10-Q

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 March 31, 2021

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 LONG/SHORT COMMODITY FUND;

FRONTIER MASTERS FUND; 

FRONTIER BALANCED FUND;

FRONTIER SELECT FUND;

FRONTIER GLOBAL FUND;

FRONTIER HERITAGE FUND

(Exact Name of Registrant as specified in Its Charter)

Delaware	36-6815533
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)

c/o Frontier Fund Management, LLC

25568 Genesee Trail Road

Golden, Colorado 80401

(Address of Principal Executive Offices)

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

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

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

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

Title of Each Class

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

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

Frontier Masters Fund Class 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 and Class 2 Units;

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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

Large Accelerated Filer	☐	Accelerated Filer	☐
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

		Pages
PART I – FINANCIAL INFORMATION
Item 1.	Series Financial Statements	1
	Statements of Financial Condition as of March 31, 2021 (Unaudited) and December 31, 2020	1
	Condensed Schedules of Investments as of March 31, 2021 (Unaudited) and December 31, 2020	4
	Statements of Operations for the three months ended March 31, 2021 and 2020 (Unaudited)	10
	Statements of Changes in Owners’ Capital for the three months ended March 31, 2021 (Unaudited)	13
	Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (Unaudited)	17
	Notes to Financial Statements (Unaudited)	20
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of March 31, 2021 (Unaudited) and December 31, 2020	46
	Consolidated Condensed Schedules of Investments as of March 31, 2021 (Unaudited) and December 31, 2020	47
	Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (Unaudited)	50
	Consolidated Statement of Changes in Owners’ Capital for the three months ended March 31, 2021 (Unaudited)	51
	Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (Unaudited)	52
	Notes to Consolidated Financial Statements (Unaudited)	53
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	71
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	109
Item 4.	Controls and Procedures	114
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	116
Item 1A.	Risk Factors	116
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	116
Item 3.	Defaults Upon Senior Securities	116
Item 4.	Mine Safety Disclosures	116
Item 5.	Other Information	116
Item 6.	Exhibits	116
SIGNATURES		117

(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 SEVERAL 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 MARCH 31, 2021, 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

March 31, 2021 (Unaudited) and December 31, 2020

	Frontier				Frontier				Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	3/31/2021		12/31/2020		3/31/2021		12/31/2020		3/31/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	73,527	$	87,715	$	42,138	$	4,771	$	48,324	$	93,327
U.S. Treasury securities, at fair value		121,604		427,393		69,690		23,245		79,922		454,738
Investments in private investment companies, at fair value		3,817,118		3,644,603		883,076		1,014,591		1,200,790		738,053
Investments in unconsolidated trading companies, at fair value		23,731		16,669		13,600		907		15,597		17,736
Interest receivable		823		8,534		472		464		541		9,080
Receivable from related parties		-		4,892		-		266		-		5,205
Redemptions receivable from private investment companies		30,863		31,886		23,149		24,837		-		1,251
Total Assets	$	4,067,666	$	4,221,692	$	1,032,125	$	1,069,081	$	1,345,174	$	1,319,390
LIABILITIES & CAPITAL
LIABILITIES
Interest payable to Managing Owner	$	-	$	-	$	-	$	-	$	53	$	87
Redemptions payable		-		-		-		38,128		196		-
Service fees payable to Managing Owner		365		385		74		70		-		18
Trading fees payable to Managing Owner		12,341		12,576		5,235		5,460		3,174		2,281
Subscriptions in advance for service fee rebates		22,650		22,650		31,725		31,725		411		393
Other liabilities		2,590		3,110		1,485		171		1,703		3,308
Total Liabilities	$	37,946	$	38,721	$	38,519	$	75,554	$	5,537	$	6,087
CAPITAL
Managing Owner - Class 2		2,280		2,212		2,826		6,265		4,140		3,939
Managing Owner - Class 2a		-		-		-		-		8,751		8,274
Managing Owner - Class 3		40,437		54,405		7,498		7,167		-		-
Managing Owner - Class 3a		-		-		-		-		1,109		1,048
Limited Owner - Class 1		158,366		154,260		10,139		9,740		-		-
Limited Owner - Class 2		409,718		464,012		261,837		257,673		31,447		30,334
Limited Owner - Class 2a		-		-		-		-		75,906		76,583
Limited Owner - Class 3		3,418,919		3,508,082		711,306		712,682		1,008,041		976,771
Limited Owner - Class 3a		-		-		-		-		210,243		216,354
Total Owners’ Capital		4,029,720		4,182,971		993,606		993,527		1,339,637		1,313,303
Non-Controlling Interests		-		-		-		-		-		-
Total Capital		4,029,720		4,182,971		993,606		993,527		1,339,637		1,313,303
Total Liabilities and Capital	$	4,067,666	$	4,221,692	$	1,032,125	$	1,069,081	$	1,345,174	$	1,319,390
Units Outstanding
Class 1		2,122		2,122		177		177		N/A		N/A
Class 2		4,492		5,241		3,748		3,908		394		399
Class 2a		N/A		N/A		N/A		N/A		1,448		1,535
Class 3		40,241		42,754		10,818		11,333		10,631		10,828
Class 3a		N/A		N/A		N/A		N/A		3,422		3,725
Net Asset Value per Unit
Class 1	$	74.62	$	72.68	$	57.44	$	55.18		N/A		N/A
Class 2	$	91.71	$	88.95	$	70.61	$	67.54	$	90.39	$	85.99
Class 2a		N/A		N/A		N/A		N/A	$	58.49	$	55.29
Class 3	$	85.97	$	83.33	$	66.45	$	63.52	$	94.82	$	90.21
Class 3a		N/A		N/A		N/A		N/A	$	61.77	$	58.37

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

1

The Series of Frontier Funds

Statements of Financial Condition

March 31, 2021 (Unaudited) and December 31, 2020

	Frontier Balanced Fund				Frontier Select Fund
	3/31/2021		12/31/2020		3/31/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	104,891	$	261,803	$	29,713	$	-
U.S. Treasury securities, at fair value		173,475		1,275,641		49,141		-
Open trade equity, at fair value		53,107		100,440		-		-
Receivable from futures commission merchants		741,397		233,973		-		-
Investments in private investment companies, at fair value		10,485,508		10,528,252		1,520,376		1,638,665
Investments in unconsolidated trading companies, at fair value		33,854		49,755		9,590		-
Interest receivable		1,200		25,471		333		-
Receivable from related parties		-		14,602		-		-
Redemptions receivable from private investment companies		40,018		55,473		65,735		67,876
Total Assets	$	11,633,450	$	12,545,410	$	1,674,888	$	1,706,541
LIABILITIES & CAPITAL
LIABILITIES
Interest payable	$	-	$	-	$	-	$	179
Redemptions payable		-		-		16,207		-
Incentive fees payable to Managing Owner		49,840		-		-		-
Management fees payable to Managing Owner		1,629		8,854		-		-
Interest payable to Managing Owner		-		1,376		359		-
Service fees payable to Managing Owner		20,826		21,381		3,803		3,709
Trading fees payable to Managing Owner		38,152		37,894		3,915		3,933
Risk analysis fees payable		10,898		9,513		-		-
Payables to related parties		-		-		-		26,129
Subscriptions in advance for service fee rebates		352,411		346,855		19,904		19,463
Other liabilities		8,210		9,258		1,047		-
Total Liabilities		481,966		435,131		45,235		53,413
CAPITAL
Managing Owner - Class 2		54,455		51,810		17,653		17,210
Managing Owner - Class 2a		71,749		75,416		-		-
Limited Owner - Class 1		8,737,092		9,430,532		1,547,969		1,575,328
Limited Owner - Class 1AP		112,571		108,053		9,897		9,821
Limited Owner - Class 2		1,639,784		1,906,359		54,134		50,769
Limited Owner - Class 2a		32,543		30,961		-		-
Limited Owner - Class 3a		503,290		507,148		-		-
Total Owners’ Capital		11,151,484		12,110,279		1,629,653		1,653,128
Non-Controlling Interests		-		-		-		-
Total Capital		11,151,484		12,110,279		1,629,653		1,653,128
Total Liabilities and Capital	$	11,633,450	$	12,545,410	$	1,674,888	$	1,706,541
Units Outstanding
Class 1		104,778		117,991		24,745		26,906
Class 1AP		1,106		1,116		130		138
Class 2		12,348		15,000		708		722
Class 2a		877		940		N/A		N/A
Class 3a		4,244		4,495		N/A		N/A
Net Asset Value per Unit
Class 1	$	83.39	$	79.93	$	62.56	$	58.55
Class 1AP	$	101.75	$	96.81	$	76.41	$	70.99
Class 2	$	137.21	$	130.54	$	101.40	$	94.20
Class 2a	$	118.98	$	113.20		N/A		N/A
Class 3a	$	118.58	$	112.81		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

March 31, 2021 (Unaudited) and December 31, 2020

	Frontier Global Fund				Frontier Heritage Fund
	3/31/2021		12/31/2020		3/31/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	86,051	$	5,694	$	71,027	$	15,156
U.S. Treasury securities, at fair value		142,316		27,742		117,469		73,847
Investments in private investment companies, at fair value		2,799,957		3,068,656		2,332,983		2,367,462
Investments in unconsolidated trading companies, at fair value		27,774		1,083		22,925		2,880
Interest receivable		963		554		795		1,475
Receivable from related parties		-		319		-		845
Total Assets	$	3,057,061	$	3,104,048	$	2,545,199	$	2,461,665
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	1,174	$	-	$	704	$	-
Interest payable to Managing Owner		499		326		563		139
Service fees payable to Managing Owner		6,559		6,348		5,169		4,794
Trading fees payable to Managing Owner		12,310		11,849		8,360		7,705
Subscriptions in advance for service fee rebates		155,675		154,671		64,729		63,205
Other liabilities		3,032		205		2,504		540
Total Liabilities		179,249		173,399		82,029		76,383
CAPITAL
Managing Owner - Class 2		30,498		31,366		26,223		24,105
Limited Owner - Class 1		2,683,941		2,741,972		2,229,166		2,169,152
Limited Owner - Class 1AP		-		-		8,085		8,460
Limited Owner - Class 2		163,373		157,311		199,696		183,565
Total Owners’ Capital		2,877,812		2,930,649		2,463,170		2,385,282
Non-Controlling Interests		-		-		-		-
Total Capital		2,877,812		2,930,649		2,463,170		2,385,282
Total Liabilities and Capital	$	3,057,061	$	3,104,048	$	2,545,199	$	2,461,665
Units Outstanding
Class 1		23,477		24,725		21,481		22,572
Class 1AP		-		N/A		64		73
Class 2		1,114		1,126		1,332		1,332
Net Asset Value per Unit
Class 1	$	114.32	$	110.90	$	103.77	$	96.10
Class 1AP		N/A		N/A	$	126.74	$	116.50
Class 2	$	174.01	$	167.56	$	169.62	$	155.92

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

3

The Series of Frontier Funds

Condensed Schedule of Investments

March 31, 2021 (Unaudited)

			Frontier					Frontier					Frontier Long/Short
			Diversified Fund					Masters Fund					Commodity Fund
					% of Total Capital					% of Total Capital					% of Total Capital
Description			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,124,813		27.91	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		259,304		6.43	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		763,095		18.94	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		836,526		20.76	%		380,085		38.25	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		476,246		11.82	%		253,710		25.53	%		456,484		34.08	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		357,134		8.86	%		249,281		25.09	%		-		0.00	%
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		247,924		18.51	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		496,382		37.05	%
		Total Private Investment Companies	$	3,817,118		94.72	%	$	883,076		88.88	%	$	1,200,790		89.64	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	23,731		0.59	%	$	13,600		1.37	%	$	15,597		1.16	%
		Total Investment in Unconsolidated Trading Companies	$	23,731		0.59	%	$	13,600		1.37	%	$	15,597		1.16	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	596,500	US Treasury Note 6.875% due 08/15/2025 (Cost $756,828)	$	121,604		3.02	%	$	69,690		7.01	%	$	79,922		5.97	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	96,251				$	55,161				$	63,259
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	122,122				$	69,987				$	80,262

(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

March 31, 2021 (Unaudited)

			Frontier						Frontier
			Balanced Fund						Select Fund
						% of Total Capital					% of Total Capital
Description			Fair Value			(Net Asset Value)			Fair Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	1,068			0.01	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		2,468			0.02	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		75,491			0.68	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(25,796	)		-0.23	%		-		0.00	%
		Various currency futures contracts (Europe)		(7,381	)		-0.07	%		-		0.00	%
		Various currency futures contracts (Far East)		4,564			0.04	%		-		0.00	%
		Various currency futures contracts (Latin America)		744			0.01	%		-		0.00	%
		Various currency futures contracts (U.S.)		(8,850	)		-0.08	%		-		0.00	%
		Various energy futures contracts (U.S.)		6,740			0.06	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(166,167	)		-1.49	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(1,298	)		-0.01	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		(1,563	)		-0.01	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		21,705			0.19	%		-		0.00	%
		Various soft futures contracts (U.S.)		19,624			0.18	%		-		0.00	%
		Various stock index futures contracts (Africa)		117			0.00	%		-		0.00	%
		Various stock index futures contracts (Europe)		10,124			0.09	%		-		0.00	%
		Various stock index futures contracts (Far East)		3,993			0.04	%		-		0.00	%
		Various stock index futures contracts (Oceanic)		393			0.00	%		-		0.00	%
		Various stock index futures contracts (U.S.)		1,354			0.01	%		-		0.00	%
		Various stock index futures contracts (Canada)		(1,270	)		-0.01	%				0.00	%
		Total Long Futures Contracts	$	(63,940	)		-0.57	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	1,299			0.01	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		2,952			0.03	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		(49,181	)		-0.44	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(1,547	)		-0.01	%		-		0.00	%
		Various currency futures contracts (Europe)		16,450			0.15	%		-		0.00	%
		Various currency futures contracts (Far East)		(524	)		0.00	%		-		0.00	%
		Various currency futures contracts (Latin America)		4,736			0.04	%		-		0.00	%
		Various currency futures contracts (U.S.)		3,488			0.03	%		-		0.00	%
		Various energy futures contracts (U.S.)		9,860			0.09	%		-		0.00	%
		Various interest rates futures contracts (Europe)		100,326			0.90	%		-		0.00	%
		Various interest rates futures contracts (Far East)		9,758			0.09	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		21,563			0.19	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		5,550			0.05	%		-		0.00	%
		Various soft futures contracts (U.S.)		(2,431	)		-0.02	%		-		0.00	%
		Various stock index futures contracts (Africa)		890			0.01	%		-		0.00	%
		Various stock index futures contracts (Canada)		(414	)		0.00	%		-		0.00	%
		Various stock index futures contracts (Europe)		449			0.00	%		-		0.00	%
		Various stock index futures contracts (Far East)		(1,444	)		-0.01	%		-		0.00	%
		Various stock index futures contracts (U.S.)		(4,733	)		-0.04	%		-		0.00	%
		Total Short Futures Contracts	$	117,047			1.07	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	53,107			0.50	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,182,781			19.57	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,038,047			9.31	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,314,523			11.79	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,584,459			14.21	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,829,148			25.37	%		862,314		52.91	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		1,536,550			13.78	%		658,062		40.38	%
		Total Private Investment Companies	$	10,485,508			94.03	%	$	1,520,376		93.29	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	33,854			0.30	%	$	9,590		0.59	%
		Total Investment in Unconsolidated Trading Companies	$	33,854			0.30	%	$	9,590		0.59	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	596,500	US Treasury Note 6.875% due 08/15/2025 (Cost $756,828)	$	173,475			1.56	%	$	49,141		3.02	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	137,308					$	38,896
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	174,214					$	49,351

* 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

March 31, 2021 (Unaudited)

			Frontier Global					Frontier
			Fund					Heritage Fund
					% of Total Capital					% of Total Capital
Description			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,799,957		97.29	%	$	1,520,090		61.71	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			812,892		33.00	%
		Total Private Investment Companies	$	2,799,957		97.29	%	$	2,332,982		94.71	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	27,774		0.97	%	$	22,925		0.93	%
		Total Investment in Unconsolidated Trading Companies	$	27,774		0.97	%	$	22,925		0.93	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	596,500	US Treasury Note 6.875% due 08/15/2025 (Cost $756,828)	$	142,316		4.95	%	$	117,469		4.77	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	112,646				$	92,979
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	142,923				$	117,970

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

(1) See Note 4 to the Financial Statements.

(2) 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

Condensed Schedule of Investments

December 31, 2020

			Frontier					Frontier					Frontier
			Diversified Fund					Masters Fund					Long/Short Commodity Fund
					% of Total Capital					% of Total Capital					% of Total Capital
Description			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,066,074		25.49	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		414,692		9.91	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		672,766		16.08	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		732,066		17.50	%		486,659		48.98	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		435,119		10.40	%		258,609		26.03	%		272,294		20.73	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		323,886		7.74	%		269,323		27.11	%		-		0.00	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		465,759		35.46	%
		Total Private Investment Companies	$	3,644,603		87.12	%	$	1,014,591		102.12	%	$	738,053		56.19	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	16,669		0.40	%	$	907		0.09	%	$	17,736		1.35	%
		Total Investment in Unconsolidated Trading Companies	$	16,669		0.40	%	$	907		0.09	%	$	17,736		1.35	%
U.S. TREASURY SECURITIES (2) FACE VALUE			Fair Value					Fair Value					Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	427,393		10.22	%	$	23,245		2.34	%	$	454,738		34.63	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	328,604				$	17,872				$	349,629
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	427,509				$	23,251				$	454,862

(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.

7

The Series of Frontier Funds

Condensed Schedule of Investments

December 31, 2020

			Frontier						Frontier
			Balanced Fund						Select Fund
						% of Total Capital					% of Total Capital
Description			Fair Value			(Net Asset Value)			Fair Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	72,005			0.59	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		9,803			0.08	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		87,496			0.72	%		-		0.00	%
		Various base metals futures contracts (U.S.)		22,858			0.19	%		-		0.00	%
		Various currency futures contracts (Europe)		10,573			0.09	%		-		0.00	%
		Various currency futures contracts (Latin America)		5,833			0.05	%		-		0.00	%
		Various currency futures contracts (U.S.)		(100	)		0.00	%		-		0.00	%
		Various interest rates futures contracts (Europe)		148,949			1.23	%		-		0.00	%
		Various interest rates futures contracts (Far East)		2,882			0.02	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		2,438			0.02	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		28,625			0.24	%		-		0.00	%
		Various soft futures contracts (U.S.)		52,349			0.43	%		-		0.00	%
		Various stock index futures contracts (Far East)		5,312			0.04	%		-		-
		Total Long Futures Contracts	$	449,023			3.70	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	(30,963	)		-0.26	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(10,797	)		-0.09	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		(92,738	)		-0.77	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(10,289	)		-0.08	%		-		0.00	%
		Various currency futures contracts (Europe)		(10,381	)		-0.09	%		-		0.00	%
		Various currency futures contracts (Latin America)		2,512			0.02	%		-		0.00	%
		Various currency futures contracts (U.S.)		2,300			0.02	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(127,832	)		-1.06	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(2,482	)		-0.02	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		3,656			0.03	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(25,560	)		-0.21	%		-		0.00	%
		Various soft futures contracts (U.S.)		(42,669	)		-0.35	%		-		0.00	%
		Various stock index futures contracts (Far East)		(3,340	)		-0.03	%		-		0.00	%
		Total Short Futures Contracts	$	(348,583	)		-2.89	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	100,440			0.81	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,311,240			19.08	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,581,941			13.06	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		982,020			8.11	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,600,611			13.22	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,612,336			21.57	%		956,968		57.89	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		1,440,104			11.89	%		681,697		41.24	%
		Total Private Investment Companies	$	10,528,252			86.93	%	$	1,638,665		99.13	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	49,755			0.41	%	$	-		0.00	%
		Total Investment in Unconsolidated Trading Companies	$	49,755			0.41	%	$	-		0.00	%
U.S. TREASURY SECURITIES (2)
FACE VALUE				Fair Value						Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	1,275,641			10.53	%	$	-		0.00	%
Additional Disclosure on U.S. Treasury Securities				Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	980,787					$	-
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	1,275,989					$	-

* 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.

8

The Series of Frontier Funds

Condensed Schedule of Investments

December 31, 2020 

			Frontier Global					Frontier
			Fund					Heritage Fund
					% of Total Capital					% of Total Capital
Description			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	3,068,656		104.71	%	$	1,539,331		64.53	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			828,131		34.72	%
		Total Private Investment Companies	$	3,068,656		104.71	%	$	2,367,462		99.25	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	1,083		0.04	%	$	2,880		0.12	%
		Total Investment in Unconsolidated Trading Companies	$	1,083		0.04	%	$	2,880		0.12	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	27,742		0.95	%	$	73,847		3.10	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	21,330				$	56,778
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	27,750				$	73,867

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

(1) See Note 4 to the Financial Statements.

(2) 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. 

9

The Series of Frontier Funds

Statements of Operations

For the Three Months Ended March 31, 2021 (Unaudited) and 2020

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	3/31/2021			3/31/2020			3/31/2021			3/31/2020			3/31/2021			3/31/2020
Investment income:
Interest - net	$	1,587		$	34		$	855		$	990		$	1,279		$	647
Total Income		1,587			34			855			990			1,279			647
Expenses:
Service Fees - Class 1		1,049			7,707			210			595			54			111
Due Diligence Fees		1,202			3,383			291			656			90			93
Trading Fees		34,937			100,550			14,863			32,399			8,765			9,547
Total Expenses		37,188			111,640			15,364			33,650			8,909			9,751
Investment (loss) - net		(35,601	)		(111,606	)		(14,509	)		(32,660	)		(7,630	)		(9,104	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		184,708			115,286			34,339			246,694			64,279			(59,841	)
Net realized gain/(loss) on private investment companies		(36,972	)		(149,796	)		12,685			(235,137	)		1,305			(67,371	)
Net unrealized gain/(loss) on swap contracts		-			(2,111,698	)		-			-			-			251,441
Net realized gain/(loss) on U.S. Treasury securities		(1,741	)		(16,266	)		(1,004	)		7,304			(1,950	)		5,194
Net unrealized gain/(loss) on U.S. Treasury securities		(440	)		23,218			(250	)		(1,929	)		(25	)		(1,916	)
Change in fair value of investments in unconsolidated trading companies		10,245			(1,009	)		12,761			(6,482	)		12,123			(4,706	)
Net gain/(loss) on investments		155,800			(2,140,265	)		58,531			10,450			75,732			122,801
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		120,199			(2,251,871	)		44,022			(22,210	)		68,102			113,697
Less: Operations attributable to non-controlling interests		-			-			-			-						-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	120,199		$	(2,251,871	)	$	44,022		$	(22,210	)	$	68,102		$	113,697
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	1.94		$	(21.95	)	$	2.26		$	(0.95	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A			N/A		$	3.49
Class 2	$	2.76		$	(25.98	)	$	3.07		$	(1.00	)	$	4.40		$	7.06
Class 2a		N/A			N/A			N/A			N/A		$	3.20		$	4.42
Class 3	$	2.64		$	(24.22	)	$	2.93		$	(0.89	)	$	4.61		$	7.36
Class 3a		N/A			N/A			N/A			N/A		$	3.40		$	4.71

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 March 31, 2021 (Unaudited) and 2020

	Frontier Balanced Fund						Frontier Select Fund
	3/31/2021			3/31/2020			3/31/2021			3/31/2020
Investment income:
Interest - net	$	-		$	6,311		$	-		$	-
Total Income/(loss)		-			6,311			-			-
Expenses:
Incentive Fees (rebate)		49,840			-			-			-
Management Fees		4,619			5,020			-			-
Service Fees - Class 1		67,267			125,308			11,438			20,160
Risk analysis Fees		1,386			1,506			-			-
Trading Fees		114,439			198,985			11,355			16,955
Other Fees		-			-			-			-
Total Expenses		237,551			330,819			22,793			37,115
Investment (loss) - net		(237,551	)		(324,508	)		(22,793	)		(37,115	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		371,559			642,235			-			-
Net unrealized gain/(loss) on private investment companies		388,609			(93,693	)		10,019			(22,952	)
Net realized gain/(loss) on private investment companies		48,862			(93,600	)		114,434			7,923
Net change in open trade equity/(deficit)		(47,335	)		(25,719	)		-			-
Net unrealized gain/(loss) on swap contracts		-			(5,837,508	)		-			-
Net realized gain/(loss) on U.S. Treasury securities		(621	)		20,156			(1,017	)		5,292
Net unrealized gain/(loss) on U.S. Treasury securities		(252	)		1,596			(190	)		(2,216	)
Trading commissions		(6,017	)		(8,375	)		-			-
Change in fair value of investments in unconsolidated trading companies		(14,281	)		(23,301	)		8,540			93,757
Net gain/(loss) on investments		740,524			(5,418,209	)		131,786			81,804
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		502,973			(5,742,717	)		108,993			44,689
Less: Operations attributable to non-controlling interests		-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	502,973		$	(5,742,717	)	$	108,993		$	44,689
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	3.46		$	(31.21	)	$	4.01		$	0.92
Class 1AP	$	4.94		$	(35.94	)	$	5.42		$	1.49
Class 2	$	6.67		$	(48.45	)	$	7.20		$	2.21
Class 2a	$	5.78		$	(41.97	)		N/A			N/A
Class 3a	$	5.77		$	(41.84	)		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 March 31, 2021 (Unaudited) and 2020

	Frontier Global Fund						Frontier Heritage Fund
	3/31/2021			3/31/2020			3/31/2021			3/31/2020
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income		-			-			-			-
Expenses:
Service Fees - Class 1		19,938			30,441			16,157			18,013
Trading Fees		35,130			55,555			23,676			29,905
Total Expenses		55,068			85,996			39,833			47,918
Investment (loss) - net		(55,068	)		(85,996	)		(39,833	)		(47,918	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		47,148			249,122			183,803			416,114
Net realized gain/(loss) on private investment companies		82,686			309,658			32,372			4,371
Net unrealized gain/(loss) on swap contracts		-			-			-			206,847
Net realized gain/(loss) on U.S. Treasury securities		(1,735	)		11,493			(1,201	)		6,794
Net unrealized gain/(loss) on U.S. Treasury securities		(526	)		(5,491	)		(484	)		(951	)
Change in fair value of investments in unconsolidated trading companies		16,133			(5,077	)		12,628			(6,103	)
Net gain/(loss) on investments		143,706			559,705			227,118			627,072
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		88,638			473,709			187,285			579,154
Less: Operations attributable to non-controlling interests		-			-			-			100,287
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	88,638		$	473,709		$	187,285		$	478,867
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	3.42		$	14.46		$	7.67		$	16.67
Class 1AP		N/A		$	18.66		$	10.24		$	21.22
Class 2	$	6.45		$	22.82		$	13.70		$	27.58

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 Three Months Ended March 31, 2021 (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, 2020	$	154,260	$	2,212	$	464,012		$	54,405		$	3,508,082		$	-	$	4,182,971		$	9,740	$	6,265		$	257,673		$	7,167	$	712,682		$	-	$	993,527
Sale of Units		-		-		-			-			-			-		-			-		-			-			-		-			-		-
Redemption of Units		-		-		(65,868	)		(15,000	)		(192,582	)		-		(273,450	)		-		(3,500	)		(7,344	)		-		(33,099	)		-		(43,943	)
Transfer of Units In(Out)		-		-		-			-			-			-		-			-		-			-			-		-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		4,106		68		11,574			1,032			103,419			-		120,199			399		61			11,508			331		31,723			-		44,022
Owners’ Capital, March 31, 2021	$	158,366	$	2,280	$	409,718		$	40,437		$	3,418,919		$	-	$	4,029,720		$	10,139	$	2,826		$	261,837		$	7,498	$	711,306			-	$	993,606
Owners’ Capital - Units, December 31, 2020		2,122		25		5,216			654			42,100								177		93			3,815			113		11,220
Sale of Units (including transfers)		-		-		-			-			-								-		-			-			-		-
Redemption of Units (including transfers)		-				(749	)		(183	)		(2,330	)									(53	)		(107	)		-		(515	)
Owners’ Capital - Units, March 31, 2021		2,122		25		4,467			471			39,770								177		40			3,708			113		10,705
Net asset value per unit at December 31, 2020	$	72.68			$	88.95					$	83.33							$	55.18				$	67.54				$	63.52
Change in net asset value per unit for the three months ended March 31, 2021		1.94				2.76						2.64								2.26					3.07				$	2.93
Net asset value per unit at March 31, 2021	$	74.62			$	91.71					$	85.97							$	57.44				$	70.61				$	66.45

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

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 Three Months Ended March 31, 2021 (Unaudited)

	Frontier Long/Short Commodity Fund
	Class 2					Class 3			Class 2a					Class 3a					Non-
	Managing Owner		Limited Owners			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Controlling Interests		Total
Owners’ Capital, December 31, 2020	$	3,939	$	30,334		$	976,771		$	8,274	$	76,583		$	1,048	$	216,354		$	-	$	1,313,303
Sale of Units		-		-			-			-		-			-		-			-		-
Redemption of Units		-		(423	)		(18,296	)		-		(4,963	)		-		(18,086	)		-		(41,768	)
Transfer of Units In(Out)		-		-			-			-		-			-		-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		201		1,536			49,566			477		4,286			61		11,975			-		68,102
Owners’ Capital, March 31, 2021	$	4,140	$	31,447		$	1,008,041		$	8,751	$	75,906		$	1,109	$	210,243		$	-	$	1,339,637
Owners’ Capital - Units, December 31, 2020		46		353			10,828			149		1,386			18		3,707
Sale of Units (including transfers)		-		-			-			-		-			-		-
Redemption of Units (including transfers)		-		(5	)		(197	)		-		(87	)		-		(303	)
Owners’ Capital - Units, March 31, 2021		46		348			10,631			149		1,299			18		3,404
Net asset value per unit at December 31, 2020			$	85.99		$	90.21				$	55.29				$	58.37
Change in net for the three months ended March 31, 2021				4.40			4.61					3.20					3.40
Net asset value per unit at March 31, 2021			$	90.39		$	94.82				$	58.49				$	61.77

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

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 Three Months Ended March 31, 2021 (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, 2020	$	9,430,532		$	108,053		$	51,810	$	1,906,359		$	75,416		$	30,961	$	507,148		$	-	$	12,110,279
Sale of Units		-			-			-		-			-			-		-			-		-
Redemption of Units		(1,073,816	)		(966	)		-		(351,644	)		(7,000	)		-		(28,342	)		-		(1,461,768	)
Transfer of Units In (Out)		-			-			-		-			-			-		-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		380,376			5,484			2,645		85,069			3,333			1,582		24,484			-		502,973
Owners’ Capital, March 31, 2021	$	8,737,092		$	112,571		$	54,455	$	1,639,784		$	71,749		$	32,543	$	503,290		$	-	$	11,151,484
Owners’ Capital - Units, December 31, 2020		117,991			1,116			397		14,603			666			274		4,495
Sale of Units (including transfers)		-			-			-		-			-			-		-
Redemption of Units (including transfers)		(13,213	)		(10	)		-		(2,652	)		(63	)		-		(251	)
Owners’ Capital - Units, March 31, 2021		104,778			1,106			397		11,951			603			274		4,244
Net asset value per unit at December 31, 2020	$	79.93		$	96.81				$	130.54					$	113.20	$	112.81
Change in net asset value for the three months ended March 31, 2021		3.46			4.94					6.67						5.78		5.77
Net asset value per unit at March 31, 2021	$	83.39		$	101.75				$	137.21					$	118.98	$	118.58

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

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 Three Months Ended March 31, 2021 (Unaudited)

	Frontier Select Fund																	Frontier Global Fund													Frontier Heritage Fund
	Class 1			Class 1AP			Class 2						Non-					Class 1			Class 2					Non-					Class 1			Class 1AP			Class 2				Non-
	Limited Owners			Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total			Limited Owners			Managing Owner			Limited Owners		Controlling Interests		Total			Limited Owners			Limited Owners			Managing Owner		Limited Owners		Controlling Interests		Total
Owners’ Capital, December 31, 2020	$	1,575,328		$	9,821		$	17,210		$	50,769		$	-	$	1,653,128		$	2,741,972		$	31,366		$	157,311	$	-	$	2,930,649		$	2,169,152		$	8,460		$	24,105	$	183,565	$	-	$	2,385,282
Sale of Units		-			-			-			-			-		-			-			-			-		-		-			-			-			-		-		-		-
Redemption of Units		(130,530	)		(656	)		(800	)		(482	)		-		(132,468	)		(139,475	)		(2,000	)		-		-		(141,475	)		(108,298	)		(1,099	)		-		-		-		(109,397	)
Transfer of Units In(Out)		-			-			-						-		-			-			-			-		-		-			-			-			-		-		-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		103,171			732			1,243			3,847			-		108,993			81,444			1,132			6,062		-		88,638			168,312			724			2,118		16,131		-		187,285
Owners’ Capital, March 31, 2021	$	1,547,969		$	9,897		$	17,653		$	54,134		$	-	$	1,629,653		$	2,683,941		$	30,498		$	163,373	$	-	$	2,877,812		$	2,229,166		$	8,085		$	26,223	$	199,696	$	-	$	2,463,170
Owners’ Capital - Units, December 31, 2020		26,906			138			183			539								24,725			187			939							22,572			73			155		1,177
Sale of Units (including transfers)		-			-			-			-								-			-			-							-			-			-		-
Redemption of Units (including transfers)		(2,161	)		(8	)		(9	)		(5	)							(1,248	)		(12	)		-							(1,091	)		(9	)		-		-
Owners’ Capital - Units, March 31, 2021		24,745			130			174			534								23,477			175			939							21,481			64			155		1,177
Net asset value per unit at December 31, 2020	$	58.55		$	70.99					$	94.20							$	110.90					$	167.56						$	96.10		$	116.50				$	155.92
Change in net asset value per for the three months ended March 31, 2021		4.01			5.42						7.20								3.42						6.45							7.67			10.24					13.70
Net asset value per unit at March 31, 2021	$	62.56		$	76.41					$	101.40							$	114.32					$	174.01						$	103.77		$	126.74				$	169.62

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

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

16

The Series of Frontier Funds

Statements of Cash Flows

For the Three Months Ended March 31, 2021 and March 31, 2020 (Unaudited)

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	3/31/2021			3/31/2020			3/31/2021			3/31/2020			3/31/2021			3/31/2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	120,199		$	(2,251,871	)	$	44,022		$	(22,210	)	$	68,102		$	113,697
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		110,091			464,949			(114,658	)		(124,907	)		(37,595	)		(139,395	)
Net unrealized (gain)/loss on swap contracts		-			2,111,698			-			-			-			(251,441	)
Net unrealized (gain)/loss on U.S. Treasury securities		440			(23,218	)		250			1,929			25			1,916
Net realized (gain)/loss on U.S. Treasuries securities		1,741			16,266			1,004			(7,304	)		1,950			(5,194	)
Net unrealized (gain)/loss on private investment companies		(184,708	)		(115,286	)		(34,339	)		(246,694	)		(64,279	)		59,841
Net realized (gain)/loss on private investment companies		36,972			149,796			(12,685	)		(235,137	)		(1,305	)		67,371
(Purchases) sales of:
Sales of U.S. Treasury securities		311,471			171,210			139,801			468,240			480,065			404,529
(Purchases) of U.S. Treasury securities		(119,541	)		(550,460	)		(73,698	)		(309,637	)		(70,909	)		(213,319	)
U.S. Treasury interest and premium paid/amortized		1,587			-			855			990			1,279			647
(Purchases) of Private Investment Companies		(731,683	)		(387,849	)		(82,850	)		333,863			(556,236	)		(36,300	)
Reduction of collateral in Swap contracts		-			(469,147	)		-			-			-			-
Sale of Private Investment Companies		706,904			2,546,860			261,389			410,024			159,083			96,524
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		(7,062	)		13,738			(12,693	)		2,978			2,139			8,976
Interest receivable		7,711			1,829			(8	)		771			8,539			1,172
Receivable from related parties		4,892			-			266			-			5,205			-
Other assets		-			(463	)		-			-			-			-
Redemptions receivable from private investment companies		1,023			-			1,688			-			1,251			-
Interest payable to Managing Owner		-			-			-			-			(34	)		-
Trading fees payable to Managing Owner		(235	)		(8,152	)		(225	)		(2,332	)		893			(421	)
Service fees payable to Managing Owner		(20	)		(1,531	)		4			(5	)		(18	)		-
Subscriptions in advance for service fee rebates		-			98			-			184			18			76
Other liabilities		(520	)		-			1,314			(14	)		(1,605	)		(321	)
Net cash provided by (used in) operating activities		259,262			1,668,467			119,437			270,739			(3,432	)		108,358
Cash Flows from Financing Activities:
Payment for redemption of units		(273,449	)		(1,495,298	)		(43,942	)		(119,501	)		(41,767	)		(9,670	)
Change in owner redemptions payable		-			-			(38,128	)		-			196			(6,585	)
Net cash provided by (used in) financing activities		(273,449	)		(1,495,298	)		(82,070	)		(119,501	)		(41,571	)		(16,255	)
Net increase (decrease) in cash and cash equivalents		(14,188	)		173,169			37,367			151,238			(45,003	)		92,103
Cash and cash equivalents, beginning of period		87,715			56,263			4,771			25,639			93,327			34,272
Cash and cash equivalents, end of period	$	73,527		$	229,432		$	42,138		$	176,877		$	48,324		$	126,375

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

17

The Series of Frontier Funds

Statements of Cash Flows

For the Three Months Ended March 31, 2021 and March 31, 2020 (Unaudited)

	Frontier Balanced Fund						Frontier Select Fund
	3/31/2021			3/31/2020			3/31/2021			3/31/2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	502,973		$	(5,742,717	)	$	108,993		$	44,689
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		47,333			114,076			-			-
Net change in ownership allocation of U.S. Treasury securities		553,920			(125,149	)		(130,085	)		(103,949	)
Net unrealized (gain)/loss on swap contracts		-			5,837,508			-			-
Net unrealized (gain)/loss on U.S. Treasury securities		252			(1,596	)		190			2,216
Net realized (gain)/loss on U.S. Treasury securities		621			(20,156	)		1,017			(5,292	)
Net unrealized (gain)/loss on private investment companies		(388,609	)		93,693			(10,019	)		22,952
Net realized (gain)/loss on private investment companies		(48,862	)		93,600			(114,434	)		(7,923	)
(Purchases) sales of:
Sales of U.S. Treasury securities		698,194			1,199,775			160,121			501,211
(Purchases) of U.S. Treasury securities		(150,822	)		(959,751	)		(80,385	)		(298,083	)
U.S. Treasury interest and premium paid/amortized		-			6,311			-			-
(Purchases) of Private Investment Companies		(1,695,539	)		(937,631	)		(142,915	)		(115,441	)
Sale of Private Investment Companies		2,175,754			2,403,311			385,657			290,105
Increase and/or decrease in:
Receivable from futures commission merchants		(507,424	)		2,380,910			-			-
Control of ownership of trading companies		-			(1,178,697	)		-			-
Investments in unconsolidated trading companies, at fair value		15,901			(4,227	)		(9,590	)		(80,195	)
Interest receivable		24,271			3,223			(333	)		2,149
Receivable from related parties		14,602			-			-			-
Other assets		-			(1,100,000	)		-			-
Redemptions receivable from private investment companies		15,455			-			2,141			-
Incentive fees payable to Managing Owner		49,840			-			-			-
Management fees payable to Managing Owner		(7,225	)		320			-			-
Interest payable to Managing Owner		(1,376	)		939			180			132
Trading fees payable to Managing Owner		258			(11,898	)		(18	)		(856	)
Service fees payable to Managing Owner		(555	)		(9,006	)		94			(562	)
Risk analysis fees payable		1,385			1,506			-			-
Payables to related parties		-			-			(26,129	)		-
Subscriptions in advance for service fee rebates		5,556			9,481			441			882
Other liabilities		(1,048	)		1,031			1,047			(819	)
Net cash provided by (used in) operating activities		1,304,855			2,054,856			145,973			251,216
Cash Flows from Financing Activities:
Proceeds from sale of units		-			-			-			-
Payment for redemption of units		(1,461,767	)		(920,299	)		(132,467	)		(168,184	)
Payment made by the Managing Owner		-			-			-			-
Pending owner additions		-			-			-			-
Advance on unrealized Swap Appreciation		-			-			-			-
Change in owner redemptions payable		-			(39,059	)		16,207			(6,875	)
Net cash provided by (used in) financing activities		(1,461,767	)		(959,358	)		(116,260	)		(175,059	)
Net increase (decrease) in cash and cash equivalents		(156,912	)		1,095,498			29,713			76,157
Cash and cash equivalents, beginning of period		261,803			118,506			-			61,345
Cash and cash equivalents, end of period	$	104,891		$	1,214,004		$	29,713		$	137,502

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

18

The Series of Frontier Funds

Statements of Cash Flows

For the Three Months Ended March 31, 2021 and March 31, 2020 (Unaudited)

	Frontier Global Fund						Frontier Heritage Fund
	3/31/2021			3/31/2020			3/31/2021			3/31/2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	88,638		$	473,709		$	187,285		$	579,154
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		(296,241	)		(279,777	)		(93,697	)		(39,622	)
Net unrealized (gain)/loss on swap contracts		-			-			-			(83,006	)
Net unrealized (gain)/loss on U.S. Treasury securities		526			5,491			484			6,631
Net realized (gain)/loss on U.S. Treasuries securities		1,735			(11,493	)		1,201			(10,916	)
Net unrealized (gain)/loss on private investment companies		(47,148	)		(249,122	)		(183,803	)		(741,499	)
Net realized (gain)/loss on private investment companies		(82,686	)		(309,658	)		(32,372	)		125,925
(Purchases) sale of:
Sales of U.S. Treasury Securities		309,139			647,979			152,163			1,980,729
(Purchases) of U.S. Treasury securities		(129,732	)		(336,006	)		(103,772	)		(1,446,573	)
U.S. Treasury interest and premium paid/amortized		-			-			-			(6	)
(Purchases) of Private Investment Companies		(273,856	)		(120,247	)		(213,319	)		(750,704	)
Sale of Private Investment Companies		672,389			1,305,756			463,973			1,293,592
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		(26,691	)		563			(20,045	)		687,202
Interest receivable		(409	)		778			680			5,634
Receivable from related parties		319			-			845			-
Management fees payable to Managing Owner		-			-			-			(9,201	)
Interest payable to Managing Owner		173			788			424			(764	)
Trading fees payable to Managing Owner		461			(5,030	)		655			2,200
Service fees payable to Managing Owner		211			(1,476	)		375			(350	)
Payables to related parties		-			-			-			697
Subscriptions in advance for service fee rebates		1,004			1,502			1,524			9,185
Other liabilities		2,827			140			1,964			2,165
Net cash provided by (used in) operating activities		220,659			1,123,897			164,565			1,610,473
Cash Flows from Financing Activities:
Payment for redemption of units		(141,476	)		(832,035	)		(109,398	)		(1,003,869	)
Change in owner redemptions payable		1,174			(71,379	)		704			7,210
Net cash provided by (used in) financing activities		(140,302	)		(903,414	)		(108,694	)		(996,659	)
Net increase (decrease) in cash and cash equivalents		80,357			220,483			55,871			613,814
Cash and cash equivalents, beginning of period		5,694			27,532			15,156			135,096
Cash and cash equivalents, end of period	$	86,051		$	248,015		$	71,027		$	748,910

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

19

Notes to Financial Statements

1. Organization and Purpose

Frontier Funds, which is referred to in this report as the “Trust”, was formed on August 8, 2003, as a Delaware statutory trust. Please refer to the 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, as may be amended from time to time (“Trust Agreement”), unitholders of the Trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to the Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of the combined Series of the Trust.

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

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

The Trust, with respect to each Series:

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

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

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

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

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

20

● 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.

As of March 31, 2021, 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 (formerly Frontier Winton 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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020. 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.

21

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, authorize certain Trading Advisors to place trades and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series if consolidated by a Series. 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. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies.

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

Change in Consolidation Method—In February 2017, the Trust elected to change its method by which it consolidates its investments in the Galaxy Plus entities and applied to its December 31, 2016 financial statements. Prior to the change, any Series that had a controlling interest in a Galaxy Plus entity would consolidate the assets and liabilities of that entity into its Statement of Financial Condition and the profit and loss into the Statement of Operations. The Managing Owner believes that this treatment does not provide meaningful data to the end user of the financial statements. As such, all investments in Galaxy Plus entities are accounted for using the net asset value as the practical expedient. In accordance with ASC 250 (Accounting Changes and Error Corrections), the comparative financial statements as of and for the three and nine months ended September 30, 2016 have been adjusted to apply the new method retrospectively. This impacted management fees, incentive fees (rebate), net realized gain/(loss) on futures, forwards and options, net change in open trade equity/(deficit), net unrealized gain/(loss) on private investment companies, net realized gain/(loss) on private investment companies, and operations attributable to non-controlling interests on the Statement of Operations. We also note that there was no impact to total capital or net increase/(decrease) in capital resulting from operations attributable to controlling interests.

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.

22

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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

U.S. Treasury Securities—U.S. Treasury Securities are allocated to all Series of the Trust based on each Series’ percentage ownership in the pooled cash management assets as of the reporting date. They are reported at fair value as Level 1 inputs under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Series of the Trust valued U.S. Treasury Securities at fair value and recorded the daily change in value in the statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the statements of financial condition as interest receivable.

Receivable From Futures Commission Merchants—The Series of the Trust deposit assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, 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 March 31, 2021 and December 31, 2020 included restricted cash for margin requirements of $308,895 and $321,638 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 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.

23

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, 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 2017 through 2020 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 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 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.

24

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 2018, 2019 and 2020 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $411, $31,725, $352,411, $19,904, $155,675, and $64,729 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2021.

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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

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 Adopted 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 has evaluated the impacts of ASU 2018-13 and ensured that the financial statements are compliant.

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

25

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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

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

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.

26

The following table summarizes investment in each Series measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

March 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	23,731	$	-	$	-	$	23,731
U.S. Treasury Securities		121,604		-		-		121,604
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		13,600		-		-		13,600
U.S. Treasury Securities		69,690		-		-		69,690
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		15,597		-		-		15,597
U.S. Treasury Securities		79,922		-		-		79,922
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		33,854		-		-		33,854
Open Trade Equity (Deficit)		53,107		-		-		53,107
U.S. Treasury Securities		173,475		-		-		173,475
Frontier Select Fund				-
Investment in Unconsolidated Trading Companies		9,590		-		-		9,590
U.S. Treasury Securities		49,141		-		-		49,141
Frontier Global Fund				-
Investment in Unconsolidated Trading Companies		27,774		-		-		27,774
U.S. Treasury Securities		142,316		-		-		142,316
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		22,925		-		-		22,925
U.S. Treasury Securities		117,469		-		-		117,469

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	16,669	$	-	$	-	$	16,669
U.S. Treasury Securities		427,393		-		-		427,393
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		907		-		-		907
U.S. Treasury Securities		23,245		-		-		23,245
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		17,736		-		-		17,736
U.S. Treasury Securities		454,738		-		-		454,738
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		49,755		-		-		49,755
Open Trade Equity (Deficit)		100,440		-		-		100,440
U.S. Treasury Securities		1,275,641		-		-		1,275,641
Frontier Global Fund
Investment in Unconsolidated Trading Companies		1,083		-		-		1,083
U.S. Treasury Securities		27,742		-		-		27,742
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		2,880		-		-		2,880
U.S. Treasury Securities		73,847		-		-		73,847

27

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During year ended December 2020, 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. During the year ended December 31, 2020, the entire investments in the swaps were sold.

For the Year Ended December 31, 2020

Swaps 

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2020	$	11,944,753		$	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,448,166	)		188,100
Included in earnings-unrealized		(3,088,917	)		44,277
Proceeds from collateral reduction		(6,176,555	)		(115,000	)
Sale of investments		(7,586,366	)		(594,898	)
Purchase of investments		7,355,251			115,000
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-
		Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2020	$	6,384,583		$	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized		(446,306	)		(97,745	)
Included in earnings-unrealized		(1,537,399	)		197,829
Proceeds from collateral reduction		(4,000,000	)		(2,474,937	)
Sale of investments		(4,870,025	)		(1,491,965	)
Purchase of investments		4,469,147			978,809
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

Investments in Unconsolidated Trading Companies

	Frontier Select Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	479,024
Change in fair value of investments in unconsolidated trading companies		95,915
Proceeds from sales of investments of unconsolidated trading companies		(574,939	)
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, 2020	$	-

28

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the three months ended March 31, 2021, the Trust did not transfer any assets between Levels 1, 2 or 3.

The amounts reflected in the change in ownership allocation result from changes in ownership in the underlying Trading Companies at the Series level, which have resulted in changes in consolidation or de-consolidation by the Series. The ownership in the Trading Companies is accounted for under the equity method, which approximates fair value. The Frontier Heritage Fund and the Frontier Select Fund jointly own the Frontier Brevan Howard swap. The Frontier Heritage Fund owns the majority interest in the Frontier Brevan Howard swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2020.

	Frontier Diversified Fund			Frontier Long/Short Commodity Fund		Frontier Balanced Fund			Frontier Heritage Fund
Swap Contracts	$	(1,537,399	)	$	44,277	$	(3,088,917	)	$	197,829

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(91,989	)

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 December 31, 2020, approximately 0.00%, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the Statements of Financial Condition. The cash held with the counterparty is not restricted.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

29

The Series have invested in the following swaps as of and for the year ended December 31, 2020:

	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
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(97,745	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

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

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

The following table summarizes each of the Series’ investments in unconsolidated Trading Companies as of March 31, 2021 and December 31, 2020:

	As of March 31, 2021					As of December 31, 2020
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested in					Capital Invested in
Series	Unconsolidated Trading Companies			Fair Value		Unconsolidated Trading Companies			Fair Value
Frontier Diversified Series —
Frontier Trading Company XXXVIII		0.59	%	$	23,731		0.40	%	$	16,669
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		1.37	%	$	13,600		0.09	%	$	907
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		1.16	%	$	15,597		1.35	%	$	17,736
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.30	%	$	33,854		0.41	%	$	49,755
Frontier Select Fund  ---
Frontier Trading Companies XXXVIII		0.59	%	$	9,590		0.00	%	$	0
Frontier Global Fund  ---
Frontier Trading Company XXXVIII		0.97	%	$	27,774		0.04	%	$	1,083
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		0.93	%	$	22,925		0.12	%	$	2,880

30

The following tables summarize each of the Series’ equity in earnings from unconsolidated Trading Companies and private investment companies for the three months ended March 31, 2021 and March 31, 2020.

	Three Months Ended March, 2021												Three Months Ended March, 2020
							Change in			Net								Change in			Net
	Trading			Realized			Unrealized			Income			Trading		Realized			Unrealized			Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions		Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(15,154	)	$	(15,154	)	$	-	$	-		$	(23,301	)	$	(23,301	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,608	)		105,068			4,402			107,862			-		101,444			260,300			361,744
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-		(6,308	)		(41,608	)		(47,916	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(310,754	)		(332,663	)		(643,417	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(6,767	)		96,963			(211,084	)		(120,888	)		-		78,918			(356,986	)		(278,068	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-		7,506			(259,157	)		(251,651	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(2,499	)		(183,383	)		7,536			(178,346	)		-		25,548			(298,885	)		(273,337	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(4,323	)		49,066			109,945			154,688			-		(23,195	)		166,919			143,724
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(11,862	)		665,706			(74,900	)		578,944			-		33,241			768,387			801,628
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(940	)		(501,183	)		394,602			(107,521	)		-		-			-			-
Total	$	(27,999	)	$	232,237		$	215,347		$	419,585		$	-	$	(93,600	)	$	(116,994	)	$	(210,594	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	13,872		$	13,872		$	-	$	-		$	(5,077	)	$	(5,077	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,508	)		172,894			(40,552	)		129,834			-		309,658			249,122			558,780
Total	$	(2,508	)	$	172,894		$	(26,680	)	$	143,706		$	-	$	309,658		$	244,045		$	553,703
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	7,332		$	7,332		$	-	$	-		$	(6,529	)	$	(6,529	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,497	)		198,489			(21,623	)		173,369			-		24,954			236,122			261,076
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-		(17,031	)		(259,074	)		(276,105	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(392	)		(215,079	)		166,556			(48,915	)		-		-			-			-
Total	$	(3,889	)	$	(16,590	)	$	152,265		$	131,786		$	-	$	7,923		$	(29,481	)	$	(21,558	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	10,944		$	10,944		$	-	$	-		$	(6,103	)	$	(6,103	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,340	)		93,684			(29,457	)		62,887			-		33,962			142,571			176,533
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,124	)		179,878			(23,467	)		153,287			-		(29,591	)		273,543			243,952
Total	$	(4,464	)	$	273,562		$	(41,980	)	$	227,118		$	-	$	4,371		$	410,011		$	414,382
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	10,148		$	10,148		$	-	$	-		$	(4,706	)	$	(4,706	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(61,736	)		(33,649	)		(95,385	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(229	)		23,549			(18,332	)		4,988			-		820			(137,741	)		(136,921	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,861	)		105,715			(12,891	)		90,963			-		(6,455	)		111,549			105,094
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(1,808	)		-			(28,559	)		(30,367	)		-		-			-			-
Total	$	(3,898	)	$	129,264		$	(49,634	)	$	75,732		$	-	$	(67,371	)	$	(64,547	)	$	(131,918	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	8,063		$	8,063		$	-	$	-		$	(1,009	)	$	(1,009	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(753	)		52,525			(1,159	)		50,613			-		88,315			152,312			240,627
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-		(10,522	)		(20,678	)		(31,200	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(268,381	)		(144,944	)		(413,325	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(3,231	)		47,548			(95,237	)		(50,920	)		-		109,016			(298,106	)		(189,090	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-		3,721			(159,251	)		(155,530	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(640	)		(46,172	)		(2,167	)		(48,979	)		-		(53,371	)		(32,636	)		(86,007	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,763	)		30,374			90,227			117,838			-		(12,007	)		134,066			122,059
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,011	)		110,869			(5,456	)		103,402			-		(6,567	)		484,523			477,956
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(219	)		(118,037	)		94,039			(24,217	)		-		-			-			-
Total	$	(9,617	)	$	77,107		$	88,310		$	155,800		$	-	$	(149,796	)	$	114,277		$	(35,519	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	11,507		$	11,507		$	-	$	-		$	(6,482	)	$	(6,482	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(353	)		23,632			(5,892	)		17,387			-		28,637			104,600			133,237
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(248,608	)		88,339			(160,269	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,062	)		60,348			(7,732	)		51,554			-		(21,114	)		156,235			135,121
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-		5,948			(102,480	)		(96,532	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(156	)		(83,540	)		61,779			(21,917	)		-		-			-			-
Total	$	(1,571	)	$	440		$	59,662		$	58,531		$	-	$	(235,137	)	$	240,212		$	5,075

31

The Series’ investments in private investment companies as of March 31, 2021 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 - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) 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
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) 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
Frontier Select Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Frontier Global Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) 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

Effective January 4, 2021, Volt Capital Management AB accessed through Galaxy Plus Fund — Volt Diversified Alpha Feeder Fund (550) LLC became a new commodity trading advisor for Frontier Long/Short Commodity Fund.

32

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 December 31, 2020, 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.

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.

33

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. December 31, 2020, 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.

34

The Managing Owner has determined that the purchase of additional units of the relevant series will commence in 2021. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $411, $31,725, $352,411, $19,904, $155,675 and $64,729 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively  

The following table summarizes fees earned by the Managing Owner and the Former Managing Owner for the three months ended March 31, 2021 and 2020.

Three Months Ended March 31, 2021	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	1,049	$	34,937
Frontier Masters Fund		-		-		210		14,863
Frontier Long/Short Commodity Fund		-		-		54		8,765
Frontier Balanced Fund		49,840		4,619		67,267		114,439
Frontier Select Fund		-		-		11,438		11,355
Frontier Global Fund		-		-		19,938		35,130
Frontier Heritage Fund		-		-		16,157		23,676

Three Months Ended March 31, 2020	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	7,707	$	100,550
Frontier Masters Fund		-		-		595		32,399
Frontier Long/Short Commodity Fund		-		-		111		9,547
Frontier Balanced Fund		-		5,020		125,308		198,985
Frontier Select Fund		-		-		20,160		16,955
Frontier Global Fund		-		-		30,441		55,555
Frontier Heritage Fund		-		-		18,013		29,905

The following table summarizes fees payable to the Managing Owner and Former Managing Owner as of March 31, 2021 and December 31, 2020.

As of March 31, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	365	$	12,341
Frontier Masters Fund		-		-		-		74		5,235
Frontier Long/Short Commodity Fund		-		-		53		-		3,174
Frontier Balanced Fund		49,840		1,629		-		20,826		38,152
Frontier Select Fund		-		-		359		3,803		3,915
Frontier Global Fund		-		-		499		6,559		12,310
Frontier Heritage Fund		-		-		563		5,169		8,360

As of December 31, 2020	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	385	$	12,576
Frontier Masters Fund		-		-		-		70		5,460
Frontier Long/Short Commodity Fund		-		-		87		18		2,281
Frontier Balanced Fund		-		8,854		1,376		21,381		37,894
Frontier Select Fund		-		-		179		3,709		3,933
Frontier Global Fund		-		-		326		6,348		11,849
Frontier Heritage Fund		-		-		139		4,794		7,705

35

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

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

Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020. All swaps were sold as of December 31, 2020.

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three months ended March 31, 2021 and 2020.

Three Months Ended	March 31, 2021		March 31, 2020		March 31, 2021			March 31, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average 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		8		5		0.02	%		0.01	%
Frontier Long/Short Commodity Fund Class 3		226		114		0.02	%		0.01	%
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		301		2,221		0.00	%		0.01	%
Frontier Balanced Fund Class 1AP		3		31		0.00	%		0.01	%
Frontier Balanced Fund Class 2		69		425		0.00	%		0.01	%
Frontier Balanced Fund Class 2a		1		5		0.00	%		0.00	%
Frontier Balanced Fund Class 3a		3		23		0.00	%		0.00	%
Frontier Select Fund Class 1		790		779		0.05	%		0.03	%
Frontier Select Fund Class 1AP		5		3		0.05	%		0.03	%
Frontier Select Fund Class 2		35		26		0.05	%		0.03	%
Frontier Global Fund Class 1		1,455		1,217		0.05	%		0.03	%
Frontier Global Fund Class 1AP		-		11		0.00	%		0.03	%
Frontier Global Fund Class 2		103		111		0.05	%		0.03	%
Frontier Heritage Fund Class 1		1,038		728		0.05	%		0.03	%
Frontier Heritage Fund Class 1AP		4		3		0.05	%		0.03	%
Frontier Heritage Fund Class 2		104		170		0.05	%		0.03	%
Total	$	4,145	$	5,872

36

7. Financial Highlights

The following information presents the financial highlights of the Series, for the three months ended March 31, 2021 and 2020. This data has been derived from the information presented in the financial statements.

For the three months ended March 31, 2021.

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2020	$	72.68		$	88.95		$	83.33		$	55.18		$	67.54		$	63.52		$	85.99		$	55.29		$	90.21		$	58.37
Net operating results:
Interest income		0.03			0.03			0.03			0.05			0.06			0.06			0.09			0.06			0.09			0.06
Expenses		(1.14	)		(0.80	)		(0.75	)		(2.05	)		(1.05	)		(0.99	)		(0.59	)		(0.38	)		(0.62	)		(0.40	)
Net gain/(loss) on investments, net of non-controlling interests		3.05			3.53			3.35			4.26			4.07			3.86			4.91			3.51			5.15			3.74
Net income/(loss)		1.94			2.76			2.64			2.26			3.07			2.93			4.40			3.20			4.61			3.40
Net asset value, March 31, 2021	$	74.62		$	91.71		$	85.97		$	57.44		$	70.61		$	66.45		$	90.39		$	58.49		$	94.82		$	61.77
Ratios to average net assets
Net investment income/(loss)		-6.16	%		-3.43	%		-3.43	%		-14.43	%		-5.85	%		-5.85	%		-2.26	%		-2.26	%		-2.26	%		-2.26	%
Expenses before incentive fees (3)(4)		6.31	%		3.59	%		3.59	%		14.78	%		6.20	%		6.20	%		2.65	%		2.65	%		2.65	%		2.65	%
Expenses after incentive fees (3)(4)		6.31	%		3.59	%		3.59	%		14.78	%		6.20	%		6.20	%		2.65	%		2.65	%		2.65	%		2.65	%
Total return before incentive fees (2)		2.67	%		3.11	%		3.16	%		4.10	%		4.55	%		4.61	%		5.12	%		5.79	%		5.11	%		5.82	%
Total return after incentive fees (2)		2.67	%		3.11	%		3.16	%		4.10	%		4.55	%		4.61	%		5.12	%		5.79	%		5.11	%		5.82	%

	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, 2020	$	79.93		$	96.81		$	130.54		$	113.20		$	112.81		$	58.55		$	70.99		$	94.20
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(1.78	)		(1.44	)		(1.94	)		(1.69	)		(1.68	)		(0.86	)		(0.51	)		(0.68	)
Net gain/(loss) on investments, net of non-controlling interests		5.24			6.38			8.61			7.47			7.45			4.87			5.93			7.88
Net income/(loss)		3.46			4.94			6.67			5.78			5.77			4.01			5.42			7.20
Net asset value, March 31, 2021	$	83.39		$	101.75		$	137.21		$	118.98		$	118.58		$	62.56		$	76.41		$	101.40
Ratios to average net assets
Net investment income/(loss)		-7.61	%		-4.62	%		-4.62	%		-4.62	%		-4.62	%		-5.80	%		-2.82	%		-2.82	%
Expenses before incentive fees (3)(4)		7.18	%		4.19	%		4.19	%		4.19	%		4.19	%		5.80	%		2.82	%		2.82	%
Expenses after incentive fees (3)(4)		7.61	%		4.62	%		4.62	%		4.62	%		4.62	%		5.80	%		2.82	%		2.82	%
Total return before incentive fees (2)		4.76	%		5.53	%		5.54	%		5.54	%		5.54	%		6.84	%		7.64	%		7.64	%
Total return after incentive fees (2)		4.32	%		5.10	%		5.11	%		5.11	%		5.11	%		6.84	%		7.64	%		7.64	%

37

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	110.90		$	167.56		$	96.10		$	116.50		$	155.92
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.21	)		(2.08	)		(1.74	)		(1.20	)		(1.61	)
Net gain/(loss) on investments, net of non-controlling interests		5.63			8.54			9.41			11.44			15.31
Net income/(loss)		3.42			6.45			7.67			10.24			13.70
Net asset value, March 31, 2021	$	114.32		$	174.01		$	103.77		$	126.74		$	169.62
Ratios to average net assets
Net investment income/(loss)		-7.88	%		-4.90	%		-6.94	%		-3.96	%		-3.96	%
Expenses before incentive fees (3)(4)		7.88	%		4.90	%		6.94	%		3.96	%		3.96	%
Expenses after incentive fees (3)(4)		7.88	%		4.90	%		6.94	%		3.96	%		3.96	%
Total return before incentive fees (2)		3.09	%		3.85	%		7.99	%		8.79	%		8.79	%
Total return after incentive fees (2)		3.09	%		3.85	%		7.99	%		8.79	%		8.79	%

(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.

38

For the three months ended March 31, 2020

 

	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, 2019	$	101.10		$	121.58		$	113.61		$	72.28		$	87.18		$	81.78		$	44.20		$	81.60		$	52.55		$	85.64		$	55.31
Net operating results:
Interest income		0.00			0.00			0.00			0.03			0.04			0.04			0.02			0.04			0.03			0.04			0.03
Expenses		(1.77	)		(1.11	)		(1.02	)		(4.46	)		(1.32	)		(1.24	)		(0.75	)		(0.59	)		(0.38	)		(0.62	)		(0.40	)
Net gain/(loss) on investments, net of non-controlling interests		(20.18	)		(24.87	)		(23.20	)		3.49			0.27			0.31			4.21			7.61			4.77			7.94			5.08
Net income/(loss)		(21.95	)		(25.98	)		(24.22	)		(0.95	)		(1.01	)		(0.89	)		3.49			7.06			4.42			7.36			4.71
Net asset value, March 31, 2020	$	79.15		$	95.60		$	89.39		$	71.34		$	86.18		$	80.89		$	47.69		$	88.66		$	56.98		$	93.01		$	60.02
Ratios to average net assets
Net investment income/(loss)		-7.11	%		-3.68	%		-3.68	%		-24.52	%		-5.87	%		-5.87	%		-6.43	%		-2.64	%		-2.64	%		-2.64	%		-2.64	%
Expenses before incentive fees (3)(4)		7.11	%		3.68	%		3.68	%		24.70	%		6.05	%		6.05	%		6.62	%		2.83	%		2.83	%		2.83	%		2.83	%
Expenses after incentive fees (3)(4)		7.11	%		3.68	%		3.68	%		24.70	%		6.05	%		6.05	%		6.62	%		2.83	%		2.83	%		2.83	%		2.83	%
Total return before incentive fees (2)		-21.71	%		-21.37	%		-21.32	%		-1.31	%		-1.15	%		-1.09	%		7.89	%		8.65	%		8.40	%		8.60	%		8.52	%
Total return after incentive fees (2)		-21.71	%		-21.37	%		-21.32	%		-1.31	%		-1.15	%		-1.09	%		7.89	%		8.65	%		8.40	%		8.60	%		8.52	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	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, 2019	$	117.23		$	137.81		$	185.82		$	161.04		$	160.50		$	66.56		$	78.51		$	103.94
Net operating results:
Interest income		0.03			0.04			0.05			0.05			0.05			0.00			0.00			0.00
Expenses		(1.94	)		(1.29	)		(1.73	)		(1.50	)		(1.50	)		(0.93	)		(0.49	)		(0.65	)
Net gain/(loss) on investments, net of non-controlling interests		(29.31	)		(34.70	)		(46.77	)		(40.51	)		(40.39	)		1.85			1.97			2.86
Net income/(loss)		(31.21	)		(35.94	)		(48.45	)		(41.97	)		(41.84	)		0.92			1.49			2.21
Net asset value, March 31, 2020	$	86.02		$	101.87		$	137.37		$	119.07		$	118.66		$	67.48		$	79.99		$	106.15
Ratios to average net assets
Net investment income/(loss)		-6.74	%		-3.75	%		-3.75	%		-3.75	%		-3.75	%		-5.44	%		-2.43	%		-2.43	%
Expenses before incentive fees (3)(4)		6.86	%		3.87	%		3.87	%		3.87	%		3.87	%		5.44	%		2.43	%		2.43	%
Expenses after incentive fees (3)(4)		6.86	%		3.87	%		3.87	%		3.87	%		3.87	%		5.44	%		2.43	%		2.43	%
Total return before incentive fees (2)		-26.62	%		-26.08	%		-26.08	%		-26.06	%		-26.07	%		1.39	%		1.89	%		2.13	%
Total return after incentive fees (2)		-26.62	%		-26.08	%		-26.08	%		-26.06	%		-26.07	%		1.39	%		1.89	%		2.13	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

39

	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, 2019	$	131.52		$	154.43		$	192.82		$	97.54		$	114.15		$	153.59
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(2.73	)		(2.02	)		(2.51	)		(1.82	)		(1.24	)		(1.65	)
Net gain/(loss) on investments, net of non-controlling interests		17.19			20.67			25.33			18.50			22.46			29.23
Net income/(loss)		14.46			18.66			22.82			16.67			21.22			27.58
Net asset value, March 31, 2020	$	145.97		$	173.08		$	215.64		$	114.21		$	135.37		$	181.17
Ratios to average net assets
Net investment income/(loss)		-8.01	%		-5.01	%		-5.01	%		-7.05	%		-4.04	%		-4.04	%
Expenses before incentive fees (3)(4)		8.01	%		5.01	%		5.01	%		7.05	%		4.04	%		4.04	%
Expenses after incentive fees (3)(4)		8.01	%		5.01	%		5.01	%		7.05	%		4.04	%		4.04	%
Total return before incentive fees (2)		10.99	%		12.08	%		11.83	%		17.09	%		18.59	%		17.96	%
Total return after incentive fees (2)		10.99	%		12.08	%		11.83	%		17.09	%		18.59	%		17.96	%

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. 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.

40

8. Derivative Instruments and Hedging Activities

The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of March 31, 2021 and December 31, 2020 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

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

For the Three Months ended March 31, 2021

Monthly average contracts:
	Bought		Sold
Frontier Balanced Fund		788		787

For the Three Months ended March 31, 2020

Monthly average contracts:
	Bought		Sold
Frontier Balanced Fund		628		625

The following tables summarize the trading revenues for the three months ended March 31, 2021 and March 31, 2020 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	63,312
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,118
Realized trading income/(loss)(1)	$	371,559

41

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	75,122
Currencies		106,325
Energies		35,710
Interest rates		88,571
Metals		313,738
Stock indices		22,768
Realized trading income/(loss)(1)	$	642,234

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

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

for the Three Months Ended March 31, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	6,802
Currencies		17,052
Energies		16,600
Interest rates		(76,782	)
Metals		(15,723	)
Stock indices		4,716
Change in unrealized trading income/(loss)(1)	$	(47,335	)

42

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

for the Three Months Ended March 31, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	978
Currencies		21,386
Energies		(1,845	)
Interest rates		4,169
Metals		(43,253	)
Stock indices		(7,154	)
Change in unrealized trading income/(loss)(1)	$	(25,719	)

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

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

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of March 31, 2021 and December 31, 2020.

As of March 31, 2021

Frontier Balanced Fund		Gross Amounts of recognized Derivative Assets/ Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	597,031	$	(543,924	)	$	53,107

As of December 31, 2020

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

43

9. Trading Activities and Related Risks

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

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

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

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

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

44

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 April 1, 2021 through May 10, 2021, Frontier Balanced Fund, Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, and Frontier Global Fund paid $386,076, $396,487, $192,359, $34,782, and $152,295, respectively, in redemptions.

45

Frontier Funds

Consolidated Statements of Financial Condition

March 31, 2021 (Unaudited) and December 31, 2020

	March 31, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	455,671	$	468,466
U.S. Treasury securities, at fair value		753,617		2,282,606
Receivable from futures commission merchants		741,397		233,973
Open trade equity, at fair value		53,107		100,440
Investments in private investment companies, at fair value		23,186,879		23,089,312
Interest receivable		5,127		45,578
Receivable from related parties		-		26,129
Redemptions receivable from private investment companies		159,765		181,323
Total Assets	$	25,355,563	$	26,427,827
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	18,281	$	38,128
Incentive fees payable to Managing Owner		49,840		-
Management fees payable to Managing Owner		1,629		8,854
Interest payable to Managing Owner		1,474		2,107
Trading fees payable to Managing Owner		83,487		81,698
Service fees payable to Managing Owner		36,796		36,705
Risk analysis fees payable		10,898		9,513
Subscriptions in advance for service fee rebates		647,505		638,962
Payables to related parties		-		26,129
Other liabilities		20,571		16,592
Total Liabilities		870,481		858,688
OWNERS’ CAPITAL
Managing Owner Units		267,619		283,217
Limited Owner Units		24,217,463		25,285,922
Total Owners’ Capital		24,485,082		25,569,139
Total Liabilities and Owners’ Capital	$	25,355,563	$	26,427,827

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

46

Frontier Funds

Consolidated Condensed Schedule of Investments

March 31, 2021 (Unaudited)

					% of Total Capital
Description		Fair Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
	Various agriculture futures contracts (Far East)	$	1,068			0.00	%
	Various agriculture futures contracts (Europe)		2,468			0.01	%
	Various agriculture futures contracts (U.S.)		75,491			0.31	%
	Various base metals futures contracts (U.S.)		(25,796	)		-0.11	%
	Various currency futures contracts (Europe)		(7,381	)		-0.03	%
	Various currency futures contracts (Far East)		4,564			0.02	%
	Various currency futures contracts (Latin America)		744			0.00	%
	Various currency futures contracts (U.S.)		(8,850	)		-0.04	%
	Various energy futures contracts (U.S.)		6,740			0.03	%
	Various interest rates futures contracts (Europe)		(166,167	)		-0.68	%
	Various interest rates futures contracts (Far East)		(1,298	)		-0.01	%
	Various interest rates futures contracts (U.S.)		(1,563	)		-0.01	%
	Various precious metal futures contracts (U.S.)		21,705			0.09	%
	Various soft futures contracts (U.S.)		19,624			0.08	%
	Various stock index futures contracts (Africa)		117			0.00	%
	Various stock index futures contracts (Europe)		10,124			0.04	%
	Various stock index futures contracts (Far East)		3,993			0.02	%
	Various stock index futures contracts (Oceanic)		393			0.00	%
	Various stock index futures contracts (U.S.)		1,354			0.01	%
	Various stock index futures contracts (Canada)		(1,270	)		-0.01	%
	Total Long Futures Contracts	$	(63,940	)		-0.28	%
SHORT FUTURES CONTRACTS *
	Various agriculture futures contracts (Far East)	$	1,299			0.01	%
	Various agriculture futures contracts (Europe)		2,952			0.01	%
	Various agriculture futures contracts (U.S.)		(49,181	)		-0.20	%
	Various base metals futures contracts (U.S.)		(1,547	)		-0.01	%
	Various currency futures contracts (Europe)		16,450			0.07	%
	Various currency futures contracts (Far East)		(524	)		0.00	%
	Various currency futures contracts (Latin America)		4,736			0.02	%
	Various currency futures contracts (U.S.)		3,488			0.01	%
	Various energy futures contracts (U.S.)		9,860			0.04	%
	Various interest rates futures contracts (Europe)		100,326			0.41	%
	Various interest rates futures contracts (Far East)		9,758			0.04	%
	Various interest rates futures contracts (U.S.)		21,563			0.09	%
	Various precious metal futures contracts (U.S.)		5,550			0.02	%
	Various soft futures contracts (U.S.)		(2,431	)		-0.01	%
	Various stock index futures contracts (Africa)		890			0.00	%
	Various stock index futures contracts (Canada)		(414	)		0.00	%
	Various stock index futures contracts (Europe)		449			0.00	%
	Various stock index futures contracts (Far East)		(1,444	)		-0.01	%
	Various stock index futures contracts (U.S.)		(4,733	)		-0.02	%
	Total Short Futures Contracts	$	117,047			0.47	%
	Total Open Trade Equity (Deficit)	$	53,107			0.19	%

47

Frontier Funds

Consolidated Condensed Schedule of Investments

March 31, 2021 (Unaudited)

					% of Total Capital
			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	$	247,924		1.01	%
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		3,307,594		13.51	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,297,351		5.30	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		147,071		0.60	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		2,077,618		8.49	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		7,121,118		29.08	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,690,794		23.24	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		2,801,027		11.44	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		496,382		2.03	%
		Total Private Investment Companies	$	23,186,879		94.70	%
U.S. TREASURY SECURITIES
FACE VALUE
$	596,500	US Treasury Note 6.875% due 08/15/2025 (Cost $756,828)	$	753,617		3.08	%
		Total U.S. Treasury Securities	$	753,617		3.08	%

* 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.

48

Frontier Funds

Consolidated Condensed Schedule of Investments

December 31, 2020

						% of Total Capital
Description			Fair Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
		Various agriculture futures contracts (Far East)	$	72,005			0.28	%
		Various agriculture futures contracts (Europe)		9,803			0.04	%
		Various agriculture futures contracts (U.S.)		87,496			0.34	%
		Various base metals futures contracts (U.S.)		22,858			0.09	%
		Various currency futures contracts (U.S.)		(100	)		0.00	%
		Various currency futures contracts (Europe)		10,573			0.04	%
		Various currency futures contracts (Latin America)		5,833			0.02	%
		Various interest rates futures contracts (Europe)		148,949			0.58	%
		Various interest rates futures contracts (Far East)		2,882			0.01	%
		Various interest rates futures contracts (U.S.)		2,438			0.01	%
		Various precious metal futures contracts (U.S.)		28,625			0.11	%
		Various soft futures contracts (U.S.)		52,349			0.20	%
		Various stock index futures contracts (Far East)		5,312			0.02	%
		Total Long Futures Contracts	$	449,023			1.74	%
SHORT FUTURES CONTRACTS *
		Various agriculture futures contracts (Far East)	$	(30,963	)		-0.12	%
		Various agriculture futures contracts (Europe)		(10,797	)		-0.04	%
		Various agriculture futures contracts (U.S.)		(92,738	)		-0.36	%
		Various base metals futures contracts (U.S.)		(10,289	)		-0.04	%
		Various currency futures contracts (U.S.)		2,300			0.01	%
		Various currency futures contracts (Europe)		(10,381	)		-0.04	%
		Various currency futures contracts (Latin America)		2,512			0.01	%
		Various interest rates futures contracts (Europe)		(127,832	)		-0.50	%
		Various interest rates futures contracts (Far East)		(2,482	)		-0.01	%
		Various interest rates futures contracts (U.S.)		3,656			0.01	%
		Various precious metal futures contracts (U.S.)		(25,560	)		-0.10	%
		Various soft futures contracts (U.S.)		(42,669	)		-0.17	%
		Various stock index futures contracts (Far East)		(3,340	)		-0.01	%
		Total Short Futures Contracts	$	(348,583	)		-1.36	%
		Total Open Trade Equity (Deficit)	$	100,440			0.38	%
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	3,377,314			13.21	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,996,633			7.81	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		89,029			0.35	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,654,786			6.47	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		7,427,324			29.05	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,363,456			20.98	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		2,715,008			10.62	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		465,759			1.82	%
		Total Private Investment Companies	$	23,089,312			90.31	%
U.S. TREASURY SECURITIES
FACE VALUE
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	2,282,606			8.93	%
		Total U.S. Treasury Securities	$	2,282,606			8.93	%

* 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.

49

Frontier Funds

Consolidated Statements of Operations

For the Three Months Ended March 31, 2021 and 2020 (Unaudited)

	March 31, 2021			March 31, 2020
Investment income:
Interest - net	$	3,721		$	7,982
Total Income		3,721			7,982
Expenses:
Incentive Fees		49,840			-
Management Fees		4,619			5,020
Risk analysis Fees		1,386			1,506
Service Fees - Class 1		116,113			202,335
Due Diligence Fees		1,583			4,132
Trading Fees		243,165			443,896
Other Fees		-			-
Total Expenses		416,706			656,889
Investment income/(loss) - net		(412,985	)		(648,907	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		371,559			642,235
Net unrealized gain/(loss) on private investment companies		976,504			792,691
Net realized gain/(loss) on private investment companies		249,922			(219,121	)
Net change in open trade equity/(deficit)		(47,335	)		(25,719	)
Net unrealized gain/(loss) on swap contracts		-			(7,490,918	)
Net realized gain/(loss) on U.S. Treasury securities		(9,269	)		39,967
Net unrealized gain/(loss) on U.S. Treasury securities		(2,167	)		12,311
Trading commissions		(6,017	)		(8,375	)
Net gain/(loss) on investments		1,533,197			(6,256,929	)
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	1,120,212		$	(6,905,836	)

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

50

Frontier Funds

Consolidated Statements of Changes in Owners’ Capital

For the Three Months Ending March 31, 2021 (unaudited) 

	Managing Owner			Limited Owners			Total
Owners’ Capital, December 31, 2020	$	283,217		$	25,285,922		$	25,569,139
Sale of Units (including transfers)		-			-			-
Redemption of Units (including transfers)		(28,300	)		(2,175,969	)		(2,204,269	)
Payment made by Related Party		-			-			-
Payment made by Managing Owner		-			-			-
Net increase/(decrease) in Owners’		12,702			1,107,510			1,120,212
Capital resulting from operations
Owners’ Capital, March 31, 2021	$	267,619		$	24,217,463		$	24,485,082

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

51

Frontier Funds

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2021 and 2020 (Unaudited) 

	March 31, 2021			March 31, 2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	1,120,212		$	(6,905,836	)
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		47,335			114,076
Net unrealized (gain)/loss on swap contracts		-			7,490,918
Net unrealized (gain)/loss on private investment companies		(976,504	)		(792,691	)
Net realized (gain)/loss on private investment companies		(249,922)			219,121
Net unrealized (gain)/loss on U.S. Treasury securities		2,167			(12,311	)
Net realized (gain)/loss on U.S. Treasuries securities		9,269			(39,967	)
(Purchases) sales of:
(Purchases) of Swap Contracts		-			(1,647,845	)
(Purchases) of U.S. Treasury securities		(737,126	)		(2,941,281	)
Sales of U.S. Treasury securities		2,250,954			3,421,048
(Purchases) of Private Investment Companies		(3,696,290	)		(1,974,303	)
Sales of Private Investment Companies		4,825,149			7,444,555
U.S. Treasury interest and premium paid/amortized		3,721			15,565
Increase and/or decrease in:
Receivable from futures commission merchants		(507,424	)		2,380,910
Interest receivable		40,451			11,377
Receivable from related parties		26,129			-
Other assets		-			(1,100,463	)
Redemptions receivable from private investment companies		21,558			-
Incentive fees payable to Managing Owner		49,840			-
Management fees payable to Managing Owner, net of change in receivable		(7,225	)		320
Interest payable to Managing Owner		(633	)		2,256
Trading fees payable to Managing Owner		1,789			(28,708	)
Service fees payable to Managing Owner		91			(12,056	)
Risk analysis fees payable		1,385			1,506
Payables to related parties		(26,129	)		-
Subscriptions in advance for service fee rebates		8,543			13,926
Other liabilities		3,979			(419	)
Net cash provided by operating activities		2,211,319			5,659,698
Cash Flows from Financing Activities:
Payment for redemption of capital		(2,204,269	)		(3,609,228	)
Redemptions payable		(19,847	)		(133,633	)
Net cash provided by (used in) financing activities		(2,224,116	)		(3,742,861	)
Net increase (decrease) in cash and cash equivalents		(12,795	)		1,916,837
Cash and cash equivalents, beginning of period		468,466			367,568
Cash and cash equivalents, end of period	$	455,671		$	2,284,405

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

52

Frontier Funds

Notes to Consolidated Financial Statements

1. Organization and Purpose

Frontier Funds, which is referred to in this report as the “Trust”, was formed on August 8, 2003, as a Delaware statutory trust and is set to expire on December 31, 2053. The Trust is a multi-advisor commodity pool, as described in in Commodity Futures Trading Commission (“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, 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 (as defined below) entities. Except as otherwise described in these notes, each Trading Company and Galaxy Plus entity has one-year renewable contracts with its own independent commodity trading advisor (s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company’s and Galaxy Plus assets and make the trading decisions for the assets of each Series invested in such Trading Company and Galaxy Plus entity. Each Trading Company and Galaxy Plus entity will segregate its assets from any other Trading Company and Galaxy Plus entity.

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

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

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

53

● 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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

54

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

As of March 31, 2021, 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 (formerly Frontier Winton 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.

55

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

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

Consolidation— The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series, if consolidated by a Series. 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.

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.

56

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 an FCM of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the statement of operations. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

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 an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of March 31, 2021 and December 31, 2020 and included restricted cash for margin requirements of $308,895 and $321,638 for the Frontier Balanced Fund.

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

57

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.

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 March 31, 2021. The 2017 through 2020 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 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 Statement 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 Statements of Operations.

58

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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

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 2020, 2019 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 2021 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 $638,962 and $647,505 as of December 31, 2020 and March 31, 2021, respectively.

These service fees are part of the offering costs of the Trust, which include registration and filing fees, legal and blue1 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 Adopted 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 has evaluated the impacts of ASU 2018-13 and ensured that the financial statements are compliant.

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 10.

59

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value upon daily reports from the counterparty. In addition, a third party takes the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approved current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner’s Valuation Committee for evaluation and resolution. The Swap Contracts are reported at fair value using Level 3 inputs. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

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

60

The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, in aggregate, measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	53,107	$	-	$	-	$	53,107
U.S. Treasury Securities		753,617		-		-		753,617

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	100,440	$	-	$	-	$	100,440
U.S. Treasury Securities		2,282,606		-		-		2,282,606

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.

Swaps

	For the Year ended December 31, 2020
Balance of recurring Level 3 assets as of  January 1, 2020	$	21,579,865
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,896,106	)
Included in earnings-unrealized		(4,384,210	)
Proceeds from collateral reduction		(12,674,502	)
Purchase of investments		12,918,207
Sale of investments		(14,543,254	)
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the three months ended March 31, 2021 and December 31, 2020, the Trust did not transfer any assets between Levels 1, 2 and 3.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2020: Swaps $(4,384,210)

61

4. Swap Contracts

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

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

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

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investment were liquidated on December 21, 2020.

The Trust had invested in the following swaps as of and for the year ended December 31, 2020:

	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
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(189,734	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

62

5. Investments in Private Investment Companies

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

The Galaxy Plus entities are made up of feeder funds in which the Trust invests and master trading entities into which the feeder funds invest. No investment held by the Galaxy Plus 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 months ended March 31, 2021 and March 31, 2020:

	Three Months Ended March, 2021												Three Months Ended March, 2020
	Trading			Realized			Change in Unrealized			Net Income			Trading		Realized			Change in Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions		Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(6,562	)	$	447,803		$	(72,658	)	$	368,583		$	-	$	562,016		$	908,905		$	1,470,921
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-		(16,830	)		(62,286	)		(79,116	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(889,479	)		(422,917	)		(1,312,396	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(9,998	)		144,511			(306,321	)		(171,808	)		-		187,934			(655,091	)		(467,157	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(229	)		23,549			(18,332	)		4,988			-		12,047			(556,149	)		(544,102	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(3,139	)		(229,555	)		5,369			(227,325	)		-		(27,823	)		(331,521	)		(359,344	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-		-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,086	)		79,440			200,172			272,526			-		(35,202	)		300,986			265,784
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			58,149			58,149			-		-			-			-
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-		(11,083	)		(361,554	)		(372,637	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(23,417	)		1,321,005			(146,069	)		1,151,519			-		(5,532	)		2,030,359			2,024,827
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,707	)		(917,839	)		716,976			(202,570	)				-			-			-
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(1,808	)		-			(28,559	)		(30,367	)
Total	$	(53,946	)	$	868,914		$	408,727		$	1,223,695		$	-	$	(223,952	)	$	850,732		$	626,780

The Trust’s investments in private investment companies as of March 31, 2021 have certain redemption and liquidity restrictions which are described in the following table: 

	Redemptions Notice	Redemptions	Liquidity
	Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) 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

63

Effective January 4, 2021, Volt Capital Management AB accessed through Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC became a new commodity trading advisor for Frontier Long/Short Commodity Fund.

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 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 December 31, 2020, 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.

64

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 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 December 31, 2020, 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 March 31, 2021, the Trust had a payable to the Managing Owner in the amounts of $49,840, $1,629, $1,474, $83,487 and $36,796 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2020, the Trust had a payable to the Managing Owner in the amounts of $0, $8,854, $2,107, $81,698, and $36,705 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended March 31, 2021, the Managing Owner earned $49,840, $4,619, $116,113, and $243,165 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended March 31, 2020, the Managing Owner earned $0, $5,020, $202,335 and $448,028 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.

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 (For the three months ended March 31, 2021, and 2020 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series.

During the three months ended March 31, 2021 and March 31, 2020, the Trust paid $4,145, and $5,872, respectively of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations.

65

7. Financial Highlights

The following information presents the financial highlights of the Trust for the three months ended March 31, 2021 and March 31, 2020. This data has been derived from the information presented in the consolidated financial statements.

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.20	%		-5.77	%
Expenses before incentive fees (3) (4)		6.06	%		5.84	%
Expenses after incentive fees (3) (4)		6.26	%		5.84	%
Total return before incentive fees (2)		6.45	%		-15.26	%
Total return after incentive fees (2)		4.56	%		-15.26	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

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

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

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 March 31, 2021 and December 31, 2020 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts. There are embedded management fees in transacting these swaps ranging from 1% to 1.5% based on fair value of swaps and the embedded incentive fees ranging from 15% to 25% based on net new trading profits on swaps.

For the three months ended March 31, 2021 and March 31, 2020, the monthly average of futures, forwards and options contracts bought was approximately 788 and 628, respectively and sold was approximately 787 and 625, respectively.

66

The following tables summarize the trading revenues for the three months ended March 31, 2021 and March 31, 2020 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2021

Type of contract
Agriculturals	$	63,312
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,119
Realized trading income/(loss)(1)	$	371,560

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2020

Type of contract
Agriculturals	$	75,122
Currencies		106,325
Energies		35,710
Interest rates		88,571
Metals		313,738
Stock indices		22,769
Realized trading income/(loss)(1)	$	642,235

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

67

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

for the Three Months Ended March 31, 2021

Type of contract
Agriculturals	$	6,802
Currencies		17,052
Energies		16,600
Interest rates		(76,782	)
Metals		(15,723	)
Stock indices		4,716
Change in unrealized trading income/(loss)(1)	$	(47,335	)

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

for the Three Months Ended March 31, 2020

Type of contract
Agriculturals	$	978
Currencies		21,386
Energies		(1,845	)
Interest rates		4,169
Metals		(43,253	)
Stock indices		(7,154	)
Change in unrealized trading income/(loss)(1)	$	(25,719	)

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

Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under GAAP. The Trust’s open trade equity/(deficit), options written, and receivables from FCM’s 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.

68

The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the consolidated statements of financial condition as of March 31, 2021 and December 31, 2020:

As of March 31, 2021

	Gross Amounts of recognized Derivative Assets/ Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	597,031	$	(543,924	)	$	53,107

As of December 31, 2020

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

9. Trading Activities and Related Risks

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

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the 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.

69

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 custodian of the referenced Series, as allocated from the Trading Company. 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 April 1, 2021 through May 10, 2021, the Trust paid $1,161,998 in redemptions.

70

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 2020 Annual Report on Form 10-K for the year ended December 31, 2020.

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 are management and incentive fees being paid to Trading Advisors.

For the three months ended March 31, 2021, none of the Series owned a swap investment and thus were not subject to any related embedded management and/or incentive fees.

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).

71

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.

72

Selection and Replacement of Trading Advisors

The commodity pool operator 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 commodity pool operator may otherwise vary such percentages from time to time in its sole discretion. The commodity pool operator 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 commodity pool operator utilizes certain quantitative and qualitative analysis in connection with the identification, evaluation and selection of the Trading Advisors. The commodity pool operator’s proprietary analytical software programs and Trading Advisor database provide the quantitative basis for the Trading Advisor selection, portfolio implementation process, and ongoing risk management, monitoring, and review.

The commodity pool operator’s research department is continually refining ways to assimilate vast amounts of Trading Advisor performance data and due-diligence information. The proprietary 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 commodity pool operator applies a variety of statistical measures towards the evaluation of current and historical advisor performance data. Statistical measures may include but are not limited to: (1) risk/reward analysis, (2) time window analysis, (3) risk analysis, (4) correlation analysis, (5) statistical overlays and (6) performance cycle analysis.

Qualitative Analysis

Although quantitative analysis statistically identifies the top performing Trading Advisors, qualitative analysis plays a major role in the Trading Advisor evaluation and final selection process. Each Trading Advisor candidate undergoes qualitative review by the research department, as well as ongoing monitoring. This analysis may include but is not limited to: (1) preliminary information and due diligence, (2) background review, (3) due diligence questionnaires and (4) written review and periodic updates.

Multi-Manager Approach

A multi-manager approach to portfolio management provides diversification of Trading Advisors and access to broader global markets. Portfolios comprised of multiple Trading Advisors can provide diversification across trading methodologies, trading time horizons, and markets traded, which may but is not guaranteed to generate more consistent performance returns over time while potentially lowering overall portfolio volatility.

73

The trading system and/or approach of each of the major 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
Fort, L.P.	Systematic	Galaxy Plus
Quantitative Investment Management, LLC	Systematic	Galaxy Plus
Quest Partners LLC	Systematic	Galaxy Plus
Rosetta Capital Management, LLC	Discretionary	Galaxy Plus
Welton Investment Partners LLC	Systematic	Galaxy Plus
Wimmer Horizon, LLP	Systematic	Trading Company
John Locke Investments SA	Systematic	Galaxy Plus
Volt Capital Management AB	Systematic	Galaxy Plus

* Effective January 4, 2021, Volt Capital Management AB accessed through Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) became a new commodity trading advisor for Frontier Long Short Commodity Fund.

As of March 31, 2021, the allocation of the assets of each applicable Series of the Trust among the Trading Advisors was as follows:

Allocation as of March 31, 2021 (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		28	%		-			56	%		18	%		-			100	%		79	%
Fort, L.P.		28	%		-			-			19	%		-			-			-
Volt Diversified Alpha Fund		-			29	%		-			-			-			-			-
John Locke Investments SA		9	%		-			26	%		13	%		52	%		-			-
Quantitative Investment Management, LLC		9	%		-			-			12	%		-			-			-
Quest Partners LLC		19	%		-			-			11	%		-			-			-
Rosetta Capital Management, LLC		-			48	%		-			-			-			-			-
Welton Investment Partners LLC		7	%		23	%		18	%		16	%		48	%		-			21	%
Wimmer Horizon		-			-			-			11	%		-			-			-

74

Liquidity and Capital Resources

The Trust will raise additional capital only through the sale of Units offered pursuant to the continuing offering and does not intend to raise any capital through borrowing. Due to the nature of the Trust’s business, it makes no capital expenditures and has no capital assets that are not operating capital or assets.

The Managing Owner is responsible for the payment of all of the ordinary expenses associated with the organization of the Trust and the offering of each Series of Units, except for the initial and ongoing service fee, if any, and no Series will be required to reimburse these expenses. As a result, 100% of each Series’ offering proceeds are initially available for that Series’ trading activities.

A portion of each Trading Company’s assets is used as margin to maintain that Trading Company’s forward currency contract positions, and another portion is deposited in cash in segregated accounts in the name of each Trading Company maintained for each Trading Company at the clearing brokers in accordance with CFTC segregation requirements. At March 31, 2021, cash deposited at the clearing brokers was $308,895 for the Trust. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. Currently, with the Federal Funds target rate at 0.00 to 0.25%, this amount is estimated to be 0.00%. In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds and time deposits. Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. The amount reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero.

Approximately 10% to 30% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the CEA 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 CEA, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining approximately 64% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of March 31, 2021, total cash and cash equivalents held at banking institutions were $73,527 for the Frontier Diversified Fund, $48,324 for the Frontier Long/Short Commodity Fund, $42,138 for the Frontier Masters Fund, $104,891 for the Frontier Balanced Fund, $29,713 for the Frontier Select Fund, $86,051 for the Frontier Global Fund, and $71,027 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 March 31, 2021, the Trust was able to pay all redemptions.

75

Off-Balance Sheet Risk

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

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

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

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

Disclosure of Contractual Obligations  

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

Results of Operations for the Three Months Ended March 31, 2021

Series Returns and Other Information

The returns for each Series and Class of Units for the three months ended March 31, 2021 and 2020, 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.

76

Each Series had exposure to commodity interest positions within one or more sectors during the three months ended March 31, 2021 and 2020. 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.

The swaps owned by Frontier Heritage Fund and Frontier Select Fund (through its investment in an unconsolidated trading company) were terminated effective May 30, 2020, and the swaps owned by Frontier Balanced Fund, Frontier Long/Short Commodity Fund and Frontier Diversified Fund were terminated effective December 21, 2020.

Three months ended March 31, 2021 Compared to Three Months Ended March 31, 2020.

Frontier Diversified Fund

The Frontier Diversified Fund— Class 1 NAV gained 2.67% and lost 21.71%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV gained 3.11% and lost 21.37%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV gained 3.16% and lost 21.32%, respectively, for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021, the Frontier Diversified Fund recorded net gain on investments of $155,800, net investment loss of $35,601, and total expenses of $37,188, resulting in a net increase in Owners’ capital from operations of $120,199. For the three months ended March 31, 2020, the Frontier Diversified Fund recorded net loss on investments of $2,140,625, net investment loss of $111,606, and total expenses of $111,640, resulting in a net decrease in Owners’ capital from operations of $2,251,871. 

Please see additional discussion under “Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020 –Frontier Diversified Fund”.

Frontier Masters Fund

The Frontier Masters Fund—Class 1 NAV gained 4.10% and lost 1.31%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Masters Fund —Class 2 NAV gained 4.55% and lost 1.15%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV gained 4.61% and lost 1.09%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses.

For the three months ended March 31, 2021, the Frontier Masters Fund recorded net gain on investments of $58,531, net investment loss of $14,509, and total expenses of $15,364, resulting in a net increase in Owners’ capital from operations of $44,022.

For the three months ended March 31, 2020, the Frontier Masters Fund recorded net gain on investments of $10,450, net investment loss of $32,660, and total expenses of $33,650, resulting in a net decrease in Owners’ capital from operations of $22,210. 

Please see additional discussion under “Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020— Frontier Masters Fund”.

77

Frontier Long/Short Commodity Fund

The Frontier Long/Short Commodity Fund—Class 2 NAV gained 5.12% and gained 8.65%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV gained 5.11% and gained 8.60%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV gained 0.00% and gained 7.89%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 2a NAV gained 5.79% and gained 8.40%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV gained 5.82% and gained 8.52%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses.

For the three months ended March 31, 2021, the Frontier Long/Short Commodity Fund recorded net gain on investments of $75,732, net investment loss of $7,630, and total expenses of $8,909, resulting in a net increase in Owners’ capital from operations of $68,102. For the three months ended March 31, 2020, the Frontier Long/Short Commodity Fund recorded net gain on investments of $122,801, net investment loss of $9,104, and total expenses of $9,751, resulting in a net increase in Owners’ capital from operations of $113,697.

Please see additional discussion under “Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020 – Frontier Long/Short Commodity Fund”.

Frontier Balanced Fund

The Frontier Balanced Fund—Class 1 NAV gained 4.32% and lost 26.62%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV gained 5.11% and lost 26.08%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV gained 5.11% and lost 26.06%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV gained 5.11% and lost 26.07%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV gained 5.10% and lost 26.08%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses.

For the three months ended March 31, 2021, the Frontier Balanced Fund recorded net gain on investments of $740,524, net investment loss of $237,551, and total expenses of $237,551, resulting in a net increase in Owners’ capital from operations of $502,973. For the three months ended March 31, 2020, the Frontier Balanced Fund recorded net loss on investments of $5,418,209, net investment loss of $324,508, and total expenses of $330,819, resulting in a net decrease in Owners’ capital from operations of $5,742,717.

Please see additional discussion under “Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020 – Frontier Balanced Fund”.

Frontier Select Fund

The Frontier Select Fund—Class 1 NAV gained 6.84% and gained 1.39%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Select Fund —Class 2 NAV gained 7.64% and gained 2.13%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Select Fund —Class 1AP NAV gained 7.64% and gained 1.89%, respectively, for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021, the Frontier Select Fund recorded net gain on investments of $131,786, net investment loss of $22,793, and total expenses of $22,793, resulting in a net increase in Owners’ capital from operations of $108,993.

For the three months ended March 31, 2020, the Frontier Select Fund recorded net gain on investments of $81,804, net investment loss of $37,115, and total expenses of $37,115, resulting in a net increase in Owners’ capital from operations of $44,689.

Please see additional discussion under “Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020 – Frontier Select Fund”.

78

Frontier Global Fund

The Frontier Global Fund—Class 1 NAV gained 3.09% and gained 10.99%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Global Fund —Class 2 NAV gained 3.85% and gained 11.83%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Global Fund —Class 1AP NAV gained 0.00% and gained 12.08%, respectively, for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021, the Frontier Global Fund recorded net gain on investments of $143,706, net investment loss of $55,068, and total expenses of $55,068, resulting in a net increase in Owners’ capital from operations of $88,638.

For the three months ended March 31, 2020, the Frontier Global Fund recorded net gain on investments of $559,705, net investment loss of $85,996, and total expenses of $85,996, resulting in a net increase in Owners’ capital from operations of $473,709.

Please see additional discussion under “Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020 – Frontier Global Fund”. 

Frontier Heritage Fund

The Frontier Heritage Fund—Class 1 NAV gained 7.99% and gained 17.09%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Heritage Fund —Class 2 NAV gained 8.79% and gained 17.96% %, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Heritage Fund —Class 1AP NAV gained 8.79% and gained 18.59%, respectively, for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021, the Frontier Heritage Fund recorded net gain on investments of $227,118, net investment loss of $39,833, and total expenses of $39,833, resulting in a net increase in Owners’ capital from operations of $187,285.

For the three months ended March 31, 2020, the Frontier Heritage Fund recorded net gain on investments of $627,072, net investment loss of $47,918, and total expenses of $47,918, resulting in a net increase in Owners’ capital from operations of $478,867, after non-controlling interests of $100,287.

Please see additional discussion under “Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020 – Frontier Heritage Fund”.

Three months ended March 31, 2021 Compared to Three Months Ended March 31, 2020

Frontier Diversified Fund

2021

The Frontier Diversified Fund— Class 1 NAV gained 2.67% and lost 21.71%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV gained 3.11% and lost 21.37%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV gained 3.16% and lost 21.32%, respectively, for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021, the Frontier Diversified Fund recorded net gain on investments of $155,800, net investment loss of $35,601, and total expenses of $37,188, resulting in a net increase in Owners’ capital from operations of $120,199. For the three months ended March 31, 2020, the Frontier Diversified Fund recorded net loss on investments of $2,140,265, net investment loss of $111,606, and total expenses of $111,640, resulting in a net decrease in Owners’ capital from operations of $2,251,871.

The NAV per Unit, Class 1, increased from $72.68 at December 31, 2020 to $74.62 as of March 31, 2021. The NAV per Unit, Class 2, increased from $88.95 at December 31, 2020 to $91.71 as of March 31, 2021. The NAV per Unit, Class 3 increased from $83.33 at December 31, 2020 to $85.97 as of March 31, 2021. Total Class 1 subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $65,868, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $207,581, respectively. Ending capital at March 31, 2021 was $158,366 for Class 1, $411,998 for Class 2, and $3,459,356 for Class 3. Ending capital at December 31, 2020 was $154,260 for Class 1, $466,224 for Class 2, and $3,562,487 for Class 3.

For the three months ended March 31, 2021, Frontier Diversified Fund did not own a swap investment.

79

The Frontier Diversified 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 Diversified Fund were profitable in Q1 2021. Energies, Agriculturals and Stock Indices were profitable while Metals, Currencies and Interest Rates finished negative for the quarter.

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

In terms of major CTA performance, three of the six major CTAs in the Frontier Diversified Fund were profitable in Q1 2021. Aspect, Quest and Welton finished positive for the quarter. Fort, John Locke and QIM finished negative for the quarter. In terms of YTD performance Aspect, Quest and Welton were positive YTD while Fort, John Locke and QIM were negative YTD.

80

2020

The Frontier Diversified Fund— Class 1 NAV lost 21.71% and lost 1.38%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV lost 21.37% and lost 0.95%, respectively for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 21.32% and lost 0.90%, respectively, for the three months ended March 31, 2020 and 2019.

For the three months ended March 31, 2020, the Frontier Diversified Fund recorded net loss on investments of $2,140,265, net investment loss of $111,606, and total expenses of $111,640, resulting in a net decrease in Owners’ capital from operations of $2,251,871. For the three months ended March 31, 2019, the Frontier Diversified Fund recorded net loss on investments of $66,078, net investment loss of $137,867, and total expenses of $142,735, resulting in a net decrease in Owners’ capital from operations of $203,945.

The NAV per Unit, Class 1, decreased from $101.10 at December 31, 2019 to $79.15 as of March 31, 2020. The NAV per Unit, Class 2, decreased from $121.58 at December 31, 2019 to $95.60 as of March 31, 2020. The NAV per Unit, Class 3 decreased from $113.61 at December 31, 2019 to $89.39 as of March 31, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $589,750, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $1,274,585, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $369,037, respectively. Ending capital at March 31, 2020 was $572,402 for Class 1, $3,397,113 for Class 2, and $4,282,935 for Class 3. Ending capital at December 31, 2019 is $1,303,195 for Class 1, $5,600,851 for Class 2, and $5,095,574 for Class 3.

The Frontier Diversified Fund invested in one or more swaps as of March 31, 2020. 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 March 31, 2020, 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.

Based on an analysis of the management fees charged to Frontier Diversified Fund, the effective management fee rate of the 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 March 31, 2020, the effective management fee rate of the Frontier Diversified Fund was 0.77%, compared to a management fee payable to the Managing Owner of 0.75%. For the quarter ended March 31, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Diversified Fund was $51,714. 

81

The Frontier Diversified 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 Diversified Fund were profitable in Q1 2020. Metals, Energies and Interest Rates were profitable while Currencies, Agriculturals and Stock Indices finished negative for the quarter.

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

In terms of major CTA performance, four of the eight major CTAs in the Frontier Diversified Fund were profitable in Q1 2020. Aspect, Quest, Welton and Crabel finished positive for the quarter. Emil Van Essen, Fort, H2O and QIM finished negative for the quarter. In terms of YTD performance, Aspect, Quest, Welton and Crabel were positive YTD while Emil Van Essen, Fort, H2O and QIM were negative YTD.

82

Frontier Masters Fund

2021

The Frontier Masters Fund—Class 1 NAV gained 4.10% and lost 1.31%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Masters Fund —Class 2 NAV gained 4.55 % and lost 1.15%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV gained 4.61% and lost 1.09%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses.

For the three months ended March 31, 2021, the Frontier Masters Fund recorded net gain on investments of $58,531, net investment loss of $14,509, and total expenses of $15,364, resulting in a net increase in Owners’ capital from operations of $44,022.

For the three months ended March 31, 2020, the Frontier Masters Fund recorded net gain on investments of $10,450, net investment loss of $32,660, and total expenses of $33,650, resulting in a net decrease in Owners’ capital from operations of $22,210. 

The NAV per Unit, Class 1, increased from $55.18 at December 31, 2020 to $57.44 as of March 31, 2021. The NAV per Unit, Class 2, increased from $67.54 at December 31, 2020 to $70.61 as of March 31, 2021. The NAV per Unit, Class 3, increased from $63.52 at December 31, 2020 to $66.45 as of March 31, 2021. Total Class 1 subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $10,844, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $33,100, respectively. Ending capital at March 31, 2021 was $10,139 for Class 1, $264,663 for Class 2, and $718,804 for Class 3. Ending capital at December 31, 2020 was $9,740 for Class 1, $263,938 for Class 2, and $719,849 for Class 3.

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

83

Four of the six sectors which traded in the Frontier Masters Fund were profitable in Q1 2021 and four of the six were profitable YTD. Metals, Energies, Agriculturals and Stock Indices were profitable for Q1 2021 while Currencies and Interest Rates finished negative for the quarter. Metals, Energies, Agriculturals and Stock Indices were profitable YTD while Currencies and Interest Rates finished negative YTD.

In terms of major CTA performance Aspect and Welton finished positive for the quarter. John Locke was negative for the quarter. Aspect and Welton were positive YTD. John Locke was negative YTD.

84

2020

The Frontier Masters Fund—Class 1 NAV lost 1.31% and lost 3.19%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Masters Fund —Class 2 NAV lost 1.15% and lost 2.78%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 1.09% and lost 2.71%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses.

For the three months ended March 31, 2020, the Frontier Masters Fund recorded net gain on investments of $10,450, net investment loss of $32,660, and total expenses of $33,650, resulting in a net decrease in Owners’ capital from operations of $22,210. For the three months ended March 31, 2019, the Frontier Masters Fund recorded net loss on investments of $103,616, net investment loss of $74,955, and total expenses of $75,465, resulting in a net decrease in Owners’ capital from operations of $178,571.

The NAV per Unit, Class 1, decreased from $72.28 at December 31, 2019 to $71.34 as of March 31, 2020. The NAV per Unit, Class 2, decreased from $87.18 at December 31, 2019 to $86.18 as of March 31, 2020. The NAV per Unit, Class 3, decreased from $81.78 at December 31, 2019 to $80.89 as of March 31, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $119,501, respectively. Ending capital at March 31, 2020 was $12,591 for Class 1, $841,014 for Class 2, and $1,242,724 for Class 3. Ending capital at December 31, 2019 was $12,794 for Class 1, $850,808 for Class 2, and $1,374,437 for Class 3. The Frontier Masters Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals and Agriculturals sectors.

85

Two of the six sectors which traded in the Frontier Masters Fund were profitable in Q1 2020 and two of the six were profitable YTD. Energies and Interest Rates were profitable for Q1 2020 while Agriculturals, Metals, Currencies, and Stock Indices finished negative for the quarter. Energies and Interest Rates were profitable YTD while Agriculturals, Metals, Currencies, and Stock Indices finished negative YTD.

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

86

Frontier Long/Short Commodity Fund

2021

The Frontier Long/Short Commodity Fund—Class 2 NAV gained 5.12% and gained 8.65%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV gained 5.11% and gained 8.60%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV gained 0.00% and gained 7.89%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV gained 5.79% and gained 8.40% respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV gained 5.82% and gained 8.52%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses.

For the three months ended March 31, 2021, the Frontier Long/Short Commodity Fund recorded net gain on investments of $75,732, net investment loss of $7,630, and total expenses of $ 8,909, resulting in a net increase in Owners’ capital from operations of $68,102. For the three months ended March 31, 2020, the Frontier Long/Short Commodity Fund recorded net gain on investments of $122,801, net investment loss of $9,104, and total expenses of $9,751, resulting in a net increase in Owners’ capital from operations of $113,697.

The NAV per Unit, Class 2, increased from $85.99 as of December 31, 2020 to $90.39 at March 31, 2021. The NAV per Unit, Class 3, increased from $90.21 as of December 31, 2020 to $94.82 at March 31, 2021. The NAV per Unit, Class 2a, increased from $55.29 as of December 31, 2020 to $58.49 at March 31, 2021. The NAV per Unit, Class 3a, increased from $58.37 as of December 31, 2020 to $61.77 at March 31, 2021. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $423, respectively. Total Class 3 subscriptions and redemptions for the three months were $0 and $18,296, respectively. Total Class 2a subscriptions and redemptions for the three months were $0 and $4,963, respectively. Total Class 3a subscriptions and redemptions for the three months were $0 and $18,086, respectively.

Ending capital at March 31, 2021 is $35,587 for Class 2, $1,008,041 for Class 3, $84,657 for Class 2a, and $211,352 for Class 3a. Ending capital at December 31, 2020 is $34,273 for Class 2, $976,771 for Class 3, $84,857 for Class 2a, and $217,402 for Class 3a.

For the three months ended March 31, 2021, Frontier Long/Short Commodity Fund did not own a swap investment.

87

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.

88

All seven sectors traded in the Frontier Long/Short Commodity Fund were profitable in Q1 2021 and all seven were profitable YTD. Energies, Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished Q1 2021 positive while none finished negative for the quarter. Energies, Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished positive YTD. None were negative YTD.

In terms of major CTA performance Rosetta and Welton finished positive for the quarter. Volt was negative for the quarter.

In terms of YTD performance, Rosetta and Welton were positive YTD while Volt was negative YTD.

89

2020

The Frontier Long/Short Commodity Fund—Class 2 NAV gained 8.65% and lost 5.21%, respectively, for the three months ended March 31, 2020 and 2019 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV gained 8.60% and lost 5.22%, respectively for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV gained 7.89% and lost 11.73% respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV gained 8.40% and lost 11.37%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV gained 8.52% and lost 11.27%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses. 

For the three months ended March 31, 2020, the Frontier Long/Short Commodity Fund recorded net gain on investments of $122,801, net investment loss of $9,104, and total expenses of $9,751, resulting in a net increase in Owners’ capital from operations of $113,697. For the three months ended March 31, 2019, the Frontier Long/Short Commodity Fund recorded net loss on investments of $152,085, net investment loss of $13,316, and total expenses of $14,014, resulting in a net decrease in Owners’ capital from operations of $165,401.

The NAV per Unit, Class 2, increased from $81.60 as of December 31, 2019 to $88.66 at March 31, 2020. The NAV per Unit, Class 3, increased from $85.64 as of December 31, 2019 to $93.01 at March 31, 2020. The NAV per Unit, Class 1a, increased from $44.20 as of December 31, 2019 to $47.69 at March 31, 2020. The NAV per Unit, Class 2a, increased from $52.55 as of December 31, 2019 to $56.98 at March 31, 2020. The NAV per Unit, Class 3a, increased from $55.31 as of December 31, 2019 to $60.02 at March 31, 2020. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $1,422, respectively. Total Class 3 subscriptions and redemptions for the three months were $0 and $8,248, respectively. Total Class 1a subscriptions and redemptions for the three months were $0 and $0, respectively. Total Class 2a subscriptions and redemptions for the three months were $0 and $0, respectively. Total Class 3a subscriptions and redemptions for the three months were $0 and $0, respectively.

Ending capital at March 31, 2020 is $43,043 for Class 2, $1,068,324 for Class 3, $12,359 for Class 1a, $88,732 for Class 2a and $225,859 for Class 3a. Ending capital at December 31, 2019 is $41,045 for Class 2, $991,828 for Class 3, $11,447 for Class 1a, $81,826 for Class 2a and $208,144 for Class 3a.

The Frontier Long/Short Commodity Fund invested in one or more swaps as of March 31, 2020. 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.

Based on an analysis of the management fees charged to Frontier Long/Short Commodity Fund, the effective management fee rate of the Series were 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 March 31, 2020, the effective management fee rate of the Frontier Long/Short Commodity Fund was 1.86%, compared to a management fee payable to the Managing Owner of 2.00%. For the quarter ended March 31, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Long/Short Commodity Fund was $3,579. 

90

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.

91

Six of the seven sectors traded in the Frontier Long/Short Commodity Fund were profitable in Q1 2020 and six of the seven were profitable YTD. Energies, Base Metals, Grains, Meats, Precious Metals, and Financials finished Q1 2020 positive while Softs finished negative for the quarter. Energies, Base Metals, Grains, Meats, Precious Metals, and Financials finished positive YTD. Softs were negative YTD.

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

In terms of YTD performance, JE Moody and Welton was positive YTD while Emil Van Essen and Rosetta were negative YTD.

92

Frontier Balanced Fund

2021

The Frontier Balanced Fund—Class 1 NAV gained 4.32% and lost 26.62%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV gained 5.11% and lost 26.08%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV gained 5.11% and lost 26.06%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV gained 5.11% and lost 26.07%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV gained 5.10% and lost 26.08%, for the three months ended March 31, 2021 and 2020, net of fees and expenses.

For the three months ended March 31, 2021, the Frontier Balanced Fund recorded net gain on investments of $740,524, net investment loss of $237,551, and total expenses of $237,551, resulting in a net increase in Owners’ capital from operations of $502,973. For the three months ended March 31, 2020, the Frontier Balanced Fund recorded net loss on investments of $5,418,209, net investment loss of $324,508, and total expenses of $330,819, resulting in a net decrease in Owners’ capital from operations of $5,742,717.

The NAV per Unit, Class 1, increased from $79.93 as of December 31, 2020 to $83.39 at March 31, 2021. The NAV per Unit, Class 1AP, increased from $96.81 as of December 31, 2020 to $101.75 at March 31, 2021. The NAV per Unit, Class 2, increased from $130.54 as of December 31, 2020 to $137.21 at March 31, 2021. For Class 2a, the NAV per Unit increased from $113.20 as of December 31, 2020 to $118.98 at March 31, 2021. For Class 3a, the NAV per Unit increased from $112.81 as of December 31, 2020 to $118.58 at March 31, 2021. Total Class 1 subscriptions and redemptions for the three months were $0 and $1,073,816, respectively. Total Class 1AP subscriptions and redemptions for the three months were $0 and $966, respectively. Total Class 2 subscriptions and redemptions for the three months were $0 and $351,644, respectively. Total Class 2a subscriptions and redemptions for the three months were $0 and $7,000, respectively. Total Class 3a subscriptions and redemptions for the three months were $0 and $28,339, respectively. Ending capital at March 31, 2021, was $8,737,092 for Class 1, $112,571 for Class 1 AP, $1,694,239 for Class 2, $104,292 for Class 2a and $503,290 for Class 3a. Ending capital at December 31, 2020, was $9,430,532 for Class 1, $108,053 for Class 1 AP, $1,958,169 for Class 2, $106,377 for Class 2a and $507,148 for Class 3a.

For the three months ended March 31, 2021, Frontier Balanced Fund did not own a swap investment.

93

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

94

Three of the six sectors traded in the Frontier Balanced Fund were profitable in Q1 2020 and three of the six were profitable YTD. Energies, Agriculturals and Stock Indices were profitable for Q1 2020 while Metals, Currencies and Interest Rates finished negative for the quarter. Energies, Agriculturals and Stock Indices were positive YTD while Metals, Currencies and Interest Rates were negative YTD.

In terms of major CTA performance, Aspect Capital, Welton and Wimmer Horizon finished positive for the quarter. Fort LP (GC), John Locke and Quantitative Investment Management were negative for the quarter.

Aspect Capital, Welton and Wimmer Horizon were positive YTD while Fort LP (GC), John Locke and Quantitative Investment Management were negative YTD.

95

2020

The Frontier Balanced Fund—Class 1 NAV lost 26.62% and lost 2.33%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV lost 26.08% and lost 1.60%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV lost 26.06% and lost 1.62%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV lost 26.07% and lost 1.59%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV lost 26.08% and lost 1.60%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses.

For the three months ended March 31, 2020, the Frontier Balanced Fund recorded net loss on investments of $5,418,209, net investment loss of $324,508, and total expenses of $330,819, resulting in a net decrease in Owners’ capital from operations of $5,742,717. For the three months ended March 31, 2019, the Frontier Balanced Fund recorded net loss on investments of $273,490, net investment loss of $445,648, and total expenses of $457,008, resulting in a net decrease in Owners’ capital from operations of $719,138.

The NAV per Unit, Class 1, decreased from $117.23 as of December 31, 2019 to $86.02 at March 31, 2020. The NAV per Unit, Class 1AP, decreased from $137.81 as of December 31, 2019 to $101.87 at March 31, 2020. The NAV per Unit, Class 2, decreased from $185.82 as of December 31, 2019 to $137.37 at March 31, 2020. For Class 2a, the NAV per Unit decreased from $161.04 as of December 31, 2019 to $119.07 at March 31, 2020. For Class 3a, the NAV per Unit decreased from $160.50 as of December 31, 2019 to $118.66 at March 31, 2020. Total Class 1 subscriptions and redemptions for the three months were $0 and $854,782, respectively. Total Class 1AP subscriptions and redemptions for the three months were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the three months were $0 and $65,517, respectively. Total Class 2a subscriptions and redemptions for the three months were $0 and $0, respectively. Total Class 3a subscriptions and redemptions for the three months were $0 and $0, respectively. Ending capital at March 31, 2020 was $12,405,891 for Class 1, $176,344 for Class 1 AP, $2,438,379 for Class 2, $144,303 for Class 2a and $665,828 for Class 3a. Ending capital at December 31, 2019 was $17,797,600 for Class 1, $238,544 for Class 1 AP, $3,361,853 for Class 2, $195,181 for Class 2a and $900,583 for Class 3a.

The Frontier Balanced Fund invested in one or more swaps as of March 31, 2020. 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.

Based on an analysis of the management fees charged to Frontier Balanced Fund, the effective management fee rate of the 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 March 31, 2020, the effective management fee rate of the Frontier Balanced Fund was 0.56%, compared to a management fee payable to the Managing Owner of 0.50%. For the quarter ended March 31, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Balanced Fund was $26,677. 

96

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

97

Four of the six sectors traded in the Frontier Balanced Fund were profitable in Q1 2020 and four of the six were profitable YTD. Metals, Energies, Agriculturals and Interest Rates were profitable for Q1 2020 while Currencies and Stock Indices finished negative for the quarter. Metals, Energies, Agriculturals and Interest Rates were positive YTD while Currencies and Stock Indices were negative YTD.

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

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

98

Frontier Select Fund

2021

The Frontier Select Fund—Class 1 NAV gained 6.84% and gained 1.39%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Select Fund —Class 2 NAV gained 7.64% and gained 2.13%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV gained 7.64% and gained 1.89%, respectively, for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021, the Frontier Select Fund recorded net gain on investments of $131,786, net investment loss of $22,793, and total expenses of $22,793, resulting in a net increase in Owners’ capital from operations of $108,993. For the three months ended March 31, 2020, the Frontier Select Fund recorded net gain on investments of $81,804, net investment loss of $37,115, and total expenses of $37,115, resulting in a net increase in Owners’ capital from operations of $44,689.

The NAV per Unit, Class 1, increased from $58.55 as of December 31, 2020 to $62.56 at March 31, 2021. The NAV per Unit, Class 1AP, increased from $70.99 as of December 31, 2020 to $76.41 at March 31, 2021. The NAV per Unit, Class 2, increased from $94.20 as of December 31, 2020 to $101.40 at March 31, 2021. Total Class 1 subscriptions and redemptions for the three months ended March 31, 2021, were $0 and $130,530, respectively. Total Class 1AP subscriptions and redemptions for the three months ended March 31, 2021, were $0 and $656, respectively. Total Class 2 subscriptions and redemptions for the three months ended March 31, 2021, were $0 and $1,282, respectively. Ending capital at March 31, 2021 was $1,547,969 for Class 1, $9,897 for Class 1AP, and $71,787 for Class 2. Ending capital at December 31, 2020 was $1,575,328 for Class 1, $9,821 for Class 1AP, and $67,979 for Class 2.

For the three months ended March 31, 2021, Frontier Select Fund did not own a swap investment.

99

The Frontier Select 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 Select Fund were profitable in Q1 2021 and four of the six were profitable YTD. Metals, Energies, Agriculturals and Stock Indices were positive while Currencies and Interest Rates were negative for the quarter. Metals, Energies, Agriculturals and Stock Indices were profitable YTD while Currencies and Interest Rates finished negative YTD.

In terms of major CTA performance, Welton finished positive for the quarter and John Locke finished negative for the quarter. Welton finished positive YTD while John Locke finished negative YTD.

100

2020

The Frontier Select Fund—Class 1 NAV gained 1.39% and lost 0.91%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Select Fund —Class 2 NAV gained 2.13% and lost 0.18%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV gained 1.89% and lost 0.21%, respectively, for the three months ended March 31, 2020 and 2019.

For the three months ended March 31, 2020, the Frontier Select Fund recorded net gain on investments of $81,804, net investment loss of $37,115 and total expenses of $37,115, resulting in a net increase in Owners’ capital from operations of $44,689. For the three months ended March 31, 2019, the Frontier Select Fund recorded net gain on investments of $7,059, net investment loss of $48,137 and total expenses of $48,137, resulting in a net decrease in Owners’ capital from operations of $41,078.

The NAV per Unit, Class 1, increased from $66.56 as of December 31, 2019 to $67.48 at March 31, 2020. The NAV per Unit, Class 1AP, increased from $78.51 as of December 31, 2019 to $79.99 at March 31, 2020. The NAV per Unit, Class 2, increased from $103.94 as of December 31, 2019 to $106.15 at March 31, 2020. Total Class 1 subscriptions and redemptions for the three months ended March 31, 2020, were $0 and $162,985, respectively. Total Class 1AP subscriptions and redemptions for the three months ended March 31, 2019, were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the three months ended March 31, 2019, were $0 and $5,198, respectively. Ending capital at March 31, 2020 was $2,594,384 for Class 1, $11,067 for Class 1AP, and $87,681 for Class 2. Ending capital at December 31, 2019 was $2,715,051 for Class 1, $10,834 for Class 1AP, and $90,741 for Class 2.

The Frontier Select Fund invested in one or more swaps as of March 31, 2020. The swap owned by the Frontier Select Fund was terminated effective May 30, 2020. 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 March 31, 2020, 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 the 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 March 31, 2020, the effective management fee rate of Frontier Select Fund was 1.74%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended March 31, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by Frontier Select Fund was $4,227.

101

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 Q1 2020 and two of the six were profitable YTD. Energies and Interest Rates were positive while Metals, Currencies, Stock Indices and Agriculturals were negative for the quarter. Energies and Interest Rates were profitable YTD while Metals, Currencies, Stock Indices and Agriculturals finished negative YTD.

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

102

Frontier Global Fund

2021

The Frontier Global Fund—Class 1 NAV gained 3.09% and gained 10.99%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Global Fund—Class 2 NAV gained 3.85% and gained 11.83%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Global Fund—Class 1AP NAV gained 0% and gained 12.08%, respectively, for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021, the Frontier Global Fund recorded net gain on investments of $143,706, net investment loss of $55,068, and total expenses of $55,068, resulting in a net increase in Owners’ capital from operations of $88,638. For the three months ended March 31, 2020, the Frontier Global Fund recorded net gain on investments of $559,705, net investment loss of $85,996, and total expenses of $85,996, resulting in a net increase in Owners’ capital from operations of $473,709. 

The NAV per Unit, Class 1, increased from $110.90 at December 31, 2020 to $114.32 as of March 31, 2021. The NAV per Unit, Class 1AP The NAV per Unit, Class 2, increased from $167.56 at December 31, 2020 to $174.01 as of March 31, 2021. Total Class 1 subscriptions and redemptions for the period were $0 and $139,476, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $2,000, respectively. Ending capital at March 31, 2021 was $2,683,941 for Class 1, $193,871 for Class 2 and Ending capital at December 31, 2020 was $2,741,972 for Class 1 and $188,677 for Class 2. 

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

103

Four of the six sectors traded in the Frontier Global Fund were profitable in Q1 2021 and four of the six were profitable YTD. Metals, Energies, Agriculturals and Stock Indices were positive while Currencies and Interest Rates were negative for the quarter. Metals, Energies, Agriculturals and Stock Indices were positive YTD while Currencies and Interest Rates were negative YTD.

2020

The Frontier Global Fund—Class 1 NAV gained 10.99% and gained 3.63%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Global Fund—Class 2 NAV gained 11.83% and gained 4.43%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Global Fund—Class 1AP NAV gained 12.08% and gained 4.39%, respectively, for the three months ended March 31, 2020 and 2019.

For the three months ended March 31, 2020, the Frontier Global Fund recorded net gain on investments of $559,705, net investment loss of $85,996, and total expenses of $85,996, resulting in a net increase in Owners’ capital from operations of $473,709. For the three months ended March 31, 2019, the Frontier Global Fund recorded net gain on investments of $355,477, net investment loss of $94,838, and, total expenses of $94,838, resulting in a net increase in Owners’ capital from operations of $240,639.

The NAV per Unit, Class 1, increased from $131.52 at December 31, 2019 to $145.97 as of March 31, 2020. The NAV per Unit, Class 2, increased from $192.82 at December 31, 2019 to $215.64 as of March 31, 2020. The NAV per Unit, Class 1AP, increased from $154.43 at December 31, 2019 to $173.08 as of March 31, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $832,035, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 1AP subscriptions and redemptions for the period were $0 and $0, respectively. Ending capital at March 31, 2020 was $4,069,172 for Class 1, $383,792 for Class 2, and $36,954 for Class 1AP. Ending capital at December 31, 2019 was $4,471,980 for Class 1, $343,217 for Class 2, and $33,047 for Class 1AP.

104

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 Q1 2020 and three of the six were profitable YTD. Interest Rates, Metals and Energies were positive while Agriculturals, Currencies and Stock Indices were negative for the quarter Interest Rates, Metals and Energies were positive YTD while Agriculturals, Currencies and Stock Indices were negative YTD. 

Frontier Heritage Fund

2021

The Frontier Heritage Fund—Class 1 NAV gained 7.99% and gained 17.09%, respectively, for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 8.79% and gained 17.96%, respectively for the three months ended March 31, 2021 and 2020, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 8.79% and gained 18.59%, respectively, for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021, the Frontier Heritage Fund recorded net gain on investments of $227,118, net investment loss of $39,833, and total expenses of $39,833, resulting in a net increase in Owners’ capital from operations of $187,285, after non-controlling interests of $0. For the three months ended March 31, 2020, the Frontier Heritage Fund recorded net gain on investments of $627,072, net investment loss of $47,918, and total expenses of $47,918, resulting in a net increase in Owners’ capital from operations of $478,867, after non-controlling interests of $100,287.

The NAV per Unit, Class 1, increased from $96.10 as of December 31, 2020 to $103.77 at March 31, 2021. The NAV per Unit, Class 1AP, increased from $116.50 as of December 31, 2020 to $126.74 at March 31, 2021. The NAV per Unit, Class 2, increased from $155.92 as of December 31, 2020 to $169.62 at March 31, 2021. Total Class 1 subscriptions and redemptions for the three months were $0 and $108,298, respectively. Total Class 1AP subscriptions and redemptions for the three months were $0 and $1,099, respectively. Total Class 2 subscriptions and redemptions for the three months were $0 and $0, respectively. Ending capital at March 31, 2021 was $2,229,166 for Class 1, $8,085 for Class 1AP, and $225,919 for Class 2. Ending capital at December 31, 2020 was $2,169,152 for Class 1, $8,460 for Class 1AP, and $207,670 for Class 2. 

For the three months ended March 31, 2021, Frontier Heritage Fund did not own a swap investment.

105

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 Q1 2021 and four of the six were profitable YTD. Metals, Energies, Agriculturals and Stock Indices were positive while Currencies and Interest Rates were negative for the quarter. Metals, Energies, Agriculturals and Stock Indices were positive YTD while Currencies and Interest Rates were negative YTD.

In terms of major CTA performance, Aspect Capital and Welton were positive for Q1 2021 while no CTA’s were negative for the quarter. Aspect Capital and Welton were positive YTD while no CTA’s were negative YTD.

106

2020

The Frontier Heritage Fund—Class 1 NAV gained 17.09% and lost 0.15%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 17.96% and gained 0.61%, respectively, for the three months ended March 31, 2020 and 2019, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 18.59% and gained 0.60%, respectively, for the three months ended March 31, 2020 and 2019.

For the three months ended March 31, 2020, the Frontier Heritage Fund recorded net gain on investments of $627,072, net investment loss of $47,918, and total expenses of $47,918, resulting in a net increase in Owners’ capital from operations of $478,867, after non-controlling interests of $100,287. For the three months ended March 31, 2019, the Frontier Heritage Fund recorded net gain on investments of $22,807, net investment loss of $51,199, and total expenses of $51,199, resulting in a net decrease in Owners’ capital from operations of $28,392, after non-controlling interests of $24,336.

The NAV per Unit, Class 1, increased from $97.54 as of December 31, 2019 to $114.21 at March 31, 2020. The NAV per Unit, Class 1AP, increased from $114.15 as of December 31, 2019 to $135.37 at March 31, 2020. The NAV per Unit, Class 2, increased from $153.59 as of December 31, 2019 to $181.17 at March 31, 2020. Total Class 1 subscriptions and redemptions for the three months were $0 and $64,241, respectively. Total Class 1AP subscriptions and redemptions for the three months were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the three months were $0 and $0, respectively. Ending capital, at March 31, 2020, was $2,614,943 for Class 1, $9,830 for Class 1AP and $615,866 for Class 2. Ending capital, at December 31, 2019, was $2,295,623 for Class 1, $8,333 for Class 1AP and $522,057 for Class 2.

The Frontier Heritage Fund invested in one or more swaps as of March 31, 2020. 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 March 31, 2020, 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 the 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 March 31, 2020, the effective management fee rate of the Frontier Heritage Fund was 2.17%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended March 31, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Heritage Fund was $5,087

107

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 Q1 2020 and four of the six were profitable YTD. Energies, Currencies, Metals and Interest Rates were positive while Agriculturals and Stock Indices were negative for the quarter. Energies, Currencies, Metals and Interest Rates were profitable YTD while Agriculturals and Stock Indices finished negative YTD.

In terms of major CTA performance, Aspect Capital, Brevan Howard and Welton were positive for Q1 while no CTA’s were negative for the quarter. Aspect Capital, Brevan Howard and Welton were positive YTD while no CTA’s were negative YTD.

108

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

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.

109

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 March 31, 2021 and December 31, 2020. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

DOMESTIC EXPOSURE

Frontier Balanced Fund:

	March 31, 2021					December 31, 2020
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
MARKET SECTOR	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
Interest Rates	$	23,126		0.21	%	$	6,095		0.05	%
Currencies		321,232		2.88	%		324,038		2.68	%
Stock Indices		6,087		0.05	%		-		0.00	%
Metals		54,597		0.49	%		87,332		0.72	%
Agriculturals/Softs		146,727		1.32	%		275,253		2.27	%
Energy		16,599		0.15	%		-		0.00	%
Total:	$	568,368		5.10	%	$	692,718		5.72	%

The swaps owned by Frontier Heritage Fund and Frontier Select Fund (through its investment in an unconsolidated trading company) were terminated effective May 30, 2020, and the swaps owned by Frontier Balanced Fund, Frontier Long/Short Commodity Fund and Frontier Diversified Fund were terminated effective December 21, 2020. 

110

Value at Risk: Foreign Markets

The following tables present the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of March 31, 2021 and December 31, 2020. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

FOREIGN EXPOSURE

Frontier Balanced Fund:

	March 31, 2021					December 31, 2020
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
MARKET SECTOR	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
Interest Rates	$	277,548		2.49	%	$	282,145		2.33	%
Currencies		28,919		0.26	%		20,954		0.17	%
Stock Indices		19,094		0.17	%		8,652		0.07	%
Metals		-		0.00	%		-		0.00	%
Agriculturals/Softs		13,266		0.12	%		131,914		1.09	%
Energy		-		0.00	%		-		0.00	%
Total:	$	338,827		3.04	%	$	443,665		3.66	%

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.

111

Qualitative Market Risk

The following are the primary trading risk exposures of the Series of the Trust as of March 31, 2021, 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.

Frontier Long/Short Commodity Fund Class 1a was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020. 

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.

112

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.

113

Cyber Risks and Security

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

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

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

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

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures  

Under the supervision and with the participation of the management of the Managing Owner, including its Chairman and Chief Financial Officer, the Trust evaluated the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), for the Trust and each Series as of March 31, 2021 (the “Evaluation Date”). Any control system, no matter how well designed and operated, can only provide reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Based upon their evaluation, the Chairman and Chief Financial Officer of the Managing Owner concluded that, as of the Evaluation Date, the disclosure controls and procedures for the Trust and each Series were effective to provide reasonable assurance that they are timely alerted to the material information relating to the Trust and each Series required to be included in the Trust’s periodic SEC filing.

114

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 March 31, 2021, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its 2013 report entitled Internal Control-Integrated Framework. 

Based on that assessment, the Trust’s Chief Executive Officer and Chief Financial Officer concluded that the Trust maintained effective internal control over financial reporting as of March 31, 2021.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting for the quarter ended March 31, 2021.

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

Scope of Exhibit 31 Certifications  

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

115

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

There are no material legal proceedings pending against the Trust, or any of the Series.

ITEM 1A. RISK FACTORS.

There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors.” in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2020

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 March 31, 2021. The number of Units listed below for each transaction is the aggregate number of Units in the particular Series of the Trust purchased in such transaction. The consideration listed below for each transaction is, except as otherwise noted, the aggregate amount of cash paid for the Units purchased. For each transaction reported below, the price per Unit was NAV per Unit at the time of the transaction and the Managing Owner of the Trust was the purchaser of the Units. No underwriting discount or sales commission was paid or received with respect to any of the transactions reported below. The Trust claims an exemption from registration of each of the transactions listed below under Section 4(a)(2) of the Securities Act of 1933, as amended, as a sale by an issuer not involving a public offering.

SERIES	DATE	UNITS	CONSIDERATION
NONE

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

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

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

116

SIGNATURES

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

	Frontier Funds
	(Registrant)
Date: May 17, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

Date: May 17, 2021	By:	/s/ Patrick F. Hart III
		Patrick F. Hart III
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

117

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: May 17, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds
Date: May 17, 2021	By:	/s/ Patrick F. Hart III
		Patrick F. Hart III
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

118

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: May 17, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

Date: May 17, 2021	By:	/s/ Patrick F. Hart III
		Patrick F. Hart III
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

119

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: May 17, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

Date: May 17, 2021	By:	/s/ Patrick F. Hart III
		Patrick F. Hart III
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

120

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: May 17, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

Date: May 17, 2021	By:	/s/ Patrick F. Hart III
		Patrick F. Hart III
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

121

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: May 17, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

Date: May 17, 2021	By:	/s/ Patrick F. Hart III
		Patrick F. Hart III
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

122

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: May 17, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

Date: May 17, 2021	By:	/s/ Patrick F. Hart III
		Patrick F. Hart III
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

123

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: May 17, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

Date: May 17, 2021	By:	/s/ Patrick F. Hart III
		Patrick F. Hart III
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

124

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

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

I, Patrick F. Hart III, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

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

I, Patrick J. Kane, certify that:

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

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

with respect to the period covered by this report;

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

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

in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

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

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

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

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

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

Date: May 17, 2021

/s/ Patrick J. Kane

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Frontier Funds on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Balanced Fund, a Series of Frontier Funds on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

EX-32.3

Exhibit 32.3

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Select Fund, a Series of Frontier Funds on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

EX-32.4

Exhibit 32.4

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Long/Short Commodity Fund, a Series of Frontier Funds on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

EX-32.5

Exhibit 32.5

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Global Fund, a Series of Frontier Funds on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

EX-32.6

Exhibit 32.6

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Heritage Fund, a Series of Frontier Funds on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

EX-32.7

Exhibit 32.7

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Diversified Fund, a Series of Frontier Funds on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

EX-32.8

Exhibit 32.8

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Masters Fund, a Series of Frontier Funds on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund 

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

May 17, 2021

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 01, 2021
Document and Entity Information [Abstract]
Entity Registrant Name	Frontier Funds
Entity Central Index Key	0001261379
Document Type	10-Q
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity File Number	000-51274
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0

XML

Statements of Financial Condition - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Frontier Funds [Member]
ASSETS
Cash and cash equivalents	$ 455,671	$ 468,466
U.S. Treasury securities, at fair value	753,617	2,282,606
Open trade equity, at fair value	53,107	100,440
Receivable from futures commission merchants	741,397	233,973
Investments in private investment companies, at fair value	23,186,879	23,089,312
Interest receivable	5,127	45,578
Receivable from related parties		26,129
Redemptions receivable from private investment companies	159,765	181,323
Total Assets	25,355,563	26,427,827
LIABILITIES
Redemptions payable	18,281	38,128
Incentive fees payable to Managing Owner	49,840
Management fees payable to Managing Owner	1,629	8,854
Interest payable to Managing Owner	1,474	2,107
Service fees payable to Managing Owner	36,796	36,705
Trading fees payable to Managing Owner	83,487	81,698
Risk analysis fees payable	10,898	9,513
Payables to related parties		26,129
Subscriptions in advance for service fee rebates	647,505	638,962
Other liabilities	20,571	16,592
Total Liabilities	870,481	858,688
CAPITAL
Managing Owner Units	267,619	283,217
Limited Owner Units	24,217,463	25,285,922
Total Owners' Capital	24,485,082	25,569,139
Total Liabilities and Capital	25,355,563	26,427,827
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member]
ASSETS
Cash and cash equivalents	73,527	87,715
U.S. Treasury securities, at fair value	121,604	427,393
Investments in private investment companies, at fair value	3,817,118	3,644,603
Investments in unconsolidated trading companies, at fair value	23,731	16,669
Interest receivable	823	8,534
Receivable from related parties		4,892
Redemptions receivable from private investment companies	30,863	31,886
Total Assets	4,067,666	4,221,692
LIABILITIES
Redemptions payable
Interest payable to Managing Owner
Service fees payable to Managing Owner	365	385
Trading fees payable to Managing Owner	12,341	12,576
Subscriptions in advance for service fee rebates	22,650	22,650
Other liabilities	2,590	3,110
Total Liabilities	37,946	38,721
CAPITAL
Total Owners' Capital	4,029,720	4,182,971
Non-Controlling Interests
Total Capital	4,029,720	4,182,971
Total Liabilities and Capital	4,067,666	4,221,692
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 1 [Member]
CAPITAL
Limited Owner Units	$ 158,366	$ 154,260
Units Outstanding	2,122	2,122
Net Asset Value per Unit	$ 74.62	$ 72.68
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 2 [Member]
CAPITAL
Managing Owner Units	$ 2,280	$ 2,212
Limited Owner Units	$ 409,718	$ 464,012
Units Outstanding	4,492	5,241
Net Asset Value per Unit	$ 91.71	$ 88.95
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 2a [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Net Asset Value per Unit
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 3 [Member]
CAPITAL
Managing Owner Units	$ 40,437	$ 54,405
Limited Owner Units	$ 3,418,919	$ 3,508,082
Units Outstanding	40,241	42,754
Net Asset Value per Unit	$ 85.97	$ 83.33
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 3a [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Net Asset Value per Unit
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member]
ASSETS
Cash and cash equivalents	$ 42,138	$ 4,771
U.S. Treasury securities, at fair value	69,690	23,245
Investments in private investment companies, at fair value	883,076	1,014,591
Investments in unconsolidated trading companies, at fair value	13,600	907
Interest receivable	472	464
Receivable from related parties		266
Redemptions receivable from private investment companies	23,149	24,837
Total Assets	1,032,125	1,069,081
LIABILITIES
Redemptions payable		38,128
Interest payable to Managing Owner
Service fees payable to Managing Owner	74	70
Trading fees payable to Managing Owner	5,235	5,460
Subscriptions in advance for service fee rebates	31,725	31,725
Other liabilities	1,485	171
Total Liabilities	38,519	75,554
CAPITAL
Total Owners' Capital	993,606	993,527
Non-Controlling Interests
Total Capital	993,606	993,527
Total Liabilities and Capital	1,032,125	1,069,081
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 1 [Member]
CAPITAL
Limited Owner Units	$ 10,139	$ 9,740
Units Outstanding	177	177
Net Asset Value per Unit	$ 57.44	$ 55.18
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 2 [Member]
CAPITAL
Managing Owner Units	$ 2,826	$ 6,265
Limited Owner Units	$ 261,837	$ 257,673
Units Outstanding	3,748	3,908
Net Asset Value per Unit	$ 70.61	$ 67.54
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 2a [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Net Asset Value per Unit
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 3 [Member]
CAPITAL
Managing Owner Units	$ 7,498	$ 7,167
Limited Owner Units	$ 711,306	$ 712,682
Units Outstanding	10,818	11,333
Net Asset Value per Unit	$ 66.45	$ 63.52
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 3a [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Net Asset Value per Unit
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member]
ASSETS
Cash and cash equivalents	$ 48,324	$ 93,327
U.S. Treasury securities, at fair value	79,922	454,738
Investments in private investment companies, at fair value	1,200,790	738,053
Investments in unconsolidated trading companies, at fair value	15,597	17,736
Interest receivable	541	9,080
Receivable from related parties		5,205
Redemptions receivable from private investment companies		1,251
Total Assets	1,345,174	1,319,390
LIABILITIES
Redemptions payable	196
Interest payable to Managing Owner	53	87
Service fees payable to Managing Owner		18
Trading fees payable to Managing Owner	3,174	2,281
Subscriptions in advance for service fee rebates	411	393
Other liabilities	1,703	3,308
Total Liabilities	5,537	6,087
CAPITAL
Total Owners' Capital	1,339,637	1,313,303
Non-Controlling Interests
Total Capital	1,339,637	1,313,303
Total Liabilities and Capital	1,345,174	1,319,390
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 1 [Member]
CAPITAL
Limited Owner Units
Units Outstanding
Net Asset Value per Unit
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
CAPITAL
Managing Owner Units	$ 4,140	$ 3,939
Limited Owner Units	$ 31,447	$ 30,334
Units Outstanding	394	399
Net Asset Value per Unit	$ 90.39	$ 85.99
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 2a [Member]
CAPITAL
Managing Owner Units	$ 8,751	$ 8,274
Limited Owner Units	$ 75,906	$ 76,583
Units Outstanding	1,448	1,535
Net Asset Value per Unit	$ 58.49	$ 55.29
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
CAPITAL
Managing Owner Units
Limited Owner Units	$ 1,008,041	$ 976,771
Units Outstanding	10,631	10,828
Net Asset Value per Unit	$ 94.82	$ 90.21
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 3a [Member]
CAPITAL
Managing Owner Units	$ 1,109	$ 1,048
Limited Owner Units	$ 210,243	$ 216,354
Units Outstanding	3,422	3,725
Net Asset Value per Unit	$ 61.77	$ 58.37
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member]
ASSETS
Cash and cash equivalents	$ 104,891	$ 261,803
U.S. Treasury securities, at fair value	173,475	1,275,641
Open trade equity, at fair value	53,107	100,440
Receivable from futures commission merchants	741,397	233,973
Investments in private investment companies, at fair value	10,485,508	10,528,252
Investments in unconsolidated trading companies, at fair value	33,854	49,755
Interest receivable	1,200	25,471
Receivable from related parties		14,602
Redemptions receivable from private investment companies	40,018	55,473
Total Assets	11,633,450	12,545,410
LIABILITIES
Interest payable
Redemptions payable
Incentive fees payable to Managing Owner	49,840
Management fees payable to Managing Owner	1,629	8,854
Interest payable to Managing Owner		1,376
Service fees payable to Managing Owner	20,826	21,381
Trading fees payable to Managing Owner	38,152	37,894
Risk analysis fees payable	10,898	9,513
Payables to related parties
Subscriptions in advance for service fee rebates	352,411	346,855
Other liabilities	8,210	9,258
Total Liabilities	481,966	435,131
CAPITAL
Total Owners' Capital	11,151,484	12,110,279
Non-Controlling Interests
Total Capital	11,151,484	12,110,279
Total Liabilities and Capital	11,633,450	12,545,410
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 1 [Member]
CAPITAL
Limited Owner Units	$ 8,737,092	$ 9,430,532
Units Outstanding	104,778	117,991
Net Asset Value per Unit	$ 83.39	$ 79.93
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 2 [Member]
CAPITAL
Managing Owner Units	$ 54,455	$ 51,810
Limited Owner Units	$ 1,639,784	$ 1,906,359
Units Outstanding	12,348	15,000
Net Asset Value per Unit	$ 137.21	$ 130.54
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 2a [Member]
CAPITAL
Managing Owner Units	$ 71,749	$ 75,416
Limited Owner Units	$ 32,543	$ 30,961
Units Outstanding	877	940
Net Asset Value per Unit	$ 118.98	$ 113.20
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 3a [Member]
CAPITAL
Limited Owner Units	$ 503,290	$ 507,148
Units Outstanding	4,244	4,495
Net Asset Value per Unit	$ 118.58	$ 112.81
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 1AP
CAPITAL
Limited Owner Units	$ 112,571	$ 108,053
Units Outstanding	1,106	1,116
Net Asset Value per Unit	$ 101.75	$ 96.81
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member]
ASSETS
Cash and cash equivalents	$ 29,713
U.S. Treasury securities, at fair value	49,141
Open trade equity, at fair value
Receivable from futures commission merchants
Investments in private investment companies, at fair value	1,520,376	1,638,665
Investments in unconsolidated trading companies, at fair value	9,590
Interest receivable	333
Receivable from related parties
Redemptions receivable from private investment companies	65,735	67,876
Total Assets	1,674,888	1,706,541
LIABILITIES
Interest payable		179
Redemptions payable	16,207
Incentive fees payable to Managing Owner
Management fees payable to Managing Owner
Interest payable to Managing Owner	359
Service fees payable to Managing Owner	3,803	3,709
Trading fees payable to Managing Owner	3,915	3,933
Risk analysis fees payable
Payables to related parties		26,129
Subscriptions in advance for service fee rebates	19,904	19,463
Other liabilities	1,047
Total Liabilities	45,235	53,413
CAPITAL
Total Owners' Capital	1,629,653	1,653,128
Non-Controlling Interests
Total Capital	1,629,653	1,653,128
Total Liabilities and Capital	1,674,888	1,706,541
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 1 [Member]
CAPITAL
Limited Owner Units	$ 1,547,969	$ 1,575,328
Units Outstanding	24,745	26,906
Net Asset Value per Unit	$ 62.56	$ 58.55
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 2 [Member]
CAPITAL
Managing Owner Units	$ 17,653	$ 17,210
Limited Owner Units	$ 54,134	$ 50,769
Units Outstanding	708	722
Net Asset Value per Unit	$ 101.40	$ 94.20
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 2a [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Net Asset Value per Unit
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 3a [Member]
CAPITAL
Limited Owner Units
Units Outstanding
Net Asset Value per Unit
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 1AP
CAPITAL
Limited Owner Units	$ 9,897	$ 9,821
Units Outstanding	130	138
Net Asset Value per Unit	$ 76.41	$ 70.99
The Series of the Frontier Funds [Member] | Frontier Global Fund
ASSETS
Cash and cash equivalents	$ 86,051	$ 5,694
U.S. Treasury securities, at fair value	142,316	27,742
Investments in private investment companies, at fair value	2,799,957	3,068,656
Investments in unconsolidated trading companies, at fair value	27,774	1,083
Interest receivable	963	554
Receivable from related parties		319
Total Assets	3,057,061	3,104,048
LIABILITIES
Redemptions payable	1,174
Interest payable to Managing Owner	499	326
Service fees payable to Managing Owner	6,559	6,348
Trading fees payable to Managing Owner	12,310	11,849
Subscriptions in advance for service fee rebates	155,675	154,671
Other liabilities	3,032	205
Total Liabilities	179,249	173,399
CAPITAL
Total Owners' Capital	2,877,812	2,930,649
Non-Controlling Interests
Total Capital	2,877,812	2,930,649
Total Liabilities and Capital	3,057,061	3,104,048
The Series of the Frontier Funds [Member] | Frontier Global Fund | Class 1 [Member]
CAPITAL
Limited Owner Units	$ 2,683,941	$ 2,741,972
Units Outstanding	23,477	24,725
Net Asset Value per Unit	$ 114.32	$ 110.90
The Series of the Frontier Funds [Member] | Frontier Global Fund | Class 2 [Member]
CAPITAL
Managing Owner Units	$ 30,498	$ 31,366
Limited Owner Units	$ 163,373	$ 157,311
Units Outstanding	1,114	1,126
Net Asset Value per Unit	$ 174.01	$ 167.56
The Series of the Frontier Funds [Member] | Frontier Global Fund | Class 1AP
CAPITAL
Limited Owner Units
Units Outstanding
Net Asset Value per Unit
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member]
ASSETS
Cash and cash equivalents	$ 71,027	$ 15,156
U.S. Treasury securities, at fair value	117,469	73,847
Investments in private investment companies, at fair value	2,332,983	2,367,462
Investments in unconsolidated trading companies, at fair value	22,925	2,880
Interest receivable	795	1,475
Receivable from related parties		845
Total Assets	2,545,199	2,461,665
LIABILITIES
Redemptions payable	704
Interest payable to Managing Owner	563	139
Service fees payable to Managing Owner	5,169	4,794
Trading fees payable to Managing Owner	8,360	7,705
Subscriptions in advance for service fee rebates	64,729	63,205
Other liabilities	2,504	540
Total Liabilities	82,029	76,383
CAPITAL
Total Owners' Capital	2,463,170	2,385,282
Non-Controlling Interests
Total Capital	2,463,170	2,385,282
Total Liabilities and Capital	2,545,199	2,461,665
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 1 [Member]
CAPITAL
Limited Owner Units	$ 2,229,166	$ 2,169,152
Units Outstanding	21,481	22,572
Net Asset Value per Unit	$ 103.77	$ 96.10
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 2 [Member]
CAPITAL
Managing Owner Units	$ 26,223	$ 24,105
Limited Owner Units	$ 199,696	$ 183,565
Units Outstanding	1,332	1,332
Net Asset Value per Unit	$ 169.62	$ 155.92
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 1AP
CAPITAL
Limited Owner Units	$ 8,085	$ 8,460
Units Outstanding	64	73
Net Asset Value per Unit	$ 126.74	$ 116.50

XML

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member]
Investment income:
Interest - net	$ 1,587	$ 34
Total Income/(loss)	1,587	34
Expenses:
Service Fees - Class 1	1,049	7,707
Due Diligence Fees	1,202	3,383
Trading Fees	34,937	100,550
Total Expenses	37,188	111,640
Investment income/(loss) - net	(35,601)	(111,606)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	192,750	115,286
Net realized gain/(loss) on private investment companies	(45,015)	(149,796)
Net unrealized gain/(loss) on swap contracts		(2,111,698)
Net realized gain/(loss) on U.S. Treasury securities	(1,741)	(16,266)
Net unrealized gain/(loss) on U.S. Treasury securities	(440)	23,218
Change in fair value of investments in unconsolidated trading companies	10,245	(1,009)
Net gain/(loss) on investments	155,799	(2,140,265)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	120,198	(2,251,871)
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 120,198	$ (2,251,871)
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 1 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 1.94	$ (21.95)
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 1a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	2.76	(25.98)
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 2a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 3 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	2.64	(24.22)
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 3a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member]
Investment income:
Interest - net	$ 855	$ 990
Total Income/(loss)	855	990
Expenses:
Service Fees - Class 1	210	595
Due Diligence Fees	291	656
Trading Fees	14,863	32,399
Total Expenses	15,364	33,650
Investment income/(loss) - net	(14,509)	(32,660)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	44,385	246,694
Net realized gain/(loss) on private investment companies	2,640	(235,137)
Net unrealized gain/(loss) on swap contracts
Net realized gain/(loss) on U.S. Treasury securities	(1,004)	7,304
Net unrealized gain/(loss) on U.S. Treasury securities	(250)	(1,929)
Change in fair value of investments in unconsolidated trading companies	12,761	(6,482)
Net gain/(loss) on investments	58,532	10,450
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	44,023	(22,210)
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 44,023	$ (22,210)
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 1 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 2.26	$ (0.95)
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 1a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	3.07	(1.00)
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 2a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 3 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 2.93	$ (0.89)
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member]
Investment income:
Interest - net	$ 1,279	$ 647
Total Income/(loss)	1,279	647
Expenses:
Service Fees - Class 1	54	111
Due Diligence Fees	90	93
Trading Fees	8,765	9,547
Total Expenses	8,909	9,751
Investment income/(loss) - net	(7,630)	(9,104)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	62,988	(59,841)
Net realized gain/(loss) on private investment companies	2,596	(67,371)
Net unrealized gain/(loss) on swap contracts		251,441
Net realized gain/(loss) on U.S. Treasury securities	(1,950)	5,194
Net unrealized gain/(loss) on U.S. Treasury securities	(25)	(1,916)
Change in fair value of investments in unconsolidated trading companies	12,123	(4,706)
Net gain/(loss) on investments	75,732	122,801
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	68,102	113,697
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 68,102	$ 113,697
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 1 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 1a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT		3.49
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	4.4	7.06
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 2a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	3.2	4.42
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	4.61	7.36
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 3a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 3.4	$ 4.71
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member]
Investment income:
Interest - net		$ 6,311
Total Income/(loss)		6,311
Expenses:
Incentive Fees	49,840
Management Fees	4,619	5,020
Risk analysis Fees	1,386	1,506
Service Fees - Class 1	67,267	125,308
Trading Fees	114,439	198,985
Other Fees	56
Total Expenses	237,607	330,819
Investment income/(loss) - net	(237,607)	(324,508)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	371,559	642,235
Net unrealized gain/(loss) on private investment companies	566,349	(93,693)
Net realized gain/(loss) on private investment companies	(128,881)	(93,600)
Net change in open trade equity/(deficit)	(47,335)	(25,719)
Net realized gain/(loss) on swap contracts		(5,837,508)
Net realized gain/(loss) on U.S. Treasury securities	(621)	20,156
Net unrealized gain/(loss) on U.S. Treasury securities	(252)	1,596
Trading commissions	(5,961)	(8,375)
Change in fair value of investments in unconsolidated trading companies	(14,281)	(23,301)
Net gain/(loss) on investments	740,577	(5,418,209)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	502,970	(5,742,717)
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 502,970	$ (5,742,717)
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 1 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (31.21)	$ 3.46
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	6.67	48.45
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 3a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	5.77	(41.84)
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 1AP [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	4.94	(35.94)
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 2a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 5.78	$ (41.97)
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Incentive Fees
Management Fees
Risk analysis Fees
Service Fees - Class 1	11,438	20,160
Trading Fees	11,355	16,955
Other Fees
Total Expenses	22,793	37,115
Investment income/(loss) - net	(22,793)	(37,115)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options
Net unrealized gain/(loss) on private investment companies	77,023	(22,952)
Net realized gain/(loss) on private investment companies	47,430	7,923
Net change in open trade equity/(deficit)
Net realized gain/(loss) on swap contracts
Net realized gain/(loss) on U.S. Treasury securities	(1,017)	5,292
Net unrealized gain/(loss) on U.S. Treasury securities	(190)	(2,216)
Trading commissions
Change in fair value of investments in unconsolidated trading companies	8,540	93,757
Net gain/(loss) on investments	131,786	81,804
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	108,993	44,689
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 108,993	$ 44,689
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 1 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 4.01	$ 0.92
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	7.2	2.21
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 2a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 3a [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member] | Class 1AP [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 5.42	$ 1.49
The Series of the Frontier Funds [Member] | Frontier Global Fund [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Service Fees - Class 1	19,938	30,441
Trading Fees	35,130	55,555
Total Expenses	55,068	85,996
Investment income/(loss) - net	(55,068)	(85,996)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	92,170	249,122
Net realized gain/(loss) on private investment companies	37,665	309,658
Net unrealized gain/(loss) on swap contracts
Net realized gain/(loss) on U.S. Treasury securities	(1,735)	11,493
Net unrealized gain/(loss) on U.S. Treasury securities	(526)	(5,491)
Change in fair value of investments in unconsolidated trading companies	16,133	(5,077)
Net gain/(loss) on investments	143,707	559,705
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	88,639	473,709
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	88,639	473,709
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Service Fees - Class 1	16,157	18,013
Trading Fees	23,676	29,905
Total Expenses	39,833	47,918
Investment income/(loss) - net	(39,833)	(47,918)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	209,744	416,114
Net realized gain/(loss) on private investment companies	6,431	4,371
Net unrealized gain/(loss) on swap contracts		206,847
Net realized gain/(loss) on U.S. Treasury securities	(1,201)	6,794
Net unrealized gain/(loss) on U.S. Treasury securities	(484)	(951)
Change in fair value of investments in unconsolidated trading companies	12,628	(6,103)
Net gain/(loss) on investments	227,118	627,072
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	187,285	579,154
Less: Operations attributable to non-controlling interests		100,287
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 187,285	$ 478,867
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 1 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 7.67	$ 16.67
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	13.7	27.58
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 1AP [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 10.24	21.22
The Series of the Frontier Funds [Member] | Frontier Global Fund [Member]
Realized and unrealized gain/(loss) on investments:
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 88,639
The Series of the Frontier Funds [Member] | Frontier Global Fund [Member] | Class 1 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 3.42	14.46
The Series of the Frontier Funds [Member] | Frontier Global Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	6.45	22.82
The Series of the Frontier Funds [Member] | Frontier Global Fund [Member] | Class 1AP [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT		$ 18.66
Frontier Funds [Member]
Investment income:
Interest - net	$ 3,721	$ 7,982
Total Income/(loss)	3,721	7,982
Expenses:
Incentive Fees	49,840
Management Fees	4,619	5,020
Risk analysis Fees	1,386	1,506
Service Fees - Class 1	116,113	202,335
Due Diligence Fees	1,583	4,132
Trading Fees	243,165	443,896
Other Fees	56
Total Expenses	416,762	656,889
Investment income/(loss) - net	(413,041)	(648,907)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	371,559	642,235
Net unrealized gain/(loss) on private investment companies	1,309,008	792,691
Net realized gain/(loss) on private investment companies	(82,585)	(219,121)
Net change in open trade equity/(deficit)	(47,335)	(25,719)
Net unrealized gain/(loss) on swap contracts		(7,490,918)
Net realized gain/(loss) on U.S. Treasury securities	(9,269)	39,967
Net unrealized gain/(loss) on U.S. Treasury securities	(2,167)	12,311
Trading commissions	(5,961)	(8,375)
Net gain/(loss) on investments	1,533,251	(6,256,929)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	$ 1,120,210	$ (6,905,836)

XML

Condensed Schedule of Investments - USD ($)		Mar. 31, 2021		Dec. 31, 2020
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[1]	$ 3,817,118		$ 3,644,603
Investment Owned, % of Total Capital (Net Asset Value)	[1]	94.72%		87.12%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[1]	$ 1,124,813		$ 1,066,074
Investment Owned, % of Total Capital (Net Asset Value)	[1]	27.91%		25.49%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value	[1]	$ 259,304		$ 414,692
Investment Owned, % of Total Capital (Net Asset Value)	[1]	6.43%		9.91%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value	[1]	$ 763,095		$ 672,766
Investment Owned, % of Total Capital (Net Asset Value)	[1]	18.94%		16.08%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value		$ 836,526		$ 732,066	[1]
Investment Owned, % of Total Capital (Net Asset Value)		20.76%		17.50%	[1]
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[1]	$ 476,246		$ 435,119
Investment Owned, % of Total Capital (Net Asset Value)	[1]	11.82%		10.40%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]	$ 357,134
Investment Owned, % of Total Capital (Net Asset Value)	[1]	8.86%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]			$ 323,886
Investment Owned, % of Total Capital (Net Asset Value)	[1]			7.74%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Investment Owned, Fair Value	[1]	$ 23,731		$ 16,669	[2]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.59%		0.40%	[2]
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[1]	$ 23,731		$ 16,669
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.59%		0.40%
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member]
Investment Owned, Fair Value		$ 96,251	[3]	$ 427,509	[4]
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, Fair Value	[3]	$ 121,604		$ 427,393
Investment Owned, % of Total Capital (Net Asset Value)	[3]	3.02%		10.22%
Investment Owned, Underlying Face Amount, at Face Value	[3]	$ 510,000		$ 1,755,000
Investment Owned, at Cost		756,828		2,283,228	[3]
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | SHORT FUTURES CONTRACTS [Member]
Investment Owned, Fair Value		$ 117,047
Investment Owned, % of Total Capital (Net Asset Value)		1.07%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[1]	$ 883,076		$ 1,014,591
Investment Owned, % of Total Capital (Net Asset Value)	[1]	88.88%		102.12%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value					[1]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%	[1]
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value					[1]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%	[1]
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value		$ 380,085		$ 486,659	[1]
Investment Owned, % of Total Capital (Net Asset Value)		38.25%		48.98%	[1]
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[1]	$ 253,710		$ 258,609
Investment Owned, % of Total Capital (Net Asset Value)	[1]	25.53%		26.03%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]	$ 249,281
Investment Owned, % of Total Capital (Net Asset Value)	[1]	25.09%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]			$ 269,323
Investment Owned, % of Total Capital (Net Asset Value)	[1]			27.11%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Investment Owned, Fair Value	[1]	$ 13,600		$ 907	[2]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.37%		0.09%	[2]
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[1]	$ 13,600		$ 907
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.37%		0.09%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member]
Investment Owned, Fair Value		$ 55,161	[3]	$ 23,245	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			2.34%
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, Fair Value	[3]	$ 69,690		$ 23,245
Investment Owned, % of Total Capital (Net Asset Value)	[3]	7.01%		2.34%
Investment Owned, Underlying Face Amount, at Face Value	[3]	$ 510,000		$ 1,755,000
Investment Owned, at Cost	[3]	756,828		2,283,228
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[1]	$ 1,200,790		$ 738,053
Investment Owned, % of Total Capital (Net Asset Value)	[1]	89.64%		56.19%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value					[1]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%	[1]
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value					[1]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%	[1]
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value					[1]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%	[1]
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[1]	$ 456,484		$ 272,294
Investment Owned, % of Total Capital (Net Asset Value)	[1]	34.08%		20.73%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Investment Owned, Fair Value		$ 247,924
Investment Owned, % of Total Capital (Net Asset Value)		18.51%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investment Owned, Fair Value	[1]	$ 496,382		$ 465,759
Investment Owned, % of Total Capital (Net Asset Value)	[1]	37.05%		35.46%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]			0.00%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Investment Owned, Fair Value	[1]	$ 15,597		$ 17,736	[2]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.16%		1.35%	[2]
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[1]	$ 15,597		$ 17,736
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.16%		1.35%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member]
Investment Owned, Fair Value		$ 63,259	[3]	$ 454,738	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			34.63%
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, Fair Value	[3]	$ 79,922		$ 454,738
Investment Owned, % of Total Capital (Net Asset Value)	[3]	5.97%		34.63%
Investment Owned, Underlying Face Amount, at Face Value	[3]	$ 510,000		$ 1,755,000
Investment Owned, at Cost	[3]	756,828		2,283,228
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value				$ 9,803
Investment Owned, % of Total Capital (Net Asset Value)				0.08%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[1]	$ 10,485,508		$ 10,528,252
Investment Owned, % of Total Capital (Net Asset Value)	[1]	94.03%		86.93%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[1]	$ 2,182,781		$ 2,311,240
Investment Owned, % of Total Capital (Net Asset Value)	[1]	19.57%		19.08%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value	[1]	$ 1,038,047		$ 1,581,941
Investment Owned, % of Total Capital (Net Asset Value)	[1]	9.31%		13.06%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value	[1]	$ 1,314,523		$ 982,020
Investment Owned, % of Total Capital (Net Asset Value)	[1]	11.79%		8.11%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[1]	$ 1,584,459		$ 1,600,611
Investment Owned, % of Total Capital (Net Asset Value)	[1]	14.21%		13.22%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[1]	$ 2,829,148		$ 2,612,336
Investment Owned, % of Total Capital (Net Asset Value)	[1]	25.37%		21.57%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]	$ 1,536,550
Investment Owned, % of Total Capital (Net Asset Value)	[1]	13.78%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Investment Owned, Fair Value	[1]	$ 668,428
Investment Owned, % of Total Capital (Net Asset Value)	[1]	2.97%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Investment Owned, Fair Value	[1]	$ 1,913,873
Investment Owned, % of Total Capital (Net Asset Value)	[1]	8.51%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]			$ 1,440,104
Investment Owned, % of Total Capital (Net Asset Value)	[1]			11.89%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Investment Owned, Fair Value	[1]	$ 9,590		$ 49,755
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.59%		0.41%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[1]	$ 33,854		$ 49,755
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.30%		0.41%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member]
Investment Owned, Fair Value	[3]	$ 137,308		$ 17,266,387
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, Fair Value	[3]	$ 173,475		$ 1,275,641
Investment Owned, % of Total Capital (Net Asset Value)	[3]	1.56%		10.53%
Investment Owned, Underlying Face Amount, at Face Value	[3]	$ 596,500		$ 980,787
Investment Owned, at Cost	[3]	756,828
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, at Cost		174,214
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, at Cost	[3]
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member]
Investment Owned, Fair Value	[4]	$ 449,023		$ 449,023
Investment Owned, % of Total Capital (Net Asset Value)	[4]	3.70%		3.70%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Far East) [Member]
Investment Owned, Fair Value		$ 1,068		$ 72,005	[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.01%		0.28%	[4]
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value		$ 2,468		$ 9,803	[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.02%		0.08%	[4]
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ 75,491		$ 87,496
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.68%		0.72%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (25,796)
Investment Owned, % of Total Capital (Net Asset Value)		(0.23%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value		$ (7,381)
Investment Owned, % of Total Capital (Net Asset Value)		(0.07%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member]
Investment Owned, Fair Value		$ 4,564
Investment Owned, % of Total Capital (Net Asset Value)		0.04%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member]
Investment Owned, Fair Value		$ 744		$ 5,833	[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.01%		0.05%	[4]
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (8,850)
Investment Owned, % of Total Capital (Net Asset Value)		(0.08%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 6,740
Investment Owned, % of Total Capital (Net Asset Value)	[5]	(0.06%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[4]	$ (166,167)		$ 148,949
Investment Owned, % of Total Capital (Net Asset Value)	[4]	(1.49%)		1.23%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value		$ (1,298)		$ 2,882	[4]
Investment Owned, % of Total Capital (Net Asset Value)		(0.01%)		0.02%	[4]
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]			$ (1,563)
Investment Owned, % of Total Capital (Net Asset Value)	[4]			(0.01%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ 21,705
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.19%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ 19,624
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.18%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Africa) [Member]
Investment Owned, Fair Value		$ 117
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member]
Investment Owned, Fair Value	[5]	$ 10,124
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.09%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member]
Investment Owned, Fair Value		$ 3,993		$ 5,312	[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.04%		0.04%	[4]
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member]
Investment Owned, Fair Value	[5]	$ 393
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 1,354
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.01%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Canada) [Member]
Investment Owned, Fair Value		$ (1,270)
Investment Owned, % of Total Capital (Net Asset Value)		(0.01%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]			$ 22,858
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.19%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[4]			$ 10,573
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.09%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]			$ (100)
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]			$ 28,625
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.24%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]			$ 52,349
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.43%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | CURRENCY FORWARDS [Member]
Investment Owned, Fair Value	[4]	$ 59,127
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.26%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | CURRENCY FORWARDS [Member] | Various Currency Forwards Contracts (NA) [Member]
Investment Owned, Fair Value	[4]	$ 59,127
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.26%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, Fair Value	[4]	$ 116,184		$ 100,440
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.52%		0.81%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Swap [Member]
Investment Owned, Fair Value	[6]	$ 11,944,753
Investment Owned, % of Total Capital (Net Asset Value)	[6]	53.10%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Swap [Member] | Frontier XXXIV Balanced Select Swap (U.S.) [Member]
Investment Owned, Fair Value	[6]	$ 11,944,753
Investment Owned, % of Total Capital (Net Asset Value)	[6]	53.10%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member]
Investment Owned, Fair Value	[4]			$ (348,583)
Investment Owned, % of Total Capital (Net Asset Value)	[4]			(2.89%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Far East) [Member]
Investment Owned, Fair Value		$ 1,299
Investment Owned, % of Total Capital (Net Asset Value)		0.01%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value		$ 2,952
Investment Owned, % of Total Capital (Net Asset Value)		0.03%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (49,181)
Investment Owned, % of Total Capital (Net Asset Value)		(0.44%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ (1,547)
Investment Owned, % of Total Capital (Net Asset Value)	[4]	(0.01%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[4]	$ 16,450
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.15%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member]
Investment Owned, Fair Value		$ (524)
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member]
Investment Owned, Fair Value		$ 4,736
Investment Owned, % of Total Capital (Net Asset Value)		0.04%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ 3,488
Investment Owned, % of Total Capital (Net Asset Value)		0.03%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member]
Investment Owned, Fair Value		$ 9,860
Investment Owned, % of Total Capital (Net Asset Value)		0.09%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value		$ 100,326	[5]	$ (127,832)	[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.90%	[5]	(1.06%)	[4]
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value		$ 9,758
Investment Owned, % of Total Capital (Net Asset Value)		0.09%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value				$ 21,563
Investment Owned, % of Total Capital (Net Asset Value)				0.19%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value		$ 5,550		$ (25,560)	[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.05%		(0.21%)	[4]
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ (2,431)		$ (42,669)
Investment Owned, % of Total Capital (Net Asset Value)	[4]	(0.02%)		(0.35%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Africa) [Member]
Investment Owned, Fair Value		$ 890
Investment Owned, % of Total Capital (Net Asset Value)		0.01%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member]
Investment Owned, Fair Value		$ (414)
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member]
Investment Owned, Fair Value		$ 449
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (1,444)
Investment Owned, % of Total Capital (Net Asset Value)		(0.01%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Canada) [Member]
Investment Owned, Fair Value		$ (4,733)
Investment Owned, % of Total Capital (Net Asset Value)		(0.04%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[4]			$ (3,340)
Investment Owned, % of Total Capital (Net Asset Value)	[4]			(0.03%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various agriculture futures contracts (Far East) One [Member]
Investment Owned, Fair Value	[4]			$ (30,963)
Investment Owned, % of Total Capital (Net Asset Value)	[4]			(0.26%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) One [Member]
Investment Owned, Fair Value	[4]			$ (92,738)
Investment Owned, % of Total Capital (Net Asset Value)	[4]			(0.77%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various base metals futures contracts (U.S.) One [Member]
Investment Owned, Fair Value	[4]			$ (10,289)
Investment Owned, % of Total Capital (Net Asset Value)	[4]			(0.08%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Europe) One [Member]
Investment Owned, Fair Value	[4]			$ (10,381)
Investment Owned, % of Total Capital (Net Asset Value)	[4]			(0.09%)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Latin America) One [Member]
Investment Owned, Fair Value	[4]			$ 2,512
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.02%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value				$ 2,300
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.02%
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) One [Member]
Investment Owned, Fair Value	[4]			$ 3,656
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.03%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[1]	$ 1,520,376		$ 1,638,665
Investment Owned, % of Total Capital (Net Asset Value)	[1]	93.29%		99.13%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[1]	$ 862,314		$ 956,968
Investment Owned, % of Total Capital (Net Asset Value)	[1]	52.91%		57.89%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]	$ 658,062
Investment Owned, % of Total Capital (Net Asset Value)	[1]	40.38%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Investment Owned, Fair Value	[1]	$ 9,590
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.59%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[1]	$ 33,854
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.30%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member]
Investment Owned, Fair Value	[3]	$ 38,896		$ 2,593,522
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, Fair Value	[3]	$ 49,141
Investment Owned, % of Total Capital (Net Asset Value)	[3]	3.02%		0.00%
Investment Owned, Underlying Face Amount, at Face Value	[3]	$ 596,500
Investment Owned, at Cost	[3]	756,828
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, at Cost		49,351		6,686	[3]
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Far East) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value					[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%	[4]
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)				0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Africa) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member]
Investment Owned, Fair Value	[5]
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member]
Investment Owned, Fair Value					[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%	[4]
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member]
Investment Owned, Fair Value	[5]
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Canada) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | CURRENCY FORWARDS [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | CURRENCY FORWARDS [Member] | Various Currency Forwards Contracts (NA) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Swap [Member]
Investment Owned, Fair Value	[6]
Investment Owned, % of Total Capital (Net Asset Value)	[6]
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Swap [Member] | Frontier XXXIV Balanced Select Swap (U.S.) [Member]
Investment Owned, Fair Value	[6]
Investment Owned, % of Total Capital (Net Asset Value)	[6]
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Far East) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value			[5]		[4]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	[5]	0.00%	[4]
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)				0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]	0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Africa) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (U.S.) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Canada) [Member]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[1]	$ 2,799,957		$ 3,068,656
Investment Owned, % of Total Capital (Net Asset Value)	[1]	97.29%		104.71%
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[1]	$ 2,799,957		$ 3,068,656
Investment Owned, % of Total Capital (Net Asset Value)	[1]	97.29%		104.71%
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Investment Owned, Fair Value	[1]	$ 27,774		$ 1,083
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.97%		0.04%
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[1]	$ 27,774		$ 1,083
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.97%		0.04%
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member]
Investment Owned, Fair Value		$ 112,646	[3]	$ 56,778
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, Fair Value	[3]	$ 142,316		$ 27,742
Investment Owned, % of Total Capital (Net Asset Value)	[3]	4.95%		0.95%
Investment Owned, Underlying Face Amount, at Face Value	[3]	$ 596,500		$ 1,755,000
Investment Owned, at Cost	[3]	756,828		2,283,228
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, at Cost		142,923		27,750
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[1]	$ 2,332,982		$ 2,367,462
Investment Owned, % of Total Capital (Net Asset Value)	[1]	94.70%		99.25%
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[1]	$ 1,520,090		$ 1,539,331
Investment Owned, % of Total Capital (Net Asset Value)	[1]	61.71%		64.53%
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[1]	$ 812,892		$ 828,131
Investment Owned, % of Total Capital (Net Asset Value)	[1]	33.00%		34.72%
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Investment Owned, Fair Value	[1]	$ 22,925		$ 2,880
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.93%		0.12%
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[1]	$ 22,925		$ 2,880
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.93%		0.12%
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member]
Investment Owned, Fair Value		$ 92,979	[3]	$ 21,330
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, Fair Value	[3]	$ 117,469		$ 73,847
Investment Owned, % of Total Capital (Net Asset Value)	[3]	4.77%		3.10%
Investment Owned, Underlying Face Amount, at Face Value	[3]	$ 596,500		$ 1,755,000
Investment Owned, at Cost	[3]	756,828		2,283,228
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, at Cost		117,970		73,867
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[1]			$ 681,697
Investment Owned, % of Total Capital (Net Asset Value)	[1]			41.24%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various agriculture futures contracts (Far East) One [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) One [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various base metals futures contracts (U.S.) One [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Europe) One [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Latin America) One [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) One [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) One [Member]
Investment Owned, Fair Value	[4]
Investment Owned, % of Total Capital (Net Asset Value)	[4]			0.00%
Frontier Funds [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[7]	$ 23,186,879		$ 23,089,312
Investment Owned, % of Total Capital (Net Asset Value)	[7]	94.70%		90.31%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[7]	$ 3,307,594		$ 3,377,314
Investment Owned, % of Total Capital (Net Asset Value)	[7]	13.51%		13.21%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value	[7]	$ 1,297,351
Investment Owned, % of Total Capital (Net Asset Value)	[7]	5.30%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value	[7]	$ 2,077,618		$ 1,654,786
Investment Owned, % of Total Capital (Net Asset Value)	[7]	8.49%		6.47%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[7]	$ 7,121,118		$ 7,427,324
Investment Owned, % of Total Capital (Net Asset Value)	[7]	29.08%		29.05%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[7]	$ 5,690,794		$ 5,363,456
Investment Owned, % of Total Capital (Net Asset Value)	[7]	23.24%		20.98%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[7]	$ 2,801,027
Investment Owned, % of Total Capital (Net Asset Value)	[7]	11.44%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Investment Owned, Fair Value	[7]	$ 247,924		$ 89,029
Investment Owned, % of Total Capital (Net Asset Value)	[7]	1.01%		0.35%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investment Owned, Fair Value	[7]	$ 496,382		$ 465,759
Investment Owned, % of Total Capital (Net Asset Value)	[7]	2.03%		1.82%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investment Owned, Fair Value	[7]			$ 2,715,008
Investment Owned, % of Total Capital (Net Asset Value)	[7]			10.62%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value	[7]			$ 1,996,633
Investment Owned, % of Total Capital (Net Asset Value)	[7]			7.81%
Frontier Funds [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC [Member]
Investment Owned, Fair Value	[7]	$ 147,071
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.60%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member]
Investment Owned, Fair Value		$ (63,940)	[5]	$ 449,023	[8]
Investment Owned, % of Total Capital (Net Asset Value)		(0.28%)	[5]	1.74%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Far East) [Member]
Investment Owned, Fair Value		$ 1,068	[5]	$ 72,005	[8]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	[5]	0.28%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[5]	$ 2,468		$ 9,803
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.01%		0.04%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ 75,491	[5]	$ 87,496	[8]
Investment Owned, % of Total Capital (Net Asset Value)		0.31%	[5]	0.34%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member]
Investment Owned, Fair Value	[5]	$ 4,564
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.02%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member]
Investment Owned, Fair Value		$ 744	[5]	$ 5,833	[8]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	[5]	0.02%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 6,740
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.03%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value		$ (166,167)	[5]	$ 148,949	[8]
Investment Owned, % of Total Capital (Net Asset Value)		(0.68%)	[5]	0.58%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value		$ (1,298)	[5]	$ 2,882	[8]
Investment Owned, % of Total Capital (Net Asset Value)		(0.01%)	[5]	0.01%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (1,563)	[5]	$ 2,438	[8]
Investment Owned, % of Total Capital (Net Asset Value)		(0.01%)	[5]	0.01%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 21,705
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.09%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 19,624
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.08%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Africa) [Member]
Investment Owned, Fair Value	[5]	$ 117
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member]
Investment Owned, Fair Value	[5]	$ 10,124
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.04%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member]
Investment Owned, Fair Value	[5]	$ 393
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (25,796)	[5]	$ 22,858	[8]
Investment Owned, % of Total Capital (Net Asset Value)		(0.11%)	[5]	0.09%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, Fair Value		$ (7,381)	[5]	$ 10,573	[8]
Investment Owned, % of Total Capital (Net Asset Value)		(0.03%)	[5]	0.04%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (8,850)	[5]	$ (100)	[8]
Investment Owned, % of Total Capital (Net Asset Value)		(0.04%)	[5]	0.00%	[8]
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[5]	$ 3,993		$ 5,312
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.02%		0.02%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[8]			$ 28,625
Investment Owned, % of Total Capital (Net Asset Value)	[8]			0.11%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[8]			$ 52,349
Investment Owned, % of Total Capital (Net Asset Value)	[8]			0.20%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 1,354
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.01%
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, Fair Value	[5]	$ (1,270)
Investment Owned, % of Total Capital (Net Asset Value)	[5]	(0.01%)
Frontier Funds [Member] | CURRENCY FORWARDS [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, Fair Value		$ 53,107	[5]	$ 100,440	[8]
Investment Owned, % of Total Capital (Net Asset Value)		0.19%	[5]	0.38%	[8]
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member]
Investment Owned, Fair Value		$ 117,047	[5]	$ (348,583)	[8]
Investment Owned, % of Total Capital (Net Asset Value)		0.47%	[5]	(1.36%)	[8]
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[5]	$ 1,299
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.01%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (49,181)	[5]	$ (92,738)	[8]
Investment Owned, % of Total Capital (Net Asset Value)		(0.20%)	[5]	(0.36%)	[8]
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Investment Owned, Fair Value		$ 2,952	[5]	$ (10,797)
Investment Owned, % of Total Capital (Net Asset Value)		0.01%	[5]	(0.04%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member]
Investment Owned, Fair Value	[5]	$ (524)
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member]
Investment Owned, Fair Value	[5]	$ 4,736
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.02%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ 3,488	[5]	$ 2,300	[8]
Investment Owned, % of Total Capital (Net Asset Value)		0.01%	[5]	0.01%	[8]
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 9,860
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.04%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[5]	$ 100,326
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.41%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[5]	$ 9,758
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.04%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 21,563
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.09%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ 5,550
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.02%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ (2,431)
Investment Owned, % of Total Capital (Net Asset Value)	[5]	(0.01%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Africa) [Member]
Investment Owned, Fair Value	[5]	$ 890
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member]
Investment Owned, Fair Value	[5]	$ 449
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[5]	$ (1,547)
Investment Owned, % of Total Capital (Net Asset Value)	[5]	(0.01%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, Fair Value		$ 16,450	[5]	$ (10,381)
Investment Owned, % of Total Capital (Net Asset Value)		0.07%	[5]	(0.04%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Fair Value		$ (1,444)	[5]	$ (3,340)
Investment Owned, % of Total Capital (Net Asset Value)		(0.01%)	[5]	(0.01%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various agriculture futures contracts (Far East) One [Member]
Investment Owned, Fair Value	[8]			$ 30,963
Investment Owned, % of Total Capital (Net Asset Value)	[8]			(0.12%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various base metals futures contracts (U.S.) One [Member]
Investment Owned, Fair Value	[8]			$ (10,289)
Investment Owned, % of Total Capital (Net Asset Value)	[8]			(0.04%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Latin America) One [Member]
Investment Owned, Fair Value	[8]			$ 2,512
Investment Owned, % of Total Capital (Net Asset Value)	[8]			0.01%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) One [Member]
Investment Owned, Fair Value	[8]			$ (2,482)
Investment Owned, % of Total Capital (Net Asset Value)	[8]			(0.01%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) One [Member]
Investment Owned, Fair Value	[8]			$ 3,656
Investment Owned, % of Total Capital (Net Asset Value)	[8]			0.01%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various interest rates futures contracts (Europe) One [Member]
Investment Owned, Fair Value	[8]			$ (127,832)
Investment Owned, % of Total Capital (Net Asset Value)	[8]			(0.50%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[8]			$ (25,560)
Investment Owned, % of Total Capital (Net Asset Value)	[8]			(0.10%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[8]			$ (42,669)
Investment Owned, % of Total Capital (Net Asset Value)	[8]			(0.17%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value		$ (4,733)
Investment Owned, % of Total Capital (Net Asset Value)		(0.02%)
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, Fair Value	[5]	$ (414)
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.00%
Frontier Funds [Member] | Additional Disclosure on U.S. Treasury Securities [Member]
Investment Owned, Fair Value		$ 753,617		$ 2,282,606
Investment Owned, % of Total Capital (Net Asset Value)		3.08%		8.93%
Frontier Funds [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Note [Member]
Investment Owned, Fair Value		$ 753,617		$ 2,282,606
Investment Owned, % of Total Capital (Net Asset Value)		3.08%		8.93%
Investment Owned, Underlying Face Amount, at Face Value		$ 596,500		$ 1,755,000
Investment Owned, at Cost		$ 756,828		$ 2,283,228

[1] See Note 5 to the Financial Statements.

[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] See Note 2 to the Financial Statements.

[4] 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.

[5] 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.

[6] See Note 4 to the Financial Statements.

[7] See Notes to Consolidated Financial Statements, Note 5.

[8] 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.

XML

Statements of Changes in Owners’ Capital (Unaudited)	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Limited Owners [Member] | Class 1 [Member]
Owners' Capital, Beginning balance	$ 154,260
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	4,106
Owners' Capital, Ending balance	$ 158,366
Owners’ Capital - Units, Beginning balance | shares	2,122
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	2,122
Net asset value per unit, Beginning balance | $ / shares	$ 72.68
Change in net asset value per unit | $ / shares	1.94
Net asset value per unit, Ending balance | $ / shares	$ 74.62
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Limited Owners [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 464,012
Sale of Units (including transfers)
Redemption of Units (including transfers)	(65,868)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	11,574
Owners' Capital, Ending balance	$ 409,718
Owners’ Capital - Units, Beginning balance | shares	5,217
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(750)
Owners’ Capital - Units, Ending balance | shares	4,467
Net asset value per unit, Beginning balance | $ / shares	$ 88.95
Change in net asset value per unit | $ / shares	2.76
Net asset value per unit, Ending balance | $ / shares	$ 91.71
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Limited Owners [Member] | Class 3 [Member]
Owners' Capital, Beginning balance	$ 3,508,082
Sale of Units (including transfers)
Redemption of Units (including transfers)	(192,581)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	103,418
Owners' Capital, Ending balance	$ 3,418,919
Owners’ Capital - Units, Beginning balance | shares	42,100
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(2,330)
Owners’ Capital - Units, Ending balance | shares	39,770
Net asset value per unit, Beginning balance | $ / shares	$ 83.33
Change in net asset value per unit | $ / shares	2.64
Net asset value per unit, Ending balance | $ / shares	$ 85.97
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Managing Owner [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 2,212
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	68
Owners' Capital, Ending balance	$ 2,280
Owners’ Capital - Units, Beginning balance | shares	25
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	25
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Managing Owner [Member] | Class 3 [Member]
Owners' Capital, Beginning balance	$ 54,405
Sale of Units (including transfers)
Redemption of Units (including transfers)	(15,000)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,032
Owners' Capital, Ending balance	$ 40,437
Owners’ Capital - Units, Beginning balance | shares	653
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(182)
Owners’ Capital - Units, Ending balance | shares	471
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Non-Controlling Interests [Member]
Owners' Capital, Beginning balance
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Owners' Capital, Ending balance
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 1 [Member]
Owners’ Capital - Units, Beginning balance | shares	2,122
Owners’ Capital - Units, Ending balance | shares	2,122
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 2 [Member]
Owners’ Capital - Units, Beginning balance | shares	5,241
Owners’ Capital - Units, Ending balance | shares	4,492
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member] | Class 3 [Member]
Owners’ Capital - Units, Beginning balance | shares	42,754
Owners’ Capital - Units, Ending balance | shares	40,241
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member]
Owners' Capital, Beginning balance	$ 4,182,971
Sale of Units (including transfers)
Redemption of Units (including transfers)	(273,449)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	120,198
Owners' Capital, Ending balance	4,029,720
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Limited Owners [Member] | Class 1 [Member]
Owners' Capital, Beginning balance	9,740
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	399
Owners' Capital, Ending balance	$ 10,139
Owners’ Capital - Units, Beginning balance | shares	177
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	177
Net asset value per unit, Beginning balance | $ / shares	$ 55.18
Change in net asset value per unit | $ / shares	2.26
Net asset value per unit, Ending balance | $ / shares	$ 57.44
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Limited Owners [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 257,673
Sale of Units (including transfers)
Redemption of Units (including transfers)	(7,344)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	11,508
Owners' Capital, Ending balance	$ 261,837
Owners’ Capital - Units, Beginning balance | shares	3,816
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(108)
Owners’ Capital - Units, Ending balance | shares	3,708
Net asset value per unit, Beginning balance | $ / shares	$ 67.54
Change in net asset value per unit | $ / shares	3.07
Net asset value per unit, Ending balance | $ / shares	$ 70.61
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Limited Owners [Member] | Class 3 [Member]
Owners' Capital, Beginning balance	$ 712,682
Sale of Units (including transfers)
Redemption of Units (including transfers)	(33,100)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	31,724
Owners' Capital, Ending balance	$ 711,306
Owners’ Capital - Units, Beginning balance | shares	11,220
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(515)
Owners’ Capital - Units, Ending balance | shares	10,705
Net asset value per unit, Beginning balance | $ / shares	$ 63.52
Change in net asset value per unit | $ / shares	2.93
Net asset value per unit, Ending balance | $ / shares	$ 66.45
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Managing Owner [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 6,265
Sale of Units (including transfers)
Redemption of Units (including transfers)	(3,500)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	61
Owners' Capital, Ending balance	$ 2,826
Owners’ Capital - Units, Beginning balance | shares	93
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(53)
Owners’ Capital - Units, Ending balance | shares	40
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Managing Owner [Member] | Class 3 [Member]
Owners' Capital, Beginning balance	$ 7,167
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	331
Owners' Capital, Ending balance	$ 7,498
Owners’ Capital - Units, Beginning balance | shares	113
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	113
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Non-Controlling Interests [Member]
Owners' Capital, Beginning balance
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Owners' Capital, Ending balance
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 1 [Member]
Owners’ Capital - Units, Beginning balance | shares	177
Owners’ Capital - Units, Ending balance | shares	177
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 2 [Member]
Owners’ Capital - Units, Beginning balance | shares	3,908
Owners’ Capital - Units, Ending balance | shares	3,748
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member] | Class 3 [Member]
Owners’ Capital - Units, Beginning balance | shares	11,333
Owners’ Capital - Units, Ending balance | shares	10,818
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member]
Owners' Capital, Beginning balance	$ 993,527
Sale of Units (including transfers)
Redemption of Units (including transfers)	(43,944)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	44,023
Owners' Capital, Ending balance	993,606
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Limited Owners [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	30,334
Sale of Units (including transfers)
Redemption of Units (including transfers)	(423)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,536
Owners' Capital, Ending balance	$ 31,447
Owners’ Capital - Units, Beginning balance | shares	353
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(5)
Owners’ Capital - Units, Ending balance | shares	348
Net asset value per unit, Beginning balance | $ / shares	$ 85.99
Change in net asset value per unit | $ / shares	4.40
Net asset value per unit, Ending balance | $ / shares	$ 90.39
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Limited Owners [Member] | Class 3 [Member]
Owners' Capital, Beginning balance	$ 976,771
Sale of Units (including transfers)
Redemption of Units (including transfers)	(18,296)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	49,566
Owners' Capital, Ending balance	$ 1,008,041
Owners’ Capital - Units, Beginning balance | shares	10,828
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(197)
Owners’ Capital - Units, Ending balance | shares	10,631
Net asset value per unit, Beginning balance | $ / shares	$ 90.21
Change in net asset value per unit | $ / shares	4.61
Net asset value per unit, Ending balance | $ / shares	$ 94.82
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Limited Owners [Member] | Class 2a [Member]
Owners' Capital, Beginning balance	$ 76,583
Sale of Units (including transfers)
Redemption of Units (including transfers)	(4,963)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	4,286
Owners' Capital, Ending balance	$ 75,906
Owners’ Capital - Units, Beginning balance | shares	1,386
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(87)
Owners’ Capital - Units, Ending balance | shares	1,299
Net asset value per unit, Beginning balance | $ / shares	$ 55.29
Change in net asset value per unit | $ / shares	3.20
Net asset value per unit, Ending balance | $ / shares	$ 58.49
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Limited Owners [Member] | Class 3a [Member]
Owners' Capital, Beginning balance	$ 216,354
Sale of Units (including transfers)
Redemption of Units (including transfers)	(18,086)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	11,975
Owners' Capital, Ending balance	$ 210,243
Owners’ Capital - Units, Beginning balance | shares	3,707
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(303)
Owners’ Capital - Units, Ending balance | shares	3,404
Net asset value per unit, Beginning balance | $ / shares	$ 58.37
Change in net asset value per unit | $ / shares	3.40
Net asset value per unit, Ending balance | $ / shares	$ 61.77
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 3,939
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	201
Owners' Capital, Ending balance	$ 4,140
Owners’ Capital - Units, Beginning balance | shares	46
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	46
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member] | Class 2a [Member]
Owners' Capital, Beginning balance	$ 8,274
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	477
Owners' Capital, Ending balance	$ 8,751
Owners’ Capital - Units, Beginning balance | shares	149
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	149
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member] | Class 3a [Member]
Owners' Capital, Beginning balance	$ 1,048
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	61
Owners' Capital, Ending balance	$ 1,109
Owners’ Capital - Units, Beginning balance | shares	18
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	18
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Non-Controlling Interests [Member]
Owners' Capital, Beginning balance
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Owners' Capital, Ending balance
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 1 [Member]
Owners’ Capital - Units, Beginning balance | shares
Owners’ Capital - Units, Ending balance | shares
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
Owners’ Capital - Units, Beginning balance | shares	399
Owners’ Capital - Units, Ending balance | shares	394
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
Owners’ Capital - Units, Beginning balance | shares	10,828
Owners’ Capital - Units, Ending balance | shares	10,631
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member]
Owners' Capital, Beginning balance	$ 1,313,303
Sale of Units (including transfers)
Redemption of Units (including transfers)	(41,768)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	68,102
Owners' Capital, Ending balance	1,339,637
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | Class 1 [Member]
Owners' Capital, Beginning balance	9,430,532
Sale of Units (including transfers)
Redemption of Units (including transfers)	(1,073,816)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	380,376
Owners' Capital, Ending balance	$ 8,737,092
Owners’ Capital - Units, Beginning balance | shares	117,991
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(13,213)
Owners’ Capital - Units, Ending balance | shares	104,778
Net asset value per unit, Beginning balance | $ / shares	$ 79.93
Change in net asset value per unit | $ / shares	3.46
Net asset value per unit, Ending balance | $ / shares	$ 83.39
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 1,906,359
Sale of Units (including transfers)
Redemption of Units (including transfers)	(351,644)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	85,069
Owners' Capital, Ending balance	$ 1,639,784
Owners’ Capital - Units, Beginning balance | shares	14,603
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(2,652)
Owners’ Capital - Units, Ending balance | shares	11,951
Net asset value per unit, Beginning balance | $ / shares	$ 130.54
Change in net asset value per unit | $ / shares	6.67
Net asset value per unit, Ending balance | $ / shares	$ 137.21
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | Class 2a [Member]
Owners' Capital, Beginning balance	$ 30,961
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,582
Owners' Capital, Ending balance	$ 32,543
Owners’ Capital - Units, Beginning balance | shares	274
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	274
Net asset value per unit, Beginning balance | $ / shares	$ 113.20
Change in net asset value per unit | $ / shares	5.78
Net asset value per unit, Ending balance | $ / shares	$ 118.98
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | Class 3a [Member]
Owners' Capital, Beginning balance	$ 507,148
Sale of Units (including transfers)
Redemption of Units (including transfers)	(28,339)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	24,481
Owners' Capital, Ending balance	$ 503,290
Owners’ Capital - Units, Beginning balance | shares	4,495
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(251)
Owners’ Capital - Units, Ending balance | shares	4,244
Net asset value per unit, Beginning balance | $ / shares	$ 112.81
Change in net asset value per unit | $ / shares	5.77
Net asset value per unit, Ending balance | $ / shares	$ 118.58
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | Class 1AP [Member]
Owners' Capital, Beginning balance	$ 108,053
Sale of Units (including transfers)
Redemption of Units (including transfers)	(966)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	5,484
Owners' Capital, Ending balance	$ 112,571
Owners’ Capital - Units, Beginning balance | shares	1,116
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(10)
Owners’ Capital - Units, Ending balance | shares	1,106
Net asset value per unit, Beginning balance | $ / shares	$ 96.81
Change in net asset value per unit | $ / shares	4.94
Net asset value per unit, Ending balance | $ / shares	$ 101.75
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 51,810
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	2,645
Owners' Capital, Ending balance	$ 54,455
Owners’ Capital - Units, Beginning balance | shares	397
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	397
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member] | Class 2a [Member]
Owners' Capital, Beginning balance	$ 75,416
Sale of Units (including transfers)
Redemption of Units (including transfers)	(7,000)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	3,333
Owners' Capital, Ending balance	$ 71,749
Owners’ Capital - Units, Beginning balance | shares	666
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(63)
Owners’ Capital - Units, Ending balance | shares	603
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Non-Controlling Interests [Member]
Owners' Capital, Beginning balance
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Owners' Capital, Ending balance
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 1 [Member]
Owners’ Capital - Units, Beginning balance | shares	117,991
Owners’ Capital - Units, Ending balance | shares	104,778
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 2 [Member]
Owners’ Capital - Units, Beginning balance | shares	15,000
Owners’ Capital - Units, Ending balance | shares	12,348
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member] | Class 1AP [Member]
Owners’ Capital - Units, Beginning balance | shares	1,116
Owners’ Capital - Units, Ending balance | shares	1,106
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member]
Owners' Capital, Beginning balance	$ 12,110,279
Sale of Units (including transfers)
Redemption of Units (including transfers)	(1,461,765)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	502,970
Owners' Capital, Ending balance	11,151,484
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Limited Owners [Member] | Class 1 [Member]
Owners' Capital, Beginning balance	1,575,328
Sale of Units (including transfers)
Redemption of Units (including transfers)	(130,530)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	103,171
Owners' Capital, Ending balance	$ 1,547,969
Owners’ Capital - Units, Beginning balance | shares	26,906
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(2,161)
Owners’ Capital - Units, Ending balance | shares	24,745
Net asset value per unit, Beginning balance | $ / shares	$ 58.55
Change in net asset value per unit | $ / shares	4.01
Net asset value per unit, Ending balance | $ / shares	$ 62.56
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Limited Owners [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 50,769
Sale of Units (including transfers)
Redemption of Units (including transfers)	(482)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	3,847
Owners' Capital, Ending balance	$ 54,134
Owners’ Capital - Units, Beginning balance | shares	539
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(5)
Owners’ Capital - Units, Ending balance | shares	534
Net asset value per unit, Beginning balance | $ / shares	$ 94.20
Change in net asset value per unit | $ / shares	7.20
Net asset value per unit, Ending balance | $ / shares	$ 101.40
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Limited Owners [Member] | Class 1AP [Member]
Owners' Capital, Beginning balance	$ 9,821
Sale of Units (including transfers)
Redemption of Units (including transfers)	(656)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	732
Owners' Capital, Ending balance	$ 9,897
Owners’ Capital - Units, Beginning balance | shares	138
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(8)
Owners’ Capital - Units, Ending balance | shares	130
Net asset value per unit, Beginning balance | $ / shares	$ 70.99
Change in net asset value per unit | $ / shares	5.42
Net asset value per unit, Ending balance | $ / shares	$ 76.41
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Managing Owner [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 17,210
Sale of Units (including transfers)
Redemption of Units (including transfers)	(800)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,243
Owners' Capital, Ending balance	$ 17,653
Owners’ Capital - Units, Beginning balance | shares	183
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(9)
Owners’ Capital - Units, Ending balance | shares	174
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Non-Controlling Interests [Member]
Owners' Capital, Beginning balance
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Owners' Capital, Ending balance
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Class 1 [Member]
Owners’ Capital - Units, Beginning balance | shares	26,906
Owners’ Capital - Units, Ending balance | shares	24,745
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Class 2 [Member]
Owners’ Capital - Units, Beginning balance | shares	722
Owners’ Capital - Units, Ending balance | shares	708
The Series of Frontier Funds [Member] | Frontier Select Fund [Member] | Class 1AP [Member]
Owners’ Capital - Units, Beginning balance | shares	138
Owners’ Capital - Units, Ending balance | shares	130
The Series of Frontier Funds [Member] | Frontier Select Fund [Member]
Owners' Capital, Beginning balance	$ 1,653,128
Sale of Units (including transfers)
Redemption of Units (including transfers)	(132,468)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	108,993
Owners' Capital, Ending balance	1,629,653
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Limited Owners [Member] | Class 1 [Member]
Owners' Capital, Beginning balance	2,741,972
Sale of Units (including transfers)
Redemption of Units (including transfers)	(139,476)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	81,445
Owners' Capital, Ending balance	$ 2,683,941
Owners’ Capital - Units, Beginning balance | shares	24,724
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(1,247)
Owners’ Capital - Units, Ending balance | shares	23,477
Net asset value per unit, Beginning balance | $ / shares	$ 110.90
Change in net asset value per unit | $ / shares	3.42
Net asset value per unit, Ending balance | $ / shares	$ 114.32
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Limited Owners [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 157,311
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	6,062
Owners' Capital, Ending balance	$ 163,373
Owners’ Capital - Units, Beginning balance | shares	939
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	939
Net asset value per unit, Beginning balance | $ / shares	$ 167.56
Change in net asset value per unit | $ / shares	6.45
Net asset value per unit, Ending balance | $ / shares	$ 174.01
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Managing Owner [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 31,366
Sale of Units (including transfers)
Redemption of Units (including transfers)	(2,000)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,132
Owners' Capital, Ending balance	$ 30,498
Owners’ Capital - Units, Beginning balance | shares	187
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(12)
Owners’ Capital - Units, Ending balance | shares	175
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Non-Controlling Interests [Member]
Owners' Capital, Beginning balance
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Owners' Capital, Ending balance
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Class 1 [Member]
Owners’ Capital - Units, Beginning balance | shares	24,725
Owners’ Capital - Units, Ending balance | shares	23,477
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Class 2 [Member]
Owners’ Capital - Units, Beginning balance | shares	1,126
Owners’ Capital - Units, Ending balance | shares	1,114
The Series of Frontier Funds [Member] | Frontier Global Fund [Member] | Class 1AP [Member]
Owners’ Capital - Units, Beginning balance | shares
Owners’ Capital - Units, Ending balance | shares
The Series of Frontier Funds [Member] | Frontier Global Fund [Member]
Owners' Capital, Beginning balance	$ 2,930,649
Sale of Units (including transfers)
Redemption of Units (including transfers)	(141,476)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	88,639
Owners' Capital, Ending balance	2,877,812
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Limited Owners [Member] | Class 1 [Member]
Owners' Capital, Beginning balance	2,169,152
Sale of Units (including transfers)
Redemption of Units (including transfers)	(108,298)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	168,312
Owners' Capital, Ending balance	$ 2,229,166
Owners’ Capital - Units, Beginning balance | shares	22,572
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(1,091)
Owners’ Capital - Units, Ending balance | shares	21,481
Net asset value per unit, Beginning balance | $ / shares	$ 96.10
Change in net asset value per unit | $ / shares	7.67
Net asset value per unit, Ending balance | $ / shares	$ 103.77
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Limited Owners [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 183,565
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	16,131
Owners' Capital, Ending balance	$ 199,696
Owners’ Capital - Units, Beginning balance | shares	1,177
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	1,177
Net asset value per unit, Beginning balance | $ / shares	$ 155.92
Change in net asset value per unit | $ / shares	13.70
Net asset value per unit, Ending balance | $ / shares	$ 169.62
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Limited Owners [Member] | Class 1AP [Member]
Owners' Capital, Beginning balance	$ 8,460
Sale of Units (including transfers)
Redemption of Units (including transfers)	(1,099)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	724
Owners' Capital, Ending balance	$ 8,085
Owners’ Capital - Units, Beginning balance | shares	73
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares	(9)
Owners’ Capital - Units, Ending balance | shares	64
Net asset value per unit, Beginning balance | $ / shares	$ 116.50
Change in net asset value per unit | $ / shares	10.24
Net asset value per unit, Ending balance | $ / shares	$ 126.74
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Managing Owner [Member] | Class 2 [Member]
Owners' Capital, Beginning balance	$ 24,105
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	2,118
Owners' Capital, Ending balance	$ 26,223
Owners’ Capital - Units, Beginning balance | shares	155
Owners’ Capital - Units, Sale of Units (including transfers) | shares
Owners’ Capital - Units, Redemption of Units (including transfers) | shares
Owners’ Capital - Units, Ending balance | shares	155
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Non-Controlling Interests [Member]
Owners' Capital, Beginning balance
Sale of Units (including transfers)
Redemption of Units (including transfers)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Owners' Capital, Ending balance
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 1 [Member]
Owners’ Capital - Units, Beginning balance | shares	22,572
Owners’ Capital - Units, Ending balance | shares	21,481
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 2 [Member]
Owners’ Capital - Units, Beginning balance | shares	1,332
Owners’ Capital - Units, Ending balance | shares	1,332
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member] | Class 1AP [Member]
Owners’ Capital - Units, Beginning balance | shares	73
Owners’ Capital - Units, Ending balance | shares	64
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member]
Owners' Capital, Beginning balance	$ 2,385,282
Sale of Units (including transfers)
Redemption of Units (including transfers)	(109,397)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	187,285
Owners' Capital, Ending balance	2,463,170
Frontier Funds [Member] | Limited Owners [Member]
Owners' Capital, Beginning balance	25,285,922
Sale of Units (including transfers)
Redemption of Units (including transfers)	(28,300)
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,107,508
Owners' Capital, Ending balance	24,217,463
Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	283,217
Sale of Units (including transfers)
Redemption of Units (including transfers)	(28,300)
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	12,702
Owners' Capital, Ending balance	267,619
Frontier Funds [Member]
Owners' Capital, Beginning balance	25,569,139
Sale of Units (including transfers)
Redemption of Units (including transfers)	(2,204,267)
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,120,210
Owners' Capital, Ending balance	$ 24,485,082

XML

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$ 120,198	$ (2,251,871)
Change in:
Net change in ownership allocation of U.S. Treasury securities	110,091	464,949
Net unrealized (gain)/loss on swap contracts		2,111,698
Net unrealized (gain)/loss on U.S. Treasury securities	440	(23,218)
Net realized (gain)/loss on U.S. Treasuries securities	1,741	16,266
Net unrealized (gain)/loss on private investment companies	(192,750)	(115,286)
Net realized (gain)/loss on private investment companies	45,015	149,796
Sales of U.S. Treasury securities	311,471	171,210
(Purchases) of U.S. Treasury securities	(119,541)	(550,460)
U.S. Treasury interest and premium paid/amortized	1,587
(Purchases) of Private Investment Companies	(296,684)	(387,849)
Reduction of collateral in Swap contracts		(469,147)
Sale of Private Investment Companies	271,904	2,546,860
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	(7,062)	13,738
Interest receivable	7,711	1,829
Receivable from related parties	4,892
Other assets		(463)
Redemptions receivable from private investment companies	1,023
Interest payable to Managing Owner
Trading fees payable to Managing Owner	(235)	(8,152)
Service fees payable to Managing Owner	(20)	(1,531)
Subscriptions in advance for service fee rebates		98
Other liabilities	(520)
Net cash provided by (used in) operating activities	259,261	1,668,467
Cash Flows from Financing Activities:
Payment for redemption of units	(273,449)	(1,495,298)
Change in owner redemptions payable
Net cash provided by (used in) financing activities	(273,449)	(1,495,298)
Net increase (decrease) in cash and cash equivalents	(14,188)	173,169
Cash and cash equivalents, beginning of period	87,715	56,263
Cash and cash equivalents, end of period	73,527	229,432
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	44,023	(22,210)
Change in:
Net change in ownership allocation of U.S. Treasury securities	(114,658)	(124,907)
Net unrealized (gain)/loss on swap contracts
Net unrealized (gain)/loss on U.S. Treasury securities	250	1,929
Net realized (gain)/loss on U.S. Treasuries securities	1,004	(7,304)
Net unrealized (gain)/loss on private investment companies	(44,385)	(246,694)
Net realized (gain)/loss on private investment companies	(2,640)	(235,137)
Sales of U.S. Treasury securities	139,800	468,240
(Purchases) of U.S. Treasury securities	(73,698)	(309,637)
U.S. Treasury interest and premium paid/amortized	855	990
(Purchases) of Private Investment Companies	42,348	333,863
Reduction of collateral in Swap contracts
Sale of Private Investment Companies	136,192	410,024
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	(12,693)	2,978
Interest receivable	(8)	771
Receivable from related parties	266
Other assets
Redemptions receivable from private investment companies	1,688
Interest payable to Managing Owner
Trading fees payable to Managing Owner	(225)	(2,332)
Service fees payable to Managing Owner	4	(5)
Subscriptions in advance for service fee rebates		184
Other liabilities	1,314	(14)
Net cash provided by (used in) operating activities	119,437	270,739
Cash Flows from Financing Activities:
Payment for redemption of units	(43,942)	(119,501)
Change in owner redemptions payable	(38,128)
Net cash provided by (used in) financing activities	(82,070)	(119,501)
Net increase (decrease) in cash and cash equivalents	37,367	151,238
Cash and cash equivalents, beginning of period	4,771	25,639
Cash and cash equivalents, end of period	42,138	176,877
The Series of Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	68,102	113,697
Change in:
Net change in ownership allocation of U.S. Treasury securities	(37,595)	(139,395)
Net unrealized (gain)/loss on swap contracts		(251,441)
Net unrealized (gain)/loss on U.S. Treasury securities	25	1,916
Net realized (gain)/loss on U.S. Treasuries securities	1,950	(5,194)
Net unrealized (gain)/loss on private investment companies	(62,988)	59,841
Net realized (gain)/loss on private investment companies	(2,596)	67,371
Sales of U.S. Treasury securities	480,065	404,529
(Purchases) of U.S. Treasury securities	(70,909)	(213,319)
U.S. Treasury interest and premium paid/amortized	1,279	647
(Purchases) of Private Investment Companies	(427,448)	(36,300)
Reduction of collateral in Swap contracts
Sale of Private Investment Companies	30,295	96,524
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	2,139	8,976
Interest receivable	8,539	1,172
Receivable from related parties	5,205
Other assets
Redemptions receivable from private investment companies	1,251
Interest payable to Managing Owner	(34)
Trading fees payable to Managing Owner	893	(421)
Service fees payable to Managing Owner	(18)
Subscriptions in advance for service fee rebates	18	76
Other liabilities	(1,605)	(321)
Net cash provided by (used in) operating activities	(3,432)	108,358
Cash Flows from Financing Activities:
Payment for redemption of units	(41,767)	(9,670)
Change in owner redemptions payable	196	(6,585)
Net cash provided by (used in) financing activities	(41,571)	(16,255)
Net increase (decrease) in cash and cash equivalents	(45,003)	92,103
Cash and cash equivalents, beginning of period	93,327	34,272
Cash and cash equivalents, end of period	48,324	126,375
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	502,970	(5,742,717)
Change in:
Net change in open trade equity, at fair value	47,333	114,076
Net change in ownership allocation of U.S. Treasury securities	553,920	(125,149)
Net unrealized (gain)/loss on swap contracts		5,837,508
Net unrealized (gain)/loss on U.S. Treasury securities	252	(1,596)
Net realized (gain)/loss on U.S. Treasuries securities	621	(20,156)
Net unrealized (gain)/loss on private investment companies	(566,349)	93,693
Net realized (gain)/loss on private investment companies	128,881	93,600
Sales of U.S. Treasury securities	698,197	1,199,775
(Purchases) of U.S. Treasury securities	(150,822)	(959,751)
U.S. Treasury interest and premium paid/amortized		6,311
(Purchases) of Private Investment Companies	(205,635)	(937,631)
Sale of Private Investment Companies	685,847	2,403,311
Increase and/or decrease in:
Receivable from futures commission merchants	(507,424)	2,380,910
Control of ownership of trading companies		(1,178,697)
Investments in unconsolidated trading companies, at fair value	15,901	(4,227)
Interest receivable	24,271	3,223
Receivable from related parties	14,602
Other assets		(1,100,000)
Redemptions receivable from private investment companies	15,455
Incentive fees payable to Managing Owner	49,840
Management fees payable to Managing Owner	(7,225)	320
Interest payable to Managing Owner	(1,376)	939
Trading fees payable to Managing Owner	258	(11,898)
Service fees payable to Managing Owner	(555)	(9,006)
Risk analysis fees payable	1,385	1,506
Payables to related parties
Subscriptions in advance for service fee rebates	5,556	9,481
Other liabilities	(1,048)	1,031
Net cash provided by (used in) operating activities	1,304,855	2,054,856
Cash Flows from Financing Activities:
Proceeds from sale of units
Payment for redemption of units	(1,461,767)	(920,299)
Payment made by the Managing Owner
Pending owner additions
Advance on unrealized Swap Appreciation
Change in owner redemptions payable		(39,059)
Net cash provided by (used in) financing activities	(1,461,767)	(959,358)
Net increase (decrease) in cash and cash equivalents	(156,912)	1,095,498
Cash and cash equivalents, beginning of period	261,803	118,506
Cash and cash equivalents, end of period	104,891	1,214,004
The Series of Frontier Funds [Member] | Frontier Select Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	108,993	44,689
Change in:
Net change in open trade equity, at fair value
Net change in ownership allocation of U.S. Treasury securities	(130,085)	(103,949)
Net unrealized (gain)/loss on swap contracts
Net unrealized (gain)/loss on U.S. Treasury securities	190	2,216
Net realized (gain)/loss on U.S. Treasuries securities	1,017	(5,292)
Net unrealized (gain)/loss on private investment companies	(77,023)	22,952
Net realized (gain)/loss on private investment companies	(47,430)	(7,923)
Sales of U.S. Treasury securities	160,121	501,211
(Purchases) of U.S. Treasury securities	(80,385)	(298,083)
U.S. Treasury interest and premium paid/amortized
(Purchases) of Private Investment Companies	32,782	(115,441)
Sale of Private Investment Companies	209,960	290,105
Increase and/or decrease in:
Receivable from futures commission merchants
Control of ownership of trading companies
Investments in unconsolidated trading companies, at fair value	(9,590)	(80,195)
Interest receivable	(333)	2,149
Receivable from related parties
Other assets
Redemptions receivable from private investment companies	2,141
Incentive fees payable to Managing Owner
Management fees payable to Managing Owner
Interest payable to Managing Owner	180	132
Trading fees payable to Managing Owner	(18)	(856)
Service fees payable to Managing Owner	94	(562)
Risk analysis fees payable
Payables to related parties	(26,129)
Subscriptions in advance for service fee rebates	441	882
Other liabilities	1,047	(819)
Net cash provided by (used in) operating activities	145,973	251,216
Cash Flows from Financing Activities:
Proceeds from sale of units
Payment for redemption of units	(132,467)	(168,184)
Payment made by the Managing Owner
Pending owner additions
Advance on unrealized Swap Appreciation
Change in owner redemptions payable	16,207	(6,875)
Net cash provided by (used in) financing activities	(116,260)	(175,059)
Net increase (decrease) in cash and cash equivalents	29,713	76,157
Cash and cash equivalents, beginning of period		61,345
Cash and cash equivalents, end of period	29,713	137,502
The Series of Frontier Funds [Member] | Frontier Global Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	88,639	473,709
Change in:
Net change in ownership allocation of U.S. Treasury securities	(296,241)	(279,777)
Net unrealized (gain)/loss on swap contracts
Net unrealized (gain)/loss on U.S. Treasury securities	526	5,491
Net realized (gain)/loss on U.S. Treasuries securities	1,735	(11,493)
Net unrealized (gain)/loss on private investment companies	(92,170)	(249,122)
Net realized (gain)/loss on private investment companies	(37,665)	(309,658)
Sales of U.S. Treasury securities	309,138	647,979
(Purchases) of U.S. Treasury securities	(129,732)	(336,006)
U.S. Treasury interest and premium paid/amortized
Sales of swap contracts
(Purchases) of Private Investment Companies	61,767	(120,247)
Reduction of collateral in Swap contracts
Sale of Private Investment Companies	336,767	1,305,756
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	(26,691)	563
Interest receivable	(409)	778
Receivable from related parties	319
Management fees payable to Managing Owner
Interest payable to Managing Owner	173	788
Trading fees payable to Managing Owner	461	(5,030)
Service fees payable to Managing Owner	211	(1,476)
Payables to related parties
Subscriptions in advance for service fee rebates	1,004	1,502
Other liabilities	2,827	140
Net cash provided by (used in) operating activities	220,659	1,123,897
Cash Flows from Financing Activities:
Payment for redemption of units	(141,476)	(832,035)
Change in owner redemptions payable	1,174	(71,379)
Net cash provided by (used in) financing activities	(140,302)	(903,414)
Net increase (decrease) in cash and cash equivalents	80,357	220,483
Cash and cash equivalents, beginning of period	5,694	27,532
Cash and cash equivalents, end of period	86,051	248,015
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	187,285	579,154
Change in:
Net change in ownership allocation of U.S. Treasury securities	(93,697)	(39,622)
Net unrealized (gain)/loss on swap contracts		(83,006)
Net unrealized (gain)/loss on U.S. Treasury securities	484	6,631
Net realized (gain)/loss on U.S. Treasuries securities	1,201	(10,916)
Net unrealized (gain)/loss on private investment companies	(209,744)	(741,499)
Net realized (gain)/loss on private investment companies	(6,431)	125,925
Sales of U.S. Treasury securities	152,163	1,980,729
(Purchases) of U.S. Treasury securities	(103,772)	(1,446,573)
U.S. Treasury interest and premium paid/amortized		(6)
Sales of swap contracts	1,491,965
(Purchases) of Private Investment Companies	62,005	(750,704)
Reduction of collateral in Swap contracts	(1,491,965)
Sale of Private Investment Companies	188,649	1,293,592
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	(20,045)	687,202
Interest receivable	680	5,634
Receivable from related parties	845
Management fees payable to Managing Owner		(9,201)
Interest payable to Managing Owner	424	(764)
Trading fees payable to Managing Owner	655	2,200
Service fees payable to Managing Owner	375	(350)
Payables to related parties		697
Subscriptions in advance for service fee rebates	1,524	9,185
Other liabilities	1,964	2,165
Net cash provided by (used in) operating activities	164,565	1,610,473
Cash Flows from Financing Activities:
Payment for redemption of units	(109,398)	(1,003,869)
Change in owner redemptions payable	704	7,210
Net cash provided by (used in) financing activities	(108,694)	(996,659)
Net increase (decrease) in cash and cash equivalents	55,871	613,814
Cash and cash equivalents, beginning of period	15,156	135,096
Cash and cash equivalents, end of period	71,027	748,910
Frontier Funds [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	1,120,210	(6,905,836)
Change in:
Net change in open trade equity, at fair value	47,333	114,076
Net unrealized (gain)/loss on swap contracts		7,490,918
Net unrealized (gain)/loss on U.S. Treasury securities	2,167	(12,311)
Net realized (gain)/loss on U.S. Treasuries securities	9,269	(39,967)
Net unrealized (gain)/loss on private investment companies	(1,309,008)	(792,691)
Net realized (gain)/loss on private investment companies	82,585	219,121
(Purchases) of swap contracts		(1,647,845)
Sales of U.S. Treasury securities	2,250,954	3,421,048
(Purchases) of U.S. Treasury securities	(737,123)	(2,941,281)
U.S. Treasury interest and premium paid/amortized	3,721	15,565
(Purchases) of Private Investment Companies	(730,758)	(1,974,303)
Sale of Private Investment Companies	1,859,615	7,444,555
Increase and/or decrease in:
Receivable from futures commission merchants	(507,424)	2,380,910
Interest receivable	40,451	11,377
Receivable from related parties	26,129
Other assets		(1,100,463)
Redemptions receivable from private investment companies	21,558
Incentive fees receivable to Managing Owner	49,840
Management fees payable to Managing Owner, net of change in receivable	(7,225)	320
Interest payable to Managing Owner	(633)	2,256
Trading fees payable to Managing Owner	1,789	(28,708)
Service fees payable to Managing Owner	91	(12,056)
Risk analysis fees payable	1,385	1,506
Payables to related parties	(26,129)
Subscriptions in advance for service fee rebates	8,543	13,926
Other liabilities	3,979	(419)
Net cash provided by (used in) operating activities	2,211,319	5,659,698
Cash Flows from Financing Activities:
Payment for redemption of capital	(2,204,267)	(3,609,228)
Redemptions payable	(19,847)	(133,633)
Net cash provided by (used in) financing activities	(2,224,114)	(3,742,861)
Net increase (decrease) in cash and cash equivalents	(12,795)	1,916,837
Cash and cash equivalents, beginning of period	468,466	367,568
Cash and cash equivalents, end of period	$ 455,671	$ 2,284,405

XML

Organization and Purpose

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Organization and Purpose

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

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

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

The Trust, with respect to each Series:

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

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

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

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

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

● maintains each Series of Units in 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.

As of March 31, 2021, 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 (formerly Frontier Winton 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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020. 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.

Frontier Funds [Member]

Organization and Purpose

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 in Commodity Futures Trading Commission ("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, 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 assets and make the trading decisions for the assets of each Series vested in such Trading Company and Galaxy Plus entity. Each Trading Company and Galaxy Plus entity will segregate its assets from any other Trading Company and Galaxy Plus entity.

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

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

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

● 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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

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

As of March 31, 2021, 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 (formerly Frontier Winton 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.

XML

Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Significant Accounting Policies

2. Significant Accounting Policies

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

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

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series if consolidated by a Series. 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. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series' interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies.

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

Change in Consolidation Method—In February 2017, the Trust elected to change its method by which it consolidates its investments in the Galaxy Plus entities and applied to its December 31, 2016 financial statements. Prior to the change, any Series that had a controlling interest in a Galaxy Plus entity would consolidate the assets and liabilities of that entity into its Statement of Financial Condition and the profit and loss into the Statement of Operations. The Managing Owner believes that this treatment does not provide meaningful data to the end user of the financial statements. As such, all investments in Galaxy Plus entities are accounted for using the net asset value as the practical expedient. In accordance with ASC 250 (Accounting Changes and Error Corrections), the comparative financial statements as of and for the three and nine months ended September 30, 2016 have been adjusted to apply the new method retrospectively. This impacted management fees, incentive fees (rebate), net realized gain/(loss) on futures, forwards and options, net change in open trade equity/(deficit), net unrealized gain/(loss) on private investment companies, net realized gain/(loss) on private investment companies, and operations attributable to non-controlling interests on the Statement of Operations. We also note that there was no impact to total capital or net increase/(decrease) in capital resulting from operations attributable to controlling interests.

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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

U.S. Treasury Securities—U.S. Treasury Securities are allocated to all Series of the Trust based on each Series' percentage ownership in the pooled cash management assets as of the reporting date. They are reported at fair value as Level 1 inputs under ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). The Series of the Trust valued U.S. Treasury Securities at fair value and recorded the daily change in value in the statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the statements of financial condition as interest receivable.

Receivable From Futures Commission Merchants—The Series of the Trust deposit assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, 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 March 31, 2021 and December 31, 2020 included restricted cash for margin requirements of $308,895 and $321,638 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 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, 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 2017 through 2020 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 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 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.

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 2018, 2019 and 2020 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $411, $31,725, $352,411, $19,904, $155,675, and $64,729 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2021.

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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

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 Adopted 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 has evaluated the impacts of ASU 2018-13 and ensured that the financial statements are compliant.

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

Frontier Funds [Member]

Significant Accounting Policies

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

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

Consolidation— The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre- determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (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.

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.

Change in Consolidation Method—In February 2017, the Trust elected to change its method by which it consolidates its investments in the Galaxy Plus entities and applied to its December 31, 2016 financial statements. Prior to the change, any Series that had a controlling interest in a Galaxy Plus entity would consolidate the assets and liabilities of that entity into its Statement of Financial Condition and the profit and loss into the Statement of Operations. The Managing Owner believes that this treatment does not provide meaningful data to the end user of the financial statements. As such, all investments in Galaxy Plus entities are accounted for using the net asset value as the practical expedient. In accordance with ASC 250 (Accounting Changes and Error Corrections), the comparative financial statements as of and for the three and nine months ended September 30, 2016 have been adjusted to apply the new method retrospectively. This will impact management fees, incentive fees (rebate), net realized gain/(loss) on futures, forwards and options, net change in open trade equity/(deficit), net unrealized gain/(loss) on private investment companies, net realized gain/(loss) on private investment companies, and operations attributable to non-controlling interests on the Statement of Operations. We also note that there is no impact to total capital or net increase/(decrease) in capital resulting from operations attributable to controlling interests.

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 an FCM of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the statement of operations. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

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 an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of March 31, 2021 and December 31, 2020 and included restricted cash for margin requirements of $308,895 and $321,638 for the Frontier Balanced Fund.

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

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 March 31, 2021. The 2017 through 2020 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 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 Statement 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 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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

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 2020, 2019 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 2021 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 $638,962 and $647,505 as of December 31, 2020 and March 31, 2021, respectively.

These service fees are part of the offering costs of the Trust, which include registration and filing fees, legal and blue1 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 Adopted 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 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 10.

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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

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

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 March 31, 2021 and December 31, 2020 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

March 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	23,731	$	-	$	-	$	23,731
U.S. Treasury Securities		121,604		-		-		121,604
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		13,600		-		-		13,600
U.S. Treasury Securities		69,690		-		-		69,690
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		15,597		-		-		15,597
U.S. Treasury Securities		79,922		-		-		79,922
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		33,854		-		-		33,854
Open Trade Equity (Deficit)		53,107		-		-		53,107
U.S. Treasury Securities		173,475		-		-		173,475
Frontier Select Fund				-
Investment in Unconsolidated Trading Companies		9,590		-		-		9,590
U.S. Treasury Securities		49,141		-		-		49,141
Frontier Global Fund				-
Investment in Unconsolidated Trading Companies		27,774		-		-		27,774
U.S. Treasury Securities		142,316		-		-		142,316
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		22,925		-		-		22,925
U.S. Treasury Securities		117,469		-		-		117,469

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	16,669	$	-	$	-	$	16,669
U.S. Treasury Securities		427,393		-		-		427,393
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		907		-		-		907
U.S. Treasury Securities		23,245		-		-		23,245
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		17,736		-		-		17,736
U.S. Treasury Securities		454,738		-		-		454,738
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		49,755		-		-		49,755
Open Trade Equity (Deficit)		100,440		-		-		100,440
U.S. Treasury Securities		1,275,641		-		-		1,275,641
Frontier Global Fund
Investment in Unconsolidated Trading Companies		1,083		-		-		1,083
U.S. Treasury Securities		27,742		-		-		27,742
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		2,880		-		-		2,880
U.S. Treasury Securities		73,847		-		-		73,847

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses included in earnings are classified in "realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts" on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in "Change in fair value of investments in unconsolidated trading companies." During year ended December 2020, 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. During the year ended December 31, 2020, the entire investments in the swaps were sold.

For the Year Ended December 31, 2020

Swaps 

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2020	$	11,944,753		$	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,448,166	)		188,100
Included in earnings-unrealized		(3,088,917	)		44,277
Proceeds from collateral reduction		(6,176,555	)		(115,000	)
Sale of investments		(7,586,366	)		(594,898	)
Purchase of investments		7,355,251			115,000
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-
		Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2020	$	6,384,583		$	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized		(446,306	)		(97,745	)
Included in earnings-unrealized		(1,537,399	)		197,829
Proceeds from collateral reduction		(4,000,000	)		(2,474,937	)
Sale of investments		(4,870,025	)		(1,491,965	)
Purchase of investments		4,469,147			978,809
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

Investments in Unconsolidated Trading Companies

	Frontier Select Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	479,024
Change in fair value of investments in unconsolidated trading companies		95,915
Proceeds from sales of investments of unconsolidated trading companies		(574,939	)
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, 2020	$	-

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series' accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the three months ended March 31, 2021, the Trust did not transfer any assets between Levels 1, 2 or 3.

The amounts reflected in the change in ownership allocation result from changes in ownership in the underlying Trading Companies at the Series level, which have resulted in changes in consolidation or de-consolidation by the Series. The ownership in the Trading Companies is accounted for under the equity method, which approximates fair value. The Frontier Heritage Fund and the Frontier Select Fund jointly own the Frontier Brevan Howard swap. The Frontier Heritage Fund owns the majority interest in the Frontier Brevan Howard swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2020.

	Frontier Diversified Fund			Frontier Long/Short Commodity Fund		Frontier Balanced Fund			Frontier Heritage Fund
Swap Contracts	$	(1,537,399	)	$	44,277	$	(3,088,917	)	$	197,829

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(91,989	)

Frontier Funds [Member]

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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 reportedat fair value upon daily reports from the counterparty. In addition, a third party takes the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approved current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner's Valuation Committee for evaluation and resolution. The Swap Contracts are reported at fair value using Level 3 inputs. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

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

The following table summarizes the instruments that comprise the Trust's financial asset portfolio, in aggregate, measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	53,107	$	-	$	-	$	53,107
U.S. Treasury Securities		753,617		-		-		753,617

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	100,440	$	-	$	-	$	100,440
U.S. Treasury Securities		2,282,606		-		-		2,282,606

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.

Swaps

	For the Year ended December 31, 2020
Balance of recurring Level 3 assets as of  January 1, 2020	$	21,579,865
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,896,106	)
Included in earnings-unrealized		(4,384,210	)
Proceeds from collateral reduction		(12,674,502	)
Purchase of investments		12,918,207
Sale of investments		(14,543,254	)
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust's accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the three months ended March 31, 2021 and December 31, 2020, the Trust did not transfer any assets between Levels 1, 2 and 3.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2020: Swaps $(4,384,210)

XML

Swap Contracts

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Swap Contracts

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 December 31, 2020, approximately 0.00%, of the Trust's assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the Statements of Financial Condition. The cash held with the counterparty is not restricted.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series' exposure and remove cash from the Series' total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

The Series have invested in the following swaps as of and for the year ended December 31, 2020:

	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
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(97,745	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

Frontier Funds [Member]

Swap Contracts

4. Swap Contracts

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

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

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

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series' exposure and remove cash from the Series' total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investment were liquidated on December 21, 2020.

The Trust had invested in the following swaps as of and for the year ended December 31, 2020:

	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
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(189,734	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

XML

Investments in Unconsolidated Trading Companies and Private Investment Companies

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Investments in Unconsolidated Trading Companies and Private Investment Companies

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

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

The following table summarizes each of the Series' investments in unconsolidated Trading Companies as of March 31, 2021 and December 31, 2020:

	As of March 31, 2021					As of December 31, 2020
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested in					Capital Invested in
Series	Unconsolidated Trading Companies			Fair Value		Unconsolidated Trading Companies			Fair Value
Frontier Diversified Series —
Frontier Trading Company XXXVIII		0.59	%	$	23,731		0.40	%	$	16,669
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		1.37	%	$	13,600		0.09	%	$	907
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		1.16	%	$	15,597		1.35	%	$	17,736
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.30	%	$	33,854		0.41	%	$	49,755
Frontier Select Fund  ---
Frontier Trading Companies XXXVIII		0.59	%	$	9,590		0.00	%	$	0
Frontier Global Fund  ---
Frontier Trading Company XXXVIII		0.97	%	$	27,774		0.04	%	$	1,083
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		0.93	%	$	22,925		0.12	%	$	2,880

The following tables summarize each of the Series' equity in earnings from unconsolidated Trading Companies and private investment companies for the three months ended March 31, 2021 and March 31, 2020.

	Three Months Ended March, 2021												Three Months Ended March, 2020
							Change in			Net								Change in			Net
	Trading			Realized			Unrealized			Income			Trading		Realized			Unrealized			Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions		Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(15,154	)	$	(15,154	)	$	-	$	-		$	(23,301	)	$	(23,301	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,608	)		105,068			4,402			107,862			-		101,444			260,300			361,744
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-		(6,308	)		(41,608	)		(47,916	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(310,754	)		(332,663	)		(643,417	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(6,767	)		96,963			(211,084	)		(120,888	)		-		78,918			(356,986	)		(278,068	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-		7,506			(259,157	)		(251,651	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(2,499	)		(183,383	)		7,536			(178,346	)		-		25,548			(298,885	)		(273,337	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(4,323	)		49,066			109,945			154,688			-		(23,195	)		166,919			143,724
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(11,862	)		665,706			(74,900	)		578,944			-		33,241			768,387			801,628
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(940	)		(501,183	)		394,602			(107,521	)		-		-			-			-
Total	$	(27,999	)	$	232,237		$	215,347		$	419,585		$	-	$	(93,600	)	$	(116,994	)	$	(210,594	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	13,872		$	13,872		$	-	$	-		$	(5,077	)	$	(5,077	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,508	)		172,894			(40,552	)		129,834			-		309,658			249,122			558,780
Total	$	(2,508	)	$	172,894		$	(26,680	)	$	143,706		$	-	$	309,658		$	244,045		$	553,703
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	7,332		$	7,332		$	-	$	-		$	(6,529	)	$	(6,529	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,497	)		198,489			(21,623	)		173,369			-		24,954			236,122			261,076
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-		(17,031	)		(259,074	)		(276,105	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(392	)		(215,079	)		166,556			(48,915	)		-		-			-			-
Total	$	(3,889	)	$	(16,590	)	$	152,265		$	131,786		$	-	$	7,923		$	(29,481	)	$	(21,558	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	10,944		$	10,944		$	-	$	-		$	(6,103	)	$	(6,103	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,340	)		93,684			(29,457	)		62,887			-		33,962			142,571			176,533
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,124	)		179,878			(23,467	)		153,287			-		(29,591	)		273,543			243,952
Total	$	(4,464	)	$	273,562		$	(41,980	)	$	227,118		$	-	$	4,371		$	410,011		$	414,382
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	10,148		$	10,148		$	-	$	-		$	(4,706	)	$	(4,706	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(61,736	)		(33,649	)		(95,385	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(229	)		23,549			(18,332	)		4,988			-		820			(137,741	)		(136,921	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,861	)		105,715			(12,891	)		90,963			-		(6,455	)		111,549			105,094
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(1,808	)		-			(28,559	)		(30,367	)		-		-			-			-
Total	$	(3,898	)	$	129,264		$	(49,634	)	$	75,732		$	-	$	(67,371	)	$	(64,547	)	$	(131,918	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	8,063		$	8,063		$	-	$	-		$	(1,009	)	$	(1,009	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(753	)		52,525			(1,159	)		50,613			-		88,315			152,312			240,627
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-		(10,522	)		(20,678	)		(31,200	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(268,381	)		(144,944	)		(413,325	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(3,231	)		47,548			(95,237	)		(50,920	)		-		109,016			(298,106	)		(189,090	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-		3,721			(159,251	)		(155,530	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(640	)		(46,172	)		(2,167	)		(48,979	)		-		(53,371	)		(32,636	)		(86,007	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,763	)		30,374			90,227			117,838			-		(12,007	)		134,066			122,059
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,011	)		110,869			(5,456	)		103,402			-		(6,567	)		484,523			477,956
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(219	)		(118,037	)		94,039			(24,217	)		-		-			-			-
Total	$	(9,617	)	$	77,107		$	88,310		$	155,800		$	-	$	(149,796	)	$	114,277		$	(35,519	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	11,507		$	11,507		$	-	$	-		$	(6,482	)	$	(6,482	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(353	)		23,632			(5,892	)		17,387			-		28,637			104,600			133,237
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(248,608	)		88,339			(160,269	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,062	)		60,348			(7,732	)		51,554			-		(21,114	)		156,235			135,121
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-		5,948			(102,480	)		(96,532	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(156	)		(83,540	)		61,779			(21,917	)		-		-			-			-
Total	$	(1,571	)	$	440		$	59,662		$	58,531		$	-	$	(235,137	)	$	240,212		$	5,075

The Series' investments in private investment companies as of March 31, 2021 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 - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) 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
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) 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
Frontier Select Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Frontier Global Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) 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

Effective January 4, 2021, Volt Capital Management AB accessed through Galaxy Plus Fund — Volt Diversified Alpha Feeder Fund (550) LLC became a new commodity trading advisor for Frontier Long/Short Commodity Fund.

Frontier Funds [Member]

Investments in Unconsolidated Trading Companies and Private Investment Companies

5. Investments in Private Investment Companies

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

The Galaxy Plus entities are made up of feeder funds in which the Trust invests and master trading entities into which the feeder funds invest. No investment held by the Galaxy Plus 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 months ended March 31, 2021 and March 31, 2020:

	Three Months Ended March, 2021												Three Months Ended March, 2020
	Trading			Realized			Change in Unrealized			Net Income			Trading		Realized			Change in Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions		Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(6,562	)	$	447,803		$	(72,658	)	$	368,583		$	-	$	562,016		$	908,905		$	1,470,921
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-		(16,830	)		(62,286	)		(79,116	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(889,479	)		(422,917	)		(1,312,396	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(9,998	)		144,511			(306,321	)		(171,808	)		-		187,934			(655,091	)		(467,157	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(229	)		23,549			(18,332	)		4,988			-		12,047			(556,149	)		(544,102	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(3,139	)		(229,555	)		5,369			(227,325	)		-		(27,823	)		(331,521	)		(359,344	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-		-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,086	)		79,440			200,172			272,526			-		(35,202	)		300,986			265,784
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			58,149			58,149			-		-			-			-
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-		(11,083	)		(361,554	)		(372,637	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(23,417	)		1,321,005			(146,069	)		1,151,519			-		(5,532	)		2,030,359			2,024,827
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,707	)		(917,839	)		716,976			(202,570	)				-			-			-
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(1,808	)		-			(28,559	)		(30,367	)
Total	$	(53,946	)	$	868,914		$	408,727		$	1,223,695		$	-	$	(223,952	)	$	850,732		$	626,780

The Trust's investments in private investment companies as of March 31, 2021 have certain redemption and liquidity restrictions which are described in the following table: 

	Redemptions Notice	Redemptions	Liquidity
	Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) 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

Effective January 4, 2021, Volt Capital Management AB accessed through Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC became a new commodity trading advisor for Frontier Long/Short Commodity Fund.

XML

Transactions with Affiliates

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Transactions with Affiliates

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 December 31, 2020, 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.

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. December 31, 2020, 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.

The Managing Owner has determined that the purchase of additional units of the relevant series will commence in 2021. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $411, $31,725, $352,411, $19,904, $155,675 and $64,729 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively  

The following table summarizes fees earned by the Managing Owner and the Former Managing Owner for the three months ended March 31, 2021 and 2020.

Three Months Ended March 31, 2021	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	1,049	$	34,937
Frontier Masters Fund		-		-		210		14,863
Frontier Long/Short Commodity Fund		-		-		54		8,765
Frontier Balanced Fund		49,840		4,619		67,267		114,439
Frontier Select Fund		-		-		11,438		11,355
Frontier Global Fund		-		-		19,938		35,130
Frontier Heritage Fund		-		-		16,157		23,676

Three Months Ended March 31, 2020	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	7,707	$	103,933
Frontier Masters Fund		-		-		595		33,055
Frontier Long/Short Commodity Fund		-		-		111		9,640
Frontier Balanced Fund		-		5,020		125,308		198,985
Frontier Select Fund		-		-		20,160		16,955
Frontier Global Fund		-		-		30,441		55,555
Frontier Heritage Fund		-		-		18,013		29,905

The following table summarizes fees payable to the Managing Owner and Former Managing Owner as of March 31, 2021 and December 31, 2020.

As of March 31, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	365	$	12,341
Frontier Masters Fund		-		-		-		74		5,235
Frontier Long/Short Commodity Fund		-		-		53		-		3,174
Frontier Balanced Fund		49,840		1,629		-		20,826		38,152
Frontier Select Fund		-		-		359		3,803		3,915
Frontier Global Fund		-		-		499		6,559		12,310
Frontier Heritage Fund		-		-		563		5,169		8,360

As of December 31, 2020	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	385	$	12,576
Frontier Masters Fund		-		-		-		70		5,460
Frontier Long/Short Commodity Fund		-		-		87		18		2,281
Frontier Balanced Fund		-		8,854		1,376		21,381		37,894
Frontier Select Fund		-		-		179		3,709		3,933
Frontier Global Fund		-		-		326		6,348		11,849
Frontier Heritage Fund		-		-		139		4,794		7,705

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

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

Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020. All swaps were sold as of December 31, 2020.

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three months ended March 31, 2021 and 2020.

Three Months Ended

	March 31, 2021		March 31, 2020		March 31, 2021			March 31, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average 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		8		5		0.02	%		0.01	%
Frontier Long/Short Commodity Fund Class 3		226		114		0.02	%		0.01	%
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		301		2,221		0.00	%		0.01	%
Frontier Balanced Fund Class 1AP		3		31		0.00	%		0.01	%
Frontier Balanced Fund Class 2		69		425		0.00	%		0.01	%
Frontier Balanced Fund Class 2a		1		5		0.00	%		0.00	%
Frontier Balanced Fund Class 3a		3		23		0.00	%		0.00	%
Frontier Select Fund Class 1		790		779		0.05	%		0.03	%
Frontier Select Fund Class 1AP		5		3		0.05	%		0.03	%
Frontier Select Fund Class 2		35		26		0.05	%		0.03	%
Frontier Global Fund Class 1		1,455		1,217		0.05	%		0.03	%
Frontier Global Fund Class 1AP		-		11		0.00	%		0.03	%
Frontier Global Fund Class 2		103		111		0.05	%		0.03	%
Frontier Heritage Fund Class 1		1,038		728		0.05	%		0.03	%
Frontier Heritage Fund Class 1AP		4		3		0.05	%		0.03	%
Frontier Heritage Fund Class 2		104		170		0.05	%		0.03	%
Total	$	4,145	$	5,872

Frontier Funds [Member]

Transactions with Affiliates

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 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 December 31, 2020, 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.

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 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 December 31, 2020, 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 March 31, 2021, the Trust had a payable to the Managing Owner in the amounts of $49,840, $1,629, $1,474, $83,487 and $36,796 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2020, the Trust had a payable to the Managing Owner in the amounts of $0, $8,854, $2,107, $81,698, and $36,705 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended March 31, 2021, the Managing Owner earned $49,840, $4,619, $116,113, and $243,165 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended March 31, 2020, the Managing Owner earned $0, $5,020, $202,335 and $448,028 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.

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 (For the three months ended March 31, 2021, and 2020 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series.

During the three months ended March 31, 2021 and March 31, 2020, the Trust paid $4,145, and $5,872, respectively of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations.

XML

Financial Highlights

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Series, for the three months ended March 31, 2021 and 2020. This data has been derived from the information presented in the financial statements.

For the three months ended March 31, 2021.

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2020	$	72.68		$	88.95		$	83.33		$	55.18		$	67.54		$	63.52		$	85.99		$	55.29		$	90.21		$	58.37
Net operating results:
Interest income		0.03			0.03			0.03			0.05			0.06			0.06			0.09			0.06			0.09			0.06
Expenses		(1.14	)		(0.80	)		(0.75	)		(2.05	)		(1.05	)		(0.99	)		(0.59	)		(0.38	)		(0.62	)		(0.40	)
Net gain/(loss) on investments, net of non-controlling interests		3.05			3.53			3.35			4.26			4.07			3.86			4.91			3.51			5.15			3.74
Net income/(loss)		1.94			2.76			2.64			2.26			3.07			2.93			4.40			3.20			4.61			3.40
Net asset value, March 31, 2021	$	74.62		$	91.71		$	85.97		$	57.44		$	70.61		$	66.45		$	90.39		$	58.49		$	94.82		$	61.77
Ratios to average net assets
Net investment income/(loss)		-6.16	%		-3.43	%		-3.43	%		-14.43	%		-5.85	%		-5.85	%		-2.26	%		-2.26	%		-2.26	%		-2.26	%
Expenses before incentive fees (3)(4)		6.31	%		3.59	%		3.59	%		14.78	%		6.20	%		6.20	%		2.65	%		2.65	%		2.65	%		2.65	%
Expenses after incentive fees (3)(4)		6.31	%		3.59	%		3.59	%		14.78	%		6.20	%		6.20	%		2.65	%		2.65	%		2.65	%		2.65	%
Total return before incentive fees (2)		2.67	%		3.11	%		3.16	%		4.10	%		4.55	%		4.61	%		5.12	%		5.79	%		5.11	%		5.82	%
Total return after incentive fees (2)		2.67	%		3.11	%		3.16	%		4.10	%		4.55	%		4.61	%		5.12	%		5.79	%		5.11	%		5.82	%

	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, 2020	$	79.93		$	96.81		$	130.54		$	113.20		$	112.81		$	58.55		$	70.99		$	94.20
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(1.78	)		(1.44	)		(1.94	)		(1.69	)		(1.68	)		(0.86	)		(0.51	)		(0.68	)
Net gain/(loss) on investments, net of non-controlling interests		5.24			6.38			8.61			7.47			7.45			4.87			5.93			7.88
Net income/(loss)		3.46			4.94			6.67			5.78			5.77			4.01			5.42			7.20
Net asset value, March 31, 2021	$	83.39		$	101.75		$	137.21		$	118.98		$	118.58		$	62.56		$	76.41		$	101.40
Ratios to average net assets
Net investment income/(loss)		-7.61	%		-4.63	%		-4.63	%		-4.63	%		-4.63	%		-5.80	%		-2.82	%		-2.82	%
Expenses before incentive fees (3)(4)		7.18	%		4.19	%		4.19	%		4.19	%		4.19	%		5.80	%		2.82	%		2.82	%
Expenses after incentive fees (3)(4)		7.61	%		4.63	%		4.63	%		4.63	%		4.63	%		5.80	%		2.82	%		2.82	%
Total return before incentive fees (2)		4.76	%		5.53	%		5.54	%		5.54	%		5.54	%		6.84	%		7.64	%		7.64	%
Total return after incentive fees (2)		4.32	%		5.10	%		5.11	%		5.11	%		5.11	%		6.84	%		7.64	%		7.64	%

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	110.90		$	167.56		$	96.10		$	116.50		$	155.92
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.21	)		(2.08	)		(1.74	)		(1.20	)		(1.61	)
Net gain/(loss) on investments, net of non-controlling interests		5.63			8.54			9.41			11.44			15.31
Net income/(loss)		3.42			6.45			7.67			10.24			13.70
Net asset value, March 31, 2021	$	114.32		$	174.01		$	103.77		$	126.74		$	169.62
Ratios to average net assets
Net investment income/(loss)		-7.88	%		-4.90	%		-6.94	%		-3.96	%		-3.96	%
Expenses before incentive fees (3)(4)		7.88	%		4.90	%		6.94	%		3.96	%		3.96	%
Expenses after incentive fees (3)(4)		7.88	%		4.90	%		6.94	%		3.96	%		3.96	%
Total return before incentive fees (2)		3.09	%		3.85	%		7.99	%		8.79	%		8.79	%
Total return after incentive fees (2)		3.09	%		3.85	%		7.99	%		8.79	%		8.79	%

(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.

For the three months ended March 31, 2020

	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, 2019	$	101.10		$	121.58		$	113.61		$	72.28		$	87.18		$	81.78		$	44.20		$	81.60		$	52.55		$	85.64		$	55.31
Net operating results:
Interest income		0.00			0.00			0.00			0.03			0.04			0.04			0.02			0.04			0.03			0.04			0.03
Expenses		(1.77	)		(1.11	)		(1.02	)		(4.46	)		(1.32	)		(1.24	)		(0.75	)		(0.59	)		(0.38	)		(0.62	)		(0.40	)
Net gain/(loss) on investments, net of non-controlling interests		(20.18	)		(24.87	)		(23.20	)		3.49			0.27			0.31			4.21			7.61			4.77			7.94			5.08
Net income/(loss)		(21.95	)		(25.98	)		(24.22	)		(0.95	)		(1.01	)		(0.89	)		3.49			7.06			4.42			7.36			4.71
Net asset value, March 31, 2020	$	79.15		$	95.60		$	89.39		$	71.34		$	86.18		$	80.89		$	47.69		$	88.66		$	56.98		$	93.01		$	60.02
Ratios to average net assets
Net investment income/(loss)		-7.11	%		-3.68	%		-3.68	%		-24.52	%		-5.87	%		-5.87	%		-6.43	%		-2.64	%		-2.64	%		-2.64	%		-2.64	%
Expenses before incentive fees (3)(4)		7.11	%		3.68	%		3.68	%		24.70	%		6.05	%		6.05	%		6.62	%		2.83	%		2.83	%		2.83	%		2.83	%
Expenses after incentive fees (3)(4)		7.11	%		3.68	%		3.68	%		24.70	%		6.05	%		6.05	%		6.62	%		2.83	%		2.83	%		2.83	%		2.83	%
Total return before incentive fees (2)		-21.71	%		-21.37	%		-21.32	%		-1.31	%		-1.15	%		-1.09	%		7.89	%		8.65	%		8.40	%		8.60	%		8.52	%
Total return after incentive fees (2)		-21.71	%		-21.37	%		-21.32	%		-1.31	%		-1.15	%		-1.09	%		7.89	%		8.65	%		8.40	%		8.60	%		8.52	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	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, 2019	$	117.23		$	137.81		$	185.82		$	161.04		$	160.50		$	66.56		$	78.51		$	103.94
Net operating results:
Interest income		0.03			0.04			0.05			0.05			0.05			0.00			0.00			0.00
Expenses		(1.94	)		(1.29	)		(1.73	)		(1.50	)		(1.50	)		(0.93	)		(0.49	)		(0.65	)
Net gain/(loss) on investments, net of non-controlling interests		(29.31	)		(34.70	)		(46.77	)		(40.51	)		(40.39	)		1.85			1.97			2.86
Net income/(loss)		(31.21	)		(35.94	)		(48.45	)		(41.97	)		(41.84	)		0.92			1.49			2.21
Net asset value, March 31, 2020	$	86.02		$	101.87		$	137.37		$	119.07		$	118.66		$	67.48		$	79.99		$	106.15
Ratios to average net assets
Net investment income/(loss)		-6.74	%		-3.75	%		-3.75	%		-3.75	%		-3.75	%		-5.44	%		-2.43	%		-2.43	%
Expenses before incentive fees (3)(4)		6.86	%		3.87	%		3.87	%		3.87	%		3.87	%		5.44	%		2.43	%		2.43	%
Expenses after incentive fees (3)(4)		6.86	%		3.87	%		3.87	%		3.87	%		3.87	%		5.44	%		2.43	%		2.43	%
Total return before incentive fees (2)		-26.62	%		-26.08	%		-26.08	%		-26.06	%		-26.07	%		1.39	%		1.89	%		2.13	%
Total return after incentive fees (2)		-26.62	%		-26.08	%		-26.08	%		-26.06	%		-26.07	%		1.39	%		1.89	%		2.13	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	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, 2019	$	131.52		$	154.43		$	192.82		$	97.54		$	114.15		$	153.59
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(2.73	)		(2.02	)		(2.51	)		(1.82	)		(1.24	)		(1.65	)
Net gain/(loss) on investments, net of non-controlling interests		17.19			20.67			25.33			18.50			22.46			29.23
Net income/(loss)		14.46			18.66			22.82			16.67			21.22			27.58
Net asset value, March 31, 2020	$	145.97		$	173.08		$	215.64		$	114.21		$	135.37		$	181.17
Ratios to average net assets
Net investment income/(loss)		-8.01	%		-5.01	%		-5.01	%		-7.05	%		-4.04	%		-4.04	%
Expenses before incentive fees (3)(4)		8.01	%		5.01	%		5.01	%		7.05	%		4.04	%		4.04	%
Expenses after incentive fees (3)(4)		8.01	%		5.01	%		5.01	%		7.05	%		4.04	%		4.04	%
Total return before incentive fees (2)		10.99	%		12.08	%		11.83	%		17.09	%		18.59	%		17.96	%
Total return after incentive fees (2)		10.99	%		12.08	%		11.83	%		17.09	%		18.59	%		17.96	%

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner's total returns may vary from the above returns based on the timing of contributions and withdrawals. 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.

Frontier Funds [Member]

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Trust for the three months ended March 31, 2021 and March 31, 2020. This data has been derived from the information presented in the consolidated financial statements.

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.20	%		-5.77	%
Expenses before incentive fees (3) (4)		6.06	%		5.84	%
Expenses after incentive fees (3) (4)		6.26	%		5.84	%
Total return before incentive fees (2)		6.45	%		-15.26	%
Total return after incentive fees (2)		4.56	%		-15.26	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

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

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

XML

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Derivative Instruments and Hedging Activities

8. Derivative Instruments and Hedging Activities

The Series' primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging ("ASC 815"). The detail of the fair value of the Series' derivatives by instrument types as of March 31, 2021 and December 31, 2020 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series' position in swap contracts.

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

For the Three Months ended March 31, 2021

Monthly average contracts:
	Bought		Sold
Frontier Balanced Fund		788		787

For the Three Months ended March 31, 2020

Monthly average contracts:
	Bought		Sold
Frontier Balanced Fund		628		625

The following tables summarize the trading revenues for the three months ended March 31, 2021, 2020  by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	63,312
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,118
Realized trading income/(loss)(1)	$	371,559

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	75,122
Currencies		106,325
Energies		35,710
Interest rates		88,571
Metals		313,738
Stock indices		22,768
Realized trading income/(loss)(1)	$	642,234

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

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

for the Three Months Ended March 31, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	6,802
Currencies		17,052
Energies		16,600
Interest rates		(76,782	)
Metals		(15,723	)
Stock indices		4,716
Change in unrealized trading income/(loss)(1)	$	(47,335	)

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

for the Three Months Ended March 31, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	978
Currencies		21,386
Energies		(1,845	)
Interest rates		4,169
Metals		(43,253	)
Stock indices		(7,154	)
Change in unrealized trading income/(loss)(1)	$	(25,719	)

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

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

The following tables present gross and net information about the Series' assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of March 31, 2021 and December 31, 2020.

As of March 31, 2021

Frontier Balanced Fund		Gross Amounts of recognized Derivative Assets/ Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	597,031	$	(543,924	)	$	53,107

As of December 31, 2020

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

Frontier Funds [Member]

Derivative Instruments and Hedging Activities

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 March 31, 2021 and December 31, 2020 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust's positions in swap contracts. There are embedded management fees in transacting these swaps ranging from 1% to 1.5% based on fair value of swaps and the embedded incentive fees ranging from 15% to 25% based on net new trading profits on swaps.

For the three months ended March 31, 2021 and March 31, 2020, the monthly average of futures, forwards and options contracts bought was approximately 788 and 628, respectively and sold was approximately 787 and 625, respectively.

The following tables summarize the trading revenues for the three months ended March 31, 2021 and March 31, 2020 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2021

Type of contract
Agriculturals	$	63,312
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,119
Realized trading income/(loss)(1)	$	371,560

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2020

Type of contract
Agriculturals	$	75,122
Currencies		106,325
Energies		35,710
Interest rates		88,571
Metals		313,738
Stock indices		22,769
Realized trading income/(loss)(1)	$	642,235

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

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

for the Three Months Ended March 31, 2021

Type of contract
Agriculturals	$	6,802
Currencies		17,052
Energies		16,600
Interest rates		(76,782	)
Metals		(15,723	)
Stock indices		4,716
Change in unrealized trading income/(loss)(1)	$	(47,335	)

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

for the Three Months Ended March 31, 2020

Type of contract
Agriculturals	$	978
Currencies		21,386
Energies		(1,845	)
Interest rates		4,169
Metals		(43,253	)
Stock indices		(7,154	)
Change in unrealized trading income/(loss)(1)	$	(25,719	)

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

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

The following tables present gross and net information about the Trust's assets and liabilities subject the master netting arrangements as disclosed on the consolidated statements of financial condition as of March 31, 2021 and December 31, 2020:

As of March 31, 2021

	Gross Amounts of recognized Derivative Assets/ Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	597,031	$	(543,924	)	$	53,107

As of December 31, 2020

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

XML

Trading Activities and Related Risks

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Trading Activities and Related Risks

9. Trading Activities and Related Risks

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

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

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

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

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

Frontier Funds [Member]

Trading Activities and Related Risks

9. Trading Activities and Related Risks

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

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

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

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

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

XML

Indemnifications and Guarantees noted in Management Discussion and Analysis

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Indemnifications and Guarantees noted in Management Discussion and Analysis

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.

Frontier Funds [Member]

Indemnifications and Guarantees noted in Management Discussion and Analysis

10. Indemnifications and Guarantees

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

XML

Subsequent Events

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Subsequent Events

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 April 1, 2021 through XXXX XX, 2021, 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 $XXXX, $XXXX, $XXXX, $XXXX, $XXXX, $XXXX and $XXXX, respectively, in redemptions.

Frontier Funds [Member]

Subsequent Events

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 April 1, 2021 through xxxx xx, 2021, the Trust paid $xxxx in redemptions.

XML

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Basis of Presentation

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

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series if consolidated by a Series. 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. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series' interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies.

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

Change in Consolidation Method

Change in Consolidation Method—In February 2017, the Trust elected to change its method by which it consolidates its investments in the Galaxy Plus entities and applied to its December 31, 2016 financial statements. Prior to the change, any Series that had a controlling interest in a Galaxy Plus entity would consolidate the assets and liabilities of that entity into its Statement of Financial Condition and the profit and loss into the Statement of Operations. The Managing Owner believes that this treatment does not provide meaningful data to the end user of the financial statements. As such, all investments in Galaxy Plus entities are accounted for using the net asset value as the practical expedient. In accordance with ASC 250 (Accounting Changes and Error Corrections), the comparative financial statements as of and for the three and nine months ended September 30, 2016 have been adjusted to apply the new method retrospectively. This impacted management fees, incentive fees (rebate), net realized gain/(loss) on futures, forwards and options, net change in open trade equity/(deficit), net unrealized gain/(loss) on private investment companies, net realized gain/(loss) on private investment companies, and operations attributable to non-controlling interests on the Statement of Operations. We also note that there was no impact to total capital or net increase/(decrease) in capital resulting from operations attributable to controlling interests.

Use of Estimates

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—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

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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

U.S. Treasury Securities

U.S. Treasury Securities—U.S. Treasury Securities are allocated to all Series of the Trust based on each Series' percentage ownership in the pooled cash management assets as of the reporting date. They are reported at fair value as Level 1 inputs under ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). The Series of the Trust valued U.S. Treasury Securities at fair value and recorded the daily change in value in the statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the statements of financial condition as interest receivable.

Receivable from Futures Commission Merchants

Receivable From Futures Commission Merchants—The Series of the Trust deposit assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, 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 March 31, 2021 and December 31, 2020 included restricted cash for margin requirements of $308,895 and $321,638 respectively, for the Frontier Balanced Fund.

Investment Transactions

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

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

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

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 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

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

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 2017 through 2020 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

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)

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 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.

Service Fees

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 2018, 2019 and 2020 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,629, $296, $31,725, $329,179, $17,777, $151,527 and $58,835 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2021,

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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

Pending Owner Additions

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

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 Adopted Accounting Pronouncements

Recently Adopted 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

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

Frontier Funds [Member]

Basis of Presentation

Basis of Presentation—The Trust follows 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

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.

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.

Change in Consolidation Method

Change in Consolidation Method—In February 2017, the Trust elected to change its method by which it consolidates its investments in the Galaxy Plus entities and applied to its December 31, 2016 financial statements. Prior to the change, any Series that had a controlling interest in a Galaxy Plus entity would consolidate the assets and liabilities of that entity into its Statement of Financial Condition and the profit and loss into the Statement of Operations. The Managing Owner believes that this treatment does not provide meaningful data to the end user of the financial statements. As such, all investments in Galaxy Plus entities are accounted for using the net asset value as the practical expedient. In accordance with ASC 250 (Accounting Changes and Error Corrections), the comparative financial statements as of and for the three and nine months ended September 30, 2016 have been adjusted to apply the new method retrospectively. This will impact management fees, incentive fees (rebate), net realized gain/(loss) on futures, forwards and options, net change in open trade equity/(deficit), net unrealized gain/(loss) on private investment companies, net realized gain/(loss) on private investment companies, and operations attributable to non-controlling interests on the Statement of Operations. We also note that there is no impact to total capital or net increase/(decrease) in capital resulting from operations attributable to controlling interests.

Use of Estimates

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—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

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 an FCM of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the statement of operations. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

U.S. Treasury Securities

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

Receivable from Futures Commission Merchants—The Trust deposits assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of March 31, 2021 and December 31, 2020 and included restricted cash for margin requirements of $308,895 and $321,638 for the Frontier Balanced Fund.

Investment Transactions

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

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

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

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

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.

Income Taxes

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 March 31, 2021. The 2017 through 2020 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

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 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 Statement of Operations.

Incentive Fee (rebate)

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 Statements of Operations.

Service Fees

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. Frontier Long/Short Commodity Fund Class 1A was closed as of September 30, 2020 and Frontier Global Class 1AP was closed as of November 18, 2020.

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 2020, 2019 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 2021 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 $638,962 and $647,505 as of December 31, 2020 and March 31, 2021, respectively.

These service fees are part of the offering costs of the Trust, which include registration and filing fees, legal and blue1 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

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

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 Adopted Accounting Pronouncements

Recently Adopted 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

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 10.

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Schedule of financial asset portfolio measured at fair value

March 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	23,731	$	-	$	-	$	23,731
U.S. Treasury Securities		121,604		-		-		121,604
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		13,600		-		-		13,600
U.S. Treasury Securities		69,690		-		-		69,690
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		15,597		-		-		15,597
U.S. Treasury Securities		79,922		-		-		79,922
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		33,854		-		-		33,854
Open Trade Equity (Deficit)		53,107		-		-		53,107
U.S. Treasury Securities		173,475		-		-		173,475
Frontier Select Fund				-
Investment in Unconsolidated Trading Companies		9,590		-		-		9,590
U.S. Treasury Securities		49,141		-		-		49,141
Frontier Global Fund				-
Investment in Unconsolidated Trading Companies		27,774		-		-		27,774
U.S. Treasury Securities		142,316		-		-		142,316
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		22,925		-		-		22,925
U.S. Treasury Securities		117,469		-		-		117,469

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	16,669	$	-	$	-	$	16,669
U.S. Treasury Securities		427,393		-		-		427,393
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		907		-		-		907
U.S. Treasury Securities		23,245		-		-		23,245
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		17,736		-		-		17,736
U.S. Treasury Securities		454,738		-		-		454,738
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		49,755		-		-		49,755
Open Trade Equity (Deficit)		100,440		-		-		100,440
U.S. Treasury Securities		1,275,641		-		-		1,275,641
Frontier Global Fund
Investment in Unconsolidated Trading Companies		1,083		-		-		1,083
U.S. Treasury Securities		27,742		-		-		27,742
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		2,880		-		-		2,880
U.S. Treasury Securities		73,847		-		-		73,847

Schedule of change in Level 3 assets measured at fair value on recurring basis

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2020	$	11,944,753		$	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,448,166	)		188,100
Included in earnings-unrealized		(3,088,917	)		44,277
Proceeds from collateral reduction		(6,176,555	)		(115,000	)
Sale of investments		(7,586,366	)		(594,898	)
Purchase of investments		7,355,251			115,000
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-
		Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2020	$	6,384,583		$	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized		(446,306	)		(97,745	)
Included in earnings-unrealized		(1,537,399	)		197,829
Proceeds from collateral reduction		(4,000,000	)		(2,474,937	)
Sale of investments		(4,870,025	)		(1,491,965	)
Purchase of investments		4,469,147			978,809
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

Investments in Unconsolidated Trading Companies

	Frontier Select Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	479,024
Change in fair value of investments in unconsolidated trading companies		95,915
Proceeds from sales of investments of unconsolidated trading companies		(574,939	)
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, 2020	$	-

Schedule of change in unrealized appreciation (depreciation)

	Frontier Diversified Fund			Frontier Long/Short Commodity Fund		Frontier Balanced Fund			Frontier Heritage Fund
Swap Contracts	$	(1,537,399	)	$	44,277	$	(3,088,917	)	$	197,829

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(91,989	)

Frontier Funds [Member]

Schedule of financial asset portfolio measured at fair value

March 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	53,107	$	-	$	-	$	53,107
U.S. Treasury Securities		753,617		-		-		753,617

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	100,440	$	-	$	-	$	100,440
U.S. Treasury Securities		2,282,606		-		-		2,282,606

Schedule of change in unrealized appreciation (depreciation)

	For the Year ended December 31, 2020
Balance of recurring Level 3 assets as of  January 1, 2020	$	21,579,865
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,896,106	)
Included in earnings-unrealized		(4,384,210	)
Proceeds from collateral reduction		(12,674,502	)
Purchase of investments		12,918,207
Sale of investments		(14,543,254	)
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

XML

Swap Contracts (Tables)

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Schedule of Investments in following swap

	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
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(97,745	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

Frontier Funds [Member]

Schedule of Investments in following swap

	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
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(189,734	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

XML

Investments in Unconsolidated Trading Companies and Private Investment Companies (Tables)

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Schedule of investments in unconsolidated trading companies

	As of March 31, 2021					As of December 31, 2020
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested in					Capital Invested in
Series	Unconsolidated Trading Companies			Fair Value		Unconsolidated Trading Companies			Fair Value
Frontier Diversified Series —
Frontier Trading Company XXXVIII		0.59	%	$	23,731		0.40	%	$	16,669
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		1.37	%	$	13,600		0.09	%	$	907
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		1.16	%	$	15,597		1.35	%	$	17,736
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.30	%	$	33,854		0.41	%	$	49,755
Frontier Select Fund  ---
Frontier Trading Companies XXXVIII		0.60	%	$	9,590		0.00	%	$	0
Frontier Global Fund  ---
Frontier Trading Company XXXVIII		0.96	%	$	27,774		0.04	%	$	1,083
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		0.93	%	$	22,925		0.12	%	$	2,880

Schedule of equity in earnings from unconsolidated trading companies and private investment companies

Three Months Ended March, 2021												Three Months Ended March, 2020
							Change in			Net								Change in			Net
	Trading			Realized			Unrealized			Income			Trading		Realized			Unrealized			Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions		Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(15,154	)	$	(15,154	)	$	-	$	-		$	(23,301	)	$	(23,301	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,608	)		105,068			4,402			107,862			-		101,444			260,300			361,744
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-		(6,308	)		(41,608	)		(47,916	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(310,754	)		(332,663	)		(643,417	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(6,767	)		96,963			(211,084	)		(120,888	)		-		78,918			(356,986	)		(278,068	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-		7,506			(259,157	)		(251,651	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(2,499	)		(183,383	)		7,536			(178,346	)		-		25,548			(298,885	)		(273,337	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(4,323	)		49,066			109,945			154,688			-		(23,195	)		166,919			143,724
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(11,862	)		665,706			(74,900	)		578,944			-		33,241			768,387			801,628
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(940	)		(501,183	)		394,602			(107,521	)		-		-			-			-
Total	$	(27,999	)	$	232,237		$	215,347		$	419,585		$	-	$	(93,600	)	$	(116,994	)	$	(210,594	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	13,872		$	13,872		$	-	$	-		$	(5,077	)	$	(5,077	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,508	)		172,894			(40,552	)		129,834			-		309,658			249,122			558,780
Total	$	(2,508	)	$	172,894		$	(26,680	)	$	143,706		$	-	$	309,658		$	244,045		$	553,703
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	7,332		$	7,332		$	-	$	-		$	(6,529	)	$	(6,529	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,497	)		198,489			(21,623	)		173,369			-		24,954			236,122			261,076
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-		(17,031	)		(259,074	)		(276,105	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(392	)		(215,079	)		166,556			(48,915	)		-		-			-			-
Total	$	(3,889	)	$	(16,590	)	$	152,265		$	131,786		$	-	$	7,923		$	(29,481	)	$	(21,558	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	10,944		$	10,944		$	-	$	-		$	(6,103	)	$	(6,103	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,340	)		93,684			(29,457	)		62,887			-		33,962			142,571			176,533
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,124	)		179,878			(23,467	)		153,287			-		(29,591	)		273,543			243,952
Total	$	(4,464	)	$	273,562		$	(41,980	)	$	227,118		$	-	$	4,371		$	410,011		$	414,382
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	10,148		$	10,148		$	-	$	-		$	(4,706	)	$	(4,706	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(61,736	)		(33,649	)		(95,385	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(229	)		23,549			(18,332	)		4,988			-		820			(137,741	)		(136,921	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,861	)		105,715			(12,891	)		90,963			-		(6,455	)		111,549			105,094
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(1,808	)		-			(28,559	)		(30,367	)		-		-			-			-
Total	$	(3,898	)	$	129,264		$	(49,634	)	$	75,732		$	-	$	(67,371	)	$	(64,547	)	$	(131,918	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	8,063		$	8,063		$	-	$	-		$	(1,009	)	$	(1,009	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(753	)		52,525			(1,159	)		50,613			-		88,315			152,312			240,627
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-		(10,522	)		(20,678	)		(31,200	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(268,381	)		(144,944	)		(413,325	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(3,231	)		47,548			(95,237	)		(50,920	)		-		109,016			(298,106	)		(189,090	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-		3,721			(159,251	)		(155,530	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(640	)		(46,172	)		(2,167	)		(48,979	)		-		(53,371	)		(32,636	)		(86,007	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,763	)		30,374			90,227			117,838			-		(12,007	)		134,066			122,059
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,011	)		110,869			(5,456	)		103,402			-		(6,567	)		484,523			477,956
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(219	)		(118,037	)		94,039			(24,217	)		-		-			-			-
Total	$	(9,617	)	$	77,107		$	88,310		$	155,800		$	-	$	(149,796	)	$	114,277		$	(35,519	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	11,507		$	11,507		$	-	$	-		$	(6,482	)	$	(6,482	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(353	)		23,632			(5,892	)		17,387			-		28,637			104,600			133,237
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-		(248,608	)		88,339			(160,269	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,062	)		60,348			(7,732	)		51,554			-		(21,114	)		156,235			135,121
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-		5,948			(102,480	)		(96,532	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(156	)		(83,540	)		61,779			(21,917	)		-		-			-			-
Total	$	(1,571	)	$	440		$	59,662		$	58,531		$	-	$	(235,137	)	$	240,212		$	5,075

Schedule of private investment companies have certain redemption and liquidity restrictions

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) 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
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) 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
Frontier Select Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Frontier Global Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) 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 Funds [Member]

Schedule of private investment companies have certain redemption and liquidity restrictions

	Redemptions Notice	Redemptions	Liquidity
	Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) 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

XML

Transactions with Affiliates (Tables) - The Series of the Frontier Funds [Member]

3 Months Ended

Mar. 31, 2021

Schedule of fees earned by managing owner

Three Months Ended March 31, 2021	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	1,049	$	34,937
Frontier Masters Fund		-		-		210		14,863
Frontier Long/Short Commodity Fund		-		-		54		8,765
Frontier Balanced Fund		49,840		4,619		67,267		114,439
Frontier Select Fund		-		-		11,438		11,355
Frontier Global Fund		-		-		19,938		35,130
Frontier Heritage Fund		-		-		16,157		23,676

Three Months Ended March 31, 2020	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	7,707	$	103,933
Frontier Masters Fund		-		-		595		33,055
Frontier Long/Short Commodity Fund		-		-		111		9,640
Frontier Balanced Fund		-		5,020		125,308		198,985
Frontier Select Fund		-		-		20,160		16,955
Frontier Global Fund		-		-		30,441		55,555
Frontier Heritage Fund		-		-		18,013		29,905

Schedule of fees payable to managing owner

As of March 31, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	365	$	12,341
Frontier Masters Fund		-		-		-		74		5,235
Frontier Long/Short Commodity Fund		-		-		53		-		3,174
Frontier Balanced Fund		49,840		1,629		-		20,826		38,152
Frontier Select Fund		-		-		359		3,803		3,915
Frontier Global Fund		-		-		499		6,559		12,310
Frontier Heritage Fund		-		-		563		5,169		8,360

As of December 31, 2020	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	385	$	12,576
Frontier Masters Fund		-		-		-		70		5,460
Frontier Long/Short Commodity Fund		-		-		87		18		2,281
Frontier Balanced Fund		-		8,854		1,376		21,381		37,894
Frontier Select Fund		-		-		179		3,709		3,933
Frontier Global Fund		-		-		326		6,348		11,849
Frontier Heritage Fund		-		-		139		4,794		7,705

Schedule of interest paid by each series to managing owner

	March 31, 2021		March 31, 2020		March 31, 2021			March 31, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average 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		8		5		0.02	%		0.01	%
Frontier Long/Short Commodity Fund Class 3		226		114		0.02	%		0.01	%
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		301		2,221		0.00	%		0.01	%
Frontier Balanced Fund Class 1AP		3		31		0.00	%		0.01	%
Frontier Balanced Fund Class 2		69		425		0.00	%		0.01	%
Frontier Balanced Fund Class 2a		1		5		0.00	%		0.00	%
Frontier Balanced Fund Class 3a		3		23		0.00	%		0.00	%
Frontier Select Fund Class 1		790		779		0.05	%		0.03	%
Frontier Select Fund Class 1AP		5		3		0.05	%		0.03	%
Frontier Select Fund Class 2		35		26		0.05	%		0.03	%
Frontier Global Fund Class 1		1,455		1,217		0.05	%		0.03	%
Frontier Global Fund Class 1AP		-		11		0.00	%		0.03	%
Frontier Global Fund Class 2		103		111		0.05	%		0.03	%
Frontier Heritage Fund Class 1		1,038		728		0.05	%		0.03	%
Frontier Heritage Fund Class 1AP		4		3		0.05	%		0.03	%
Frontier Heritage Fund Class 2		104		170		0.05	%		0.03	%
Total	$	4,145	$	5,872

XML

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Schedule of financial highlights of trust

For the three months ended March 31, 2021.

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2020	$	72.68		$	88.95		$	83.33		$	55.18		$	67.54		$	63.52		$	85.99		$	55.29		$	90.21		$	58.37
Net operating results:
Interest income		0.03			0.03			0.03			0.05			0.06			0.06			0.09			0.06			0.09			0.06
Expenses		(1.14	)		(0.80	)		(0.75	)		(2.05	)		(1.05	)		(0.99	)		(0.59	)		(0.38	)		(0.62	)		(0.40	)
Net gain/(loss) on investments, net of non-controlling interests		3.05			3.53			3.35			4.26			4.07			3.86			4.91			3.51			5.15			3.74
Net income/(loss)		1.94			2.76			2.64			2.26			3.07			2.93			4.40			3.20			4.61			3.40
Net asset value, March 31, 2021	$	74.62		$	91.71		$	85.97		$	57.44		$	70.61		$	66.45		$	90.39		$	58.49		$	94.82		$	61.77
Ratios to average net assets
Net investment income/(loss)		-6.16	%		-3.43	%		-3.43	%		-14.43	%		-5.85	%		-5.85	%		-2.26	%		-2.26	%		-2.26	%		-2.26	%
Expenses before incentive fees (3)(4)		6.31	%		3.59	%		3.59	%		14.78	%		6.20	%		6.20	%		2.65	%		2.65	%		2.65	%		2.65	%
Expenses after incentive fees (3)(4)		6.31	%		3.59	%		3.59	%		14.78	%		6.20	%		6.20	%		2.65	%		2.65	%		2.65	%		2.65	%
Total return before incentive fees (2)		2.67	%		3.11	%		3.16	%		4.10	%		4.55	%		4.61	%		5.12	%		5.79	%		5.11	%		5.82	%
Total return after incentive fees (2)		2.67	%		3.11	%		3.16	%		4.10	%		4.55	%		4.61	%		5.12	%		5.79	%		5.11	%		5.82	%

	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, 2020	$	79.93		$	96.81		$	130.54		$	113.20		$	112.81		$	58.55		$	70.99		$	94.20
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(1.78	)		(1.44	)		(1.94	)		(1.69	)		(1.68	)		(0.86	)		(0.51	)		(0.68	)
Net gain/(loss) on investments, net of non-controlling interests		5.24			6.38			8.61			7.47			7.45			4.87			5.93			7.88
Net income/(loss)		3.46			4.94			6.67			5.78			5.77			4.01			5.42			7.20
Net asset value, March 31, 2021	$	83.39		$	101.75		$	137.21		$	118.98		$	118.58		$	62.56		$	76.41		$	101.40
Ratios to average net assets
Net investment income/(loss)		-7.61	%		-4.63	%		-4.63	%		-4.63	%		-4.63	%		-5.80	%		-2.82	%		-2.82	%
Expenses before incentive fees (3)(4)		7.18	%		4.19	%		4.19	%		4.19	%		4.19	%		5.80	%		2.82	%		2.82	%
Expenses after incentive fees (3)(4)		7.61	%		4.63	%		4.63	%		4.63	%		4.63	%		5.80	%		2.82	%		2.82	%
Total return before incentive fees (2)		4.76	%		5.53	%		5.54	%		5.54	%		5.54	%		6.84	%		7.64	%		7.64	%
Total return after incentive fees (2)		4.32	%		5.10	%		5.11	%		5.11	%		5.11	%		6.84	%		7.64	%		7.64	%

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	110.90		$	167.56		$	96.10		$	116.50		$	155.92
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.21	)		(2.08	)		(1.74	)		(1.20	)		(1.61	)
Net gain/(loss) on investments, net of non-controlling interests		5.63			8.54			9.41			11.44			15.31
Net income/(loss)		3.42			6.45			7.67			10.24			13.70
Net asset value, March 31, 2021	$	114.32		$	174.01		$	103.77		$	126.74		$	169.62
Ratios to average net assets
Net investment income/(loss)		-7.88	%		-4.90	%		-6.94	%		-3.96	%		-3.96	%
Expenses before incentive fees (3)(4)		7.88	%		4.90	%		6.94	%		3.96	%		3.96	%
Expenses after incentive fees (3)(4)		7.88	%		4.90	%		6.94	%		3.96	%		3.96	%
Total return before incentive fees (2)		3.09	%		3.85	%		7.99	%		8.79	%		8.79	%
Total return after incentive fees (2)		3.09	%		3.85	%		7.99	%		8.79	%		8.79	%

(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.

For the three months ended March 31, 2020

	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, 2019	$	101.10		$	121.58		$	113.61		$	72.28		$	87.18		$	81.78		$	44.20		$	81.60		$	52.55		$	85.64		$	55.31
Net operating results:
Interest income		0.00			0.00			0.00			0.03			0.04			0.04			0.02			0.04			0.03			0.04			0.03
Expenses		(1.77	)		(1.11	)		(1.02	)		(4.46	)		(1.32	)		(1.24	)		(0.75	)		(0.59	)		(0.38	)		(0.62	)		(0.40	)
Net gain/(loss) on investments, net of non-controlling interests		(20.18	)		(24.87	)		(23.20	)		3.49			0.27			0.31			4.21			7.61			4.77			7.94			5.08
Net income/(loss)		(21.95	)		(25.98	)		(24.22	)		(0.95	)		(1.01	)		(0.89	)		3.49			7.06			4.42			7.36			4.71
Net asset value, March 31, 2020	$	79.15		$	95.60		$	89.39		$	71.34		$	86.18		$	80.89		$	47.69		$	88.66		$	56.98		$	93.01		$	60.02
Ratios to average net assets
Net investment income/(loss)		-7.11	%		-3.68	%		-3.68	%		-24.52	%		-5.87	%		-5.87	%		-6.43	%		-2.64	%		-2.64	%		-2.64	%		-2.64	%
Expenses before incentive fees (3)(4)		7.11	%		3.68	%		3.68	%		24.70	%		6.05	%		6.05	%		6.62	%		2.83	%		2.83	%		2.83	%		2.83	%
Expenses after incentive fees (3)(4)		7.11	%		3.68	%		3.68	%		24.70	%		6.05	%		6.05	%		6.62	%		2.83	%		2.83	%		2.83	%		2.83	%
Total return before incentive fees (2)		-21.71	%		-21.37	%		-21.32	%		-1.31	%		-1.15	%		-1.09	%		7.89	%		8.65	%		8.40	%		8.60	%		8.52	%
Total return after incentive fees (2)		-21.71	%		-21.37	%		-21.32	%		-1.31	%		-1.15	%		-1.09	%		7.89	%		8.65	%		8.40	%		8.60	%		8.52	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	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, 2019	$	117.23		$	137.81		$	185.82		$	161.04		$	160.50		$	66.56		$	78.51		$	103.94
Net operating results:
Interest income		0.03			0.04			0.05			0.05			0.05			0.00			0.00			0.00
Expenses		(1.94	)		(1.29	)		(1.73	)		(1.50	)		(1.50	)		(0.93	)		(0.49	)		(0.65	)
Net gain/(loss) on investments, net of non-controlling interests		(29.31	)		(34.70	)		(46.77	)		(40.51	)		(40.39	)		1.85			1.97			2.86
Net income/(loss)		(31.21	)		(35.94	)		(48.45	)		(41.97	)		(41.84	)		0.92			1.49			2.21
Net asset value, March 31, 2020	$	86.02		$	101.87		$	137.37		$	119.07		$	118.66		$	67.48		$	79.99		$	106.15
Ratios to average net assets
Net investment income/(loss)		-6.74	%		-3.75	%		-3.75	%		-3.75	%		-3.75	%		-5.44	%		-2.43	%		-2.43	%
Expenses before incentive fees (3)(4)		6.86	%		3.87	%		3.87	%		3.87	%		3.87	%		5.44	%		2.43	%		2.43	%
Expenses after incentive fees (3)(4)		6.86	%		3.87	%		3.87	%		3.87	%		3.87	%		5.44	%		2.43	%		2.43	%
Total return before incentive fees (2)		-26.62	%		-26.08	%		-26.08	%		-26.06	%		-26.07	%		1.39	%		1.89	%		2.13	%
Total return after incentive fees (2)		-26.62	%		-26.08	%		-26.08	%		-26.06	%		-26.07	%		1.39	%		1.89	%		2.13	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	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, 2019	$	131.52		$	154.43		$	192.82		$	97.54		$	114.15		$	153.59
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(2.73	)		(2.02	)		(2.51	)		(1.82	)		(1.24	)		(1.65	)
Net gain/(loss) on investments, net of non-controlling interests		17.19			20.67			25.33			18.50			22.46			29.23
Net income/(loss)		14.46			18.66			22.82			16.67			21.22			27.58
Net asset value, March 31, 2020	$	145.97		$	173.08		$	215.64		$	114.21		$	135.37		$	181.17
Ratios to average net assets
Net investment income/(loss)		-8.01	%		-5.01	%		-5.01	%		-7.05	%		-4.04	%		-4.04	%
Expenses before incentive fees (3)(4)		8.01	%		5.01	%		5.01	%		7.05	%		4.04	%		4.04	%
Expenses after incentive fees (3)(4)		8.01	%		5.01	%		5.01	%		7.05	%		4.04	%		4.04	%
Total return before incentive fees (2)		10.99	%		12.08	%		11.83	%		17.09	%		18.59	%		17.96	%
Total return after incentive fees (2)		10.99	%		12.08	%		11.83	%		17.09	%		18.59	%		17.96	%

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner's total returns may vary from the above returns based on the timing of contributions and withdrawals. 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.

Frontier Funds [Member]

Schedule of financial highlights of trust

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.20	%		-5.77	%
Expenses before incentive fees (3) (4)		6.06	%		5.84	%
Expenses after incentive fees (3) (4)		6.26	%		5.84	%
Total return before incentive fees (2)		6.45	%		-15.26	%
Total return after incentive fees (2)		4.56	%		-15.26	%

(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.

XML

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

The Series of the Frontier Funds [Member]

Schedule of averages futures contracts

For the Three Months ended March 31, 2021

Monthly average contracts:
	Bought		Sold
Frontier Balanced Fund		788		787

For the Three Months ended March 31, 2020

Monthly average contracts:
	Bought		Sold
Frontier Balanced Fund		628		625

Schedule of realized trading revenue from futures, forwards and options

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	63,312
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,118
Realized trading income/(loss)(1)	$	371,559

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	75,122
Currencies		106,325
Energies		35,710
Interest rates		88,571
Metals		313,738
Stock indices		22,768
Realized trading income/(loss)(1)	$	642,234

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

Schedule of net trading gain loss

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

for the Three Months Ended March 31, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	6,802
Currencies		17,052
Energies		16,600
Interest rates		(76,782	)
Metals		(15,723	)
Stock indices		4,716
Change in unrealized trading income/(loss)(1)	$	(47,335	)

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

for the Three Months Ended March 31, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	978
Currencies		21,386
Energies		(1,845	)
Interest rates		4,169
Metals		(43,253	)
Stock indices		(7,154	)
Change in unrealized trading income/(loss)(1)	$	(25,719	)

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

Schedule of gross and net information about the Trust's assets and liabilities

As of March 31, 2021

Frontier Balanced Fund		Gross Amounts of recognized Derivative Assets/ Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	597,031	$	(543,924	)	$	53,107

As of December 31, 2020

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

Frontier Funds [Member]

Schedule of realized trading revenue from futures, forwards and options

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2021

Type of contract
Agriculturals	$	63,312
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,119
Realized trading income/(loss)(1)	$	371,560

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2020

Type of contract
Agriculturals	$	75,122
Currencies		106,325
Energies		35,710
Interest rates		88,571
Metals		313,738
Stock indices		22,769
Realized trading income/(loss)(1)	$	642,235

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

Schedule of net trading gain loss

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

for the Three Months Ended March 31, 2021

Type of contract
Agriculturals	$	6,802
Currencies		17,052
Energies		16,600
Interest rates		(76,782	)
Metals		(15,723	)
Stock indices		4,716
Change in unrealized trading income/(loss)(1)	$	(47,335	)

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

for the Three Months Ended March 31, 2020

Type of contract
Agriculturals	$	978
Currencies		21,386
Energies		(1,845	)
Interest rates		4,169
Metals		(43,253	)
Stock indices		(7,154	)
Change in unrealized trading income/(loss)(1)	$	(25,719	)

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

Schedule of gross and net information about the Trust's assets and liabilities

	Gross Amounts of recognized Derivative Assets/ Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	597,031	$	(543,924	)	$	53,107

As of December 31, 2020

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

XML

Organization and Purpose (The Series of Frontier Funds) (Details) - The Series of the Frontier Funds [Member]	3 Months Ended
	Mar. 31, 2021
Organization and Purpose (Textual)
Managing owner contributions to the series of the trust percentage	1.00%
Aggregate initial and ongoing service fees	9.00%
Redemption fee percentage	10.00%
Minimum [Member]
Organization and Purpose (Textual)
Assets normally invested in one or more trading companies	30.00%
Maximum [Member]
Organization and Purpose (Textual)
Assets normally invested in one or more trading companies	70.00%
Class 1 or Class 1a [Member]
Organization and Purpose (Textual)
Amortized monthly annual rate percentage	2.00%
Service fee percentage	2.00%
Redemption fee percentage	2.00%
Percentage of average daily NAV charged as a service fees	3.00%
Percentage of NAV charged as a service fees	3.00%
Class 2 or Class 2a [Member]
Organization and Purpose (Textual)
Service fee percentage	0.50%
Percentage of NAV charged as a service fees	0.25%

XML

Organization and Purpose (Frontier Funds) (Details) - Frontier Fund [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Organization and Purpose (Textual)
Managing owner contributions to the series of the trust percentage	1.00%
Percentage of assets invested in such trading company		100.00%
Aggregate initial and ongoing service fees	9.00%
Delaware statutory trust expire date	Dec. 31, 2053
Aggregate underwriting compensation percentage	10.00%	10.00%
Percentage of average daily NAV charged as a service fees	2.00%
Percentage of NAV charged as a service fees	3.00%
Minimum [Member]
Organization and Purpose (Textual)
Assets normally invested in one or more trading companies	30.00%
Maximum [Member]
Organization and Purpose (Textual)
Assets normally invested in one or more trading companies	70.00%
Class 1 or Class 1a [Member]
Organization and Purpose (Textual)
Service fee percentage	3.00%
Redemption fee percentage	2.00%
Amortized monthly annual rate	2.00%
Class 2 and Class 2a [Member]
Organization and Purpose (Textual)
Service fee percentage	0.50%
Service fee charged to limited owners	0.25%

XML

Significant Accounting Policies (The Series of Frontier Funds) (Details) - The Series of the Frontier Funds [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Significant Accounting Policies (Textual)
Managing owner percentage	2.00%
Restricted cash	$ 308,895	$ 321,638
Gross income of the Trust constitutes qualifying income	90.00%
Incentive fees percentage	10.00%
Incentive fee, description	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 for a particular series, then the Managing Owner is obligated to return any amount in excess to the Series.
Redemption fee percentage	10.00%
Frontier Diversified Fund [Member]
Significant Accounting Policies (Textual)
Advance for service fee	$ 22,629
Frontier Long/Short Commodity Fund [Member]
Significant Accounting Policies (Textual)
Advance for service fee	296
Frontier Masters Fund [Member]
Significant Accounting Policies (Textual)
Advance for service fee	31,725
Frontier Balanced Fund [Member]
Significant Accounting Policies (Textual)
Advance for service fee	329,179
Frontier Select Fund [Member]
Significant Accounting Policies (Textual)
Advance for service fee	17,777
Frontier Global Fund [Member]
Significant Accounting Policies (Textual)
Advance for service fee	151,527
Frontier Heritage Fund [Member]
Significant Accounting Policies (Textual)
Advance for service fee	$ 58,835
Class 1 or Class 1a [Member]
Significant Accounting Policies (Textual)
Amortized monthly annual rate percentage	2.00%
Service fee percentage	2.00%
Redemption fee percentage	2.00%
Percentage of average daily NAV charged as a service fees	3.00%
Percentage of NAV charged as a service fees	3.00%
Class 2 or Class 2a [Member]
Significant Accounting Policies (Textual)
Service fee percentage	0.50%
Percentage of NAV charged as a service fees	0.25%
Class 1AP, Class 2a and Class 3a [Member]
Significant Accounting Policies (Textual)
Aggregate interest income percentage	100.00%

XML

Significant Accounting Policies (Frontier Funds) (Details) - Frontier Fund [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Significant Accounting Policies (Textual)
Gross income of the Trust constitutes qualifying income	90.00%
Incentive fee, description	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.
Subscriptions in advance	$ 647,505	$ 638,962
Class 1AP, Class 2a and Class 3a [Member]
Significant Accounting Policies (Textual)
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner	100.00%
Class 1 or Class 1a [Member]
Significant Accounting Policies (Textual)
Service fee percentage	3.00%
Amortized monthly annual rate	2.00%
Redemption fee percentage	2.00%
Class 1 or Class 1a [Member] | Frontier Diversified Fund [Member]
Significant Accounting Policies (Textual)
Service fee percentage	2.00%
Amortized monthly annual rate	2.00%
Redemption fee percentage	2.00%
Class 1 or Class 1a [Member] | Frontier Masters Fund [Member]
Significant Accounting Policies (Textual)
Service fee percentage	2.00%
Amortized monthly annual rate	2.00%
Redemption fee percentage	2.00%
Class 1 or Class 1a [Member] | Frontier Long/Short Commodity Fund [Member]
Significant Accounting Policies (Textual)
Service fee percentage	2.00%
Amortized monthly annual rate	2.00%
Redemption fee percentage	2.00%
Class 1 or Class 1a [Member] | Frontier Balanced Fund [Member]
Significant Accounting Policies (Textual)
Service fee percentage	3.00%
Amortized monthly annual rate	3.00%
Redemption fee percentage	3.00%
Class 1 or Class 1a [Member] | Frontier Heritage Fund [Member]
Significant Accounting Policies (Textual)
Service fee percentage	3.00%
Amortized monthly annual rate	3.00%
Redemption fee percentage	3.00%
Class 1 or Class 1a [Member] | Frontier Select Fund [Member]
Significant Accounting Policies (Textual)
Service fee percentage	3.00%
Amortized monthly annual rate	3.00%
Redemption fee percentage	3.00%
Class 1 or Class 1a [Member] | Frontier Global Fund [Member]
Significant Accounting Policies (Textual)
Service fee percentage	3.00%
Amortized monthly annual rate	3.00%
Redemption fee percentage	3.00%
Class 2 and Class 2a [Member]
Significant Accounting Policies (Textual)
Service fee percentage	0.50%
Service fee charged to limited owners	0.25%
Frontier Trading Company I LLC [Member]
Significant Accounting Policies (Textual)
Restricted cash	$ 308,895	$ 321,638

XML

Fair Value Measurements (The Series of Frontier Funds) (Details) - The Series of the Frontier Funds [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Frontier Diversified Fund [Member]
U.S. Treasury Securities	$ 121,604	$ 427,393
Frontier Diversified Fund [Member] | Fair Value, Measurements, Recurring [Member]
Investment in Unconsolidated Trading Companies	23,731	16,669
U.S. Treasury Securities	121,604	427,393
Frontier Diversified Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member]
Investment in Unconsolidated Trading Companies	23,731	16,669
U.S. Treasury Securities	121,604	427,393
Frontier Diversified Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member]
Investment in Unconsolidated Trading Companies
Swap Contracts
U.S. Treasury Securities
Frontier Diversified Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Masters Fund [Member]
U.S. Treasury Securities	69,690	23,245
Frontier Masters Fund [Member] | Fair Value, Measurements, Recurring [Member]
Investment in Unconsolidated Trading Companies	13,600	907
U.S. Treasury Securities	69,690	23,245
Frontier Masters Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member]
Investment in Unconsolidated Trading Companies	13,600	907
U.S. Treasury Securities	69,690	23,245
Frontier Masters Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Masters Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Long/Short Commodity Fund [Member]
U.S. Treasury Securities	79,922	454,738
Frontier Long/Short Commodity Fund [Member] | Fair Value, Measurements, Recurring [Member]
Investment in Unconsolidated Trading Companies	15,597	17,736
U.S. Treasury Securities	79,922	454,738
Frontier Long/Short Commodity Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member]
Investment in Unconsolidated Trading Companies	15,597	17,736
U.S. Treasury Securities	79,922	454,738
Frontier Long/Short Commodity Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Long/Short Commodity Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Balanced Fund [Member] | Fair Value, Measurements, Recurring [Member]
Investment in Unconsolidated Trading Companies	33,854	49,755
Open Trade Equity (Deficit)	53,107	100,440
U.S. Treasury Securities	173,475	1,275,641
Frontier Balanced Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member]
Investment in Unconsolidated Trading Companies	33,854	49,755
Open Trade Equity (Deficit)	53,107	100,440
U.S. Treasury Securities	173,475	1,275,641
Frontier Balanced Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member]
Investment in Unconsolidated Trading Companies
Open Trade Equity (Deficit)
U.S. Treasury Securities
Frontier Balanced Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member]
Investment in Unconsolidated Trading Companies
Open Trade Equity (Deficit)
U.S. Treasury Securities
Frontier Select Fund [Member]
U.S. Treasury Securities	49,141
Frontier Select Fund [Member] | Fair Value, Measurements, Recurring [Member]
Investment in Unconsolidated Trading Companies	9,590
U.S. Treasury Securities	49,141
Frontier Select Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member]
Investment in Unconsolidated Trading Companies	9,590
U.S. Treasury Securities	49,141
Frontier Select Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Select Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Global Fund [Member] | Fair Value, Measurements, Recurring [Member]
Investment in Unconsolidated Trading Companies	27,774	1,083
U.S. Treasury Securities	142,316	27,742
Frontier Global Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member]
Investment in Unconsolidated Trading Companies	27,774	1,083
U.S. Treasury Securities	142,316	27,742
Frontier Global Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Global Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Heritage Fund [Member]
U.S. Treasury Securities	117,469	73,847
Frontier Heritage Fund [Member] | Fair Value, Measurements, Recurring [Member]
Investment in Unconsolidated Trading Companies	22,925	2,880
U.S. Treasury Securities	117,469	73,847
Frontier Heritage Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member]
Investment in Unconsolidated Trading Companies	22,925	2,880
U.S. Treasury Securities	117,469	73,847
Frontier Heritage Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Heritage Fund [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities

XML

Fair Value Measurements (The Series of Frontier Funds) (Details 1) - The Series of the Frontier Funds [Member] - Level 3 Inputs [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
Frontier Balanced Fund [Member] | Swap [Member]
Beginning, Balance of recurring Level 3 assets	$ 11,944,753
Total gains or losses (realized/unrealized):
Included in earnings-realized	(2,448,166)
Included in earnings-unrealized	(3,088,917)
Proceeds from collateral reduction	(6,176,555)
Sale of investments	(7,586,366)
Purchase of investments	7,355,251
Change in ownership allocation
Transfers in and/or out of Level 3
Ending, Balance of recurring Level 3 assets
Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Beginning, Balance of recurring Level 3 assets	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized	188,100
Included in earnings-unrealized	44,277
Proceeds from collateral reduction	(115,000)
Sale of investments	(594,898)
Purchase of investments	115,000
Change in ownership allocation
Transfers in and/or out of Level 3
Ending, Balance of recurring Level 3 assets
Frontier Diversified Fund [Member] | Swap [Member]
Beginning, Balance of recurring Level 3 assets	6,384,583
Total gains or losses (realized/unrealized):
Included in earnings-realized	(446,306)
Included in earnings-unrealized	(1,537,399)
Proceeds from collateral reduction	(4,000,000)
Sale of investments	(4,870,025)
Purchase of investments	4,469,147
Change in ownership allocation
Transfers in and/or out of Level 3
Ending, Balance of recurring Level 3 assets
Frontier Heritage Fund [Member] | Swap [Member]
Beginning, Balance of recurring Level 3 assets	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized	(97,745)
Included in earnings-unrealized	197,829
Proceeds from collateral reduction	(2,474,937)
Sale of investments	(1,491,965)
Purchase of investments	978,809
Change in ownership allocation
Transfers in and/or out of Level 3
Ending, Balance of recurring Level 3 assets
Frontier Select Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Beginning, Balance of recurring Level 3 assets	479,024
Total gains or losses (realized/unrealized):
Change in fair value of investments in unconsolidated trading companies	95,915
Proceeds from sales of investments of unconsolidated trading companies	(574,939)
Purchases of investments of unconsolidated trading companies
Change in ownership allocation
Transfers in and/or out of Level 3
Ending, Balance of recurring Level 3 assets

XML

Fair Value Measurements (The Series of Frontier Funds) (Details 2) - Swap Contracts [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member]
Total change in unrealized appreciation (depreciation)	$ (1,537,399)
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member]
Total change in unrealized appreciation (depreciation)	44,277
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member]
Total change in unrealized appreciation (depreciation)	(3,088,917)
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member]
Total change in unrealized appreciation (depreciation)	197,829
Investments in Unconsolidated Trading Companies [Member] | Frontier Select Fund [Member]
Total change in unrealized appreciation (depreciation)	$ (91,989)

XML

Fair Value Measurements (Frontier Funds) (Details) - Fair Value, Measurements, Recurring [Member] - Frontier Funds [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Open Trade Equity (Deficit)	$ 53,107	$ 100,440
U.S. Treasury Securities	753,617	2,282,606
Level 1 Inputs [Member]
Open Trade Equity (Deficit)	53,107	100,440
U.S. Treasury Securities	753,617	2,282,606
Level 2 Inputs [Member]
Open Trade Equity (Deficit)
U.S. Treasury Securities
Level 3 Inputs [Member]
Open Trade Equity (Deficit)
U.S. Treasury Securities

XML

Fair Value Measurements (Frontier Funds) (Details 1) - Level 3 Inputs [Member] - Frontier Funds [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
Beginning, Balance of recurring Level 3 assets	$ 21,579,865
Total gains or losses (realized/unrealized):
Included in earnings-realized	(2,896,106)
Included in earnings-unrealized	(4,384,210)
Proceeds from collateral reduction	(12,674,502)
Purchase of investments	12,918,207
Sale of investments	(14,543,254)
Transfers in and/or out of Level 3
Ending, Balance of recurring Level 3 assets

XML

Fair Value Measurements (Frontier Funds) (Details Textual)	12 Months Ended
	Dec. 31, 2020 USD ($)
Swap [Member] | Frontier Funds [Member]
Total change in unrealized appreciation (depreciation)	$ (4,384,210)

XML

Swap Contracts (The Series of the Frontier Funds) (Details) - The Series of the Frontier Funds [Member] - Swap [Member] - DeutscheBank AG [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
Frontier Balanced Fund [Member]
Realized Gain/(Loss)	$ (2,448,166)
Change in Unrealized Gain/(Loss)	(3,088,917)
Fair Value	0
Advance on swap appreciation	0
Frontier Diversified Fund [Member]
Realized Gain/(Loss)	(446,306)
Change in Unrealized Gain/(Loss)	(1,537,399)
Fair Value	0
Advance on swap appreciation	0
Frontier Long/Short Commodity Fund [Member]
Realized Gain/(Loss)	188,100
Change in Unrealized Gain/(Loss)	44,277
Fair Value	0
Advance on swap appreciation	0
Frontier Heritage Fund [Member]
Realized Gain/(Loss)	(97,745)
Change in Unrealized Gain/(Loss)	197,829
Fair Value	0
Advance on swap appreciation	$ 0

XML

Swap Contracts (The Series of the Frontier Funds) (Details Textual) - The Series of the Frontier Funds [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Swap Contracts (The Series of the Frontier Funds) (Textual)
Percentage of trust's assets were deposited with over-the-counter counterparties		0.00%
Cash holding shall be in excess amount	$ 250,000
Percentage of index exposure total	40.00%

XML

Swap Contracts (Frontier Funds) (Details) - Frontier Funds [Member] - Deutsche Bank AG [Member] - Swap [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
XXXIV Balanced Select Swap [Member]
Counterparty
Realized Gain/(Loss)	$ (2,448,166)
Change in Unrealized Gain/(Loss)	(3,088,917)
Fair Value	0
Advance on swap appreciation	0
XXXV Diversified Select Swap [Member]
Counterparty
Realized Gain/(Loss)	(446,306)
Change in Unrealized Gain/(Loss)	(1,537,399)
Fair Value	0
Advance on swap appreciation	0
XXXVII L/S Select Swap [Member]
Counterparty
Realized Gain/(Loss)	188,100
Change in Unrealized Gain/(Loss)	44,277
Fair Value	0
Advance on swap appreciation	0
Brevan Howard [Member]
Counterparty
Realized Gain/(Loss)	(189,734)
Change in Unrealized Gain/(Loss)	197,829
Fair Value	0
Advance on swap appreciation	$ 0

XML

Swap Contracts (Frontier Funds) (Details Textual) - Frontier Funds [Member]	Mar. 31, 2021 USD ($)
Swaps Contracts (Textual)
Cash holding shall be in excess amount	$ 250,000
Percentage of index exposure total	40.00%

XML

Investments in Unconsolidated Trading Companies and Private Investment Companies (The Series of Frontier Funds) (Details) - The Series of the Frontier Funds [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Frontier Diversified Fund [Member]
Fair Value	$ 23,731	$ 16,669
Frontier Diversified Fund [Member] | Frontier Trading XXXVIII, LLC [Member]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.59%	0.40%
Fair Value	$ 23,731	$ 16,669
Frontier Masters Fund [Member]
Fair Value	$ 13,600	$ 907
Frontier Masters Fund [Member] | Frontier Trading XXXVIII, LLC [Member]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	1.37%	0.09%
Fair Value	$ 13,600	$ 907
Frontier Long/Short Commodity Fund [Member]
Fair Value	$ 15,597	$ 17,736
Frontier Long/Short Commodity Fund [Member] | Frontier Trading Company XXXVIII [Member]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	1.16%	1.35%
Fair Value	$ 15,597	$ 17,736
Frontier Balanced Fund [Member] | Frontier Trading XXXVIII, LLC [Member]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.30%	0.41%
Fair Value	$ 33,854	$ 49,755
Frontier Select Fund [Member]
Fair Value	$ 9,590
Frontier Select Fund [Member] | Frontier Trading Companies XXXVIII and XXXIX [Member]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.60%	0.00%
Fair Value	$ 9,590	$ 0
Frontier Global Fund (formerly Frontier Winton Fund) [Member]
Fair Value	$ 27,774	$ 1,083
Frontier Global Fund (formerly Frontier Winton Fund) [Member] | Frontier Trading XXXVIII, LLC [Member]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.96%	0.04%
Fair Value	$ 27,774	$ 1,083
Frontier Heritage Fund [Member]
Fair Value	$ 22,925	$ 2,880
Frontier Heritage Fund [Member] | Frontier Trading XXXVIII, LLC [Member]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.93%	0.12%
Fair Value	$ 22,925	$ 2,880

XML

Investments in Unconsolidated Trading Companies and Private Investment Companies (The Series of the Frontier Funds) (Details 1) - The Series of the Frontier Funds [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Frontier Balanced Fund [Member]
Trading Commissions	$ (27,999)
Realized Gain/(Loss)	232,237	(93,600)
Change in Unrealized Gain/(Loss)	215,358	(116,994)
Net Income (Loss)	419,596	(210,594)
Frontier Balanced Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(15,154)	(23,301)
Net Income (Loss)	(15,154)	(23,301)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Trading Commissions	(1,608)
Realized Gain/(Loss)	105,068	101,444
Change in Unrealized Gain/(Loss)	4,403	260,300
Net Income (Loss)	107,863	361,744
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		(6,308)
Change in Unrealized Gain/(Loss)		(41,608)
Net Income (Loss)		(47,916)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		(310,754)
Change in Unrealized Gain/(Loss)		(332,663)
Net Income (Loss)		(643,417)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Trading Commissions	(6,767)
Realized Gain/(Loss)	96,963	78,918
Change in Unrealized Gain/(Loss)	(211,079)	(356,986)
Net Income (Loss)	(120,883)	(278,068)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		7,506
Change in Unrealized Gain/(Loss)		(259,157)
Net Income (Loss)		(251,651)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Trading Commissions	(2,499)
Realized Gain/(Loss)	(183,383)	25,548
Change in Unrealized Gain/(Loss)	7,536	(298,885)
Net Income (Loss)	(178,346)	(273,337)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Trading Commissions	(4,323)
Realized Gain/(Loss)	49,066	(23,195)
Change in Unrealized Gain/(Loss)	109,995	166,919
Net Income (Loss)	154,738	143,724
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(11,862)
Realized Gain/(Loss)	665,706	33,241
Change in Unrealized Gain/(Loss)	(74,945)	768,387
Net Income (Loss)	578,899	801,628
Frontier Balanced Fund [Member] | JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Trading Commissions	(940)
Realized Gain/(Loss)	(501,183)
Change in Unrealized Gain/(Loss)	394,602
Net Income (Loss)	(107,521)
Frontier Global Fund
Trading Commissions	(2,508)
Realized Gain/(Loss)	172,894	309,658
Change in Unrealized Gain/(Loss)	(26,636)	244,045
Net Income (Loss)	143,750	553,703
Frontier Global Fund | Frontier Trading Company XXXVIII, LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	13,872	(5,077)
Net Income (Loss)	13,872	(5,077)
Frontier Global Fund | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Trading Commissions	(2,508)
Realized Gain/(Loss)	172,894	309,658
Change in Unrealized Gain/(Loss)	(40,508)	249,122
Net Income (Loss)	129,878	558,780
Frontier Select Fund [Member]
Trading Commissions	(3,889)
Realized Gain/(Loss)	(16,590)	7,923
Change in Unrealized Gain/(Loss)	152,320	(29,481)
Net Income (Loss)	131,841	(21,558)
Frontier Select Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	7,331	(6,529)
Net Income (Loss)	7,331	(6,529)
Frontier Select Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(3,497)
Realized Gain/(Loss)	198,489	24,954
Change in Unrealized Gain/(Loss)	(21,583)	236,122
Net Income (Loss)	173,409	261,076
Frontier Select Fund [Member] | JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Trading Commissions	(392)
Realized Gain/(Loss)	(215,079)
Change in Unrealized Gain/(Loss)	166,572
Net Income (Loss)	(48,899)
Frontier Select Fund [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		(17,031)
Change in Unrealized Gain/(Loss)		(259,074)
Net Income (Loss)		(276,105)
Frontier Heritage Fund [Member]
Trading Commissions	(4,464)
Realized Gain/(Loss)	273,562	4,371
Change in Unrealized Gain/(Loss)	(41,978)	410,011
Net Income (Loss)	227,120	414,382
Frontier Heritage Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	10,944	(6,103)
Net Income (Loss)	10,944	(6,103)
Frontier Heritage Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Trading Commissions	(1,340)
Realized Gain/(Loss)	93,684	33,962
Change in Unrealized Gain/(Loss)	(29,457)	142,571
Net Income (Loss)	62,887	176,533
Frontier Heritage Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(3,124)
Realized Gain/(Loss)	179,878	(29,591)
Change in Unrealized Gain/(Loss)	(23,465)	273,543
Net Income (Loss)	153,289	243,952
Frontier Long/Short Commodity Fund [Member]
Trading Commissions	(3,898)
Realized Gain/(Loss)	129,264	(67,371)
Change in Unrealized Gain/(Loss)	(49,641)	(64,547)
Net Income (Loss)	75,725	(131,918)
Frontier Long/Short Commodity Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	10,147	(4,706)
Net Income (Loss)	10,147	(4,706)
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		(61,736)
Change in Unrealized Gain/(Loss)		(33,649)
Net Income (Loss)		(95,385)
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Trading Commissions	(229)
Realized Gain/(Loss)	23,549	820
Change in Unrealized Gain/(Loss)	(18,336)	(137,741)
Net Income (Loss)	4,984	(136,921)
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(1,861)
Realized Gain/(Loss)	105,715	(6,455)
Change in Unrealized Gain/(Loss)	(12,892)	111,549
Net Income (Loss)	90,962	105,094
Frontier Long/Short Commodity Fund [Member] | Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Trading Commissions	(1,808)
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(28,560)
Net Income (Loss)	(30,368)
Frontier Diversified Fund [Member]
Trading Commissions	(9,617)
Realized Gain/(Loss)	77,107	(149,796)
Change in Unrealized Gain/(Loss)	88,310	114,277
Net Income (Loss)	155,800	(35,519)
Frontier Diversified Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	8,063	(1,009)
Net Income (Loss)	8,063	(1,009)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Trading Commissions	(753)
Realized Gain/(Loss)	52,525	88,315
Change in Unrealized Gain/(Loss)	(1,159)	152,312
Net Income (Loss)	50,613	240,627
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		(10,522)
Change in Unrealized Gain/(Loss)		(20,678)
Net Income (Loss)		(31,200)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		(268,381)
Change in Unrealized Gain/(Loss)		(144,944)
Net Income (Loss)		(413,325)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Trading Commissions	(3,231)
Realized Gain/(Loss)	47,548	109,016
Change in Unrealized Gain/(Loss)	(95,237)	(298,106)
Net Income (Loss)	(50,920)	(189,090)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		3,721
Change in Unrealized Gain/(Loss)		(159,251)
Net Income (Loss)		(155,530)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Trading Commissions	(640)
Realized Gain/(Loss)	(46,172)	(53,371)
Change in Unrealized Gain/(Loss)	(2,167)	(32,636)
Net Income (Loss)	(48,979)	(86,007)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Trading Commissions	(2,763)
Realized Gain/(Loss)	30,374	(12,007)
Change in Unrealized Gain/(Loss)	90,227	134,066
Net Income (Loss)	117,838	122,059
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(2,011)
Realized Gain/(Loss)	110,869	(6,567)
Change in Unrealized Gain/(Loss)	(5,456)	484,523
Net Income (Loss)	103,402	477,956
Frontier Diversified Fund [Member] | JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Trading Commissions	(219)
Realized Gain/(Loss)	(118,037)
Change in Unrealized Gain/(Loss)	94,039
Net Income (Loss)	(24,217)
Frontier Masters Fund [Member]
Trading Commissions	(1,571)
Realized Gain/(Loss)	440	(235,137)
Change in Unrealized Gain/(Loss)	59,662	240,212
Net Income (Loss)	58,531	5,075
Frontier Masters Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	11,507	(6,482)
Net Income (Loss)	11,507	(6,482)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Trading Commissions	(353)
Realized Gain/(Loss)	23,632	28,637
Change in Unrealized Gain/(Loss)	(5,892)	104,600
Net Income (Loss)	17,387	133,237
Frontier Masters Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		(248,608)
Change in Unrealized Gain/(Loss)		88,339
Net Income (Loss)		(160,269)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(1,062)
Realized Gain/(Loss)	60,348	(21,114)
Change in Unrealized Gain/(Loss)	(7,732)	156,235
Net Income (Loss)	51,554	135,121
Frontier Masters Fund [Member] | JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Trading Commissions	(156)
Realized Gain/(Loss)	(83,540)
Change in Unrealized Gain/(Loss)	61,779
Net Income (Loss)	(21,917)
Frontier Masters Fund [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		5,948
Change in Unrealized Gain/(Loss)		(102,480)
Net Income (Loss)		(96,532)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)
Net Income (Loss)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)
Net Income (Loss)

XML

Investments in Unconsolidated Trading Companies and Private Investment Companies (The Series of Frontier Funds) (Details 2) - The Series of the Frontier Funds [Member]	3 Months Ended
	Mar. 31, 2021
Frontier Diversified Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Diversified Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Diversified Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Diversified Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Diversified Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Diversified Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Masters Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Masters Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Masters Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Weekly
Liquidity Restrictions	None
Frontier Long/Short Commodity Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Balanced Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Balanced Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Balanced Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Balanced Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Balanced Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Balanced Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Select Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Select Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Global Fund | Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Heritage Fund [Member] | Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Frontier Heritage Fund [Member] | Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None

XML

Investments in Private Investment Companies (Frontier Funds) (Details 1) - Frontier Funds [Member]	3 Months Ended
	Mar. 31, 2021
Multi-Strategy [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None

XML

Transactions with Affiliates (The Series of Frontier Funds) (Details) - The Series of the Frontier Funds [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Frontier Diversified Fund [Member]
Management Fee
Service Fee	1,049	7,707
Trading Fee	34,937	103,933
Frontier Masters Fund [Member]
Management Fee
Service Fee	210	595
Trading Fee	14,863	33,055
Frontier Long/Short Commodity Fund [Member]
Management Fee
Service Fee	54	111
Trading Fee	8,765	9,640
Frontier Balanced Fund [Member]
Incentive (Rebate) Fees	49,840
Management Fee	4,619	5,020
Service Fee	67,267	125,308
Trading Fee	114,439	198,985
Frontier Select Fund [Member]
Incentive (Rebate) Fees
Management Fee
Service Fee	11,438	20,160
Trading Fee	11,355	16,955
Frontier Global Fund [Member]
Management Fee
Service Fee	19,938	30,441
Trading Fee	35,130	55,555
Frontier Heritage Fund [Member]
Management Fee
Service Fee	16,157	18,013
Trading Fee	$ 23,676	$ 29,905

XML

Transactions with Affiliates (The Series of Frontier Funds) (Details 1) - The Series of the Frontier Funds [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Frontier Diversified Fund [Member]
Incentive Fees
Management Fees
Interest Fees
Service Fees	365	385
Trading Fees	12,341	12,576
Frontier Masters Fund [Member]
Incentive Fees
Management Fees
Interest Fees
Service Fees	74	70
Trading Fees	5,235	5,460
Frontier Long/Short Commodity Fund [Member]
Incentive Fees
Management Fees
Interest Fees	53	87
Service Fees		18
Trading Fees	3,174	2,281
Frontier Balanced Fund [Member]
Incentive Fees	49,840
Management Fees	1,629	8,854
Interest Fees		1,376
Service Fees	20,826	21,381
Trading Fees	38,152	37,894
Frontier Select Fund [Member]
Incentive Fees
Management Fees
Interest Fees	359	179
Service Fees	3,803	3,709
Trading Fees	3,915	3,933
Frontier Global Fund [Member]
Incentive Fees
Management Fees
Interest Fees	499	326
Service Fees	6,559	6,348
Trading Fees	12,310	11,849
Frontier Heritage Fund [Member]
Incentive Fees
Management Fees
Interest Fees	563	139
Service Fees	5,169	4,794
Trading Fees	$ 8,360	$ 7,705

XML

Transactions with Affiliates (The Series of Frontier Funds) (Details 2) - The Series of the Frontier Funds [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Managing Owner [Member]
Gross Amount Paid to the Managing Owner	$ 4,145	$ 5,872
Frontier Diversified Fund [Member] | Class 1 [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Diversified Fund [Member] | Class 2 [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Diversified Fund [Member] | Class 3 [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Masters Fund [Member] | Class 1 [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Masters Fund [Member] | Class 2 [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Masters Fund [Member] | Class 3 [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
Gross Amount Paid to the Managing Owner	$ 8	$ 5
Ratio to Average Net Assets	0.02%	0.01%
Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
Gross Amount Paid to the Managing Owner	$ 226	$ 114
Ratio to Average Net Assets	0.02%	1.00%
Frontier Long/Short Commodity Fund [Member] | Class 1a [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Long/Short Commodity Fund [Member] | Class 2a [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Long/Short Commodity Fund [Member] | Class 3a [Member]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Balanced Fund [Member] | Class 1 [Member]
Gross Amount Paid to the Managing Owner	$ 301	$ 2,221
Ratio to Average Net Assets	0.00%	0.01%
Frontier Balanced Fund [Member] | Class 2 [Member]
Gross Amount Paid to the Managing Owner	$ 69	$ 425
Ratio to Average Net Assets	0.00%	0.01%
Frontier Balanced Fund [Member] | Class 1AP [Member]
Gross Amount Paid to the Managing Owner	$ 3	$ 31
Ratio to Average Net Assets	0.00%	0.01%
Frontier Balanced Fund [Member] | Class 2a [Member]
Gross Amount Paid to the Managing Owner	$ 1	$ 5
Ratio to Average Net Assets	0.00%	0.00%
Frontier Balanced Fund [Member] | Class 3a [Member]
Gross Amount Paid to the Managing Owner	$ 3	$ 23
Ratio to Average Net Assets	0.00%	0.00%
Frontier Select Fund [Member] | Class 1 [Member]
Gross Amount Paid to the Managing Owner	$ 790	$ 779
Ratio to Average Net Assets	0.05%	0.03%
Frontier Select Fund [Member] | Class 2 [Member]
Gross Amount Paid to the Managing Owner	$ 35	$ 26
Ratio to Average Net Assets	0.05%	0.03%
Frontier Select Fund [Member] | Class 1AP [Member]
Gross Amount Paid to the Managing Owner	$ 5	$ 3
Ratio to Average Net Assets	0.05%	0.03%
Frontier Global Fund [Member] | Class 1 [Member]
Gross Amount Paid to the Managing Owner	$ 1,455	$ 1,217
Ratio to Average Net Assets	0.05%	3.00%
Frontier Global Fund [Member] | Class 2 [Member]
Gross Amount Paid to the Managing Owner	$ 103	$ 111
Ratio to Average Net Assets	0.05%	0.03%
Frontier Global Fund [Member] | Class 1AP [Member]
Gross Amount Paid to the Managing Owner		$ 11
Ratio to Average Net Assets	0.00%	0.03%
Frontier Heritage Fund [Member] | Class 1 [Member]
Gross Amount Paid to the Managing Owner	$ 1,038	$ 728
Ratio to Average Net Assets	0.05%	0.03%
Frontier Heritage Fund [Member] | Class 2 [Member]
Gross Amount Paid to the Managing Owner	$ 104	$ 170
Ratio to Average Net Assets	0.05%	0.03%
Frontier Heritage Fund [Member] | Class 1AP [Member]
Gross Amount Paid to the Managing Owner	$ 4	$ 3
Ratio to Average Net Assets	0.05%	0.03%

XML

Transactions with Affiliates (The Series of Frontier Funds) (Details Textual) - The Series of the Frontier Funds [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Transactions with Affiliates (Textual)
Description of incentive fee percentage	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.
Description of range of incentive fee percentage		(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.
Description of 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.
Description of interest income	Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) of average net assets less any fair market value related to swaps is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series.
Prepaid initial service fees		$ 0
Frontier Balanced Fund [Member]
Transactions with Affiliates (Textual)
Subscriptions in advance for service fee	$ 352,411
Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Textual)
Subscriptions in advance for service fee	411
Frontier Diversified Fund [Member]
Transactions with Affiliates (Textual)
Subscriptions in advance for service fee	22,650
Frontier Masters Fund [Member]
Transactions with Affiliates (Textual)
Subscriptions in advance for service fee	31,725
Frontier Global Fund [Member]
Transactions with Affiliates (Textual)
Subscriptions in advance for service fee	155,675
Frontier Select Fund [Member]
Transactions with Affiliates (Textual)
Subscriptions in advance for service fee	19,904
Frontier Heritage Fund [Member]
Transactions with Affiliates (Textual)
Subscriptions in advance for service fee	$ 64,729
Managing Owner [Member]
Transactions with Affiliates (Textual)
Percentage of minimum purchase commitment	1.00%
Percentage of contributes funds to trust	1.00%
Percentage of interest in specific series of trust	1.00%
Managing Owner [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Textual)
Percentage of FCM fee	2.25%
Managing Owner [Member] | Frontier Balanced Fund [Member] | Swap [Member]
Transactions with Affiliates (Textual)
Percentage of management fee		1.00%
Managing Owner [Member] | Frontier Balanced Fund [Member] | Class 1AP
Transactions with Affiliates (Textual)
Percentage of interest	1.00%
Percentage of management fee	0.50%
Managing Owner [Member] | Frontier Balanced Fund [Member] | Class 2a [Member]
Transactions with Affiliates (Textual)
Percentage of interest	1.00%
Percentage of management fee	0.50%
Managing Owner [Member] | Frontier Balanced Fund [Member] | Class 2 [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	0.50%
Managing Owner [Member] | Frontier Balanced Fund [Member] | Class 1 [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	0.50%
Managing Owner [Member] | Frontier Balanced Fund [Member] | Class 3a [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	0.50%
Managing Owner [Member] | Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Textual)
Percentage of interest	1.00%
Percentage of FCM fee	2.25%
Managing Owner [Member] | Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Transactions with Affiliates (Textual)
Percentage of management fee		1.50%
Managing Owner [Member] | Frontier Long/Short Commodity Fund [Member] | Class 2a [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	2.00%
Managing Owner [Member] | Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	3.50%
Managing Owner [Member] | Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	3.50%
Managing Owner [Member] | Frontier Long/Short Commodity Fund [Member] | Class 3a [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	2.00%
Managing Owner [Member] | Frontier Long/Short Commodity Fund [Member] | Class 1a [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	2.00%
Managing Owner [Member] | Frontier Diversified Fund [Member]
Transactions with Affiliates (Textual)
Percentage of interest	1.00%
Percentage of management fee	0.75%
Percentage of FCM fee	2.25%
Managing Owner [Member] | Frontier Diversified Fund [Member] | Swap [Member]
Transactions with Affiliates (Textual)
Percentage of management fee		1.00%
Managing Owner [Member] | Frontier Masters Fund [Member]
Transactions with Affiliates (Textual)
Percentage of interest	1.00%
Percentage of management fee	2.00%
Percentage of FCM fee	2.25%
Managing Owner [Member] | Frontier Global Fund [Member]
Transactions with Affiliates (Textual)
Percentage of management fee		2.00%
Percentage of FCM fee	2.25%
Managing Owner [Member] | Frontier Select Fund [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	2.50%
Percentage of FCM fee	2.25%
Managing Owner [Member] | Frontier Select Fund [Member] | Swap [Member]
Transactions with Affiliates (Textual)
Percentage of management fee		1.00%
Managing Owner [Member] | Frontier Heritage Fund [Member] | Swap [Member]
Transactions with Affiliates (Textual)
Percentage of management fee		1.00%
Managing Owner [Member] | Frontier Heritage Fund [Member]
Transactions with Affiliates (Textual)
Percentage of management fee	2.50%
Percentage of FCM fee	2.25%

XML

Transactions with Affiliates (Frontier Funds) (Details) - Managing Owner [Member] - Frontier Funds [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2018
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of contributes funds to trust	1.00%
Percentage of minimum purchase commitment	1.00%
Percentage of interest in specific series of trust	1.00%
Trust had payable for incentive fees	$ 49,840		$ 0	$ 10,897
Trust had payable for management fees	1,629		8,854	78,045
Trust had payable for interest fees	1,474		2,107	10,852
Trust had payable for service fees	83,487		36,705	96,152
Trust had payable for trading fees	83,487		$ 81,698	$ 222,241
Trust paid for incentive fees	0	$ 49,840
Trust paid for management fees	5,020	4,619
Trust paid for service fees	202,335	116,113
Trust paid for trading fees	448,028	243,165
Trust paid	$ 4,145	$ 5,872
Description of interest income	For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (For the three months ended March 31, 2021, and 2020 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees 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.
Class 1 [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of service fee	3.00%
Class 1a Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of service fee	3.00%
Class 2 Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of service fee	2.25%
Frontier Balanced Fund [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of FCM fee	2.25%
Percentage of series NAV	0.12%
Percentage of incentive fee	25.00%
Frontier Balanced Fund [Member] | Swap [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee			1.00%
Frontier Balanced Fund [Member] | Swap [Member] | Maximum [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of incentive fee			25.00%
Frontier Balanced Fund [Member] | Swap [Member] | Minimum [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of incentive fee			20.00%
Frontier Balanced Fund [Member] | Class 1AP Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of interest	1.00%
Frontier Balanced Fund [Member] | Class 2a Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of interest	1.00%
Frontier Balanced Fund [Member] | Class 1 and Class 2 [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	0.50%
Percentage of aggregate interest income	2.00%
Frontier Balanced Fund [Member] | Class 1AP, Class 2a and Class 3a [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	1.00%
Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of FCM fee	2.25%
Percentage of series NAV	0.12%
Percentage of incentive fee	20.00%
Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee			1.50%
Percentage of incentive fee			25.00%
Frontier Long/Short Commodity Fund [Member] | Class 1AP Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of interest	1.00%
Frontier Long/Short Commodity Fund [Member] | Class 2a Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of interest	1.00%
Frontier Long/Short Commodity Fund [Member] | Class 1a, Class 2a and Class 3a [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	2.00%
Frontier Long/Short Commodity Fund [Member] | Class 2 and Class 3 [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	3.50%
Percentage of aggregate interest income	2.00%
Frontier Diversified Fund [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	0.75%
Percentage of FCM fee	2.25%
Percentage of series NAV	0.12%
Percentage of incentive fee	25.00%
Frontier Diversified Fund [Member] | Swap [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee			1.00%
Frontier Diversified Fund [Member] | Swap [Member] | Maximum [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of incentive fee			25.00%
Frontier Diversified Fund [Member] | Swap [Member] | Minimum [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of incentive fee			20.00%
Frontier Diversified Fund [Member] | Class 1AP Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of interest	1.00%
Frontier Diversified Fund [Member] | Class 2a Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of interest	1.00%
Frontier Masters Fund [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	2.00%
Percentage of FCM fee	2.25%
Percentage of series NAV	0.12%
Percentage of incentive fee	20.00%
Frontier Masters Fund [Member] | Class 1AP Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of interest	1.00%
Frontier Masters Fund [Member] | Class 2a Units [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of interest	1.00%
Frontier Global Fund (formerly Frontier Winton Fund) [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	2.00%
Percentage of FCM fee	2.25%
Percentage of series NAV	0.12%
Percentage of incentive fee	20.00%
Percentage of aggregate interest income	2.00%
Frontier Heritage Fund [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	2.50%
Percentage of FCM fee	2.25%
Percentage of series NAV	0.12%
Percentage of incentive fee	20.00%
Percentage of aggregate interest income	2.00%
Frontier Heritage Fund [Member] | Swap [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee			1.00%
Percentage of incentive fee			15.00%
Frontier Select Fund [Member]
Transactions with Affiliates (Frontier Funds) (Textual)
Percentage of management fee	2.50%
Percentage of FCM fee	2.25%
Percentage of series NAV	0.12%
Percentage of incentive fee	20.00%
Percentage of aggregate interest income	2.00%

XML

Financial Highlights (The Series of the Frontier Funds) (Details) - Series of Frontier Funds [Member] - $ / shares		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Frontier Diversified Fund [Member] | Class 1 [Member]
Net asset value	[1]	$ 72.68	$ 101.1
Net operating results:
Interest income	[1]	0.03	0
Expenses	[1]	(1.14)	(1.77)
Net gain/(loss) on investments, net of non-controlling interests	[1]	3.05	(20.18)
Net income/(loss)	[1]	1.94	(21.95)
Net asset value	[1]	$ 74.62	$ 79.15
Ratios to average net assets
Net investment income/(loss)		(6.16%)	(7.11%)
Expenses before incentive fees	[2],[3]	6.31%	7.11%
Expenses after incentive fees	[2],[3]	6.31%	7.11%
Total return before incentive fees	[4]	2.67%	(21.71%)
Total return after incentive fees	[4]	2.67%	(21.71%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Diversified Fund [Member] | Class 2 [Member]
Net asset value	[1]	$ 88.95	$ 121.58
Net operating results:
Interest income	[1]	0.03	0
Expenses	[1]	(0.80)	(1.11)
Net gain/(loss) on investments, net of non-controlling interests	[1]	3.53	(24.87)
Net income/(loss)	[1]	2.76	(25.98)
Net asset value	[1]	$ 91.71	$ 95.6
Ratios to average net assets
Net investment income/(loss)		(3.43%)	(3.68%)
Expenses before incentive fees	[2],[3]	3.59%	3.68%
Expenses after incentive fees	[2],[3]	3.59%	3.68%
Total return before incentive fees	[4]	3.11%	(21.37%)
Total return after incentive fees	[4]	3.11%	(21.37%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Diversified Fund [Member] | Class 3 [Member]
Net asset value	[1]	$ 83.33	$ 113.61
Net operating results:
Interest income	[1]	0.03	0
Expenses	[1]	(0.75)	(1.02)
Net gain/(loss) on investments, net of non-controlling interests	[1]	3.35	(23.20)
Net income/(loss)	[1]	2.64	(24.22)
Net asset value	[1]	$ 85.97	$ 89.39
Ratios to average net assets
Net investment income/(loss)		(3.43%)	(3.68%)
Expenses before incentive fees	[2],[3]	3.59%	3.68%
Expenses after incentive fees	[2],[3]	3.59%	3.68%
Total return before incentive fees	[4]	3.16%	(21.32%)
Total return after incentive fees	[4]	3.16%	(21.32%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Masters Fund [Member] | Class 1 [Member]
Net asset value	[1]	$ 55.18	$ 72.28
Net operating results:
Interest income	[1]	0.05	0.03
Expenses	[1]	(2.05)	(4.46)
Net gain/(loss) on investments, net of non-controlling interests	[1]	4.26	3.49
Net income/(loss)	[1]	2.26	(0.95)
Net asset value	[1]	$ 57.44	$ 71.34
Ratios to average net assets
Net investment income/(loss)		(14.43%)	(24.52%)
Expenses before incentive fees	[2],[3]	14.78%	0.247%
Expenses after incentive fees	[2],[3]	14.78%	24.70%
Total return before incentive fees	[4]	4.10%	(1.31%)
Total return after incentive fees	[4]	4.10%	(1.31%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Masters Fund [Member] | Class 2 [Member]
Net asset value	[1]	$ 67.54	$ 87.18
Net operating results:
Interest income	[1]	0.06	0.04
Expenses	[1]	(1.05)	(1.32)
Net gain/(loss) on investments, net of non-controlling interests	[1]	4.07	0.27
Net income/(loss)	[1]	3.07	(1.01)
Net asset value	[1]	$ 70.61	$ 86.18
Ratios to average net assets
Net investment income/(loss)		(5.85%)	(5.87%)
Expenses before incentive fees	[2],[3]	6.20%	6.05%
Expenses after incentive fees	[2],[3]	6.20%	6.05%
Total return before incentive fees	[4]	4.55%	(1.15%)
Total return after incentive fees	[4]	4.55%	(1.15%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Masters Fund [Member] | Class 3 [Member]
Net asset value	[1]	$ 63.52	$ 81.78
Net operating results:
Interest income	[1]	0.06	0.04
Expenses	[1]	(0.99)	(1.24)
Net gain/(loss) on investments, net of non-controlling interests	[1]	3.86	0.31
Net income/(loss)	[1]	2.93	(0.89)
Net asset value	[1]	$ 66.45	$ 80.89
Ratios to average net assets
Net investment income/(loss)		(5.85%)	(5.87%)
Expenses before incentive fees	[2],[3]	6.20%	6.05%
Expenses after incentive fees	[2],[3]	6.20%	6.05%
Total return before incentive fees	[4]	4.61%	(1.09%)
Total return after incentive fees	[4]	4.61%	(1.09%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
Net asset value	[1]	$ 85.99	$ 81.6
Net operating results:
Interest income	[1]	0.09	0.04
Expenses	[1]	(0.59)	(0.59)
Net gain/(loss) on investments, net of non-controlling interests	[1]	4.91	7.61
Net income/(loss)	[1]	4.4	7.06
Net asset value	[1]	$ 90.39	$ 88.66
Ratios to average net assets
Net investment income/(loss)		(2.26%)	(2.64%)
Expenses before incentive fees	[2],[3]	2.65%	2.83%
Expenses after incentive fees	[2],[3]	2.65%	2.83%
Total return before incentive fees	[4]	5.12%	8.65%
Total return after incentive fees	[4]	5.12%	8.65%
Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
Net asset value	[1]	$ 90.21	$ 85.64
Net operating results:
Interest income	[1]	0.09	0.04
Expenses	[1]	(0.62)	(0.62)
Net gain/(loss) on investments, net of non-controlling interests	[1]	5.15	7.94
Net income/(loss)	[1]	4.61	7.36
Net asset value	[1]	$ 94.82	$ 93.01
Ratios to average net assets
Net investment income/(loss)		(2.26%)	(2.64%)
Expenses before incentive fees	[2],[3]	2.65%	2.83%
Expenses after incentive fees	[2],[3]	2.65%	2.83%
Total return before incentive fees	[4]	5.11%	8.60%
Total return after incentive fees	[4]	5.11%	8.60%
Frontier Long/Short Commodity Fund [Member] | Class 2a [Member]
Net asset value	[1]	$ 55.29	$ 52.55
Net operating results:
Interest income	[1]	0.06	0.03
Expenses	[1]	(0.38)	(0.38)
Net gain/(loss) on investments, net of non-controlling interests	[1]	3.51	4.77
Net income/(loss)	[1]	3.2	4.42
Net asset value	[1]	$ 58.49	$ 56.98
Ratios to average net assets
Net investment income/(loss)		(2.26%)	(2.64%)
Expenses before incentive fees	[2],[3]	2.65%	2.83%
Expenses after incentive fees	[2],[3]	2.65%	2.83%
Total return before incentive fees	[4]	5.79%	8.40%
Total return after incentive fees	[4]	5.79%	8.40%
Frontier Long/Short Commodity Fund [Member] | Class 3a [Member]
Net asset value	[1]	$ 58.37	$ 55.31
Net operating results:
Interest income	[1]	0.06	0.03
Expenses	[1]	(0.40)	(0.40)
Net gain/(loss) on investments, net of non-controlling interests	[1]	3.74	5.08
Net income/(loss)	[1]	3.4	4.71
Net asset value	[1]	$ 61.77	$ 60.02
Ratios to average net assets
Net investment income/(loss)		(2.26%)	(2.64%)
Expenses before incentive fees	[2],[3]	2.65%	2.83%
Expenses after incentive fees	[2],[3]	2.65%	2.83%
Total return before incentive fees	[4]	5.82%	8.52%
Total return after incentive fees	[4]	5.82%	8.52%
Frontier Long/Short Commodity Fund [Member] | Class 1a [Member]
Net asset value	[1]		$ 44.2
Net operating results:
Interest income	[1]		0.02
Expenses	[1]		(0.75)
Net gain/(loss) on investments, net of non-controlling interests	[1]		4.21
Net income/(loss)	[1]		3.49
Net asset value	[1]		$ 47.69
Ratios to average net assets
Net investment income/(loss)			(6.43%)
Expenses before incentive fees	[2],[3]		6.62%
Expenses after incentive fees	[2],[3]		6.62%
Total return before incentive fees	[4]		7.89%
Total return after incentive fees	[4]		7.89%
Frontier Balanced Fund [Member] | Class 1 [Member]
Net asset value	[1]	$ 79.93	$ 117.23
Net operating results:
Interest income	[1]	0	0.03
Expenses	[1]	(1.78)	(1.94)
Net gain/(loss) on investments, net of non-controlling interests	[1]	5.24	(29.31)
Net income/(loss)	[1]	3.46	(31.21)
Net asset value	[1]	$ 83.39	$ 86.02
Ratios to average net assets
Net investment income/(loss)		(7.61%)	(6.74%)
Expenses before incentive fees	[2],[3]	7.18%	6.86%
Expenses after incentive fees	[2],[3]	7.61%	6.86%
Total return before incentive fees	[4]	4.76%	(26.62%)
Total return after incentive fees	[4]	4.32%	(26.62%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Balanced Fund [Member] | Class 2 [Member]
Net asset value	[1]	$ 130.54	$ 185.82
Net operating results:
Interest income	[1]	0	0.05
Expenses	[1]	(1.94)	(1.73)
Net gain/(loss) on investments, net of non-controlling interests	[1]	8.61	(46.77)
Net income/(loss)	[1]	6.67	(48.45)
Net asset value	[1]	$ 137.21	$ 137.37
Ratios to average net assets
Net investment income/(loss)		(4.63%)	(3.75%)
Expenses before incentive fees	[2],[3]	4.19%	3.87%
Expenses after incentive fees	[2],[3]	4.63%	3.87%
Total return before incentive fees	[4]	5.54%	(26.08%)
Total return after incentive fees	[4]	5.11%	(26.08%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Balanced Fund [Member] | Class 2a [Member]
Net asset value	[1]	$ 113.2	$ 161.04
Net operating results:
Interest income	[1]	0	0.05
Expenses	[1]	(1.69)	(1.50)
Net gain/(loss) on investments, net of non-controlling interests	[1]	7.47	(40.51)
Net income/(loss)	[1]	5.78	(41.97)
Net asset value	[1]	$ 118.98	$ 119.07
Ratios to average net assets
Net investment income/(loss)		(4.63%)	(3.75%)
Expenses before incentive fees	[2],[3]	4.19%	3.87%
Expenses after incentive fees	[2],[3]	4.63%	3.87%
Total return before incentive fees	[4]	5.54%	(26.06%)
Total return after incentive fees	[4]	5.11%	(2606.50%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Balanced Fund [Member] | Class 3a [Member]
Net asset value	[1]	$ 112.81	$ 160.5
Net operating results:
Interest income	[1]	0	0.05
Expenses	[1]	(1.68)	(1.50)
Net gain/(loss) on investments, net of non-controlling interests	[1]	7.45	(40.39)
Net income/(loss)	[1]	5.77	(41.84)
Net asset value	[1]	$ 118.58	$ 118.66
Ratios to average net assets
Net investment income/(loss)		(4.63%)	(3.75%)
Expenses before incentive fees	[2],[3]	4.19%	3.87%
Expenses after incentive fees	[2],[3]	4.63%	3.87%
Total return before incentive fees	[4]	5.54%	(26.07%)
Total return after incentive fees	[4]	5.11%	(26.07%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Balanced Fund [Member] | Class 1AP [Member]
Net asset value	[1]	$ 96.81	$ 137.81
Net operating results:
Interest income	[1]	0	0.04
Expenses	[1]	(1.44)	(1.29)
Net gain/(loss) on investments, net of non-controlling interests	[1]	6.38	(34.70)
Net income/(loss)	[1]	4.94	(35.94)
Net asset value	[1]	$ 101.75	$ 101.87
Ratios to average net assets
Net investment income/(loss)		(4.63%)	(3.75%)
Expenses before incentive fees	[2],[3]	4.19%	3.87%
Expenses after incentive fees	[2],[3]	4.63%	3.87%
Total return before incentive fees	[4]	5.53%	(26.08%)
Total return after incentive fees	[4]	5.10%	(26.08%)
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Select Fund [Member] | Class 1 [Member]
Net asset value	[1]	$ 58.55	$ 66.56
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(0.86)	(0.93)
Net gain/(loss) on investments, net of non-controlling interests	[1]	4.87	1.85
Net income/(loss)	[1]	4.01	0.92
Net asset value	[1]	$ 62.56	$ 67.48
Ratios to average net assets
Net investment income/(loss)		(5.80%)	(5.44%)
Expenses before incentive fees	[2],[3]	5.80%	5.44%
Expenses after incentive fees	[2],[3]	5.80%	5.44%
Total return before incentive fees	[4]	6.84%	1.39%
Total return after incentive fees	[4]	6.84%	1.39%
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Select Fund [Member] | Class 2 [Member]
Net asset value	[1]	$ 94.2	$ 103.94
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(0.68)	(0.65)
Net gain/(loss) on investments, net of non-controlling interests	[1]	7.88	2.86
Net income/(loss)	[1]	7.2	2.21
Net asset value	[1]	$ 101.4	$ 106.15
Ratios to average net assets
Net investment income/(loss)		(2.82%)	(2.43%)
Expenses before incentive fees	[2],[3]	2.82%	2.43%
Expenses after incentive fees	[2],[3]	2.82%	2.43%
Total return before incentive fees	[4]	7.64%	2.13%
Total return after incentive fees	[4]	7.64%	2.13%
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Select Fund [Member] | Class 1AP [Member]
Net asset value	[1]	$ 70.99	$ 78.51
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(0.51)	(0.49)
Net gain/(loss) on investments, net of non-controlling interests	[1]	5.93	1.97
Net income/(loss)	[1]	5.42	1.49
Net asset value	[1]	$ 76.41	$ 79.99
Ratios to average net assets
Net investment income/(loss)		(2.82%)	(2.43%)
Expenses before incentive fees	[2],[3]	2.82%	2.43%
Expenses after incentive fees	[2],[3]	2.82%	2.43%
Total return before incentive fees	[4]	7.64%	1.89%
Total return after incentive fees	[4]	7.64%	1.89%
Incentive fee per share
Incentive Fee to ANA			0.00%
Frontier Global Fund [Member] | Class 1 [Member]
Net asset value	[1]	$ 110.9	$ 131.52
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(2.21)	(2.73)
Net gain/(loss) on investments, net of non-controlling interests	[1]	5.63	17.19
Net income/(loss)	[1]	3.42	14.46
Net asset value	[1]	$ 114.32	$ 145.97
Ratios to average net assets
Net investment income/(loss)		(7.88%)	(8.01%)
Expenses before incentive fees	[2],[3]	7.88%	8.01%
Expenses after incentive fees	[2],[3]	7.88%	8.01%
Total return before incentive fees	[4]	3.09%	10.99%
Total return after incentive fees	[4]	3.09%	10.99%
Frontier Global Fund [Member] | Class 2 [Member]
Net asset value	[1]	$ 167.56	$ 192.82
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(2.08)	(2.51)
Net gain/(loss) on investments, net of non-controlling interests	[1]	8.54	25.33
Net income/(loss)	[1]	6.45	22.82
Net asset value	[1]	$ 174.01	$ 215.64
Ratios to average net assets
Net investment income/(loss)		(4.90%)	(5.01%)
Expenses before incentive fees	[2],[3]	4.90%	5.01%
Expenses after incentive fees	[2],[3]	4.90%	5.01%
Total return before incentive fees	[4]	3.85%	11.83%
Total return after incentive fees	[4]	3.85%	11.83%
Frontier Global Fund [Member] | Class 1AP [Member]
Net asset value	[1]		$ 154.43
Net operating results:
Interest income	[1]		0
Expenses	[1]		(2.02)
Net gain/(loss) on investments, net of non-controlling interests	[1]		20.67
Net income/(loss)	[1]		18.66
Net asset value	[1]		$ 173.08
Ratios to average net assets
Net investment income/(loss)			(5.01%)
Expenses before incentive fees	[2],[3]		5.01%
Expenses after incentive fees	[2],[3]		5.01%
Total return before incentive fees	[4]		12.08%
Total return after incentive fees	[4]		12.08%
Frontier Heritage Fund [Member] | Class 1 [Member]
Net asset value	[1]	$ 96.1	$ 97.54
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(1.74)	(1.82)
Net gain/(loss) on investments, net of non-controlling interests	[1]	9.41	18.5
Net income/(loss)	[1]	7.67	16.67
Net asset value	[1]	$ 103.77	$ 114.21
Ratios to average net assets
Net investment income/(loss)		(6.94%)	(7.05%)
Expenses before incentive fees	[2],[3]	6.94%	7.05%
Expenses after incentive fees	[2],[3]	6.94%	7.05%
Total return before incentive fees	[4]	7.99%	17.09%
Total return after incentive fees	[4]	7.99%	17.09%
Frontier Heritage Fund [Member] | Class 2 [Member]
Net asset value	[1]	$ 155.92	$ 153.59
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(1.61)	(1.65)
Net gain/(loss) on investments, net of non-controlling interests	[1]	15.31	29.23
Net income/(loss)	[1]	13.7	27.58
Net asset value	[1]	$ 169.62	$ 181.17
Ratios to average net assets
Net investment income/(loss)		(3.96%)	(4.04%)
Expenses before incentive fees	[2],[3]	3.96%	4.04%
Expenses after incentive fees	[2],[3]	3.96%	4.04%
Total return before incentive fees	[4]	8.79%	17.96%
Total return after incentive fees	[4]	8.79%	17.96%
Frontier Heritage Fund [Member] | Class 1AP [Member]
Net asset value	[1]	$ 116.5	$ 114.15
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(1.20)	(1.24)
Net gain/(loss) on investments, net of non-controlling interests	[1]	11.44	22.46
Net income/(loss)	[1]	10.24	21.22
Net asset value	[1]	$ 126.74	$ 135.37
Ratios to average net assets
Net investment income/(loss)		(3.96%)	(4.04%)
Expenses before incentive fees	[2],[3]	3.96%	4.04%
Expenses after incentive fees	[2],[3]	3.96%	4.04%
Total return before incentive fees	[4]	8.79%	18.59%
Total return after incentive fees	[4]	8.79%	18.59%

[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] 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.

[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] 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.

XML

Financial Highlights (Frontier Funds) (Details 1) - Frontier Funds [Member]		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Net investment income/(loss)	[1]	(6.20%)	(5.77%)
Expenses before incentive fees	[2]	6.06%	5.84%
Expenses after incentive fees	[2]	6.26%	5.84%
Total return before incentive fees	[3]	6.45%	(15.26%)
Total return after incentive fees	[3]	4.56%	(15.26%)

[1] Annualized with the exception of incentive fees.

[2] 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.

[3] Total returns are not annualized.

XML

Derivative Instruments and Hedging Activities (The Series of the Frontier Funds) (Details) - The Series of the Frontier Funds [Member] - Frontier Balanced Fund [Member] - Number	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Numbers of Instruments Bought	788	613	1,209	2,183
Derivative Numbers of Instruments Sold	787	612	1,409	1,971

XML

Derivative Instruments and Hedging Activities (The Series of the Frontier Funds) (Details 1) - The Series of the Frontier Funds [Member] - Frontier Balanced Fund [Member] - Realized Trading Revenue from Futures, Forwards and Options [Member] - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Realized trading income/(loss)	[1]	$ 371,559	$ 642,234
Agriculturals [Member]
Realized trading income/(loss)		63,312	75,122
Currencies [Member]
Realized trading income/(loss)		(27,812)	106,325
Energies [Member]
Realized trading income/(loss)		34,820	35,710
Interest rates [Member]
Realized trading income/(loss)		106,786	88,571
Metals [Member]
Realized trading income/(loss)		23,335	313,738
Stock indices [Member]
Realized trading income/(loss)		$ 171,118	$ 22,768

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

XML

Derivative Instruments and Hedging Activities (The Series of the Frontier Funds) (Details 2) - The Series of the Frontier Funds [Member] - Frontier Balanced Fund [Member] - Unrealized Trading Revenue from Futures, Forwards and Options [Member] - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Change in unrealized trading income/(loss)	[1]	$ (47,335)	$ (25,719)
Agriculturals [Member]
Change in unrealized trading income/(loss)		6,802	978
Currencies [Member]
Change in unrealized trading income/(loss)		17,052	21,386
Energies [Member]
Change in unrealized trading income/(loss)		16,600	(1,845)
Interest rates [Member]
Change in unrealized trading income/(loss)		(76,782)	4,169
Metals [Member]
Change in unrealized trading income/(loss)		(15,723)	(43,253)
Stock indices [Member]
Change in unrealized trading income/(loss)		$ 4,716	$ (7,154)

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

XML

Derivative Instruments and Hedging Activities (The Series of the Frontier Funds) (Details 3) - The Series of the Frontier Funds [Member] - Frontier Balanced Fund [Member] - Open Trade Equity/(Deficit) [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Gross Amounts of recognized Derivative Assets/ Liabilities	$ 597,031	$ 814,743
Gross Amounts offset in the Statements of Financial Condition	(543,924)	(714,303)
Net Amounts Presented in the Statements of Financial Condition	$ 53,107	$ 100,440

XML

Derivative Instruments and Hedging Activities (Frontier Funds) (Details) - Frontier Fund [Member] - Realized Trading Revenue from Futures, Forwards and Options [Member] - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Realized trading income/(loss)	[1]	$ 371,560	$ 642,234
Agriculturals [Member]
Realized trading income/(loss)		63,312	75,122
Currencies [Member]
Realized trading income/(loss)		(27,812)	106,325
Energies [Member]
Realized trading income/(loss)		34,820	35,710
Interest rates [Member]
Realized trading income/(loss)		106,786	88,571
Metals [Member]
Realized trading income/(loss)		23,335	313,738
Stock indices [Member]
Realized trading income/(loss)		$ 171,119	$ 22,768

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

XML

Derivative Instruments and Hedging Activities (Frontier Funds) (Details 1) - Frontier Fund [Member] - Net Change in Open Trade Equity from Futures, Forwards and Options [Member] - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Change in unrealized trading income/(loss)	[1]	$ (47,335)	$ (25,719)
Agriculturals [Member]
Change in unrealized trading income/(loss)		6,802	978
Currencies [Member]
Change in unrealized trading income/(loss)		17,052	21,386
Energies [Member]
Change in unrealized trading income/(loss)		16,600	(1,845)
Interest rates [Member]
Change in unrealized trading income/(loss)		(76,782)	4,169
Metals [Member]
Change in unrealized trading income/(loss)		(15,723)	(43,253)
Stock indices [Member]
Change in unrealized trading income/(loss)		$ 4,716	$ (7,154)

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

XML

Derivative Instruments and Hedging Activities (Frontier Funds) (Details 2) - Frontier Fund [Member] - Open Trade Equity/(Deficit) [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Gross Amounts of recognized Derivative Assets/Liabilities	$ 597,031	$ 814,743
Gross Amounts offset in the Statements of Financial Condition	(543,924)	(714,303)
Net Amounts Presented in the Statements of Financial Condition	$ 53,107	$ 100,440

XML

Derivative Instruments and Hedging Activities (Frontier Funds) (Details Textual) - Frontier Fund [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments and Hedging Activities (Frontier Funds) (Textual)
Monthly average of forwards, options and futures contracts bought	$ 788	$ 787
Monthly average of forwards, options and futures contracts sold	$ 628	$ 274
Minimum [Member]
Derivative Instruments and Hedging Activities (Frontier Funds) (Textual)
Percentage of embedded management fees	1.00%
Percentage of fair value of swaps and embedded incentive fees	15.00%
Maximum [Member]
Derivative Instruments and Hedging Activities (Frontier Funds) (Textual)
Percentage of embedded management fees	1.50%
Percentage of fair value of swaps and embedded incentive fees	25.00%

XML

Trading Activities and Related Risks (The Series of the Frontier Funds) (Details)	3 Months Ended
	Mar. 31, 2021
The Series of the Frontier Funds [Member]
Trading Activities and Related Risks (Textual)
Trading activities and related risks ,description	If the markets should move against all of the futures positions held by a Trading Company in respect of any Series at the same time, and if the Trading Advisor(s) of such Trading Company are unable to offset such futures interests positions, such Trading Company could lose all of its assets and the holders of Units of such Series would realize a 100% loss. The Managing Owner will seek to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time.

XML

Trading Activities and Related Risks (Frontier Funds) (Details)	3 Months Ended
	Mar. 31, 2021
Frontier Fund [Member]
Trading Activities and Related Risks (Frontier Funds) (Textual)
Description of trading activities and related risks	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.

XML

Subsequent Events (The Series of the Frontier Funds) (Details)	3 Months Ended
	Mar. 30, 2021
The Series of the Frontier Funds [Member] | Managing Owner [Member]
Subsequent Events (The Series of the Frontier Funds) (Textual)
Redemptions, description	April 1, 2021 through XXXX XX, 2021, 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 $XXXX, $XXXX, $XXXX, $XXXX, $XXXX, $XXXX and $XXXX, respectively, in redemptions.

XML

Subsequent Events (Frontier Funds) (Details)	3 Months Ended
	Mar. 31, 2021
Managing Owner [Member] | Frontier Funds [Member]
Subsequent Events (Frontier Funds) (Textual)
Redemptions, description	April 1, 2021 through xxxx xx, 2021, the Trust paid $xxxx in redemptions.