		7,328			(10,945	)		(1,404	)		(4,915	)
Net unrealized gain/(loss) on U.S. Treasury securities		17,613			2,073			(458	)		(488	)		3,374			1,444
Change in fair value of investments in unconsolidated trading companies		(1,115	)		154,045			(6,283	)		156,021			(469	)		(1,870	)
Net gain/(loss) on investments		417,973			537,649			75,795			202,533			123,196			(204,528	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		281,715			376,539			14,203			63,059			109,116			(223,030	)
Less:  Operations attributable to non-controlling interests		-			-			-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	281,715		$	376,539		$	14,203		$	63,059		$	109,116		$	(223,030	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	1.60		$	1.77		$	(0.86	)	$	1.13			N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	2.71		$	(7.08	)
Class 2	$	2.42		$	2.61		$	(0.59	)	$	1.71		$	4.86		$	(5.91	)
Class 2a		N/A			N/A			N/A			N/A		$	3.28		$	(7.82	)
Class 3	$	2.34		$	2.50		$	(0.50	)	$	1.67		$	5.09		$	(6.21	)
Class 3a		N/A			N/A			N/A			N/A		$	3.49		$	(8.15	)

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

10

The Series of the Frontier Funds

Statements of Operations

For the Three Months Ended June 30, 2019 and 2018 (unaudited)

	Frontier Balanced Fund						Frontier Select Fund
	6/30/2019			6/30/2018			6/30/2019			6/30/2018
Investment income:
Interest - net	$	13,502		$	8,428		$	-		$	-
Total Income/(loss)		13,502			8,428			-			-
Expenses:
Incentive Fees (rebate)		-			-			-			-
Management Fees		5,286			22,566			-			-
Service Fees - Class 1, 1A, 2 and 2A		154,061			237,810			26,562			33,273
Risk analysis Fees		1,414			1,692			-			-
Trading Fees		248,123			344,769			22,475			28,109
Total Expenses		408,884			606,837			49,037			61,382
Investment (loss) - net		(395,382	)		(598,409	)		(49,037	)		(61,382	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		253,372			(257,661	)		-			-
Net unrealized gain/(loss) on private investment companies		563,390			858,677			176,441			57,428
Net realized gain/(loss) on private investment companies		(14,004	)		(60,632	)		75,451			(78,570	)
Net change in open trade equity/(deficit)		(94,279	)		(187,927	)		-			-
Net realized gain/(loss) on swap contracts		-			-			-			-
Net unrealized gain/(loss) on swap contracts		91,290			129,808			-			-
Net realized gain/(loss) on U.S. Treasury securities		11,778			(21,050	)		7,688			(4,883	)
Net unrealized gain/(loss) on U.S. Treasury securities		(9,616	)		3,423			(5,941	)		308
Trading commissions		(9,167	)		(21,312	)		-			-
Change in fair value of investments in unconsolidated trading companies		(1,360	)		296,049			63,183			(42,595	)
Net gain/(loss) on investments		791,404			739,375			316,822			(68,312	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		396,022			140,966			267,785			(129,694	)
Less:  Operations attributable to non-controlling interests		-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	396,022		$	140,966		$	267,785		$	(129,694	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	1.46		$	0.28		$	5.27		$	(1.72	)
Class 1AP	$	2.69		$	1.36		$	6.04		$	(1.24	)
Class 2	$	3.62		$	1.83		$	8.98		$	(1.72	)
Class 2a	$	3.22		$	1.65			N/A			N/A
Class 3a	$	3.13		$	1.65			N/A			N/A

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

11

The Series of the Frontier Funds

Statements of Operations

For the Three Months Ended June 30, 2019 and 2018 (unaudited)

	Frontier Global Fund (formerly, Frontier Winton Fund)						Frontier Heritage Fund
	6/30/2019			6/30/2018			6/30/2019			6/30/2018
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income		-			-			-			-
Expenses:
Incentive Fees (rebate)		-			-			-			-
Management Fees		9,531			131,682			1,100			33,893
Service Fees - Class 1, 1A, 2 and 2A		42,779			80,907			20,713			31,302
Trading Fees		82,598			80,703			29,653			36,855
Total Expenses		134,908			293,292			51,466			102,050
Investment (loss) - net		(134,908	)		(293,292	)		(51,466	)		(102,050	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		865,806			-			375,448			22,440
Net realized gain/(loss) on private investment companies		(366,129	)		-			(67,182	)		(83,005	)
Net unrealized gain/(loss) on swap contracts		-			-			131,423			(85,737	)
Net realized gain/(loss) on U.S. Treasury securities		(51,229	)		(50,169	)		(2,242	)		(8,100	)
Net unrealized gain/(loss) on U.S. Treasury securities		43,406			25,139			4,626			2,732
Change in fair value of investments in unconsolidated trading companies		(23,742	)		646,257			(6,966	)		125,470
Net gain/(loss) on investments		468,112			621,227			435,107			(26,200	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		333,204			327,935			383,641			(128,250	)
Less:  Operations attributable to non-controlling interests		-			-			(63,719	)		(41,569	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	333,204		$	327,935		$	447,360		$	(86,681	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	7.31		$	4.06		$	9.92		$	(1.82	)
Class 1AP	$	9.63		$	5.58		$	13.90		$	(1.18	)
Class 2	$	12.00		$	6.62		$	16.50		$	(1.57	)

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

12

The Series of Frontier Funds

Statements of Changes in Owners’ Capital

For the Six Months Ended June 30, 2019 (unaudited)

	Frontier Diversified Fund																			Frontier Masters Fund
	Class 1			Class 2		Class 2			Class 3			Class 3			Non-					Class 1			Class 2			Class 2			Class 3			Class 3			Non-
	Limited Owners			Managing Owner		Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total
Owners’ Capital, December 31, 2018	$	1,703,556		$	3,005	$	7,669,749		$	172,426		$	6,607,774		$	-	$	16,156,510		$	1,484,478		$	51,365		$	1,241,610		$	20,019		$	2,774,661		$	-	$	5,572,133
Redemption of Units		(37,232	)		-		(1,800,104	)		(39,000	)		(1,082,206	)		-		(2,958,542	)		(1,343,509	)		(33,000	)		(81,053	)		-			(408,756	)		-		(1,866,318	)
Transfer of Units In(Out)		(175,458	)		-		-			-			175,458			-		-			-			-			-			-			-			-		-
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		1,975			31		12,610			1,270			61,884			-		77,770			(17,838	)		(1,915	)		(46,076	)		(642	)		(97,897	)		-		(164,368	)
Owners’ Capital, June 30, 2019	$	1,492,841		$	3,036	$	5,882,255		$	134,696		$	5,762,910		$	-	$	13,275,738		$	123,131		$	16,450		$	1,114,481		$	19,377		$	2,268,008		$	-	$	3,541,447
Owners’ Capital - Units, December 31, 2018		16,661			25		63,469			1,531			58,671								16,296			477			11,532			199			27,537
Redemption of Units (including transfers)		(2,088	)		-		(15,299	)		(349	)		(8,101	)							(14,886	)		(319	)		(827	)		-			(4,287	)
Owners’ Capital - Units, June 30, 2019		14,573			25		48,170			1,182			50,569								1,410			158			10,705			199			23,250
Net asset value per unit at December 31, 2018	$	102.25				$	120.84					$	112.62							$	91.10					$	107.68					$	100.77
Change in net asset value per unit for the six months ended June 30, 2019		0.19					1.27						1.34								(3.77	)					(3.58	)					(3.23	)
Net asset value per unit at June 30, 2019	$	102.44				$	122.11					$	113.96							$	87.33					$	104.10					$	97.53

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

13

The Series of Frontier Funds

Statements of Changes in Owners’ Capital

For the Six Months Ended June 30, 2019 (unaudited)

	Frontier Long/Short Commodity Fund
	Class 2						Class 3			Class 1a			Class 2a						Class 3a						Non-
	Managing Owner			Limited Owners			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total
Owners’ Capital, December 31, 2018	$	5,998		$	78,098		$	1,791,417		$	20,051		$	20,484		$	165,985		$	1,253		$	361,921		$	-	$	2,445,207
Redemption of Units		(500	)		(19,593	)		(135,785	)		(2,315	)		(4,000	)		(54,416	)		-			(54,845	)		-		(271,454	)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(32	)		(1,312	)		(9,467	)		(1,562	)		(1,341	)		(15,866	)		(79	)		(26,626	)		-		(56,285	)
Owners’ Capital, June 30, 2019	$	5,466		$	57,193		$	1,646,165		$	16,174		$	15,143		$	95,703		$	1,174		$	280,450		$	-	$	2,117,468
Owners’ Capital - Units, December 31, 2018		61			790			17,283			352			307			2,495			18			5,180
Redemption of Units (including transfers)		(6	)		(209	)		(1,354	)		(46	)		(65	)		(956	)		-			(895	)
Owners’ Capital - Units, June 30, 2019		55			581			15,929			306			242			1,539			18			4,285
Net asset value per unit at December 31, 2018					98.82			103.66			56.80						66.52						69.83
Change in net asset value per unit for the six months ended June 30, 2019					(0.30	)		(0.31	)		(3.95	)					(4.29	)					(4.38	)
Net asset value per unit at June 30, 2019				$	98.52		$	103.34		$	52.86					$	62.24					$	65.45

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

14

The Series of Frontier Funds

Statements of Changes in Owners’ Capital

For the Six Months Ended June 30, 2019 (unaudited)

	Frontier Balanced Fund
	Class 1			Class 1AP		Class 2						Class 2a						Class 3a			Non-
	Limited Owners			Limited Owners		Managing Owner			Limited Owners			Managing Owner			Limited Owners			Limited Owners			Controlling Interests		Total
Owners’ Capital, December 31, 2018	$	25,703,922		$	355,112	$	125,021		$	4,403,354		$	251,097		$	88,076		$	893,515		$	-	$	31,820,097
Redemption of Units (including transfers)		(5,764,427	)		-		(43,500	)		(401,810	)		(69,000	)		(45,068	)		(16,647	)		-		(6,340,452	)
Transfer of Units In(Out)		(24,405	)		-		-			24,405			-			-			-			-		-
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(329,660	)		1,421		(195	)		1,050			(48	)		781			3,535			-		(323,116	)
Owners’ Capital, June 30, 2019	$	19,585,430		$	356,533	$	81,326		$	4,026,999		$	182,049		$	43,789		$	880,403		$	-	$	25,156,529
Owners’ Capital - Units, December 31, 2018		218,514			2,647		691			24,336			1,601			562			5,718
Redemption of Units (including transfers)		(50,190	)		-		(243	)		(2,169	)		(445	)		(284	)		(107	)
Owners’ Capital - Units, June 30, 2019		168,324			2,647		448			22,167			1,156			278			5,611
Net asset value per unit at December 31, 2018		117.63			134.16					180.94						156.81			156.26
Change in net asset value per unit for the six months ended June 30, 2019		(1.27	)		0.54					0.72						0.68			0.65
Net asset value per unit at June 30, 2019	$	116.36		$	134.69				$	181.66					$	157.49		$	156.91

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

15

The Series of Frontier Funds

Statements of Changes in Owners’ Capital 

For the Six Months Ended June 30, 2019 (unaudited)

	Frontier Select Fund																Frontier Global Fund (Formerly Frontier Winton Fund)																Frontier Heritage Fund
	Class 1			Class 1AP		Class 2						Non-					Class 1			Class 1AP		Class 2						Non-					Class 1			Class 1AP		Class 2						Non-
	Limited Owners			Limited Owners		Managing  Owners			Limited  Owner			Controlling Interests		Total			Limited Owners			Limited Owners		Managing Owner			Limited Owners			Controlling Interests		Total			Limited Owners			Limited Owners		Managing  Owners			Limited  Owners			Controlling Interests		Total
Owners’ Capital, December 31, 2018	$	3,709,130		$	1,897	$	46,368		$	99,467		$	-	$	3,856,862		$	7,755,444		$	32,082	$	107,598		$	313,167		$	-	$	8,208,291		$	3,331,725		$	1,006	$	46,961		$	573,992		$	511,718	$	4,465,402
Redemption of Units		(353,695	)		-		(10,000	)		(34,191	)		-		(397,886	)		(2,700,785	)		-		(52,000	)		(12,892	)		-		(2,765,677	)		(736,567	)		-		(15,000	)		(49,741	)		-		(801,308	)
Operations attributable to non-controlling interests																		-													-			-			-		-			-			39,383		39,383
Transfer of Units In(Out)		(9,665	)		9,665		-			-					-			-																(7,458	)		7,458		-			-			-		-
Net increase (decrease) in Owners’
Capital resulting from operations attributable to controlling interests		210,815			10,294		2,346			3,264					226,719			529,333			3,469		7,172			33,869			-		573,843			244,181			8,217		3,240			60,228			-		315,866
Owners’ Capital, June 30, 2019	$	3,566,250		$	12,191	$	38,714		$	68,540		$	-	$	3,685,695		$	5,583,992		$	35,551		62,770		$	334,144		$	-	$	6,016,457		$	2,839,339		$	9,223	$	35,201		$	584,479		$	551,101	$	4,019,343
Owners’ Capital - Units, December 31, 2018		51,939			23		429			919								58,946			214		575			1,673								33,374			9		308			3,763
Sale of Units (including transfers)
Redemption of Units (including transfers)		(5,038	)		115		(97	)		(334	)							(20,070	)		-		(272	)		(62	)							(7,467	)		64		(101	)		(324	)
Owners’ Capital - Units, June 30, 2019		46,901			138		332			585								38,876			214		303			1,611								25,907			73		207			3,439
Net asset value per unit at December 31, 2018		71.41			82.48					108.18								131.57			149.92					187.17								99.83			111.78					152.53
Change in net asset value per unit for the six months ended June 30, 2019		4.62			5.86					8.78								12.07			16.21					20.31								9.77			14.56					17.43
Net asset value per unit at June 30, 2019	$	76.03		$	88.34				$	116.96							$	143.64		$	166.13				$	207.48							$	109.60		$	126.34				$	169.96

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

16

The Series of Frontier Funds

Statements of Cash Flows

For the Six Months Ended June 30, 2019 and June 30, 2018 (unaudited)

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	77,770		$	(1,325,447	)	$	(164,368	)	$	(1,572,735	)	$	(56,285	)	$	(347,738	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in ownership allocation of U.S. Treasury securities		1,441,552			(425,459	)		155,629			1,352,179			(245,581	)		(186,271	)
Net unrealized (gain)/loss on swap contracts		39,055			(513,328	)								43,201			(35,886	)
Net unrealized (gain)/loss on U.S. Treasury securities		425			3,864			(3,472	)		17,059			(395	)		(4,012	)
Net realized (gain)/loss on U.S. Treasury securities		590			36,355			(5,397	)		40,171			(2,705	)		29,901
Net unrealized (gain)/loss on private investment companies		(929,678	)		1,526,351			(135,339	)		1,210,157			(714,483	)		164,066
Net realized (gain)/loss on private investment companies		449,834			(71,595	)		(99,767	)		(84,407	)		702,242			152,040
(Purchases) sales of:
Sales of U.S. Treasury securities		1,406,847			1,223,057			154,803			1,349,480			519,007			1,009,865
Purchase of U.S. Treasury securities		(1,487,212	)		(1,841,423	)		(537,781	)		(2,041,104	)		(204,172	)		(887,337	)
U.S. Treasury interest and premium paid/amortized		-			18,064			2,156			16,569			1,135			8,360
Purchase of Private Investment Companies		(4,595,325	)		(2,709,650	)		(1,805,043	)		(2,398,470	)		(951,165	)		(802,678	)
Reduction of collateral in Swap contracts		1			1,100,000									-			-
Sale of Private Investment Companies		4,959,128			3,903,152			3,618,017			4,196,296			1,067,767			1,418,369
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		1,142,867			967,760			738,593			479,590			15,401			3,567
Interest receivable		28,193			(20,732	)		(4,593	)		13,797			1,468			(1,057	)
Receivable from related parties		-			-			-			-			-			-
Other assets		(6,153	)		-			-			2,974			-			(6,779	)
Incentive fees payable to Managing Owner		6,380			(12,847	)		-			-			60,871			-
Management fees payable to Managing Owner		(3,875	)		99			(8,347	)		60			-			-
Interest payable to Managing Owner		-			-			-			-			-			81
Trading fees payable to Managing Owner		(7,845	)		(14,577	)		(13,028	)		(18,180	)		(513	)		(2,545	)
Service fees payable to Managing Owner		(2,034	)		(807	)		(1,549	)		(915	)		(47	)		(144	)
Subscriptions in advance for service fee rebates		2,675			-			3,665			-			-			-
Other liabilities		-			(24,866	)		1,305			2,100			521			-
Net cash provided by (used in) operating activities		2,523,195			1,817,971			1,895,485			2,564,621			236,268			511,802
Cash Flows from Financing Activities:
Payment for redemption of units		(2,958,542	)		(1,832,218	)		(1,866,318	)		(2,995,839	)		(271,454	)		(610,125	)
Change in owner redemptions payable		-			-			-			112,593			-			10,694
Net cash provided by (used in) financing activities		(2,958,542	)		(1,832,218	)		(1,866,318	)		(2,883,246	)		(271,454	)		(599,431	)
Net increase (decrease) in cash and cash equivalents		(435,347	)		(14,247	)		29,167			(318,625	)		(35,186	)		(87,629	)
Cash and cash equivalents, beginning of period		472,695			189,890			46,374			411,695			61,600			152,200
Cash and cash equivalents, end of period	$	37,348		$	175,643		$	75,541		$	93,070		$	26,414		$	64,571

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

17

The Series of Frontier Funds

Statements of Cash Flows

For the Six Months Ended June 30, 2019 and June 30, 2018 (unaudited)

	Frontier Balanced Fund						Frontier Select Fund
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(323,116	)	$	(3,564,239	)	$	226,719		$	(1,101,822	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity, at fair value		178,512			61,810			-			-
Net change in ownership allocation of U.S. Treasury securities		1,389,637			(838,524	)		(483,648	)		490,040
Net unrealized (gain)/loss on swap contracts		103,896			(1,129,650	)		-			-
Net unrealized (gain)/loss on U.S. Treasury securities		(5,068	)		6,540			8,678			11,835
Net realized (gain)/loss on U.S. Treasury securities		(8,349	)		44,907			(11,151	)		12,538
Net unrealized (gain)/loss on private investment companies		(1,466,941	)		3,149,240			(259,209	)		961,333
Net realized (gain)/loss on private investment companies		761,338			(236,606	)		(24,501	)		(59,566	)
(Purchases) sales of:
Sales of U.S. Treasury securities		728,520			1,519,248			711,661			421,844
Purchases of U.S. Treasury securities		(2,072,160	)		(3,228,823	)		(532,907	)		(899,134	)
U.S. Treasury interest and premium paid/amortized		24,862			31,901			-			6,817
Purchase of Private Investment Companies		(8,269,446	)		(5,716,331	)		(986,377	)		(2,177,315	)
Sale of Private Investment Companies		13,419,925			7,996,499			1,856,177			3,206,205
Reduction of collateral in Swap contracts		-			2,000,000						-
Increase and/or decrease in:
Receivable from futures commission merchants		(285,900	)		5,098,083			-			-
Investments in unconsolidated trading companies, at fair value		1,738,769			732,257			(64,729	)		58,711
Interest receivable		1,224			(50,921	)		(6,102	)		557
Incentive fees payable to Managing Owner		-			(40,189	)		-			-
Management fees payable to Managing Owner		(5,089	)		130			-			-
Interest payable to Managing Owner		(1,490	)		4,289			335			(378	)
Trading fees payable to Managing Owner		(25,695	)		(30,220	)		(692	)		(5,879	)
Service fees payable to Managing Owner		(11,564	)		(23,581	)		(363	)		(4,748	)
Risk analysis fees payable		867			(198	)		-			-
Due from Managing Owner		-			184,106						-
Subscriptions in advance for service fee rebates		38,353			-			3,071			-
Other liabilities		192			29,253			8,624			(865	)
Net cash provided by (used in) operating activities		5,911,277			5,998,981			445,586			920,173
Cash Flows from Financing Activities:
Payment for redemption of units		(6,340,452	)		(5,828,511	)		(397,886	)		(993,005	)
Change in owner redemptions payable		404,514			(21,260	)		3,415			-
Net cash provided by (used in) financing activities		(5,935,938	)		(5,849,771	)		(394,471	)		(993,005	)
Net increase (decrease) in cash and cash equivalents		(24,661	)		149,210			51,115			(72,832	)
Cash and cash equivalents, beginning of period		37,556			164,332			25,072			114,973
Cash and cash equivalents, end of period	$	12,895		$	313,542		$	76,187		$	42,141

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

18

The Series of Frontier Funds

Statements of Cash Flows

For the Six Months Ended June 30, 2019 and June 30, 2018 (unaudited)

	Frontier Global Fund (Formerly Frontier Winton Fund)						Frontier Heritage Fund
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	573,843		$	(1,006,113	)	$	355,249		$	(937,347	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in ownership allocation of U.S. Treasury securities		(1,984,466	)		(590,960	)		(269,385	)		198,750
Net unrealized (gain)/loss on swap contracts		-			-			(81,229	)		90,533
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		29,487			(52,629	)		2,613			(3,677	)
Net realized (gain) loss on U.S. Treasury securities, at fair value		(26,444	)		205,194			(6,140	)		32,599
Net unrealized gain/(loss) on private investment companies		(1,553,914	)		-			(516,272	)		519,737
Net realized gain/(loss) on private investment companies		366,129			-			73,928			81,298
(Purchases) sale of:
Sales of U.S. Treasury Securities		7,982,042			6,903,212			1,153,896			1,096,550
Purchases of U.S. Treasury Securities		(3,068,733	)		(6,626,880	)		(693,759	)		(1,204,398	)
U.S. Treasury interest and premium paid/amortized		-			66,615			-			10,909
Purchase of Private Investment Companies		(4,888,335	)		-			(728,774	)		(624,245	)
Sale of Private Investment Companies		111,332			-			715,892			629,348
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		4,273,691			3,015,420			702,444			655,422
Interest receivable		60,550			(6,139	)		4,013			1,902
Receivable from related parties		-			58,146			-			-
Incentive fees payable to Managing Owner		-			-			697			-
Management fees payable to Managing Owner		(42,705	)		(11,598	)		(9,201	)		(4,033	)
Interest payable to Managing Owner		(7,464	)		(9,431	)		(603	)		(646	)
Trading fees payable to Managing Owner		(1,231	)		(19,924	)		278			(4,752	)
Service fees payable to Managing Owner		(4,877	)		(5,484	)		(444	)		(3,548	)
Payables to related parties		-			(152,219	)		-			-
Subscriptions in advance for service fee rebates		11,786			-			6,996			-
Other liabilities		8,661			(23,894	)		1,495			8,106
Net cash provided by (used in) operating activities		1,839,352			1,743,316			711,694			542,508
Cash Flows from Financing Activities:
Payment for redemption of units		(2,765,677	)		(2,640,052	)		(801,308	)		(709,855	)
Change in owner redemptions payable		12,892			71,202			4,696			-
Net cash provided by (used in) financing activities		(2,752,785	)		(2,568,850	)		(796,612	)		(709,855	)
Net increase (decrease) in cash and cash equivalents		(913,433	)		(825,534	)		(84,918	)		(167,347	)
Cash and cash equivalents, beginning of period		951,485			1,403,125			135,096			259,161
Cash and cash equivalents, end of period	$	38,052		$	577,591		$	50,178		$	91,814

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

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The Series of the Frontier Funds

Notes to Financial Statements (Unaudited)

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 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 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, and 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 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 (formerly Frontier Winton 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”) and Galaxy Plus entities (“Galaxy Plus”). Except as otherwise described in these notes, each Trading Company and Galaxy Plus entity has one-year renewable contracts with its own independent commodity trading advisor (s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company’s and Galaxy Plus entity’s 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;

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

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

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

● maintains each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of 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, with respect to the Series, on account of and for the benefit of that Series. Under the “Inter-Series Limitation on Liability” expressly provided for under Section 3804(a) of the Trust Act, separate and distinct records of the cash and equivalents, although pooled for maximizing returns, are maintained in the books and records of each Series. 

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As of June 30, 2019, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A.   The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and 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”) 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 Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program.  For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds.  The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities.  For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

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

Consolidation— The Series, through investing in the Trading Companies and Galaxy Plus entities, 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. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series.

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Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies.

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

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

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

Interest Income— U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasuries and assets held at a futures commission merchant (“FCM”), of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the 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 statement of operations. The amount reflected in the 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 statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the statements of financial condition as interest receivable.

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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, 2019 and December 31, 2018 included restricted cash for margin requirements of $2,969,013 and $1,717,065, 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 statements of financial condition as open trade equity (deficit) for futures and forwards as there exists a right of offset of unrealized gains or losses in accordance with ASC 210, Balance Sheet (“ASC 210”) and Accounting Standards Update (ASU) 2013-01, Balance Sheet (Topic 210).

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

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

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

Allocation of Earnings—Each Series of the Trust may maintain three 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 2, Class 3, Class 1a, Class 2a, Class 3a, and Class 1AP Units based on each Class’ respective owners’ capital balances as applicable to the classes maintained by the Series.

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

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

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust, with respect to the Series. The 2015 through 2018 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

Fees and Expenses—All management fees, incentive fees, service fees, 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 Statement of Operations. The Series are all charged management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. 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 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 Statements of Operations.

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Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of 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 2017 and 2018, 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 2019 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 $23,105, $31,765, $136, $296,547, $14,233, $145,067 and $53,155 for the Frontier Diversified, Masters, Long/Short Commodity, Balanced, Select, Global and Heritage Funds, respectively, as of June 30, 2019 and $20,430, $28,100, none, $258,194, $11,162, $133,281 and $46,159 respectively, as of December 31, 2018.

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.

Recently Issued Accounting Pronouncements— In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management is currently evaluating the impacts ASU 2018-13 will have on the financial statements.

Subsequent Events—The Series follow 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.

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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 approved current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, in addition to reports from the administrator. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner’s Valuation Committee for evaluation and resolution. Swap contracts are reported at fair value using Level 3 inputs.

27

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

Investments in Private Investment Companies. Investments in private investment companies are valued utilizing the net asset values provided by the underlying private investment companies as a practical expedient. 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.  

The following table summarizes investment in each Series measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

	Level 1		Level 2			Level 3		Total
June 30, 2019	Inputs		Inputs			Inputs		Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	18,043	$	-		$	-	$	18,043
Swap Contracts		-		-			5,881,358		5,881,358
U.S. Treasury Securities		191,059		-			-		191,059
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		36,495		-			-		36,495
U.S. Treasury Securities		386,444		-			-		386,444
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		12,761		-			-		12,761
Swap Contracts		-		-			435,901		435,901
U.S. Treasury Securities		135,126		-			-		135,126
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		6,230		-			-		6,230
Open Trade Equity (Deficit)		103,838		(61,691	)		-		42,147
Swap Contracts		-		-			10,691,012		10,691,012
U.S. Treasury Securities		65,967		-			-		65,967
Frontier Select Fund
Investment in Unconsolidated Trading Companies		36,809		-			551,100		587,909
U.S. Treasury Securities		389,753		-			-		389,753
Frontier Global Fund
Investment in Unconsolidated Trading Companies		18,384		-			-		18,384
U.S. Treasury Securities		194,665		-			-		194,665
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		24,242		-			-		24,242
Swap Contracts		-		-			3,036,673		3,036,673
U.S. Treasury Securities		256,696		-			-		256,696

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	Level 1		Level 2			Level 3		Total
December 31, 2018	Inputs		Inputs			Inputs		Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	1,157,971	$	2,939		$	-	$	1,160,910
Swap Contracts		-		-			5,920,414		5,920,414
U.S. Treasury Securities		1,553,261		-			-		1,553,261
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		772,732		2,356			-		775,088
U.S. Treasury Securities		152,384		-			-		152,384
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		28,163		-			-		28,163
Swap Contracts		-		-			479,102		479,102
U.S. Treasury Securities		202,415		-			-		202,415
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		1,739,609		5,390			-		1,744,999
Open Trade Equity (Deficit)		242,860		(22,201	)		-		220,659
Swap Contracts		-		-			10,794,908		10,794,908
U.S. Treasury Securities		123,409		-			-		123,409
Frontier Select Fund
Investment in Unconsolidated Trading Companies		11,462		-			511,718		523,180
U.S. Treasury Securities		82,386		-			-		82,386
Frontier Global Fund (formerly Frontier Winton Fund)
Investment in Unconsolidated Trading Companies		4,280,023		12,052			-		4,292,075
U.S. Treasury Securities		3,126,551		-			-		3,126,551
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		724,614		2,072			-		726,686
Swap Contracts		-		-			2,955,444		2,955,444
U.S. Treasury Securities		443,921		-			-		443,921

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During the three months ended June 30, 2019, all identified Level 3 assets were components of the Frontier Diversified Fund, Frontier Long/Short Commodity Fund, Frontier Balanced Fund, Frontier Select Fund, and Frontier Heritage Fund.

For the Six Months ending June 30, 2019

Swaps

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2019	$	10,794,908		$	479,102
Total gains or losses (realized/unrealized):
Included in earnings-realized					-
Included in earnings-unrealized		(103,896	)		(43,201	)
Proceeds from collateral reduction		-			-
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of June 30, 2019	$	10,691,012		$	435,901

	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2019	$	5,920,414		$	2,955,444
Total gains or losses (realized/unrealized):
Included in earnings-realized		-			-
Included in earnings-unrealized		(39,055	)		81,229
Proceeds from collateral reduction		-			-
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of June 30, 2019	$	5,881,359		$	3,036,673

29

For the Six Months ending June 30, 2019
Investments in Unconsolidated Trading Companies:

	Frontier Select Fund
Balance of recurring Level 3 assets as of January 1, 2019	$	511,718
Change in fair value of investments in unconsolidated trading companies		39,383
Purchases of investments of unconsolidated trading companies		-
Change in ownership allocation		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of June 30, 2019	$	551,101

For the Year Ended December 31, 2018

Swaps

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	11,340,959		$	397,039
Total gains or losses (realized/unrealized):
Included in earnings-realized		-			-
Included in earnings-unrealized		1,453,948			82,063
Proceeds from collateral reduction		(1,999,999	)		-
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2018	$	10,794,908		$	479,102

	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	6,376,472		$	3,094,367
Total gains or losses (realized/unrealized):
Included in earnings-realized		-			-
Included in earnings-unrealized		643,941			(138,923	)
Proceeds from collateral reduction		(1,099,999	)		-
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2018	$	5,920,414		$	2,955,444

For the Year Ended December 31, 2018

Investments in Unconsolidated Trading Companies:

	Frontier Select Fund
Balance of recurring Level 3 assets as of  January 1, 2018	$	579,073
Change in fair value of investments in unconsolidated trading companies		(67,355	)
Purchases of investments of unconsolidated trading companies		-
Change in ownership allocation		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2018	$	511,718

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the six months ended June 30, 2019, the Trust did not transfer any assets between Levels 1, 2 or 3.

30

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

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at June 30, 2019:

	Frontier Diversified			Frontier Long/Short Commodity			Frontier Balanced			Frontier Heritage
	Fund			Fund			Fund			Fund
Swap Contracts	$	(39,055	)	$	(43,201	)	$	(103,896	)	$	81,229
		Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	37,710

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2018:  

	Frontier Diversified Fund			Frontier Long/Short Commodity Fund		Frontier Balanced Fund		Frontier Heritage Fund
Swap Contracts	$	643,941		$	82,063	$	1,453,948	$	(138,923	)
	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(67,355	)

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, 2019, and December 31, 2018, approximately 2.0% and 1.6%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the statement of financial condition. The cash held with the counterparty is not restricted.

31

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. As of June 30, 2019, the Frontier Balanced Fund, the Frontier Diversified Fund, the Frontier Long/Short Commodity Fund and Frontier Heritage Fund, had $6,176,555, $4,000,000, $115,000, and $1,900,000, respectively, in cash holdings as shown in the Series’ Statements of Financial Conditions under advance on unrealized swap appreciation, which relates to the Trading Companies’ total return swaps with Deutsche Bank AG.

The Series have invested in the following swaps as of and for the six months ended June 30, 2019:

	Frontier Balanced Fund			Frontier Diversified Fund			Frontier  Long/Short Commodity Fund			Frontier  Heritage Fund
	Total Return Swap			Total Return  Swap			Total Return Swap			Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG
Notional Amount	$	7,420,403		$	1,761,834		$	653,610		$	2,072,056
Termination Date		7/31/2023			7/31/2023			7/31/2023			3/27/2023
Cash Collateral	$	86,000		$	86,000		$	29,950		$	975,450
Swap Value	$	10,605,012		$	5,747,765		$	431,716		$	1,929,799
Investee Returns	Total Returns			Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	0		$	0		$	0		$	0
Change in Unrealized Gain/(Loss)	$	(103,896	)	$	(39,056	)	$	(43,201	)	$	81,229
Fair Value as of June 30, 2019	$	10,691,012		$	5,833,765		$	461,666		$	2,905,249
Advance on swap appreciation	$	(6,176,555	)	$	(4,000,000	)	$	(115,000	)	$	(1,900,000	)

The Series have invested in the following swaps as of and for the year ended December 31, 2018:

	Frontier  Balanced Fund			Frontier  Diversified Fund			Frontier  Long/Short Commodity Fund			Frontier  Heritage Fund
	Total Return Swap			Total Return Swap			Total Return Swap			Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG
Notional Amount	$	7,420,403		$	1,761,834		$	653,610		$	2,072,056
Termination Date		7/31/2023			7/31/2023			7/31/2023			3/27/2023
Cash Collateral	$	86,000		$	86,000		$	29,950		$	978,950
Swap Value	$	10,708,908		$	5,834,414		$	449,152		$	1,976,494
Investee Returns	Total Returns			Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	0		$	0		$	0		$	0
Change in Unrealized Gain/(Loss)	$	1,453,948		$	643,941		$	82,063		$	(138,924	)
Fair Value as of December 31, 2018	$	10,794,908		$	5,920,414		$	479,102		$	2,955,444
Advance on swap appreciation	$	(6,176,555	)	$	(4,000,000	)	$	(115,000	)	$	(1,900,000	)

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5. Investments in Unconsolidated Trading Companies and Private Investment Companies

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

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

The following table summarizes each of the Series’ investments in unconsolidated Trading Companies as of June 30, 2019 and December 31, 2018:

	As of June 30, 2019					As of December 31, 2018
Series	Percentage of Series Total Capital Invested in Unconsolidated Trading Companies			Fair Value		Percentage of Series Total Capital Invested in Unconsolidated Trading Companies			Fair Value
Frontier Diversified Series —
Frontier Trading Companies II and XXXVIII		0.14	%	$	18,043		7.19	%	$	1,160,910
Frontier Masters Fund —
Frontier Trading Companies II and XXXVIII		1.03	%	$	36,495		13.91	%	$	775,088
Frontier Long/Short Commodity Fund —
Frontier Trading Company XXXVIII		0.60	%	$	12,761		1.15	%	$	28,163
Frontier Balanced Fund —
Frontier Trading Companies II and XXXVIII		0.03	%	$	6,230		5.48	%	$	1,744,999
Frontier Select Fund —
Frontier Trading Companies XXXVIII and XXXIX		15.96	%	$	587,909		13.56	%	$	523,180
Frontier Global Fund —
Frontier Trading Companies II and XXXVIII		0.30	%	$	18,384		52.30	%	$	4,292,075
Frontier Heritage Fund —
Frontier Trading Companies II and XXXVIII		0.60	%	$	24,242		16.27	%	$	726,686

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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 six and three months ended June 30, 2019 and 2018. 

	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Frontier Balanced Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(138,899	)	$	(138,899	)
Frontier Trading Company XXXVIII, LLC		-			-			(732	)		(732	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(22,370	)		635,922			201,668			815,220
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(17,895	)		46,071			(78,813	)		(50,637	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(173,562	)		(1,016,391	)		(35,635	)		(1,225,588	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(18,736	)		1,292,724			(74,396	)		1,199,592
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			286,677			286,677
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(49,975	)		(936,608	)		185,088			(801,495	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(25,311	)		24,230			(121,258	)		(122,339	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(6,786	)		45,834			20,454			59,502
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(45,648	)		986,448			(396,129	)		544,671
Total	$	(360,283	)	$	1,078,230		$	(151,975	)	$	565,972
Frontier Global Fund —
Frontier Trading Company II LLC	$	-		$	-		$	(337,431	)	$	(337,431	)
Frontier Trading Company XXXVIII, LLC		-			-			(14,574	)		(14,574	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(153,661	)		1,206,683			134,763			1,187,785
Total	$	(153,661	)	$	1,206,683		$	(217,242	)	$	835,780
Frontier Select Fund —
Frontier Trading Company XXXIX, LLC	$	-		$	-		$	39,383		$	39,383
Frontier Trading Company XXXVIII, LLC		-			-			(1,672	)		(1,672	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(33,911	)		222,739			(47,068	)		141,760
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(44,428	)		259,691			(73,313	)		141,950
Total	$	(78,339	)	$	482,430		$	(82,670	)	$	321,421
Frontier Heritage Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(59,538	)	$	(59,538	)
Frontier Trading Company XXXVIII, LLC		-			-			(4,379	)		(4,379	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(41,734	)		245,955			67,220			271,441
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(49,687	)		284,089			(63,499	)		170,903
Total	$	(91,421	)	$	530,044		$	(60,196	)	$	378,427
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(1,029	)	$	(1,029	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(37,828	)		(379,307	)		229,576			(187,559	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			142,869			142,869
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(24,026	)		125,486			(44,529	)		56,931
Total	$	(61,854	)	$	(253,821	)	$	326,887		$	11,212
Frontier Diversified Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(76,616	)	$	(76,616	)
Frontier Trading Company XXXVIII, LLC		-			-			(8,996	)		(8,996	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(19,559	)		379,795			103,977			464,213
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(14,073	)		28,047			(48,988	)		(35,014	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(108,956	)		(912,164	)		268,101			(753,019	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(20,998	)		811,110			(57,565	)		732,547
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			144,793			144,793
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(35,222	)		(573,436	)		114,005			(494,653	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(13,254	)		10,639			(7,477	)		(10,092	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,948	)		45,318			20,527			57,897
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(34,002	)		603,982			(196,808	)		373,172
Total	$	(254,012	)	$	393,291		$	254,953		$	394,232
Frontier Masters Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(65,952	)	$	(65,952	)
Frontier Trading Company XXXVIII, LLC		-			-			(1,558	)		(1,558	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(31,863	)		231,766			69,765			269,668
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(81,588	)		(163,846	)		(188,680	)		(434,114	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(17,916	)		77,286			47,910			107,280
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(38,936	)		214,809			(83,135	)		92,738
Total	$	(170,303	)	$	360,015		$	(221,650	)	$	(31,938	)

34

	Six Months Ended June 30, 2018
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Frontier Balanced Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	67,960		$	67,960
Frontier Trading Company XXXVIII, LLC		-			-			(11,476	)		(11,476	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(43,897	)		(212,016	)		6,928			(248,985	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(31,385	)		(158,568	)		1,111			(188,842	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(228,504	)		369,476			13,457			154,429
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(36,360	)		(138,701	)		10,762			(164,299	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(123	)		-			(3,585	)		(3,708	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(73,528	)		(905,417	)		60,858			(918,087	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(62,551	)		(72,693	)		12,369			(122,875	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(13,928	)		(42,692	)		3,166			(53,454	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(137,437	)		(1,613,467	)		86,852			(1,664,052	)
Total	$	(627,713	)	$	(2,774,078	)	$	248,402		$	(3,153,389	)
Frontier Winton Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(186,556	)	$	(186,556	)
Frontier Trading Company XXXVIII, LLC		-			-			(66,205	)		(66,205	)
Total	$	-		$	-		$	(252,761	)	$	(252,761	)
Frontier Select Fund —
Frontier Trading Company XXXIX, LLC	$			$	-		$	(41,578	)	$	(41,578	)
Frontier Trading Company XXXVIII, LLC		-			-			4,561			4,561
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(61,704	)		(525,255	)		67,762			(519,197	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(80,091	)		(94,447	)		(208,032	)		(382,570	)
Total	$	(141,795	)	$	(619,702	)	$	30,745		$	556,214
Frontier Heritage Fund —
Frontier Trading Company II, LLC	$			$	-		$	6,663		$	6,663
Frontier Trading Company XXXVIII, LLC		-			-			(4,695	)		(4,695	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(95,378	)		(550,409	)		44,752			(601,035	)
Total	$	(95,378	)	$	(550,409	)	$	46,720		$	(599,067	)
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(1,812	)	$	(1,812	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(55,540	)		(106,500	)		(43,080	)		7,880
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(681	)		-			(55,507	)		(56,188	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(44,616	)		(236,487	)		13,305			(267,798	)
Total	$	(56,221	)	$	(129,987	)	$	(87,094	)	$	(317,918	)
Frontier Diversified Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	6,222		$	6,222
Frontier Trading Company XXXVIII, LLC		-			-			(1,820	)		(1,820	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(21,609	)		(70,821	)		2,309			(90,121	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(19,728	)		(71,041	)		1,112			(89,657	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(88,315	)		190,256			(45,473	)		56,468
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(19,585	)		(13,078	)		8,453			(24,210	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(62	)		3,942			3,880
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(41,686	)		(336,175	)		1,742			(376,119	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(37,240	)		(25,944	)		5,361			(57,823	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(15,597	)		(42,800	)		3,166			(55,231	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(72,444	)		(772,916	)		23,417			(821,943	)
Total	$	(316,204	)	$	(1,142,581	)	$	8,431		$	(1,450,354	)
Frontier Masters Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(94,552	)	$	(94,552	)
Frontier Trading Company XV, LLC		-			-			-			-
Frontier Trading Company XXXVIII, LLC		-			-			17,218			17,218
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			(76,396	)		68,413	)		(7,983	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(149,210	)		263,055			(103,684	)		10,161
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(100,181	)		(726,950	)		13,640			(813,491	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(47,188	)		(87,994	)		(179,255	)		(314,437	)
Total	$	(296,579	)	$	(628,285	)	$	(278,220	)	$	(1,203,084	)

35

	Three Months Ended June 30, 2019
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Frontier Balanced Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	382		$	382
Frontier Trading Company XXXVIII, LLC		-			-			(1,743	)		(1,743	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(7,956	)		500,989			(261,813	)		231,220
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(7,282	)		9,117			(12,265	)		(10,430	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(104,751	)		(3,311,760	)		2,622,781			(793,730	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(9,768	)		526,833			(184,438	)		332,627
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			305,427			305,427
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(21,074	)		(328,285	)		179,439			(169,920	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			(105,511	)		(105,511	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,518	)		56,051			(6,885	)		46,648
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(21,136	)		1,171,891			(437,703	)		713,052
Total	$	(174,485	)	$	(1,375,164	)	$	2,097,671		$	548,022
Frontier Global Fund —
Frontier Trading Company II LLC	$	-		$	-		$	(23,564	)	$	(23,564	)
Frontier Trading Company XXXVIII, LLC		-			-			(178	)		(178	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(99,335	)		940,770			(341,757	)		499,678
Total	$	(99,335	)	$	940,770		$	(365,499	)	$	475,936
Frontier Frontier Select Fund —
Frontier Trading Company XXXIX, LLC	$	-		$	-		$	63,719		$	63,719
Frontier Trading Company XXXVIII, LLC		-			-			(535	)		(535	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(18,439	)		189,845			(130,938	)		40,468
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(20,114	)		312,950			(81,412	)		211,424
Total	$	(38,553	)	$	502,795		$	(149,166	)	$	315,076
Frontier Heritage Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(5,368	)	$	(5,368	)
Frontier Trading Company XXXVIII, LLC		-			-			(1,597	)		(1,597	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(24,706	)		183,352			(87,492	)		71,154
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(21,610	)		341,761			(83,040	)		237,111
Total	$	(46,316	)	$	525,113		$	(177,497	)	$	301,300
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(469	)	$	(469	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(22,997	)		(636,737	)		537,573			(122,161	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			172,203			172,203
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(11,740	)		151,888			(42,868	)		97,280
Total	$	(34,737	)	$	(484,849	)	$	666,439		$	146,853
Frontier Diversified Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(711	)	$	(711	)
Frontier Trading Company XXXVIII, LLC		-			-			(403	)		(403	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(9,102	)		292,763			(123,620	)		160,041
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(6,039	)		5,628			(8,508	)		(8,919	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(67,124	)		(2,123,330	)		1,689,124			(501,330	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(11,268	)		351,448			(127,805	)		212,375
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			152,338			152,338
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(15,429	)		(184,729	)		103,314			(96,844	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			(700	)		(700	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,990	)		50,835			(9,848	)		37,997
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(16,278	)		685,223			(254,362	)		414,583
Total	$	(128,230	)	$	(922,162	)	$	1,418,819		$	368,427
Frontier Masters Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	(4,502	)	$	(4,502	)
Frontier Trading Company XXXVIII, LLC		-			-			(1,781	)		(1,781	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(17,715	)		168,928			(60,575	)		90,638
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(41,279	)		(1,069,832	)		878,048			(233,063	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(7,140	)		82,721			(37,533	)		38,048
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(15,303	)		283,646			(88,757	)		179,586
Total	$	(81,437	)	$	(534,537	)	$	684,900		$	68,926

36

	Three Months Ended June 30, 2018
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Frontier Balanced Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	302,930		$	302,930
Frontier Trading Company XXXVIII, LLC		-			-			(6,881	)		(6,881	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(13,073	)		(158,310	)		72,621			98,762
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(14,629	)		131,409			(38,608	)		78,172
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(141,047	)		(430,258	)		805,293			233,988
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(14,285	)		333,049			(63,193	)		255,571
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(123	)		-			(38,889	)		(39,012	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(37,583	)		292,017			423,980			678,414
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(21,107	)		(149,161	)		18,142			(152,126	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,130	)		(53,768	)		25,289			(35,609	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(63,787	)		(25,610	)		(33,194	)		(122,591	)
Total	$	(312,764	)	$	(60,632	)	$	1,467,490		$	1,094,094
Frontier Winton Fund —
Frontier Trading Company II LLC	$	-		$	-		$	675,380		$	675,380
Frontier Trading Company XXXVIII, LLC		-			-			(29,123	)		(29,123	)
Total	$	-		$	-		$	646,257		$	646,257
Frontier Select Fund —
Frontier Trading Company XXXIX, LLC	$	-		$	-		$	(41,578	)	$	(41,578	)
Frontier Trading Company XXXVIII, LLC		-			-			(1,017	)		(1,017	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(10,721	)		23,055			37,712			50,046
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(42,595	)		(12,170	)		(16,423	)		(71,188	)
Total	$	(53,316	)	$	10,885		$	(21,306	)	$	(63,737	)
Frontier Heritage Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	129,198		$	129,198
Frontier Trading Company XXXVIII, LLC		-			-			(3,728	)		(3,728	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(42,603	)		(5,832	)		(12,130	)		(60,565	)
Total	$	(42,603	)	$	(5,832	)	$	113,340		$	64,905
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(1,870	)	$	(1,870	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(25,765	)		(63,680	)		(118,815	)		29,370
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(681	)		-			(148,965	)		(149,646	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(19,032	)		(6,922	)		(3,573	)		(29,527	)
Total	$	(45,478	)	$	(70,602	)	$	(35,593	)	$	(151,673	)
Frontier Diversified Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	156,848		$	156,848
Frontier Trading Company XXXVIII, LLC		-			-			(2,803	)		(2,803	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(5,137	)		(52,919	)		24,207			(33,849	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(9,617	)		72,926			(21,449	)		41,860
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(41,617	)		(209,611	)		350,445			99,217
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(9,912	)		(139,185	)		(24,276	)		104,997
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(62	)		(13,567	)		(13,629	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(20,301	)		132,708			177,519			(289,926	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(11,738	)		(64,178	)		8,247			(67,669	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,950	)		(53,876	)		25,289			(35,537	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(31,712	)		3,362			(22,990	)		(51,340	)
Total	$	(137,984	)	$	(32,465	)	$	657,470		$	487,021
Frontier Masters Fund —
Frontier Trading Company II, LLC	$	-		$	-		$	148,044		$	(94,552	)
Frontier Trading Company XXXVIII, LLC		-			-			8,804			-
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(70,572	)		(207,046	)		370,789			93,171
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(44,250	)		(27,294	)		(16,449	)		(87,993	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(9,581	)		27,308			35,040			52,767
Total	$	(124,403	)	$	(207,032	)	$	546,228		$	214,793

37

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

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None
Frontier Select Fund
Trend Following
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Heritage Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Frontier Global Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None

38

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 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.

As of the date of this report, for a Series that has invested in a swap, a Trading Advisor does not receive any management fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. As of June 30, 2019 and December 31, 2018, the management fee embedded in (i) swaps owned by Frontier Diversified Fund was 1.00% per annum, (ii) swaps owned by Frontier Balanced Fund was 1.00% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 1.50% per annum, (iv) swaps owned by Frontier Select Fund was 1.00% per annum, and (v) swaps owned by Frontier Heritage Fund was 1.00% per annum, and the Managing Owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee was accrued on the relevant notional amount of the swap.

39

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 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. As of the date of this report, for a Series that has invested in a swap, the Managing Owner or Trading Advisor(s) do not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. As of June 30, 2019 and December 31, 2018, the range of incentive fees as a percentage of net new trading profits on swaps embedded in (i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap.

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. 

40

The Managing Owner has determined that the purchase of additional units of the relevant series will commence in 2019. 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 $23,105, $31,765, $136, $296,547, $14,233, $145,067 and $53,155 for the Frontier Diversified, Masters, Long/Short Commodity, Balanced, Select, Global and Heritage Funds, respectively.

The following table summarizes fees earned by the Managing Owner for the three and six months ended June 30, 2019 and 2018:

Three Months Ended June 30, 2019	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	11,366	$	126,026
Frontier Masters Fund		-		2,072		2,268		58,718
Frontier Long/Short Commodity Fund		-		-		152		14,365
Frontier Balanced Fund		-		5,286		154,061		248,123
Frontier Select Fund		-		-		26,562		22,475
Frontier Global Fund		-		9,531		42,779		82,598
Frontier Heritage Fund		-		1,100		20,713		29,653

Three Months Ended June 30, 2018	Incentive Fees (rebate)		Management  Fees		Risk Analysis Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	13,229	$	-	$	14,689	$	143,613
Frontier Masters Fund		-		28,862		-		12,929		105,998
Frontier Long/Short Commodity Fund		-		-		-		407		21,519
Frontier Balanced Fund		-		22,566		1,692		237,810		344,769
Frontier Select Fund		-		-		-		33,273		28,109
Frontier Winton Fund		-		131,682		-		80,907		80,703
Frontier Heritage Fund		-		33,893		-		31,302		36,855

Six Months Ended June 30, 2019	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	2,668	$	23,395	$	256,330
Frontier Masters Fund		-		7,665		9,754		126,036
Frontier Long/Short Commodity Fund		-		-		314		28,217
Frontier Balanced Fund		-		13,365		324,926		527,460
Frontier Select Fund		-		-		52,067		45,107
Frontier Global Fund		-		38,679		94,902		125,313
Frontier Heritage Fund		-		7,289		43,898		56,746

Six Months Ended June 30, 2018	Incentive Fees (rebate)		Management  Fees		Risk Analysis Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	1,881	$	24,792	$	-	$	30,804	$	308,763
Frontier Masters Fund		-		61,211		-		27,898		240,046
Frontier Long/Short Commodity Fund		-		-		-		1,064		46,212
Frontier Balanced Fund		145,134		42,902		3,529		500,791		728,945
Frontier Select Fund		-		-		-		72,962		65,703
Frontier Winton Fund		-		262,342		-		175,167		163,278
Frontier Heritage Fund		1,394		69,874		-		68,410		79,147

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The following table summarizes fees payable to the Managing Owner as of June 30, 2019 and December 31, 2018.

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees		Risk Analysis Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	2,464	$	36,982	$	-
Frontier Masters Fund		-		-		-		201		14,956		-
Frontier Long/Short Commodity Fund		-		-		-		4		4,793		-
Frontier Balanced Fund		-		8,828		-		45,227		76,075		9,994
Frontier Select Fund		-		-		335		8,212		7,120		-
Frontier Global Fund		-		-		660		12,926		23,122		-
Frontier Heritage Fund		-		-		635		6,240		10,467		-

As of December 31, 2018	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	10,897	$	3,875	$	-	$	4,498	$	44,827
Frontier Masters Fund		-		8,347		-		1,750		27,984
Frontier Long/Short Commodity Fund		-		-		-		51		5,306
Frontier Balanced Fund		-		13,917		1,490		56,791		101,770
Frontier Select Fund		-		-		-		8,575		7,812
Frontier Global Fund		-		42,705		8,124		17,803		24,353
Frontier Heritage Fund		-		9,201		1,238		6,684		10,189

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. During the periods covered by this report there were no amounts receivable from the Managing Owner for any differences resulting from service fees.

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 only), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a) 100% of the interest is retained by the respective Series.

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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, 2019 and 2018:

Three Months Ended	June 30, 2019		June 30, 2018		June 30, 2019			June 30, 2018
	Gross Amount  Paid to the		Gross Amount Paid to the		Ratio to Average			Ratio to Average
	Managing Owner		Managing Owner		Net Assets			Net Assets
Frontier Diversified Fund Class 1	$	-	$	-		0.00	%		0.00	%
Frontier Diversified Fund Class 2		-		-		0.00	%		0.00	%
Frontier Diversified Fund Class 3		-		-		0.00	%		0.00	%
Frontier Masters Fund Class 1		-		-		0.00	%		0.00	%
Frontier Masters Fund Class 2		-		-		0.00	%		0.00	%
Frontier Masters Fund Class 3		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 2		3		37		0.00	%		0.02	%
Frontier Long/Short Commodity Fund Class 3		81		488		0.00	%		0.02	%
Frontier Long/Short Commodity Fund Class 1a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 2a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 3a		-		-		0.00	%		0.00	%
Frontier Balanced Fund Class 1		1,150		14,652		0.01	%		0.05	%
Frontier Balanced Fund Class 1AP		19		256		0.01	%		0.05	%
Frontier Balanced Fund Class 2		232		2,656		0.01	%		0.05	%
Frontier Balanced Fund Class 2a		3		39		0.00	%		0.01	%
Frontier Balanced Fund Class 3a		10		108		0.00	%		0.01	%
Frontier Select Fund Class 1		1,400		3,375		0.04	%		0.08	%
Frontier Select Fund Class 1AP		3		15		0.05	%		0.08	%
Frontier Select Fund Class 2		41		359		0.04	%		0.08	%
Frontier Global Fund Class 1		3,631		34,013		0.06	%		0.32	%
Frontier Global Fund Class 1AP		21		111		0.06	%		0.32	%
Frontier Global Fund Class 2		252		3,251		0.06	%		0.32	%
Frontier Heritage Fund Class 1		1,196		5,382		0.04	%		0.13	%
Frontier Heritage Fund Class 1AP		2		5		0.05	%		0.12	%
Frontier Heritage Fund Class 2		255		836		0.04	%		0.13	%
Total	$	8,299	$	65,583

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Six Months Ended	June 30, 2019		June 30, 2018		June 30, 2019			June 30, 2018
	Gross Amount  Paid to the		Gross Amount Paid to the		Ratio to Average			Ratio to Average
	Managing Owner		Managing Owner		Net Assets			Net Assets
Frontier Diversified Fund Class 1	$	-	$	-		0.00	%		0.00	%
Frontier Diversified Fund Class 2		-		-		0.00	%		0.00	%
Frontier Diversified Fund Class 3		-		-		0.00	%		0.00	%
Frontier Masters Fund Class 1		-		-		0.00	%		0.00	%
Frontier Masters Fund Class 2		-		-		0.00	%		0.00	%
Frontier Masters Fund Class 3		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 2		9		37		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 3		208		488		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 1a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 2a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 3a		-		-		0.00	%		0.00	%
Frontier Balanced Fund Class 1		2,881		14,652		0.01	%		0.04	%
Frontier Balanced Fund Class 1AP		45		256		0.01	%		0.05	%
Frontier Balanced Fund Class 2		555		2,656		0.01	%		0.04	%
Frontier Balanced Fund Class 2a		7		39		0.00	%		0.01	%
Frontier Balanced Fund Class 3a		23		108		0.00	%		0.01	%
Frontier Select Fund Class 1		2,259		5,835		0.06	%		0.12	%
Frontier Select Fund Class 1AP		3		25		0.08	%		0.12	%
Frontier Select Fund Class 2		71		724		0.06	%		0.11	%
Frontier Global Fund Class 1		22,360		62,703		0.35	%		0.53	%
Frontier Global Fund Class 1AP		105		194		0.32	%		0.54	%
Frontier Global Fund Class 2		1,286		7,028		0.32	%		0.52	%
Frontier Heritage Fund Class 1		3,424		5,382		0.12	%		0.12	%
Frontier Heritage Fund Class 1AP		3		5		0.12	%		0.10	%
Frontier Heritage Fund Class 2		669		836		0.11	%		0.12	%
Total	$	33,908	$	100,968

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7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the three and six months ended June 30, 2019 and 2018.

Three months ending June 30, 2019

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, March 31, 2019	$	100.84		$	119.69		$	111.62		$	88.19		$	104.69		$	98.04		$	50.14		$	93.67		$	58.96		$	98.25		$	61.96
Net operating results:
Interest income		0.01			0.01			0.01			0.03			0.04			0.04			0.01			0.02			0.01			0.02			0.01
Expenses		(1.69	)		(1.12	)		(1.05	)		(2.10	)		(1.68	)		(1.57	)		(0.82	)		(0.66	)		(0.41	)		(0.69	)		(0.44	)
Net gain/(loss) on investments, net of non-controlling interests		3.29			3.53			3.38			1.20			1.05			1.02			3.53			5.49			3.68			5.76			3.92
Net income/(loss)		1.60			2.42			2.34			(0.86	)		(0.59	)		(0.51	)		2.72			4.85			3.28			5.09			3.49
Net asset value, June 30, 2019	$	102.44		$	122.11		$	113.96		$	87.33		$	104.10		$	97.53		$	52.86		$	98.52		$	62.24		$	103.34		$	65.45
Ratios to average net assets
Net investment income/(loss)		-6.74	%		-3.73	%		-3.73	%		-9.40	%		-6.32	%		-6.32	%		-6.30	%		-2.66	%		-2.66	%		-2.66	%		-2.66	%
Expenses before incentive fees (3)(4)		6.77	%		3.76	%		3.76	%		9.55	%		6.48	%		6.48	%		6.38	%		2.74	%		2.74	%		2.74	%		2.74	%
Expenses after incentive fees (3)(4)		6.77	%		3.76	%		3.76	%		9.55	%		6.48	%		6.48	%		6.38	%		2.74	%		2.74	%		2.74	%		2.74	%
Total return before incentive fees (2)		1.59	%		2.02	%		2.10	%		-0.98	%		-0.56	%		-0.52	%		5.42	%		5.18	%		5.56	%		5.18	%		5.63	%
Total return after incentive fees (2)		1.59	%		2.02	%		2.10	%		-0.98	%		-0.56	%		-0.52	%		5.42	%		5.18	%		5.56	%		5.18	%		5.63	%

	Frontier Balanced 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)
Net asset value, March 31, 2019	$	114.89		$	132.01		$	178.04		$	154.27		$	153.78		$	70.76		$	82.30		$	107.99
Net operating results:
Interest income		0.06			0.07			0.09			0.08			0.08			0.00			0.00			0.00
Expenses		(2.00	)		(1.30	)		(1.76	)		(1.52	)		(1.52	)		(1.00	)		(0.52	)		(0.69	)
Net gain/(loss) on investments, net of non-controlling interests		3.41			3.91			5.28			4.66			4.57			6.27			6.56			9.66
Net income/(loss)		1.47			2.68			3.62			3.22			3.13			5.27			6.04			8.97
Net asset value, June 30, 2019	$	116.36		$	134.69		$	181.66		$	157.49		$	156.91		$	76.03		$	88.34		$	116.96
Ratios to average net assets
Net investment income/(loss)		-6.76	%		-3.72	%		-3.72	%		-3.72	%		-3.72	%		-5.52	%		-2.49	%		-2.49	%
Expenses before incentive fees (3)(4)		6.97	%		3.93	%		3.93	%		3.93	%		3.93	%		5.52	%		2.49	%		2.49	%
Expenses after incentive fees (3)(4)		6.97	%		3.93	%		3.93	%		3.93	%		3.93	%		5.52	%		2.49	%		2.49	%
Total return before incentive fees (2)		1.28	%		2.03	%		2.03	%		2.09	%		2.04	%		7.45	%		7.34	%		8.31	%
Total return after incentive fees (2)		1.28	%		2.03	%		2.03	%		2.09	%		2.04	%		7.45	%		7.34	%		8.31	%

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	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, March 31, 2019	$	136.33		$	156.50		$	195.48		$	99.68		$	112.44		$	153.46
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(3.15	)		(2.42	)		(3.02	)		(1.71	)		(1.12	)		(1.46	)
Net gain/(loss) on investments, net of non-controlling interests		10.46			12.05			15.02			11.63			15.02			17.96
Net income/(loss)		7.31			9.63			12.00			9.92			13.90			16.50
Net asset value, June 30, 2019	$	143.64		$	166.13		$	207.48		$	109.60		$	126.34		$	169.96
Ratios to average net assets
Net investment income/(loss)		-9.11	%		-6.07	%		-6.07	%		-6.75	%		-3.71	%		-3.71	%
Expenses before incentive fees (3)(4)		9.11	%		6.07	%		6.07	%		6.75	%		3.71	%		3.71	%
Expenses after incentive fees (3)(4)		9.11	%		6.07	%		6.07	%		6.75	%		3.71	%		3.71	%
Total return before incentive fees (2)		5.36	%		6.15	%		6.14	%		9.95	%		12.36	%		10.75	%
Total return after incentive fees (2)		5.36	%		6.15	%		6.14	%		9.95	%		12.36	%		10.75	%

(1)	Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.
(3)	Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.
(4)	Expense ratios do not include management and incentive fees at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees are included in the total return.

46

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, March 31, 2018	$	106.53		$	124.26		$	115.59		$	98.30		$	114.67		$	107.10		$	77.86		$	112.44		$	89.95		$	117.97		$	94.24
Net operating results:
Interest income		0.06			0.07			0.07			0.10			0.12			0.11			0.07			0.11			0.08			0.11			0.09
Expenses		(1.73	)		(1.07	)		(0.99	)		(2.19	)		(1.94	)		(1.81	)		(1.23	)		(0.67	)		(0.53	)		(0.70	)		(0.56	)
Net gain/(loss) on investments, net of non-controlling interests		3.44			3.61			3.43			3.12			3.53			3.37			(5.92	)		(5.36	)		(7.37	)		(5.63	)		(7.66	)
Net income/(loss)		1.77			2.61			2.50			1.03			1.71			1.67			(7.08	)		(5.92	)		(7.82	)		(6.22	)		(8.13	)
Net asset value, June 30, 2018	$	108.30		$	126.87		$	118.09		$	99.33		$	116.38		$	108.77		$	70.78		$	106.52		$	82.13		$	111.75		$	86.11
Ratios to average net assets
Net investment income/(loss)		-6.27	%		-3.20	%		-3.20	%		-8.68	%		-6.48	%		-6.48	%		-6.13	%		-2.05	%		-2.05	%		-2.05	%		-2.05	%
Expenses before incentive fees (3)(4)		6.50	%		3.43	%		3.43	%		9.11	%		6.91	%		6.91	%		6.51	%		2.43	%		2.43	%		2.43	%		2.43	%
Expenses after incentive fees (3)(4)		6.50	%		3.43	%		3.43	%		9.11	%		6.91	%		6.91	%		6.51	%		2.43	%		2.43	%		2.43	%		2.43	%
Total return before incentive fees (2)		1.66	%		2.10	%		2.16	%		1.05	%		1.49	%		1.56	%		-9.09	%		-5.27	%		-8.69	%		-5.27	%		-8.63	%
Total return after incentive fees (2)		1.66	%		2.10	%		2.16	%		1.05	%		1.49	%		1.56	%		-9.09	%		-5.27	%		-8.69	%		-5.27	%		-8.63	%

	Frontier Balanced 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)
Net asset value, March 31, 2018	$	124.93		$	139.33		$	187.88		$	162.67		$	162.12		$	76.47		$	85.36		$	113.28
Net operating results:
Interest income		0.03			0.03			0.04			0.03			0.03			0.00			0.00			0.00
Expenses		(2.08	)		(1.29	)		(1.74	)		(1.51	)		(1.50	)		(0.98	)		(0.48	)		(0.63	)
Net gain/(loss) on investments, net of non-controlling interests		2.33			2.61			3.54			3.14			3.12			(0.74	)		(0.81	)		(1.09	)
Net income/(loss)		0.28			1.35			1.84			1.66			1.65			(1.72	)		(1.29	)		(1.72	)
Net asset value, June 30, 2018	$	125.21		$	140.68		$	189.72		$	164.33		$	163.77		$	74.75		$	84.07		$	111.56
Ratios to average net assets
Net investment income/(loss)		-6.64	%		-3.64	%		-3.64	%		-3.64	%		-3.64	%		-5.28	%		-2.28	%		-2.28	%
Expenses before incentive fees (3)(4)		6.73	%		3.73	%		3.73	%		3.73	%		3.73	%		5.28	%		2.28	%		2.28	%
Expenses after incentive fees (3)(4)		6.73	%		3.73	%		3.73	%		3.73	%		3.73	%		5.28	%		2.28	%		2.28	%
Total return before incentive fees (2)		0.22	%		0.97	%		0.98	%		1.02	%		1.02	%		-2.25	%		-1.51	%		-1.52	%
Total return after incentive fees (2)		0.22	%		0.97	%		0.98	%		1.02	%		1.02	%		-2.25	%		-1.51	%		-1.52	%

	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, March 31, 2018	$	144.60		$	161.61		$	196.85		$	104.50		$	116.64		$	156.11
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(3.72	)		(2.95	)		(3.59	)		(2.27	)		(1.68	)		(2.25	)
Net gain/(loss) on investments, net of non-controlling interests		7.78			8.53			10.21			0.45			0.50			0.68
Net income/(loss)		4.06			5.58			6.62			(1.82	)		(1.18	)		(1.57	)
Net asset value, June 30, 2018	$	148.66		$	167.19		$	203.47		$	102.68		$	115.46		$	154.54
Ratios to average net assets
Net investment income/(loss)		-10.21	%		-7.20	%		-7.20	%		-8.87	%		-5.87	%		-5.87	%
Expenses before incentive fees (3)(4)		-10.21	%		7.20	%		7.20	%		8.87	%		5.87	%		5.87	%
Expenses after incentive fees (3)(4)		-10.21	%		7.20	%		7.20	%		8.87	%		5.87	%		5.87	%
Total return before incentive fees (2)		2.81	%		3.45	%		3.36	%		-1.74	%		-1.01	%		-1.01	%
Total return after incentive fees (2)		2.81	%		3.45	%		3.36	%		-1.74	%		-1.01	%		-1.01	%

47

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2018	$	102.25		$	120.84		$	112.62		$	91.10		$	107.68		$	100.77		$	56.80		$	98.82		$	66.52		$	103.66		$	69.83
Net operating results:
Interest income		0.04			0.05			0.05			0.04			0.05			0.05			0.03			0.05			0.03			0.05			0.03
Expenses		(3.32	)		(2.16	)		(2.02	)		(3.59	)		(3.12	)		(2.92	)		(1.59	)		(1.25	)		(0.78	)		(1.31	)		(0.83	)
Net gain/(loss) on investments, net of non-controlling interests		3.47			3.38			3.31			(0.22	)		(0.51	)		(0.37	)		(2.38	)		0.90			(3.53	)		0.94			(3.59	)
Net income/(loss)		0.19			1.27			1.34			(3.77	)		(3.58	)		(3.24	)		(3.94	)		(0.30	)		(4.28	)		(0.32	)		(4.38	)
Net asset value, June 30, 2019	$	102.44		$	122.11		$	113.96		$	87.33		$	104.10		$	97.53		$	52.86		$	98.52		$	62.24		$	103.34		$	65.45
Ratios to average net assets
Net investment income/(loss)		-13.31	%		-7.23	%		-7.23	%		-16.90	%		-12.15	%		-12.15	%		-12.58	%		-5.12	%		-5.12	%		-5.12	%		-5.12	%
Expenses before incentive fees (3)(4)		13.49	%		7.40	%		7.40	%		17.10	%		12.35	%		12.35	%		12.80	%		5.34	%		5.34	%		5.34	%		5.34	%
Expenses after incentive fees (3)(4)		13.49	%		7.40	%		7.40	%		17.10	%		12.35	%		12.35	%		12.80	%		5.34	%		5.34	%		5.34	%		5.34	%
Total return before incentive fees (2)		0.19	%		1.05	%		1.19	%		-4.14	%		-3.32	%		-3.22	%		-6.94	%		-0.30	%		-6.43	%		-0.31	%		-6.27	%
Total return after incentive fees (2)		0.19	%		1.05	%		1.19	%		-4.14	%		-3.32	%		-3.22	%		-6.94	%		-0.30	%		-6.43	%		-0.31	%		-6.27	%

	Frontier Balanced 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)
Net asset value, December 31, 2018	$	117.63		$	134.16		$	180.94		$	156.81		$	156.26		$	71.41		$	82.48		$	108.18
Net operating results:
Interest income		0.10			0.12			0.16			0.14			0.14			0.00			0.00			0.00
Expenses		(3.96	)		(2.60	)		(3.50	)		(3.04	)		(3.03	)		(1.92	)		(1.04	)		(1.33	)
Net gain/(loss) on investments, net of non-controlling interests		2.59			3.01			4.06			3.58			3.54			6.54			6.90			10.11
Net income/(loss)		(1.27	)		0.53			0.72			0.68			0.65			4.62			5.86			8.78
Net asset value, June 30, 2019	$	116.36		$	134.69		$	181.66		$	157.49		$	156.91		$	76.03		$	88.34		$	116.96
Ratios to average net assets
Net investment income/(loss)		-13.67	%		-7.63	%		-7.63	%		-7.63	%		-7.63	%		-11.10	%		-5.06	%		-5.06	%
Expenses before incentive fees (3)(4)		14.04	%		8.00	%		8.00	%		8.00	%		8.00	%		11.10	%		5.06	%		5.06	%
Expenses after incentive fees (3)(4)		14.04	%		8.00	%		8.00	%		8.00	%		8.00	%		11.10	%		5.06	%		5.06	%
Total return before incentive fees (2)		-1.08	%		0.40	%		0.40	%		0.43	%		0.42	%		6.47	%		7.10	%		8.12	%
Total return after incentive fees (2)		-1.08	%		0.40	%		0.40	%		0.43	%		0.42	%		6.47	%		7.10	%		8.12	%

	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2018	$	131.57		$	149.92		$	187.17		$	99.83		$	111.78		$	152.53
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(5.21	)		(3.73	)		(4.65	)		(3.24	)		(2.16	)		(2.75	)
Net gain/(loss) on investments, net of non-controlling interests		17.28			19.94			24.96			13.01			16.72			20.18
Net income/(loss)		12.07			16.21			20.31			9.77			14.56			17.43
Net asset value, June 30, 2019	$	143.64		$	166.13		$	207.48		$	109.60		$	126.34		$	169.96
Ratios to average net assets
Net investment income/(loss)		-15.82	%		-9.78	%		-9.78	%		-13.39	%		-7.34	%		-7.34	%
Expenses before incentive fees (3)(4)		15.82	%		9.78	%		9.78	%		13.39	%		7.34	%		7.34	%
Expenses after incentive fees (3)(4)		15.82	%		9.78	%		9.78	%		13.39	%		7.34	%		7.34	%
Total return before incentive fees (2)		9.17	%		10.81	%		10.85	%		9.79	%		13.03	%		11.43	%
Total return after incentive fees (2)		9.17	%		10.81	%		10.85	%		9.79	%		13.03	%		11.43	%

48

	Frontier Balanced 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)
Net asset value, December 31, 2018	$	117.63		$	134.16		$	180.94		$	156.81		$	156.26		$	71.41		$	82.48		$	108.18
Net operating results:
Interest income		0.10			0.12			0.16			0.14			0.14			0.00			0.00			0.00
Expenses		(3.96	)		(2.60	)		(3.50	)		(3.04	)		(3.03	)		(1.92	)		(1.04	)		(1.33	)
Net gain/(loss) on investments, net of non-controlling interests		2.59			3.01			4.06			3.58			3.54			6.54			6.90			10.11
Net income/(loss)		(1.27	)		0.53			0.72			0.68			0.65			4.62			5.86			8.78
Net asset value, June 30, 2019	$	116.36		$	134.69		$	181.66		$	157.49		$	156.91		$	76.03		$	88.34		$	116.96
Ratios to average net assets
Net investment income/(loss)		-13.67	%		-7.63	%		-7.63	%		-7.63	%		-7.63	%		-11.10	%		-5.06	%		-5.06	%
Expenses before incentive fees (3)(4)		14.04	%		8.00	%		8.00	%		8.00	%		8.00	%		11.10	%		5.06	%		5.06	%
Expenses after incentive fees (3)(4)		14.04	%		8.00	%		8.00	%		8.00	%		8.00	%		11.10	%		5.06	%		5.06	%
Total return before incentive fees (2)		-1.08	%		0.40	%		0.40	%		0.43	%		0.42	%		6.47	%		7.10	%		8.12	%
Total return after incentive fees (2)		-1.08	%		0.40	%		0.40	%		0.43	%		0.42	%		6.47	%		7.10	%		8.12	%

	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2018	$	131.57		$	149.92		$	187.17		$	99.83		$	111.78		$	152.53
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(5.21	)		(3.73	)		(4.65	)		(3.24	)		(2.16	)		(2.75	)
Net gain/(loss) on investments, net of non-controlling interests		17.28			19.94			24.96			13.01			16.72			20.18
Net income/(loss)		12.07			16.21			20.31			9.77			14.56			17.43
Net asset value, June 30, 2019	$	143.64		$	166.13		$	207.48		$	109.60		$	126.34		$	169.96
Ratios to average net assets
Net investment income/(loss)		-15.82	%		-9.78	%		-9.78	%		-13.39	%		-7.34	%		-7.34	%
Expenses before incentive fees (3)(4)		15.82	%		9.78	%		9.78	%		13.39	%		7.34	%		7.34	%
Expenses after incentive fees (3)(4)		15.82	%		9.78	%		9.78	%		13.39	%		7.34	%		7.34	%
Total return before incentive fees (2)		9.17	%		10.81	%		10.85	%		9.79	%		13.03	%		11.43	%
Total return after incentive fees (2)		9.17	%		10.81	%		10.85	%		9.79	%		13.03	%		11.43	%

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

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

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

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

49

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2017	$	116.41		$	135.19		$	125.68		$	114.74		$	133.27		$	124.40		$	81.35		$	115.81		$	93.59		$	121.50		$	97.99
Net operating results:
Interest income		0.10			0.12			0.11			0.19			0.22			0.20			0.16			0.22			0.18			0.23			0.19
Expenses		(3.56	)		(2.23	)		(2.07	)		(4.47	)		(3.94	)		(3.66	)		(2.42	)		(1.36	)		(1.10	)		(1.42	)		(1.15	)
Net gain/(loss) on investments, net of non-controlling interests		(4.65	)		(6.21	)		(5.63	)		(11.13	)		(13.17	)		(12.17	)		(8.31	)		(8.15	)		(10.54	)		(8.56	)		(10.92	)
Net income/(loss)		(8.11	)		(8.32	)		(7.59	)		(15.41	)		(16.89	)		(15.63	)		(10.57	)		(9.29	)		(11.46	)		(9.75	)		(11.88	)
Net asset value, June 30, 2018	$	108.30		$	126.87		$	118.09		$	99.33		$	116.38		$	108.77		$	70.78		$	106.52		$	82.13		$	111.75		$	86.11
Ratios to average net assets
Net investment income/(loss)		-6.37	%		-3.33	%		-3.33	%		-8.50	%		-6.26	%		-6.26	%		-5.67	%		-2.02	%		-2.02	%		-2.02	%		-2.02	%
Expenses before incentive fees (3)(4)		6.55	%		3.51	%		3.51	%		8.87	%		6.63	%		6.63	%		6.06	%		2.41	%		2.41	%		2.41	%		2.41	%
Expenses after incentive fees (3)(4)		6.56	%		3.52	%		3.52	%		8.87	%		6.63	%		6.63	%		6.06	%		2.41	%		2.41	%		2.41	%		2.41	%
Total return before incentive fees (2)		-6.96	%		-6.14	%		-6.03	%		-13.43	%		-12.67	%		-12.56	%		-12.99	%		-8.02	%		-12.24	%		-8.02	%		-12.12	%
Total return after incentive fees (2)		-6.97	%		-6.15	%		-6.04	%		-13.43	%		-12.67	%		-12.56	%		-12.99	%		-8.02	%		-12.24	%		-8.02	%		-12.12	%

	Frontier Balanced 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)
Net asset value, December 31, 2017	$	135.96		$	150.56		$	202.90		$	175.77		$	175.18		$	90.27		$	100.02		$	132.73
Net operating results:
Interest income		0.08			0.08			0.11			0.10			0.10			0.00			0.00			0.00
Expenses		(4.67	)		(3.10	)		(4.18	)		(3.63	)		(3.62	)		(2.13	)		(1.05	)		(1.42	)
Net gain/(loss) on investments, net of non-controlling interests		(6.16	)		(6.86	)		(9.11	)		(7.91	)		(7.89	)		(13.39	)		(14.90	)		(19.75	)
Net income/(loss)		(10.75	)		(9.88	)		(13.18	)		(11.44	)		(11.41	)		(15.52	)		(15.95	)		(21.17	)
Net asset value, June 30, 2018	$	125.21		$	140.68		$	189.72		$	164.33		$	163.77		$	74.75		$	84.07		$	111.56
Ratios to average net assets
Net investment income/(loss)		-6.94	%		-3.95	%		-3.95	%		-3.95	%		-3.95	%		-5.38	%		-2.38	%		-2.38	%
Expenses before incentive fees (3)(4)		6.72	%		3.72	%		3.72	%		3.72	%		3.72	%		5.38	%		2.38	%		2.38	%
Expenses after incentive fees (3)(4)		7.06	%		4.07	%		4.07	%		4.07	%		4.07	%		5.38	%		2.38	%		2.38	%
Total return before incentive fees (2)		-7.56	%		-6.22	%		-6.15	%		-6.16	%		-6.17	%		-17.19	%		-15.95	%		-15.95	%
Total return after incentive fees (2)		-7.91	%		-6.56	%		-6.50	%		-6.51	%		-6.51	%		-17.19	%		-15.95	%		-15.95	%

50

	Frontier Global Fund (formerly Frontier Winton Fund)									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2017	$	159.08		$	176.44		$	216.50		$	121.19		$	134.28		$	179.70
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(7.15	)		(5.46	)		(6.87	)		(4.74	)		(3.48	)		(4.63	)
Net gain/(loss) on investments, net of non-controlling interests		(3.27	)		(3.79	)		(6.16	)		(13.77	)		(15.34	)		(20.53	)
Net income/(loss)		(10.42	)		(9.25	)		(13.03	)		(18.51	)		(18.82	)		(25.16	)
Net asset value, June 30, 2018	$	148.66		$	167.19		$	203.47		$	102.68		$	115.46		$	154.54
Ratios to average net assets
Net investment income/(loss)		-9.53	%		-6.53	%		-6.53	%		-8.69	%		-5.69	%		-5.69	%
Expenses before incentive fees (3)(4)		9.53	%		6.53	%		6.53	%		8.66	%		5.67	%		5.67	%
Expenses after incentive fees (3)(4)		9.53	%		6.53	%		6.53	%		8.69	%		5.69	%		5.69	%
Total return before incentive fees (2)		-6.55	%		-5.24	%		-6.02	%		-15.25	%		-13.99	%		-13.97	%
Total return after incentive fees (2)		-6.55	%		-5.24	%		-6.02	%		-15.27	%		-14.02	%		-14.00	%

(1)	Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.
(3)	Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.
(4)	Expense ratios do not include management and incentive fees at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees are included in the total return.

51

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, 2019 and December 31, 2018 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts. As further described in Note 6 above, there are management fees embedded in these swaps ranging from 1% to 1.5% accrued on the relevant notional amount of the swap and incentive fees embedded in these swaps ranging from 15% to 25% accrued based on the net new trading profits of the swaps.

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

For the Three Months ended June 30, 2019

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		228		275

For the Three Months Ended June 30, 2018

Monthly average contracts

	Bought		Sold
Frontier Balanced Fund		174		301

For the Six Months ended June 30, 2019

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		480		581

For the Six Months Ended June 30, 2018

Monthly average contracts

	Bought		Sold
Frontier Balanced Fund		1,522		1,518

52

The following tables summarize the trading revenues for the three and six months ended June 30, 2019 and 2018 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2019

Type of contract	Frontier Balanced Fund
Agriculturals	$	64,042
Currencies		(123,270	)
Energies		(7,996	)
Interest rates		312,541
Metals		13,674
Stock indices		(5,618	)
Realized trading income/(loss)(1)	$	253,372

Realized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2019

Type of contract	Frontier Balanced Fund
Agriculturals	$	18,952
Currencies		(241,334	)
Energies		(37,678	)
Interest rates		548,174
Metals		8,700
Stock indices		(38,915	)
Realized trading income/(loss)(1)	$	257,898

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2018

Type of contract	Frontier Balanced Fund
Metals	$	(46,019	)
Currencies		(222,765	)
Energies		19,021
Agriculturals		22,712
Interest rates		(10,368	)
Stock indices		(20,242	)
Realized trading income/(loss)(1)	$	(257,661	)

Realized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2018

Type of contract	Frontier Balanced Fund
Metals	$	(105,544	)
Currencies		(199,028	)
Energies		61,256
Agriculturals		50,782
Interest rates		(97,212	)
Stock indices		6,410
Realized trading income/(loss)(1)	$	(283,336	)

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

53

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2019

Type of contract	Frontier Balanced Fund
Agriculturals	$	(17,348	)
Currencies		16,367
Energies		(7,260	)
Interest rates		(99,664	)
Metals		4,519
Stock indices		9,106
Change in unrealized trading income/(loss)(1)	$	(94,279	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2019

Type of contract	Frontier Balanced Fund
Agriculturals	$	(41,639	)
Currencies		(57,496	)
Energies		1,510
Interest rates		(107,355	)
Metals		6,931
Stock indices		1,534
Change in unrealized trading income/(loss)(1)	$	(196,516	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2018

Type of contract	Frontier Balanced Fund
Metals	$	9,429
Currencies		(61,638	)
Energies		(5,285	)
Agriculturals		(84,319	)
Interest rates		(36,616	)
Stock indices		(9,498	)
Change in unrealized trading income/(loss)(1)	$	(187,927	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2018

Type of contract	Frontier Balanced Fund
Metals	$	23,123
Currencies		(101,409	)
Energies		(51,468	)
Agriculturals		(43,085	)
Interest rates		112,053
Stock indices		(16,876	)
Change in unrealized trading income/(loss)(1)		(77,662	)

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

54

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

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of June 30, 2019 and December 31, 2018.

As of June 30, 2019

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial			Net Amounts Presented in the Statements of Financial Condition
Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	242,957	$	(201,096	)	$	41,861
Swap Contracts		10,691,012		-		$	10,691,012
Frontier Diversified Fund
Swap Contracts	$	5,881,358	$	-		$	5,881,358
Frontier Long/Short Commodity Fund
Swap Contracts	$	435,901	$	-		$	435,901
Frontier Heritage Fund
Swap Contracts	$	3,036,673	$	-		$	3,036,673

As of December 31, 2018

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial			Net Amounts Presented in the Statements of Financial Condition
Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	348,879	$	(128,220	)	$	220,659
Swap Contracts		10,794,908		-		$	10,794,908
Frontier Diversified Fund
Swap Contracts	$	5,920,414	$	-		$	5,920,414
Frontier Long/Short Commodity Fund
Swap Contracts	$	479,102	$	-		$	479,102
Frontier Heritage Fund
Swap Contracts	$	2,955,444	$	-		$	2,955,444

9. Trading Activities and Related Risks

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

55

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the statements of financial condition, may result in future obligation or loss in excess of the amount paid by the Series for a particular investment. Each Trading Company expects to trade in futures, options, forward and swap contracts and will therefore be a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures positions held by a Trading Company 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 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 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 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 financial statements.

From July 1, 2019 through August 14, 2019, 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 902,280, 308,070, 59,320, 28,409, 121,292, 121,641 and 119,800, respectively, in redemptions. 

56

Frontier Funds
Consolidated Statements of Financial Condition
June 30, 2019 (unaudited) and December 31, 2018

	June 30, 2019		December 31, 2018
ASSETS
Cash and cash equivalents	$	316,615	$	1,729,879
U.S. Treasury securities, at fair value		1,619,710		5,684,327
Receivable from futures commission merchants		2,969,199		11,255,848
Open trade equity, at fair value		42,147		-
Incentive fee receivable		-		78,845
Swap contracts, at fair value		20,044,944		20,149,868
Investments in private investment companies, at fair value		45,725,137		46,557,428
Interest receivable		32,415		117,168
Other assets		6,153		-
Total Assets	$	70,756,320	$	85,573,363
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	-	$	398,189
Owner redemptions payable		449,276		23,759
Incentive fees payable to Managing Owner		-		10,897
Management fees payable to Managing Owner		8,828		78,045
Interest payable to Managing Owner		1,630		10,852
Trading fees payable to Managing Owner		75,274		222,241
Service fees payable to Managing Owner		173,515		96,152
Risk analysis fees payable		9,994		27,562
Advance on unrealized Swap Appreciation		12,191,555		12,191,555
Subscriptions in advance for service fee rebates		564,008		497,326
Other liabilities		20,662		4,003
Total Liabilities		13,494,742		13,560,581
OWNERS CAPITAL
Managing Owner Units		595,404		851,595
Limited Owner Units		56,666,174		71,161,187
Total Owners Capital		57,261,578		72,012,782
Total Liabilities and Owners Capital	$	70,756,320	$	85,573,363

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

57

Frontier Funds
Consolidated Condensed Schedule of Investments
June 30, 2019 (unaudited)

	Fair			% of Total Capital
Description	Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
Various agriculture futures contracts (U.S.)	$	(7,390	)		-0.01	%
Various base metals futures contracts (U.S.)		3,030			0.01	%
Various interest rates futures contracts (Canada)		(3,156	)		-0.01	%
Various interest rates futures contracts (Europe)		61,445			0.11	%
Various interest rates futures contracts (Far East)		14,846			0.03	%
Various interest rates futures contracts (Oceanic)		3,380			0.01	%
Various interest rates futures contracts (U.S.)		6,586			0.01	%
Various precious metal futures contracts (U.S.)		15,580			0.03	%
Various soft futures contracts (Far East)		(1,336	)		0.00	%
Various soft futures contracts (U.S.)		(5,556	)		-0.01	%
Various stock index futures contracts (Africa)		(548	)		0.00	%
Various stock index futures contracts (Canada)		286			0.00	%
Various stock index futures contracts (Europe)		3,686			0.01	%
Various stock index futures contracts (Oceanic)		5,404			0.01	%
Various stock index futures contracts (U.S.)		8,686			0.02	%
Total Long Futures Contracts	$	104,943			0.21	%
SHORT FUTURES CONTRACTS *
Various agriculture futures contracts (U.S.)	$	19,766			0.03	%
Various base metals futures contracts (U.S.)		(15,221	)		-0.03	%
Various energy futures contracts (U.S.)		(4,480	)		-0.01	%
Various soft futures contracts (U.S.)		(1,170	)		0.00	%
Total Short Futures Contracts	$	(1,105	)		-0.01	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	(61,691	)		-0.11	%
Total Currency Forwards	$	(61,691	)		-0.11	%
Total Open Trade Equity (Deficit)	$	42,147			0.09	%
SWAPS (1)
Frontier Brevan Howard swap (U.S.)	$	3,036,673			5.30	%
Frontier XXXIV Balanced select swap (U.S.)		10,691,012			18.67	%
Frontier XXXV Diversified select swap (U.S.)		5,881,358			10.27	%
Frontier XXXVII L/S select swap (U.S.)		435,901			0.76	%
Total Swaps	$	20,044,944			35.00	%
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		2,847,337			4.97	%
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		3,146,329			5.49	%
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		5,597,455			9.78	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		3,889,473			6.79	%
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		552,017			0.96	%
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		152,963			0.27	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		984,631			1.72	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		13,075,038			22.83	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		12,115,010			21.16	%
Galaxy Plus Fund - TT Feeder Fund (531) LLC		2,036,068			3.56	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		1,328,816			2.32	%
Total Private Investment Companies	$	45,725,137			79.85	%

U.S. TREASURY SECURITIES
FACE VALUE			Fair Value
$	1,255,000	US Treasury Note 6.875% due 08/15/2025 (Cost $1,606,935)		1,619,710	2.83	%
		Total U.S. Treasury Securities	$	1,619,710	2.83	%

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

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

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

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

58

Frontier Funds

Consolidated Condensed Schedule of Investments

December 31, 2018

				% of Total Capital
Description	Fair Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
Various agriculture futures contracts (Europe)	$	(1,315	)		0.00	%
Various agriculture futures contracts (U.S.)		9,510			0.01	%
Various base metals futures contracts (U.S.)		(429,385	)		-0.60	%
Various currency futures contracts (Latin America)		42,160			0.06	%
Various energy futures contracts (U.S.)		(643,321	)		-0.89	%
Various interest rates futures contracts (Canada)		13,487			0.02	%
Various interest rates futures contracts (Europe)		360,817			0.50	%
Various interest rates futures contracts (Far East)		36,092			0.05	%
Various interest rates futures contracts (Oceanic)		78,270			0.11	%
Various interest rates futures contracts (U.S.)		44,250			0.06	%
Various precious metal futures contracts (U.S.)		14,730			0.02	%
Various soft futures contracts (U.S.)		(20,705	)		-0.03	%
Various stock index futures contracts (Europe)		(18,456	)		-0.03	%
Various stock index futures contracts (Far East)		(23,446	)		-0.03	%
Various stock index futures contracts (Oceanic)		1,338			0.00	%
Various stock index futures contracts (U.S.)		(75,392	)		-0.10	%
Total Long Futures Contracts	$	(611,366	)		-0.85	%
SHORT FUTURES CONTRACTS *
Various agriculture futures contracts (Canada)	$	9,817			0.01	%
Various agriculture futures contracts (Europe)		400			0.00	%
Various agriculture futures contracts (U.S.)		81,243			0.11	%
Various base metals futures contracts (U.S.)		147,521			0.20	%
Various currency futures contracts (Europe)		(63,875	)		-0.09	%
Various currency futures contracts (Far East)		(180,813	)		-0.25	%
Various currency futures contracts (Oceanic)		33,405			0.05	%
Various energy futures contracts (U.S.)		425,052			0.59	%
Various interest rates futures contracts (Europe)		(79,801	)		-0.11	%
Various interest rates futures contracts (Oceanic)		(309	)		0.00	%
Various interest rates futures contracts (U.S.)		(35,688	)		-0.05	%
Various precious metal futures contracts (U.S.)		(226,300	)		-0.31	%
Various soft futures contracts (U.S.)		22,291			0.03	%
Various stock index futures contracts (Africa)		(1,220	)		0.00	%
Various stock index futures contracts (Canada)		3,027			0.00	%
Various stock index futures contracts (Europe)		12,826			0.02	%
Various stock index futures contracts (Far East)		283			0.00	%
Various stock index futures contracts (U.S.)		62,711			0.09	%
Total Short Futures Contracts	$	210,570			0.29	%
CURRENCY FORWARDS *
Various currency forwards contracts (NA)	$	2,607			0.00	%
Total Currency Forwards	$	2,607			0.00	%
Total Open Trade Equity (Deficit)	$	(398,189	)		-0.56	%
SWAPS (1)
Frontier Brevan Howard swap (U.S.)	$	2,955,444			4.10	%
Frontier XXXIV Balanced select swap (U.S.)		10,794,908			14.99	%
Frontier XXXV Diversified select swap (U.S.)		5,920,414			8.22	%
Frontier XXXVII L/S select swap (U.S.)		479,102			0.67	%
Total Swaps	$	20,149,868			27.98	%
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		3,308,411			4.59	%
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		3,003,247			4.17	%
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		4,981,003			6.92	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		4,968,683			6.90	%
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		5,503,821			7.64	%
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		808,116			1.12	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		930,806			1.29	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,103,278			1.53	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		18,370,991			25.51	%
Galaxy Plus Fund - TT Feeder Fund (531) LLC		2,595,925			3.60	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		983,147			1.37	%
Total Private Investment Companies	$	46,557,428			64.64	%

U.S. TREASURY SECURITIES
FACE VALUE			Fair Value
$	4,512,000	US Treasury Note 6.875% due 08/15/2025 (Cost $5,589,456)		5,684,327	7.89	%
		Total U.S. Treasury Securities	$	5,684,327	7.89	%

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

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

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

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

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Frontier Funds

Consolidated Statements of Operations

For the Six Months Ended June 30, 2019 and 2018 (unaudited)

	June 30, 2019			June 30, 2018
Investment income:
Interest - net	$	60,906		$	116,557
Total Income		60,906			116,557
Expenses:
Incentive Fees (rebate)		-			148,409
Management Fees		69,666			461,121
Risk analysis Fees		2,872			43,720
Service Fees - Class 1, 1A, 2 and 2A		549,256			877,098
Trading Fees		1,165,209			1,632,215
Total Expenses		1,787,003			3,162,563
Investment income/(loss) - net		(1,726,097	)		(3,046,006	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		(1,098,852	)		(38,891	)
Net unrealized gain/(loss) on private investment companies		4,859,737			(7,806,201	)
Net realized gain/(loss) on private investment companies		(1,792,671	)		423,435
Net change in open trade equity/(deficit)		506,148			(514,240	)
Net realized gain/(loss) on swap contracts		-			-
Net unrealized gain/(loss) on swap contracts		(104,923	)		1,588,330
Net realized gain/(loss) on U.S. Treasury securities		59,596			(401,667	)
Net unrealized gain/(loss) on U.S. Treasury securities		(32,268	)		21,019
Trading commissions		(20,240	)		(51,747	)
Net gain/(loss) on investments		2,376,527			(6,779,962	)
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	650,430		$	(9,825,968	)

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

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Frontier Funds

Consolidated Statements of Operations

For the Three Months Ended June 30, 2019 and 2018 (unaudited)

	June 30, 2019			June 30, 2018
Investment income:
Interest - net	$	16,734		$	56,231
Total Income		16,734			56,231
Expenses:
Incentive Fees (rebate)		-			-
Management Fees		17,989			230,232
Risk analysis Fees		(3,820	)		20,922
Service Fees - Class 1, 1A, 2 and 2A		257,901			411,318
Trading Fees		581,958			761,690
Other Fees		-			-
Total Expenses		854,028			1,424,162
Investment income/(loss) - net		(837,294	)		(1,367,931	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		178,497			715,860
Net unrealized gain/(loss) on private investment companies		2,025,004			1,333,361
Net realized gain/(loss) on private investment companies		127,735			(421,358	)
Net change in open trade equity/(deficit)		(19,404	)		249,677
Net realized gain/(loss) on swap contracts		-			-
Net unrealized gain/(loss) on swap contracts		244,541			56,022
Net realized gain/(loss) on U.S. Treasury securities		(43,742	)		(112,843	)
Net unrealized gain/(loss) on U.S. Treasury securities		53,004			34,631
Trading commissions		(9,167	)		(32,749	)
Net gain/(loss) on investments		2,556,468			1,822,601
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	1,719,174		$	454,670

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

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Frontier Funds

Consolidated Statements of Changes in Owners’ Capital
For the Six Months Ending June 30, 2019 (unaudited)

	Managing Owner			Limited Owners			Total
Owners’ Capital, December 31, 2018	$	851,595		$	71,161,187		$	72,012,782
Sale of Units (including transfers)		-			-			-
Redemption of Units (including transfers)		(256,000	)		(15,145,634	)		(15,401,634	)
Net increase/(decrease) in Owners’
Capital resulting from operations		(191	)		650,621			650,430
Owners’ Capital, June 30, 2019	$	595,404		$	56,666,174		$	57,261,578

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

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

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Frontier Funds

Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2019 and 2018 (unaudited)

	June 30, 2019			June 30, 2018
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	650,430		$	(9,825,968	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity		(440,336	)		498,388
Net unrealized (gain)/loss on swap contracts		104,923			(1,588,330	)
Net unrealized (gain)/loss on U.S. Treasury securities		32,268			(21,019	)
Net realized (gain)/loss on U.S. Treasuries securities		(59,596	)		401,667
Net unrealized (gain)/loss on private investment companies		(4,859,737	)		7,806,201
Net realized (gain)/loss on private investment companies		1,792,671			(423,435	)
(Purchases) sales of:
(Purchases) of U.S. Treasury securities		(8,596,723	)		13,523,255
Sales of U.S. Treasury securities		12,656,776			(16,729,100	)
(Purchases) of Private Investment Companies		(22,654,399	)		(17,440,372	)
Sales of Private Investment Companies		26,557,496			23,949,869
Reduction of collateral in Swap contracts		-			3,100,000
U.S. Treasury interest and premium paid/amortized		28,153			158,988
Increase and/or decrease in:
Receivable from futures commission merchants		8,286,649			10,869,332
Interest receivable		84,753			(62,590	)
Receivable from related parties		-			58,146
Other assets		(6,153	)		-
Incentive fees payable to Managing Owner		67,948			(53,036	)
Management fees payable to Managing Owner, net of change in receivable		(69,217	)		(15,342	)
Interest payable to Managing Owner		(9,222	)		(4,502	)
Trading fees payable to Managing Owner		(146,967	)		(225,266	)
Service fees payable to Managing Owner		77,363			89,964
Due from Managing Owner		-			31,887
Risk analysis fees payable		(17,568	)		(4,132	)
Subscriptions in advance for service fee rebates		66,682			-
Other liabilities		16,659			(9,653	)
Net cash provided by operating activities		13,562,853			14,084,952
Cash Flows from Financing Activities:
Payment for redemption of capital		(15,401,634	)		(15,595,187	)
Redemptions payable		425,517			173,229
Net cash used in financing activities		(14,976,117	)		(15,421,958	)
Net increase (decrease) in cash and cash equivalents		(1,413,264	)		(1,337,006	)
Cash and cash equivalents, beginning of period		1,729,879			2,695,377
Cash and cash equivalents, end of period	$	316,615		$	1,358,371

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

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Frontier Funds

Notes to Consolidated Financial Statements (Unaudited)

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

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

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

The Trust, with respect to each Series:

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

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

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

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

● maintains each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of 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.

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As of June 30, 2019, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes – Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes— Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes— Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and 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”) 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 Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

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

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series, if consolidated by a Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. 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 statements of financial condition. The income or loss attributable thereto in proportion to of the investment level of the private investment companies is shown in the statements of operations as net unrealized gain/(loss) on private investment companies. The Trading Companies and Series of the Trust are consolidated by the Trust. All intercompany transactions have been eliminated in consolidation.

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

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

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

Interest Income—U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasuries and assets held at a futures commission merchant (“FCM”), of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the 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 statement of operations.

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

Receivable from Futures Commission Merchants—The Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2018 and June 30, 2019 included restricted cash for margin requirements of $1,717,065 and $2,609,013 for the Frontier Trading Company I LLC, and $4,621,100 and $0 for Frontier Trading Company II LLC, respectively.

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

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

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

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

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

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

Investments and Swaps—The Trust records investment transactions on a trade date basis and all investments are recorded at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. 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.

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Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the quarter ended June 30, 2019. The 2015 through 2018 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 Consolidated Statement of Operations. The Series are all charged management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the 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 Commodity Trading Advisors 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 Consolidated Statements of Operations.

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of 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.

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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 2017 and 2018, 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 2019 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 $497,326 and $564,008 as of December 31, 2018 and June 30, 2019, 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.

Recently Issued Accounting Pronouncements—In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management is currently evaluating the impacts ASU 2018-13 will have on the consolidated financial statements. Refer to Note 11.

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.

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3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between 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, in addition to reports from the administrator. 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.

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 table below.

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The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, by Series in aggregate, measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

June 30, 2019	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	103,838	$	(61,691	)	$	-	$	42,147
Swap Contracts		-		-			20,044,944		20,044,944
U.S. Treasury Securities		1,619,710		-			-		1,619,710

December 31, 2018	Level 1 Inputs			Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	(400,796	)	$	2,607	$	-	$	(398,189	)
Swap Contracts		-			-		20,149,868		20,149,868
U.S. Treasury Securities		5,684,327			-		-		5,684,327

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

	For the Six Months ended June 30, 2019
Balance of recurring Level 3 assets as of January 1, 2018		20,149,868
Total gains or losses (realized/unrealized):
Included in earnings-realized		-
Included in earnings-unrealized		(104,923	)
Proceeds from collateral reduction
Purchase of investments		-
Sale of investments		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of June 30, 2019		20,044,945

	For the Year ended December 31, 2018
Balance of recurring Level 3 assets as of January 1, 2018		21,208,838
Total gains or losses (realized/unrealized):
Included in earnings-realized		-
Included in earnings-unrealized		2,041,028
Proceeds from collateral reduction		(3,099,998	)
Purchase of investments		-
Sale of investments		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2018		20,149,868

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The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the six months ended June 30, 2019, the Trust did not transfer any assets between Levels 1, 2 and 3.

The total change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to level 3 investments still held at June 30, 2019:

Swaps $ (104,924 )

The total change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to level 3 investments still held at December 31, 2018:

Swaps $ 2,041,028

4. Swaps 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 June 30, 2019 and December 31, 2018, approximately 2.06% or $1,177,400 and 1.46% or $1,180,900 respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as Swap Contracts, at fair value on the Consolidated Statements of Financial Condition of the Trust. This cash held with the counterparty is not restricted.

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

The Trust had invested in the following swap contracts as of and for the six months ended June 30, 2019:  

	XXXIV Balanced select swap			XXXV Diversified select swap			XXXVII L/S select swap			Brevan Howard
	Total Return Swap			Total Return Swap			Total Return Swap			Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG
Notional Amount	$	7,420,403		$	1,761,834		$	653,610		$	2,072,056
Termination Date		7/31/2023			7/31/2023			7/31/2023			3/27/2023
Cash Collateral	$	86,000		$	86,000		$	29,950		$	975,450
Swap Value	$	10,605,012		$	5,747,765		$	431,716		$	1,929,799
Investee Returns	Total Returns			Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	0		$	0		$	0		$	0
Change in Unrealized Gain/(Loss)	$	(103,896	)	$	(39,056	)	$	(43,201	)	$	81,229
Fair Value as of June 30, 2019	$	10,691,012		$	5,833,765		$	461,666		$	2,905,249
Advance on swap appreciation	$	(6,176,555	)	$	(4,000,000	)	$	(115,000	)	$	(1,900,000	)

The Trust had invested in the following swap contracts as of and for the year ended December 31, 2018:

	XXXIV Balanced select swap			XXXV Diversified select swap			XXXVII L/S select swap			Brevan Howard
	Total Return Swap			Total Return Swap			Total Return Swap			Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG
Notional Amount	$	7,420,403		$	1,761,834		$	653,610		$	2,072,056
Termination Date		7/31/2023			7/31/2023			7/31/2023			3/27/2023
Cash Collateral	$	86,000		$	86,000		$	29,950		$	978,950
Swap Value	$	10,708,908		$	5,834,414		$	449,152		$	1,976,494
Investee Returns		Total Returns			Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	0		$	0		$	0		$	0
Change in Unrealized Gain/(Loss)	$	1,453,948		$	643,941		$	82,063		$	(138,924	)
Fair Value as of December 31, 2018	$	10,794,908		$	5,920,414		$	479,102		$	2,955,444
Advance on swap appreciation	$	(6,176,555	)	$	(4,000,000	)	$	(115,000	)	$	(1,900,000	)

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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 structure is made up of feeder funds in which the Trust invests and master trading entities into which the feeder funds invest. No investment held by a Galaxy Plus 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, 2019 and 2018:

	Three Months Ended June 30, 2019
	Trading  Commissions			Realized Gain/(Loss)			Change in Unrealized  Gain/(Loss)			Net Income (Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(158,814	)		2,086,802			(875,257	)		1,052,731
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(13,321	)		14,745			(20,773	)		(19,349	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(236,151	)		(7,141,659	)		5,727,526			(1,650,284	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(21,036	)		878,281			(312,243	)		545,002
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			629,968			629,968
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(36,503	)		(513,014	)		282,753			(266,764	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			(106,211	)		(106,211	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(5,508	)		106,886			(16,733	)		84,645
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			(48,550	)		(48,550	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(35,417	)		596,596			(170,169	)		391,010
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(96,343	)		2,623,329			(986,444	)		1,540,542
Total	$	(603,093	)	$	(1,348,034	)	$	4,103,867		$	2,152,740

	Three Months Ended June 30, 2018
	Trading  Commissions			Realized Gain/(Loss)			Change in Unrealized  Gain/(Loss)			Net Income (Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(18,210	)	$	(211,229	)	$	96,828		$	(132,611	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(24,246	)		204,335			(60,057	)		120,032
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(279,001	)		(910,595	)		1,645,342			455,746
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(24,197	)		472,234			(87,469	)		360,568
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(804	)		(62	)		(201,421	)		(202,287	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(57,884	)		424,725			601,499			968,340
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(32,845	)		(213,339	)		26,389			(219,795	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(15,080	)		(107,644	)		50,578			(72,146	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			(49,181	)		(49,181	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(20,302	)		50,363			72,752			102,813
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(240,251	)		(74,466	)		(104,759	)		(419,476	)
Total	$	(712,820	)	$	(365,678	)	$	1,990,501		$	912,003

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	Six Months Ended June 30, 2019
	Trading  Commissions			Realized Gain/(Loss)			Change in Unrealized  Gain/(Loss)			Net Income  (Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(269,187	)		2,700,121			577,393			3,008,327
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(31,968	)		74,118			(127,801	)		(85,651	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(401,934	)		(2,471,708	)		273,362			(2,600,280	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(39,734	)		2,103,831			(131,961	)		1,932,139
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			574,339			574,339
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(85,197	)		(1,510,044	)		299,093			(1,296,148	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(38,565	)		34,869			(128,735	)		(132,431	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(14,734	)		91,152			40,981			117,399
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			(80,033	)		(80,033	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(83,364	)		474,500			(156,448	)		234,688
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(205,190	)		2,300,30			(700,123	)		1,394,717
Total	$	(1,169,873	)	$	3,796,872		$	440,067		$	3,067,066

	Six Months Ended June 30, 2018
	Trading  Commissions			Realized Gain/(Loss)			Change in Unrealized  Gain/(Loss)			Net Income  (Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(68,124	)	$	(282,837	)	$	9,237		$	(341,724	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			(76,396	)		68,413			(7,983	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(51,029	)		(229,609	)		2,223			(278,415	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(521,358	)		929,287			(178,780	)		229,149
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(53,977	)		(151,779	)		19,215			(186,541	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(804	)		(62	)		(54,811	)		(55,677	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(115,169	)		(944,354	)		62,600			(996,923	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(99,908	)		(98,637	)		17,730			(180,815	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(29,450	)		(83,146	)		6,332			(106,264	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			(76,792	)		(76,792	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(95,405	)		(147,216	)		(333,152	)		(575,773	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(543,620	)		(4,460,709	)		195,593			(4,808,736
Total	$	(1,578,844	)	$	(5,545,458	)	$	(262,192	)	$	(7,386,494	)

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

	Redemptions Notice Period	Redemptions Permitted	Liquidity Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund  (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None

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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 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. As of the date of this report, for a Series that has invested in a swap, the Managing Owner or Trading Advisor(s) do not receive any management fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. As of June 30, 2019 and December 31, 2018, the range of management fees embedded based on fair value of swaps in (i) swaps owned by Frontier Diversified Fund was 1.00% per annum, (ii) swaps owned by Frontier Balanced Fund was 1.00% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 1.50% per annum, and (iv) swaps owned by Frontier Heritage Fund was 1.00% per annum, and the Managing Owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee was accrued on the relevant notional amount of the swap.

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.

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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 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. As of the date of this report, for a Series that has invested in a swap, the Managing Owner or Trading Advisor(s) do not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. As of June 30, 2019, the range of incentive fees as a percentage of net new trading profits on swaps embedded in (i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap.

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, 2019, the Trust had a payable to the Managing Owner in the amounts of $0, $8,828, $1,630, $173,515, $9,994 and $75,274 for incentive fees, management fees, interest, service fees, risk analysis fees, and trading fees, respectively.

As of December 31, 2018, the Trust had a payable to the Managing Owner in the amounts of $10,897, $78,045, $10,852, $222,241, and $96,152 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended June 30, 2019 the Trust paid the Managing Owner $0, $17,989, $(3,820), $257,901 and $581,958 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the six months ended June 30, 2019 the Trust paid the Managing Owner $0, $69,666, $2,872, $549,256 and $1,165,209 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the three months ended June 30, 2018 the Trust paid the Managing Owner $0, $230,232, $411,318 and $761,690 for incentive fees, management fees, service fees, and trading fees, respectively.

For the six months ended June 30, 2018 the Trust paid the Managing Owner $148,409, $461,121, $877,096 and $1,632,215 for incentive fees, management fees, service fees, and trading fees, respectively.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the three months ended June 30, 2019 and 2018, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $0 and $0, respectively.

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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, Class 3a only), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a, Class 3a only) 100% of the interest is retained by the respective Series. During the three months ended June 30, 2019 and 2018, the Trust paid $8,299 and $55,400, respectively, of such interest income to the Managing Owner. Such amounts are not included in the Consolidated Statement of Operations of the Trust. All other interest income is recorded by the Trust on the Consolidated Statement of Operations.

7. Financial Highlights

The following information presents the financial highlights of the Trust for the three and six months ended June 30, 2019 and 2018. This data has been derived from the information presented in the consolidated financial statements.

Three months ended June 30

	2019			2018
Ratios to average net assets (1)
Net investment income/(loss) (1)		-5.41	%		-5.90	%
Expenses before incentive fees (3) (4)		5.52	%		6.14	%
Expenses after incentive fees (3) (4)		5.52	%		6.14	%
Total return before incentive fees (2)		2.74	%		0.49	%
Total return after incentive fees (2)		2.74	%		0.49	%

Six months ended June 30

	2019			2018
Ratios to average net assets (1)
Net investment income/(loss) (1)		-5.57	%		-6.03	%
Expenses before incentive fees (3) (4)		-5.77	%		6.12	%
Expenses after incentive fees (3) (4)		-5.77	%		6.27	%
Total return before incentive fees (2)		1.04	%		-9.74	%
Total return after incentive fees (2)		1.04	%		-9.89	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

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

(4) Does not include management and incentive fees at Galaxy Plus.

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

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, 2019 and December 31, 2018 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts. As further described in Note 6 above, there are management fees embedded in these swaps ranging from 1% to 1.5% accrued on the relevant notional amount of the swap and incentive fees embedded in these swaps ranging from 15% to 25% accrued based on the net new trading profits of the swaps.

For the three months ended June 30, 2019 and June 30, 2018, the monthly average of forwards, options and futures contracts bought was approximately 230 and 707, respectively and sold was approximately 277 and 613, respectively.

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The following tables summarize the trading revenues for the three and six months ended June 30, 2019 and 2018 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2019

Type of contract
Agriculturals	$	64,042
Currencies		(190,296	)
Energies		(7,996	)
Interest rates		312,541
Metals		5,826
Stock indices		(5,618	)
Realized trading income/(loss)(1)	$	178,497

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2018

Type of contract
Metals	$	110,822
Currencies		(735,456	)
Energies		1,237,113
Agriculturals		154,718
Interest rates		132,403
Stock indices		(183,740	)
Realized trading income/(loss)(1)	$	715,860

Realized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2019

Type of contract
Agriculturals	$	4,479
Currencies		(690,957	)
Energies		(592,892	)
Interest rates		865,211
Metals		(611,514	)
Stock indices		(73,178	)
Realized trading income/(loss)(1)	$	(1,098,852	)

Realized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2018

Type of contract
Metals	$	286,692
Currencies		(1,063,187	)
Energies		972,529
Agriculturals		(9,340	)
Interest rates		(46,591	)
Stock indices		(178,994	)
Realized trading income/(loss)(1)	$	(38,891	)

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

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

for the Three Months Ended June 30, 2019

Type of contract
Agriculturals	$	(17,348	)
Currencies		83,394
Energies		589
Interest rates		(99,664	)
Metals		4,519
Stock indices		9,106
Change in unrealized trading income/(loss)(1)	$	(19,404	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended June 30, 2018

Type of contract
Metals	$	206,966
Currencies		(9,676	)
Energies		(90,184	)
Agriculturals		(21,184	)
Interest rates		72,443
Stock indices		91,312
Change in unrealized trading income/(loss)(1)	$	(249,677	)

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

for the Six Months Ended June 30, 2019

Type of contract
Agriculturals	$	(96,927	)
Currencies		170,634
Energies		221,638
Interest rates		(334,017	)
Metals		488,974
Stock indices		55,845
Change in unrealized trading income/(loss)(1)	$	506,148

Unrealized Trading Revenue from Futures, Forwards and Options

for the Six Months Ended June 30, 2018

Type of contract
Metals	$	(382,688	)
Currencies		(278,092	)
Energies		(61,956	)
Agriculturals		21,007
Interest rates		384,926
Stock indices		(197,437	)
Change in unrealized trading income/(loss)(1)	$	(514,240	)

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

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The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the consolidated statements of financial condition as of June 30, 2019 and December 31, 2018:

As of June 30, 2019

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	242,957	$	(201,096	)	$	41,861
Swap Contracts		20,044,944		-			20,044,944

As of December 31, 2018

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	3,244,057	$	(3,642,246	)	$	(398,189	)
Swap Contracts		20,149,868		-			20,149,868

9. Trading Activities and Related Risks

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

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the statements of financial condition, may result in future obligation or loss in excess of the amount paid by the Series for a particular investment. Each Trading Company 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.

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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 with the custodians of the Trust. 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 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 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 financial statements.

From July 1, 2019 through August 14, 2019, the Trust paid $1,660,812 in redemptions.

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Item 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 2018 Annual Report on Form 10-K for the year ended December 31, 2018.

Overview

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

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

All management fees, incentive fees, service fees, risk analysis fee (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 Statement of Operations. The Series are all charged management and incentive fees on the assets allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. As of the date of this report, for a Series that has invested in a swap, the Managing Owner or Trading Advisor(s) do not receive any management fees or incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap. 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 Statements of Operations. Embedded in the swap fair value is management and incentive fees being paid to Trading Advisors. As of June 30, 2019, the management fees and range of incentive fees by Trading Company were as follows:

Trading Company	Management Fee			Incentive Fee
Frontier Trading Company XXXIV LLC		1	%		20-25	%
Frontier Trading Company XXXV LLC		1	%		20-25	%
Frontier Trading Company XXXVII LLC		1.5	%		25	%
Frontier Trading Company XXXIX LLC		1	%		15	%

For further discussion of fees paid by the Trust, see Item 1-Notes 2 and 6 “Significant Accounting Policies” and “Transactions with Affiliates”, respectively, in the Notes to Financial Statements (unaudited)

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Critical Accounting Policies and Estimates

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

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

Investment Transactions and Valuation

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

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

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

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

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.

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

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

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

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As of June 30, 2019, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:

Allocation as of June 30, 2019 (expressed as a percentage of aggregate notional exposure to commodity trading programs)

Advisor	Frontier Diversified Fund			Frontier Long/Short Commodity Fund			Frontier Masters Fund			Frontier Balanced Fund			Frontier Select Fund			Frontier Global Fund			Frontier Heritage Fund
Aspect Capital Limited		18	%		—			47	%		16	%		—			100	%		46	%
BH-DG Systematic Trading LLP		—			—			—			—			23	%		—			21	%
Crabel Capital Partners, LLPC		6	%		—			—			5	%		—			—			—
Doherty		6	%								5	%
Emil Van Essen, LLC		9	%		17	%		20	%		7	%		—			—			—
Fort, L.P.		17	%		—			—			13	%		—			—			—
H2O Asset Management		13	%		—			—			20	%		—			—			—
J E Moody & Company		—			17	%		—			—			—			—			—
Landmark		2	%		10	%					2	%
Quantitative Investment Management, LLC		13	%		—			—			12	%		—			—			—
Quest Partners LLC		4	%		—			—			2	%		—			—			—
Red Oak Commodity Advisors, Inc.		—			2	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			37	%		—			—			—			—			—
Transtrend B.V.		—			—			10	%		—			24	%		—			—
Welton Investment Partners LLC		14	%		17	%		23	%		13	%		54	%		—			33	%
Wimmer Horizon		—			—			—			5	%		—			—			—

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, 2019, cash deposited at the clearing brokers was $4,146,414 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. As of June 30, 2019, with the Federal Funds target rate at 2.25% to 2.50 %, this amount is estimated to be 2.25%. 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 assets held at clearing brokers, of up to 2.00% (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 the 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. 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.

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Approximately 10% to 30% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations there under. Approximately 2% to 6% of the Trust’s assets are expected to be deposited with over-the-counter counterparties in order to initiate and maintain forward and swap contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining approximately 64% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of June 30, 2019, total cash and cash equivalents held at banking institutions were $37,348 for the Frontier Diversified Fund, $75,541 for the Frontier Masters Fund, $26,414 for the Frontier Long/Short Commodity Fund, $12,895 for the Frontier Balanced Fund, $76,187 for the Frontier Select Fund, $38,052 for the Frontier Global Fund, and $50,178 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 three months ended June 30, 2019, the Trust was able to pay all redemptions.

Off-Balance Sheet Risk

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

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

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

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

Series Returns and Other Information

The returns for each Series and Class of Units for the three months ended June 30, 2019 and 2018, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during the three months ended June 30, 2019 and 2018. The performance of each Series was impacted over the course of the periods by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For certain of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the periods presented.

As of the date of this report, for a Series that has invested in a swap, a trading advisor does not receive any management fees directly from the Series for such swap, and instead the relevant trading advisor receives compensation via the fees embedded in the swap. As of June 30, 2019, the effective management fee embedded in (i) swaps owned by Frontier Diversified Fund was 0.80% per annum, (ii) swaps owned by Frontier Balanced Fund was 0.62% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 1.92% per annum, (iv) swaps owned by Frontier Heritage Fund was 2.18% per annum, and (v) swaps owned by Frontier Select Fund was 2.04% per annum and the managing owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap. 

Three months ended June 30, 2019 Compared to Three Months Ended June 30, 2018.

Frontier Diversified Fund

The Frontier Diversified Fund— Class 1 NAV gained 1.59% and gained 1.66%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV gained 2.02% and gained 2.10%, respectively for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV gained 2.10%  and gained 2.16%, respectively for the three months ended June 30, 2019 and 2018.

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For the three months ended June 30, 2019, the Frontier Diversified Fund recorded net loss on investments of $136,258, net investment gain of $417,973, and total expenses of $137,392 resulting in a net increase in Owners’ capital from operations of $281,715. For the three months ended June 30, 2018, the Frontier Diversified Fund recorded net loss on investments of $161,110, net investment gain of $537,649, and total expenses of $171,531 resulting in a net increase in Owners’ capital from operations of $376,539.

Please see additional discussion under “Six Months Ended June 30, 2019 Compared to Six Months Ended June 30, 2018 –Frontier Diversified Fund.”

Frontier Masters Fund

The Frontier Masters Fund—Class 1 NAV lost 0.98% and gained 1.05% for the three months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Masters Fund —Class 2 NAV lost 0.56% and gained 1.49% for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 0.52% and gained 1.56% for the three months ended June 30, 2019 and 2018, net of fees and expenses.

For the three months ended June 30, 2019, the Frontier Masters Fund recorded net loss on investments of $61,592, net investment gain of $75,795, and total expenses of $63,058, resulting in a net increase in Owners’ capital from operations of $14,203. For the three months ended June 30, 2018, the Frontier Masters Fund recorded net gain on investments of $202,533, net investment loss of $139,474, and total expenses of $147,789, resulting in a net increase in Owners’ capital from operations of $63,059.

Please see additional discussion under “Six Months Ended June 30, 2019 Compared to Six Months Ended June 30, 2018— Frontier Masters Fund.”

Frontier Long/Short Commodity Fund

The Frontier Long/Short Commodity Fund—Class 2 NAV gained 5.18% and lost 5.27%, respectively, for the three months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV gained 5.18% and lost 5.27% respectively for the three months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV gained 5.42% and lost 9.09% respectively, for the three months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 2a NAV gained 5.56% and lost 8.69% respectively, for the three months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV gained 5.63% and lost 8.63%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses.

For the three months ended June 30, 2019, the Frontier Long/Short Commodity Fund recorded net loss on investments of $14,080, net investment gain of $123,196, and total expenses of $14,517, resulting in a net increase in Owners’ capital from operations of $109,116. For the three months ended June 30, 2018, the Frontier Long/Short Commodity Fund recorded net loss on investments of $204,528, net investment loss of $18,502, and total expenses of $21,926, resulting in a net decrease in Owners’ capital from operations of $223,030. 

Please see additional discussion under “Six Months Ended June 30, 2019 Compared to Six Months Ended June 30, 2018 – Frontier Long/Short Commodity Fund.”

Frontier Balanced Fund

The Frontier Balanced Fund—Class 1 NAV gained 1.28% and gained 0.22%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV gained 2.03% and gained 0.98%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV gained 2.09% and gained 1.02%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV gained 2.04% and gained 1.02%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV gained 2.03% and gained 0.97% for the three months ended June 30, 2019 and 2018, net of fees and expenses.

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For the three months ended June 30, 2019, the Frontier Balanced Fund recorded net loss on investments of $395,382, net investment gain of $791,404, and total expenses of $408,884, resulting in a net increase in Owners’ capital from operations of $396,022. For the three months ended June 30, 2018, the Frontier Balanced Fund recorded net gain on investments of $739,375 net investment loss of $598,409, and total expenses of $606,837, resulting in a net increase in Owners’ capital from operations of $140,996. 

Please see additional discussion under “Six Months Ended June 30, 2019 Compared to Six Months Ended June 30, 2018 – Frontier Balanced Fund.”

Frontier Select Fund

The Frontier Select Fund—Class 1 NAV gained 7.45% and lost 2.25%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Select Fund —Class 2 NAV gained 8.31% and lost 1.52% respectively for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Select Fund —Class 1AP NAV gained 7.34% and lost 1.51%, respectively, for the three months ended June 30, 2019 and 2018.

For the three months ended June 30, 2019, the Frontier Select Fund recorded net loss on investments of $49,037, net investment gain of $316,822 and total expenses of $49,037, resulting in a net increase in Owners’ capital from operations of $267,785. For the three months ended June 30, 2018, the Frontier Select Fund recorded net loss on investments of $68,312, net investment loss of $61,382 and total expenses of $61,382, resulting in a net decrease in Owners’ capital from operations of $129,694.

Please see additional discussion under “Six Months Ended June 30, 2019 Compared to Six Months Ended June 30, 2018 – Frontier Select Fund.”

Frontier Global Fund (formerly, Frontier Winton Fund)

The Frontier Global Fund—Class 1 NAV gained 5.36% and gained 2.81%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Global Fund —Class 2 NAV gained 6.14% and gained 3.36%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Global Fund —Class 1AP NAV gained 6.15% and gained 3.45%, respectively, for the three months ended June 30, 2019 and 2018.

For the three months ended June 30, 2019, the Frontier Global Fund recorded net loss on investments of $134,908, net investment gain of $468,112, and total expenses of $134,908, resulting in a net increase in Owners’ capital from operations of $333,204. For the three months ended June 30, 2018, the Frontier Global Fund recorded net gain on investments of $621,227, net investment loss of $293,292, and total expenses of $293,292, resulting in a net increase in Owners’ capital from operations of $327,935.

Please see additional discussion under “Six Months Ended June 30, 2019 Compared to Six Months Ended June 30, 2018 – Frontier Global Fund.”

Frontier Heritage Fund

The Frontier Heritage Fund—Class 1 NAV gained 9.95% and lost 1.74%, respectively, for the three months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Heritage Fund —Class 2 NAV gained 10.75% and lost 1.01%, respectively for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Heritage Fund —Class 1AP NAV gained 12.36% and lost 1.01%, respectively, for the three months ended June 30, 2019 and 2018.

For the three months ended June 30, 2019, the Frontier Heritage Fund recorded net loss on investments of $51,466, net investment gain of $435,107, and total expenses of $51,466, resulting in a net decrease in Owners’ capital from operations of $319,922, after non-controlling interests of $63,719. For the three months ended June 30, 2018, the Frontier Heritage Fund recorded net loss on investments of $26,200, net investment loss of $102,050, and total expenses of $102,050, resulting in a net decrease in Owners’ capital from operations of $86,681, after non-controlling interests of $41,569.

Please see additional discussion under “Six Months Ended June 30, 2019 Compared to Six Months Ended June 30, 2018 – Frontier Heritage Fund.”

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Six months ended June 30, 2019 Compared to Six Months Ended June 30, 2018.

Frontier Diversified Fund

2019

The Frontier Diversified Fund— Class 1 NAV gained 0.19% and lost 6.97%, respectively, for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV gained 1.05% and lost 6.15%, respectively for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV gained 1.19% and lost 6.04%, respectively for the six months ended June 30, 2019 and 2018.

For the six months ended June 30, 2019, the Frontier Diversified Fund recorded net loss on investments of $276,391, net investment gain of $354,161, and total expenses of $282,393 resulting in a net increase in Owners’ capital from operations of $77,770. The NAV per Unit, Class 1, increased from $102.25 at December 31, 2018 to $102.44 as of June 30, 2019. The NAV per Unit, Class 2, increased from $120.84 at December 31, 2018 to $122.11 as of June 30, 2019. The NAV per Unit, Class 3 increased from $112.62 at December 31, 2018 to $113.96 as of June 30, 2019. Total Class 1 subscriptions and redemptions for the period were $0 and $37,232, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $1,800,104, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $1,121,206, respectively. Ending capital at June 30, 2019 was $1,492,841 for Class 1, $5,885,291 for Class 2 and $5,897,606 for Class 3. Ending capital at December 31, 2018 was $1,703,556 for Class 1, $7,672,754 for Class 2 and $6,780,200 for Class 3.

The Frontier Diversified Fund invests in one or more swaps.  To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors.  Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.

The aggregate fees embedded in a swap are provided for in the index description for the relevant swap.  In addition to the management fee and incentive fee for the commodity trading advisor(s) (the “CTA Fees”), each index provides for the deduction of a management fee to the counterparty for the swap.  The counterparty management fee is determined based on the management fee spread set forth in the index description, while the CTA Fees are based on a percentage of the assets managed by each trading advisor and new trading profits, respectively, and are set forth in the reports delivered to the Series by the counterparty.  In addition to the counterparty management fee and the CTA Fees, the underlying transactions executed by the commodity trading advisors may be subject to the deduction of certain prime brokerage, exchange and other related fees and charges, each of which are reflected in the transaction values, and consequently the value of the index.

The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.00% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps range from 20% to 25% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management fees and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled.  The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fees that would otherwise be charged to a Series by the Managing Owner.

As of June 30, 2019, the management fee embedded in swaps owned by Frontier Diversified Fund was 1.00% per annum, and the managing owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.

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Based on an analysis of the management fees charged to Frontier Diversified Fund, the effective management fee rate of Frontier Diversified Fund was higher than the management fee rate otherwise payable to the Managing Owner.  The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid.  For the quarter ended June 30, 2019, the effective management fee rate of Frontier Diversified Fund was 0.80%, compared to a management fee payable to the Managing Owner of 0.75%. For the quarter ended June 30, 2019, the management and incentive fees embedded in gains (losses) from trading companies owned by Frontier Diversified Fund was $16,804.

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

One sector which traded in the Frontier Diversified Fund was profitable in Q2 2019 and one was profitable YTD. Interest Rates were profitable for Q2 2019 while Metals, Currencies, Energies, Agriculturals and Stock Indices finished negative for the quarter. Interest Rates were profitable YTD while Metals, Currencies, Energies, Agriculturals and Stock Indices finished negative YTD.

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In terms of major CTA performance Aspect, H20, Quest, Welton and Fort finished positive for the quarter. Crabel, Emil Van Essen and QIM were negative for the quarter.

Aspect, H20, Quest, Welton and Fort finished positive YTD. Crabel, Emil Van Essen, QIM, Quantmetrics and Winton were negative YTD.

2018

The Frontier Diversified Fund— Class 1 NAV lost 6.97% and lost 4.04%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV lost 6.15% and lost 3.25%, respectively for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 6.04% and lost 3.12%, respectively for the six months ended June 30, 2018 and 2017.

For the six months ended June 30, 2018, the Frontier Diversified Fund recorded net loss on investments of $977,245 net investment loss of $348,202, and total expenses of $366,240 resulting in a net decrease in Owners’ capital from operations of $1,325,447. The NAV per Unit, Class 1, decreased from $116.41 at December 31, 2017 to $108.30 as of June 30, 2018. The NAV per Unit, Class 2, decreased from $135.19 at December 31, 2017 to $126.87 as of June 30, 2018. The NAV per Unit, Class 3 decreased from $125.68 at December 31, 2017 to $118.09 as of June 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $213,456, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $776,442, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $842,320, respectively. Ending capital at June 30, 2018 was $1,951,083 for Class 1, $8,276,500 for Class 2 and $8,081,439 for Class 3. Ending capital at December 31, 2017 was $2,332,222 for Class 1, $9,632,746 for Class 2 and $9,501,719 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.

94

Three sectors traded in the Frontier Diversified Fund were profitable in Q2 2018 and three were profitable YTD. Currencies, Energies and Interest Rates were profitable for Q2 2018 while Metals, Agriculturals and Stock Indices finished negative for the quarter. Currencies, Energies and Interest Rates were profitable YTD while Metals, Agriculturals and Stock Indices finished negative YTD.

In terms of major CTA performance, Crabel, Emil Van Essen, Fort, Quantitative Investment Management and Winton finished positive for the quarter. Aspect, H20, Quantmetrics, Quest Partners and Welton were negative for the quarter.

Crabel, Emil Van Essen and H2O were positive YTD while Aspect, Fort, Quantitative Investment Management, Quantmetrics, Welton and Winton were negative YTD.

Frontier Masters Fund

2019

The Frontier Masters Fund—Class 1 NAV lost 4.14% and lost 13.43% for the six months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Masters Fund —Class 2 NAV lost 3.32% and lost 12.67% for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 3.22% and lost 12.56% for the six months ended June 30, 2019 and 2018, net of fees and expenses.

For the six months ended June 30, 2019, the Frontier Masters Fund recorded net loss on investments of $141,299, net investment loss of $23,069, and total expenses of $143,455, resulting in a net decrease in Owners’ capital from operations of $164,368.

The NAV per Unit, Class 1, decreased from $91.10 at December 31, 2018 to $87.33 as of June 30, 2019. The NAV per Unit, Class 2, decreased from $107.68 at December 31, 2018 to $104.10 as of June 30, 2019. The NAV per Unit, Class 3, decreased from $100.77 at December 31, 2018 to $97.53 as of June 30, 2019. Total Class 1 subscriptions and redemptions for the period were $0 and $1,343,509, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $114,053, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $408,756, respectively. Ending capital at June 30, 2019 was $123,131 for Class 1, $1,130,931 for Class 2 and $2,287,385 for Class 3. Ending capital at December 31, 2018 was $1,484,478 for Class 1, $1,292,975 for Class 2 and $2,794,680 for Class 3.

95

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

Two of the six sectors which traded in the Frontier Masters Fund were profitable in Q2 2019 and two of the six were profitable YTD. Interest Rates and Energies were profitable for Q2 2019 while Agriculturals, Metals, Currencies, and Stock Indices finished negative for the quarter. Interest Rates and Energies were profitable YTD while Agriculturals, Metals, Currencies, and Stock Indices finished negative YTD.

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

96

2018

The Frontier Masters Fund—Class 1 NAV lost 13.43% and lost 9.23%, respectively, for the six months ended June 30, 2018 and 2017 net of fees and expenses; the Frontier Masters Fund —Class 2 NAV lost 12.67%, and lost 8.45%, respectively for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 12.56% and lost 8.33%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses.

For the six months ended June 30, 2018, the Frontier Masters Fund recorded net loss on investments of $1,260,314, net investment loss of $312,421, and total expenses of $329,155, resulting in a net decrease in Owners’ capital from operations of $1,572,735. The NAV per Unit, Class 1, decreased from $114.74 at December 31, 2017 to $99.33 as of June 30, 2018. The NAV per Unit, Class 2, decreased from $133.27 at December 31, 2017 to $116.38 as of June 30, 2018. The NAV per Unit, Class 3, decreased from $124.40 at December 31, 2017 to $108.77 as of June 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $323,341, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $1,417,097, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $1,335,657, respectively. Ending capital at June 30, 2018 was $2,205,345 for Class 1, $1,620,107 for Class 2 and $3,563,115 for Class 3. Ending capital at December 31, 2017 was $2,913,542 for Class 1, $3,538,600 for Class 2 and $5,504,998 for Class 3.

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

Two of the six sectors traded in the Frontier Masters Fund were profitable in Q2 2018 and one of the six was profitable YTD. Energies and Interest Rates were profitable for Q2 2018 while Metals, Currencies, Agriculturals and Stock Indices finished negative for the quarter. Energies were profitable YTD while Metals, Currencies, Agriculturals, Interest Rates and Stock Indices finished negative YTD.

In terms of major CTA performance, Emil Van Essen, Transtrend and Winton finished positive for the quarter. Welton was negative for the quarter

Emil Van Essen was positive YTD while Transtrend, Welton and Winton were negative YTD.

97

Frontier Long/Short Commodity Fund

2019

The Frontier Long/Short Commodity Fund—Class 2 NAV lost 0.30% and lost 8.02%, respectively, for the six months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV lost 0.31% and lost 8.02% respectively for the six months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV lost 6.94% and lost 12.99% respectively, for the six months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV lost 6.43% and lost 12.24% respectively, for the six months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 6.27% and lost 8.02%, respectively, for the six months ended June 30, 2019 and 2018, net of fees and expenses.

For the six months ended June 30, 2019, the Frontier Long/Short Commodity Fund recorded net loss on investments of $27,396, net investment loss of $28,889, and total expenses of $28,531, resulting in a net decrease in Owners’ capital from operations of $56,285.

The NAV per Unit, Class 2, decreased from $98.82 at December 31, 2018 to $98.52 as of June 30, 2019. The NAV per Unit, Class 3, decreased from $103.66 at December 31, 2018 to $103.34 as of June 30, 2019. The NAV per Unit, Class 1a, decreased from $56.80 at December 31, 2018 to $52.86 as of June 30, 2019. The NAV per Unit, Class 2a, decreased from $66.52 at December 31, 2018 to $62.24 as of June 30, 2019. The NAV per Unit, Class 3a, decreased from $69.83 at December 31, 2018 to $65.45 as of June 30, 2019. Total Class 2 redemptions for the period were $20,093. Total Class 3 redemptions for the period were $135,785. Total Class 1a redemptions were $2,315. Class 2a redemptions for the period were $58,416. Class 3a subscriptions and redemptions for the period were $0 and $54,845 respectively. Ending capital at June 30, 2019 was $62,659 for Class 2, $1,646,165 for Class 3, $16,174 for Class 1a, $110,846 for Class 2a and $281,624 for Class 3a. Ending capital at December 31, 2018 was $84,096 for Class 2, $1,791,417 for Class 3, $20,051 for Class 1a, $186,469 for Class 2a and $363,174 for Class 3a.

The Frontier Long/Short Commodity Fund invests in one or more swaps.  To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors.  Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.

The aggregate fees embedded in a swap are provided for in the index description for the relevant swap.  In addition to the management fee and incentive fee for the commodity trading advisor(s) (the “CTA Fees”), each index provides for the deduction of a management fee to the counterparty for the swap.  The counterparty management fee is determined based on the management fee spread set forth in the index description, while the CTA Fees are based on a percentage of the assets managed by each trading advisor and new trading profits, respectively, and are set forth in the reports delivered to the Series by the counterparty.  In addition to the counterparty management fee and the CTA Fees, the underlying transactions executed by the commodity trading advisors may be subject to the deduction of certain prime brokerage, exchange and other related fees and charges, each of which are reflected in the transaction values, and consequently the value of the index.

The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.50% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 25% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled.  The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fees that would otherwise be charged to a Series by the Managing Owner.

As of June 30, 2019, the management fee embedded in swaps owned by Frontier Long/Short Commodity Fund was 1.50% per annum, and the managing owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.

Based on an analysis of the management fees charged to Frontier Long/Short Commodity Fund, the effective management fee rate of Frontier Long/Short Commodity Fund was lower than the management fee rate otherwise payable to the Managing Owner.  The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid.  For the quarter ended June 30, 2019, the effective management fee rate of Frontier Long/Short Commodity Fund was 1.92%, compared to a management fee payable to the Managing Owner of 2.00%. For the quarter ended June 30, 2019, the management and incentive fees embedded in gains (losses) from trading companies owned by Frontier Long/Short Commodity Fund was $3,594.

98

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.

99

Six of the seven sectors traded in the Frontier Long/Short Commodity Fund were profitable in Q2 2019 and four of the seven were profitable YTD. Energies, Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished positive for the quarter. Precious Metals finished negative for the quarter. Energies, Grains, Meats and Financials were positive YTD. Base Metals, Precious Metals and Softs were negative YTD.

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

Red Oak and Welton were positive YTD while Emil Van Essen, JE Moody and Rosetta were negative YTD.

100

2018

The Frontier Long/Short Commodity Fund—Class 2 NAV lost 8.02% and lost 10.20%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV lost 8.02% and lost 6.68% respectively for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV lost 12.99% and lost 9.86% respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 2a NAV lost 12.24% and lost 9.73% respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 8.02% and lost 7.20%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses.

For the six months ended June 30, 2018, the Frontier Long/Short Commodity Fund recorded net loss on investments of $307,921, net investment loss of $39,817, and total expenses of $47,276, resulting in a net decrease in Owners’ capital from operations of $347,738.

The NAV per Unit, Class 2, decreased from $115.81 at December 31, 2017 to $106.52 as of June 30, 2018. The NAV per Unit, Class 3, decreased from $121.50 at December 31, 2017 to $111.75 as of June 30, 2018. The NAV per Unit, Class 1a, decreased from $81.35 at December 31, 2017 to $70.78 as of June 30, 2018. The NAV per Unit, Class 2a, decreased from $93.59 at December 31, 2017 to $82.13 as of June 30, 2018. The NAV per Unit, Class 3a, decreased from $97.99 at December 31, 2017 to $86.11 as of June 30, 2018. Total Class 2 redemptions for the period were $93,781. Total Class 3 redemptions for the period were $174,654. Total Class 1a redemptions were $69,082. Class 2a redemptions for the period were $90,372. Class 3a subscriptions and redemptions for the period were $0 and $174,654 respectively. Ending capital at June 30, 2018 was $152,086 for Class 2, $2,102,829 for Class 3, $35,941 for Class 1a, $307,608 for Class 2a and $697,725 for Class 3a. Ending capital at December 31, 2017 was $258,900 for Class 2, $2,472,994 for Class 3, $107,619 for Class 1a, $442,644 for Class 2a and $971,895 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.

101

One of the seven sectors traded in the Frontier Long/Short Commodity Fund was profitable in Q2 2018 and one of the seven was profitable YTD. Energies were profitable for Q2 2018 while Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished negative for the quarter. Energies were profitable YTD while Base Metals, Grains, Meats, Precious Metals Softs and financials finished negative YTD.

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

Emil Van Essen and Rosetta were positive YTD while JE Moody, Red Oak and Welton were negative YTD.

102

Frontier Balanced Fund

2019

The Frontier Balanced Fund—Class 1 NAV lost 1.08% and lost 7.91%, respectively, for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV gained 0.40 % and lost 6.50%, respectively, for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV gained 0.43% and lost 6.51%, respectively, for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV gained 0.42% and lost 6.51%, respectively, for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV gained 0.40% and lost 6.56% for the six months ended June 30, 2019 and 2018, net of fees and expenses.

For the six months ended June 30, 2019, the Frontier Balanced Fund recorded net loss on investments of $843,761 net investment gain of $520,645, and total expenses of $868,623, resulting in a net decrease in Owners’ capital from operations of $323,116.

The NAV per Unit, Class 1, decreased from $117.63 at December 31, 2018 to $116.36 as of June 30, 2019. The NAV per Unit, Class 1AP, increased from $134.16 at December 31, 2018 to $134.69 as of June 30, 2019. The NAV per Unit, Class 2, increased from $180.94 at December 31, 2018 to $181.66 as of June 30, 2019. The NAV per Unit, Class 2a, increased from $156.81 at December 31, 2018 to $157.49 as of June 30, 2019. The NAV per Unit, Class 3a, increased from $156.26 at December 31, 2018 to $156.91 as of June 30, 2019. Total Class 1 subscriptions and redemptions for the period were $0 and $5,764,427 respectively. Total Class 1AP redemptions for the period were $0. Total Class 2 subscriptions and redemptions for the period were $0 and $445,310, respectively. Total Class 2a subscriptions and redemptions for the period were $0 and $114,068, respectively. Total Class 3a redemptions for the period were $16,647. Ending capital at June 30, 2019 was $19,585,430 for Class 1, $356,533 for Class 1AP, $4,108,325 for Class 2, $225,838 for Class 2a, and $880,403 for Class 3a. Ending capital at December 31, 2018 was $25,703,922 for Class 1, $355,112 for Class 1AP, $4,528,375 for Class 2, $339,173 for Class 2a and $893,515 for Class 3a.

The Frontier Balanced Fund invests in one or more swaps.  To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors.  Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.

The aggregate fees embedded in a swap are provided for in the index description for the relevant swap.  In addition to the management fee and incentive fee for the commodity trading advisor(s) (the “CTA Fees”), each index provides for the deduction of a management fee to the counterparty for the swap.  The counterparty management fee is determined based on the management fee spread set forth in the index description, while the CTA Fees are based on a percentage of the assets managed by each trading advisor and new trading profits, respectively, and are set forth in the reports delivered to the Series by the counterparty.  In addition to the counterparty management fee and the CTA Fees, the underlying transactions executed by the commodity trading advisors may be subject to the deduction of certain prime brokerage, exchange and other related fees and charges, each of which are reflected in the transaction values, and consequently the value of the index.

The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.00% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps ranges from 20% to 25% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled.  The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fees that would otherwise be charged to a Series by the Managing Owner.

As of June 30, 2019, the management fee embedded in swaps owned by Frontier Balanced Fund was 1.00% per annum, and the managing owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap

Based on an analysis of the management fees charged to Frontier Balanced Fund, the effective management fee rate of Frontier Balanced Fund was higher than the management fee rate otherwise payable to the Managing Owner.  The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid.  For the quarter ended June 30, 2019, the effective management fee rate of Frontier Balanced Fund was 0.62%, compared to a management fee payable to the Managing Owner of 0.50%. For the quarter ended June 30, 2019, the management and incentive fees embedded in gains (losses) from trading companies owned by Frontier Balanced Fund was $40,357.

103

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

104

Two of the six sectors traded in the Frontier Balanced Fund were profitable in Q2 2019 and two of the six were profitable YTD. Energies and Interest Rates were profitable for Q2 2019 while Metals, Agriculturals, Currencies and Stock Indices finished negative for the quarter. Metals, Energies and Interest Rates were positive YTD while Agriculturals, Currencies and Stock Indices were negative YTD.

In terms of major CTA performance, Aspect Capital, Fort LP (GC), H2O AM, Welton and Wimmer Horizon finished positive for the quarter. Crabel, Emil Van Essen and Quantitative Investment Management were negative for the quarter.

Aspect Capital, Fort LP (GC), H2O AM, Welton and Wimmer Horizon were positive YTD while Crabel, Emil Van Essen, Quantmetrics, Winton and Quantitative Investment Management were negative YTD.

105

2018

The Frontier Balanced Fund—Class 1 NAV lost 7.91% and lost 3.68%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV lost 6.50% and lost 2.24%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV lost 6.51% and lost 1.94%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV lost 6.51% and 1.94%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV lost 6.56% and lost 2.25% for the six months ended June 30, 2018 and 2017, net of fees and expenses. 

For the six months ended June 30, 2018, the Frontier Balanced Fund recorded net loss on investments of $2,167,882 net investment loss of $1,396,357, and total expenses of $1,421,301, resulting in a net decrease in Owners’ capital from operations of $3,564,239. The NAV per Unit, Class 1, decreased from $135.96 at December 31, 2017 to $125.21 as of June 30, 2018. The NAV per Unit, Class 1AP, decreased from $150.56 at December 31, 2017 to $140.68 as of June 30, 2018. The NAV per Unit, Class 2, decreased from $202.90 at December 31, 2017 to $189.72 as of June 30, 2018. The NAV per Unit, Class 2a, decreased from $175.77 at December 31, 2017 to $164.33 as of June 30, 2018. The NAV per Unit, Class 3a, decreased from $175.18 at December 31, 2017 to $163.77 as of June 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $4,685,378 respectively. Total Class 1AP redemptions for the period were $4,344. Total Class 2 subscriptions and redemptions for the period were $0 and $800,571, respectively. Total Class 2a subscriptions and redemptions for the period were $0 and $75,968, respectively. Total Class 3a redemptions for the period were $262,250. Ending capital at June 30, 2018 was $31,143,397 for Class 1, $557,664 for Class 1AP, $5,726,766 for Class 2, $381,727 for Class 2a, and $1,029,875 for Class 3a. Ending capital at December 31, 2017 was $38,744,003 for Class 1, $601,247 for Class 1AP, $6,977,027 for Class 2, $529,931 for Class 2a and $1,379,971 for Class 3a.

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

106

Two of the six sectors traded in the Frontier Balanced Fund were profitable in Q2 2018 and three of the six were profitable YTD. Currencies and Energies were profitable for Q2 2018 while Currencies, Energies and Interest Rates were profitable YTD. Metals, Agriculturals Interest Rates and Stock Indices were negative for the quarter, while Agriculturals and Stock Indices finished negative YTD.

In terms of major CTA performance, Crabel, Emil Van Essen, Fort, Quantitative Investment Management and Winton finished positive for the quarter. Aspect, Beach Horizon, H20, Quantmetrics and Welton were negative for the quarter.

Crabel, Emil Van Essen and H20 were positive YTD while Aspect, Beach Horizon, Fort, Quantitative Investment Management, Quantmetrics, Welton and Winton were negative YTD.

107

Frontier Select Fund

2019

The Frontier Select Fund—Class 1 NAV gained 6.47% and lost 17.19%, respectively, for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Select Fund —Class 2 NAV gained 8.12% and lost 15.95% respectively for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV gained 7.10% and lost 15.95%, respectively, for the six months ended June 30, 2019 and 2018.

For the six months ended June 30, 2019, the Frontier Select Fund recorded net loss on investments of $97,174, net investment gain of $323,893 and total expenses of $97,174, resulting in a net increase in Owners’ capital from operations of $226,719.

The NAV per Unit, Class 1, increased from $71.41 at December 31, 2018 to $76.03 as of June 30, 2019. The NAV per Unit, Class 1AP, increased from $82.48 at December 31, 2018 to $88.34 as of June 30, 2019. The NAV per Unit, Class 2, increased from $108.18 at December 31, 2018 to $116.96 as of June 30, 2019. Total Class 1 subscriptions and redemptions for the period were $0 and $353,695 respectively. Total Class 1AP redemptions for the period were $0. Total Class 2 subscriptions and redemptions for the period were $0 and $44,191, respectively. Ending capital at June 30, 2019 was $3,566,250 for Class 1, $12,191 for Class 1AP and $107,254 for Class 2. Ending capital at December 31, 2018 was $3,709,130 for Class 1, $1,897 for Class 1AP and $145,835 for Class 2.

The Frontier Select Fund invests in one or more swaps.  To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors.  Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.

The aggregate fees embedded in a swap are provided for in the index description for the relevant swap.  In addition to the management fee and incentive fee for the commodity trading advisor(s) (the “CTA Fees”), each index provides for the deduction of a management fee to the counterparty for the swap.  The counterparty management fee is determined based on the management fee spread set forth in the index description, while the CTA Fees are based on a percentage of the assets managed by each trading advisor and new trading profits, respectively, and are set forth in the reports delivered to the Series by the counterparty.  In addition to the counterparty management fee and the CTA Fees, the underlying transactions executed by the commodity trading advisors may be subject to the deduction of certain prime brokerage, exchange and other related fees and charges, each of which are reflected in the transaction values, and consequently the value of the index.

The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.00% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 15% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled.  The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fee that would otherwise be charged to a Series by the Managing Owner.

As of June 30, 2019, the management fee embedded in swaps owned by Frontier Select Fund was 1.00% per annum, and the managing owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.

Based on an analysis of the management fees charged to Frontier Select Fund, the effective management fee rate of Frontier Select Fund was lower than the management fee rate otherwise payable to the Managing Owner.  The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid.  For the period ended June 30, 2019, the effective management fee rate of Frontier Select Fund was 2.04%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended June 30, 2019, the management and incentive fees embedded in gains (losses) from trading companies owned by Frontier Select Fund was $4,701.

108

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

Three of the six sectors traded in the Frontier Select Fund were profitable in Q2 2019 and two of the six were profitable YTD. Metals, Interest Rates and Stock Indices were positive while Currencies, Energies and Agriculturals were negative for the quarter. Agriculturals and Interest Rates were profitable YTD while Metals, Currencies, Stock Indices and Energies finished negative YTD.

In terms of major CTA performance, Brevan Howard, Transtrend and Welton finished positive for the quarter and no CTA’s finished negative for the quarter. Brevan Howard and Welton finished positive YTD while Transtrend finished negative YTD.

109

2018

The Frontier Select Fund—Class 1 NAV lost 17.19% and lost 16.23%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Select Fund —Class 2 NAV lost 15.95% and lost 15.00% respectively for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Select Fund —Class 1AP NAV lost 15.95% and 15.09%, respectively, for the six months ended June 30, 2018 and 2017. 

For the six months ended June 30, 2018, the Frontier Select Fund recorded net loss on investments of $963,157, net investment loss of $138,665, and total expenses of $138,665, resulting in a net decrease in Owners’ capital from operations of $1,101,822. The NAV per Unit, Class 1, decreased from $90.27 at December 31, 2017 to $74.75 as of June 30, 2018. The NAV per Unit, Class 1AP, decreased from $100.02 at December 31, 2017 to $84.05 as of June 30, 2018. The NAV per Unit, Class 2, decreased from $132.73 at December 31, 2017 to $111.56 as of June 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $651,487 respectively. Total Class 1AP redemptions for the period were $3,144. Total Class 2 subscriptions and redemptions for the period were $0 and $338,374, respectively. Ending capital at June 30, 2018 was $4,305,014 for Class 1, $17,614 for Class 1AP and $384,473 for Class 2. Ending capital at December 31, 2017 was $5,912,980 for Class 1, $23,354 for Class 1AP and $865,594 for Class 2.

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

Two of the six sectors traded in the Frontier Select Fund were profitable in Q2 2018 and two of the six were profitable YTD. Energies and Interest Rates were positive while Metals, Currencies, Agriculturals and Stock Indices were negative for the quarter. Energies and Interest Rates were profitable YTD while Metals, Currencies Agriculturals and Stock Indices finished negative YTD.

In terms of major CTA performance, Transtrend finished positive for the quarter and Brevan Howard finished negative. There was no positive CTA performance in the Frontier Select Fund YTD.

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Frontier Global Fund (formerly, Frontier Winton Fund)

2019

The Frontier Global Fund—Class 1 NAV gained 9.17% and lost 6.55%, respectively, for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Global Fund—Class 2 NAV gained 10.85% and lost 6.02%, respectively, for the three months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Global Fund—Class 1AP NAV gained 10.81% and lost 5.24%, respectively, for the six months ended June 30, 2019 and 2018.

For the six months ended June 30, 2019, the Frontier Global Fund recorded net loss on investments of $258,894, net investment gain of $832,737, and total expenses of $258,894, resulting in a net increase in Owners’ capital from operations of $573,843.

The NAV per Unit, Class 1, increased from $131.57 at December 31, 2018 to $143.64 as of June 30, 2019. The NAV per Unit, Class 1AP, increased from $149.92 at December 31, 2018 to $166.13 as of June 30, 2019. The NAV per Unit, Class 2, increased from $187.17 at December 31, 2018 to $207.48 as of June 30, 2019. Total Class 1 subscriptions and redemptions for the period were $0 and $2,700,785, respectively. There were no subscriptions or redemptions for Class 1AP. Total Class 2 subscriptions and redemptions for the period were $0 and $64,892, respectively. Ending capital at June 30, 2019 was $5,583,992 for Class 1, $35,551 for Class 1AP, and $396,914 for Class 2. Ending capital at December 31, 2018 was $7,755,444 for Class 1, $32,082 for Class 1AP and $420,765 for Class 2.

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

Two of the six sectors traded in the Frontier Global Fund were profitable in Q2 2019 and two of the six were profitable YTD. Metals and Interest Rates were positive while Agriculturals, Currencies, Stock Indices and Energies were negative for the quarter. Interest Rates were positive YTD while Agriculturals, Currencies, Stock Indices, Metals and Energies were negative YTD.

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2018

The Frontier Global Fund—Class 1 NAV lost 6.55% and lost 6.74%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Global Fund —Class 2 NAV lost 6.02% and lost 5.37%, respectively, for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Global Fund —Class 1AP NAV lost 5.24% and lost 5.36%, respectively, for the three months ended June 30, 2018 and 2017.

For the six months ended June 30, 2018, the Frontier Global Fund recorded net loss on investments of $405,326, net investment loss of $600,787, and total expenses of $600,787, resulting in a net decrease in Owners’ capital from operations of $1,006,113. The NAV per Unit, Class 1, decreased from $159.08 at December 31, 2017 to $148.66 as of June 30, 2018. The NAV per Unit, Class 1AP, decreased from $176.44 at December 31, 2017 to $167.19 as of June 30, 2018. The NAV per Unit, Class 2, decreased from $216.50 at December 31, 2017 to $203.47 as of June 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $925,257, respectively. There were no subscriptions or redemptions for Class 1AP. Total Class 2 subscriptions and redemptions for the period were $0 and $872,124, respectively. Ending capital at June 30, 2018 was $10,409,429 for Class 1, $35,695 for Class 1AP, and $758,361 for Class 2. Ending capital at December 31, 2017 was $13,102,614 for Class 1, $37,761 for Class 1AP and $1,709,275 for Class 2.

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

Three of the six sectors traded in the Frontier Global Fund were profitable in Q2 2018. Metals, Energies and Interest Rates were positive while Currencies, Agriculturals and Stock Indices were negative for the quarter. Energies and Interest Rates were positive YTD while Metals, Currencies, Agriculturals and Stock Indices were negative YTD.

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Frontier Heritage Fund

2019

The Frontier Heritage Fund—Class 1 NAV gained 9.79% and lost 15.27%, respectively, for the six months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 11.43% and lost 14.00%, respectively for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 13.03% and lost 14.02%, respectively, for the six months ended June 30, 2019 and 2018.

For the six months ended June 30, 2019, the Frontier Heritage Fund recorded net loss on investments of $107,933, net investment gain of $463,182, and total expenses of $107,933, resulting in a net decrease in Owners’ capital from operations of $315,866, after non-controlling interests of $39,383.

The NAV per Unit, Class 1, increased from $99.83 at December 31, 2018 to $109.60 as of June 30, 2019. The NAV per Unit, Class 1AP, increased from $111.78 at December 31, 2018 to $126.34 as of June 30, 2019. The NAV per Unit, Class 2, increased from $152.53 at December 31, 2018 to $169.96 as of June 30, 2019. Total Class 1 subscriptions and redemptions for the period were $0 and $736,567, respectively. Total Class 1AP redemptions were $0. Total Class 2 subscriptions and redemptions for the period were $0 and $64,741, respectively. Ending capital at June 30, 2019 was $2,839,339 for Class 1, $9,223 for Class 1AP and $619,680 for Class 2. Ending capital at December 31, 2018 was $3,331,725 for Class 1, $1,006 for Class 1AP and $620,953 for Class 2.

The Frontier Heritage Fund invests in one or more swaps.  To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors.  Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.

The aggregate fees embedded in a swap are provided for in the index description for the relevant swap.  In addition to the management fee and incentive fee for the commodity trading advisor(s) (the “CTA Fees”), each index provides for the deduction of a management fee to the counterparty for the swap.  The counterparty management fee is determined based on the management fee spread set forth in the index description, while the CTA Fees are based on a percentage of the assets managed by each trading advisor and new trading profits, respectively, and are set forth in the reports delivered to the Series by the counterparty.  In addition to the counterparty management fee and the CTA Fees, the underlying transactions executed by the commodity trading advisors may be subject to the deduction of certain prime brokerage, exchange and other related fees and charges, each of which are reflected in the transaction values, and consequently the value of the index.

The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.00% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 15% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled.  The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fees that would otherwise be charged to a Series by the Managing Owner.

As of June 30, 2019, the management fee embedded in swaps owned by Frontier Heritage Fund was 1.00% per annum, and the managing owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.

Based on an analysis of the management fees charged to Frontier Heritage Fund, the effective management fee rate of Frontier Heritage Fund was lower than the management fee rate otherwise payable to the Managing Owner.  The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid.  For the period ended June 30, 2019, the effective management fee rate of Frontier Heritage Fund was 2.18%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended June 30, 2019, the management and incentive fees embedded in gains (losses) from trading companies owned by Frontier Heritage Fund was $4,397. 

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

Four of the six sectors traded in the Frontier Heritage Fund were profitable in Q2 2019 and two of the six were profitable YTD. Agriculturals, Interest Rates, Metals and Currencies were positive while Energies and Stock Indices were negative for the quarter. Agriculturals and Interest Rates were profitable YTD while Energies, Currencies, Metals and Stock Indices finished negative YTD.

In terms of major CTA performance, Aspect Capital and Welton were positive for Q2 while Brevan Howard was negative for the quarter. Aspect Capital and Welton were positive YTD while Brevan Howard and Winton were negative YTD.

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2018

The Frontier Heritage Fund—Class 1 NAV lost 15.27% and lost 8.86%, respectively, for the six months ended June 30, 2018 and 2017 net of fees and expenses; the Frontier Heritage Fund —Class 2 NAV lost 14.00% and lost 7.51%, respectively for the six months ended June 30, 2018 and 2017, net of fees and expenses; the Frontier Heritage Fund —Class 1AP NAV lost 14.02% and lost 7.51%, respectively, for the six months ended June 30, 2018 and 2017. 

For the six months ended June 30, 2018, the Frontier Heritage Fund recorded net loss on investments of $718,522, net investment loss income $218,825, and total expenses of $218,825, resulting in a net decrease in Owners’ capital from operations of $893,452, after non-controlling interests of $43,895. The NAV per Unit, Class 1, decreased from $121.19 at December 31, 2017 to $102.68 as of June 30, 2018. The NAV per Unit, Class 1AP, decreased from $134.28 at December 31, 2017 to $115.46 as of June 30, 2018. The NAV per Unit, Class 2, decreased from $179.70 at December 31, 2017 to $154.54 as of June 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $698,774, respectively. Total Class 1AP redemptions were $4,081. Total Class 2 subscriptions and redemptions for the period were $0 and $7,000, respectively. Ending capital at June 30, 2018 was $3,951,288 for Class 1, $1,019 for Class 1AP and $647,010 for Class 2. Ending capital at December 31, 2017 was $5,435,871 for Class 1, $6,083 for Class 1AP and $760,672 for Class 2.

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

Three of the six sectors traded in the Frontier Heritage Fund were profitable in Q2 2018 and two of the six were profitable YTD. Energies, Agriculturals and Interest Rates were positive while Metals, Currencies and Stock Indices were negative for the quarter. Energies and Interest Rates were profitable YTD while Metals, Currencies, Agriculturals and Interest Rates finished negative YTD.

In terms of major CTA performance, Transtrend was positive for Q2 while both Brevan Howard and Winton were negative for the quarter and YTD.

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ITEM  3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

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

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

Quantitative Market Risk

Trading Risk

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

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

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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, 2019 and December 31, 2018. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

Frontier Diversified Fund:

	June 30, 2019					December 31, 2018
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	195		0.00	%	$	5,930,458		36.71	%
Equities		215,078		1.62	%		15,386		0.10	%
Fixed Income		224,637		1.69	%		15,372		0.10	%
FX		132,920		1.00	%		42,011		0.26	%
Commodities		9,088		0.07	%		76,321		0.47	%
Total:	$	581,918		4.38	%	$	6,079,547		37.63	%

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Frontier Long/Short Commodity Fund:

	June 30, 2019					December 31, 2018
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
MARKET SECTOR	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
Interest Rates	$	-		0.00	%	$	479,102		19.59	%
Equities		-		0.00	%		-		0.00	%
Fixed Income		-		0.00	%		-		0.00	%
FX		-		0.00	%		-		0.00	%
Commodities		54,628		2.58	%		-		0.00	%
Total:	$	54,628		2.58	%	$	479,102		19.59	%

Frontier Masters Fund:

	June 30, 2019					December 31, 2018
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
MARKET SECTOR	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
Interest Rates	$	-		0.00	%	$	8,114		0.15	%
Equities		-		0.00	%		12,429		0.22	%
Fixed Income		-		0.00	%		12,417		0.22	%
FX		-		0.00	%		33,937		0.61	%
Commodities		-		0.00	%		61,654		1.11	%
Total:	$	-		0.00	%	$	128,550		2.31	%

Frontier Balanced Fund:

	June 30, 2019					December 31, 2018
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
MARKET SECTOR	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
Interest Rates	$	46,311		0.18	%	$	10,973,969		34.49	%
Equities		621,445		2.47	%		55,910		0.18	%
Fixed Income		654,407		2.60	%		193,676		0.61	%
FX		451,980		1.80	%		269,269		0.85	%
Commodities		49,304		0.20	%		262,465		0.82	%
Total:	$	1,823,447		7.25	%	$	11,755,289		36.94	%

Frontier Select Fund:

	June 30, 2019					December 31, 2018
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
MARKET SECTOR	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
Interest Rates	$	-		0.00	%	$	-		0.00	%
Equities		-		0.00	%		-		0.00	%
Fixed Income		-		0.00	%		-		0.00	%
FX		-		0.00	%		-		0.00	%
Commodities		-		0.00	%		-		0.00	%
Total:	$	-		0.00	%	$	-		0.00	%

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Frontier Global Fund:

	June 30, 2019					December 31, 2018
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
MARKET SECTOR	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
Interest Rates	$	-		0.00	%	$	41,507		0.51	%
Equities		-		0.00	%		63,583		0.77	%
Fixed Income		-		0.00	%		63,524		0.77	%
FX		-		0.00	%		173,614		2.12	%
Commodities		-		0.00	%		315,405		3.84	%
Total:	$	-		0.00	%	$	657,634		8.01	%

Frontier Heritage Fund:

	June 30, 2019					December 31, 2018
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
MARKET SECTOR	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
Interest Rates	$	43,477		1.25	%	$	2,962,601		66.35	%
Equities		72,905		2.10	%		10,964		0.25	%
Fixed Income		96,830		2.79	%		10,954		0.25	%
FX		49,896		1.44	%		29,937		0.67	%
Commodities		47,032		1.36	%		54,386		1.22	%
Total:	$	310,141		8.94	%	$	3,068,842		68.72	%

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, 2019, 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.

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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.

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

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

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

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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, 2019 (the “Evaluation Date”). Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Based upon that 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 not effective due to the material weaknesses in internal control over financial reporting described below.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Trust’s and each Series annual or interim financial statements will not be prevented or detected on a timely basis.

Changes in Internal Control Over Financial Reporting

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, 2019, 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. 

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Based on that assessment, the Trust’s Chief Executive Officer and Chief Financial Officer concluded that the Trust did not maintain effective internal control over financial reporting as of June 30, 2019 as a result of the material weaknesses described below:

A. Consolidation

Management’s review of the consolidation for the various Series and Trust was not designed effectively, resulting in the need for reclassifications / adjustments between financial statement line items on the statements of operations and statements of financial condition at various series and at the Trust. In addition, documentation supporting adjustments to the trial balances or various financial statement line items as presented in the consolidation was in some cases incomplete or insufficient.

B. Financial Reporting

Management did not perform an appropriate review of the financial reporting process (i.e., untimely accounting for certain significant transactions, inadequate review of journal entries, and financial statements and related disclosures) which increased the likelihood of misstatements requiring corrections and disclosure adjustments.

Remediation Efforts

Management is committed to the remediation of the material weaknesses described above, as well as the continued improvement of our internal control over financial reporting. We have identified, and are implementing the actions described below to remediate the underlying causes of the control deficiencies that gave rise to the material weaknesses. As we continue our evaluation and improve our internal control over financial reporting, management may modify the actions described below or identify and take additional measures to address control deficiencies. Until the remediation efforts described below, including any additional measures management identifies as necessary, are completed, the material weaknesses described above will continue to exist.

To address the material weakness noted above, management is in the process of:

● establishing proper controls to ensure that underlying balances and activity are appropriately consolidated during quarter and year end. This process will include preparing supporting schedules for account balances and adjusting entries as well as incorporating internal reviews of the consolidating schedules prior to the preparation of the quarterly and annual financial statements;

● implementing a process where the financial statements, footnotes and applicable supporting schedules are reviewed prior to the drafting of the form 10-Q;

● performing a comprehensive review of current procedures to ensure appropriate segregation of duties and compliance with the Trust’s accounting policies and GAAP.

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 certification of the Chairman and Chief Financial Officer of the Managing Owner included as Exhibit 31.1 to this Form 10-Q applies not only to the Trust as a whole but also to each Series individually.

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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.

The sections each entitled “Risk Factors” in the Prospectuses filed pursuant to Rule 424(b)(3) (File Nos. 333-210313 and 333-155800) are incorporated by reference into this section.

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

The following table provides information regarding the sale of unregistered Units by the Trust for the three months ended June 30, 2019. 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

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ITEM  6. EXHIBITS.

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

31.1	Certification of Principal Executive Officer and Principal Financial Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934 (furnished herewith)
32.1	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.2	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.3	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.4	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.5	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.6	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.7	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.8	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
101	Financials in XBRL format

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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 Funds
	(Registrant)
Date: August 14, 2019	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

126

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,
	a Series of Frontier Funds
	(Registrant)
Date: August 14, 2019	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

127

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,
	a Series of Frontier Funds
	(Registrant)
Date: August 14, 2019	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

128

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,
	a Series of Frontier Funds
	(Registrant)
Date: August 14, 2019	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

129

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,
	a Series of Frontier Funds
	(Registrant)
Date: August 14, 2019	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

130

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,
	a Series of Frontier Funds
	(Registrant)
Date: August 14, 2019	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

131

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,
	a Series of Frontier Funds
	(Registrant)
Date: August 14, 2019	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

132

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,
	a Series of Frontier Funds
	(Registrant)
Date: August 14, 2019	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

133