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, 2022

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:

Frontier Diversified Fund Class 2 and Class 3 Units;

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

Frontier Masters Fund Class 2 and Class 3 Units;

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

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

Frontier Global Fund Class 1 and Class 2 Units;

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

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

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

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

Large Accelerated Filer	☐	Accelerated Filer	☐
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 ☒

The Frontier Funds’ units of beneficial interest are not traded on any market and, accordingly, do not have an aggregate market value. Units outstanding as of May 16, 2022 were: 34,250 for the Frontier Diversified Fund, 13,942 for the Frontier Long/Short Commodity Fund, 8,207 for the Frontier Masters Fund, 97,746 for the Frontier Balanced Fund, 21,300 for the Frontier Select Fund, 15,614 for the Frontier Global Fund and 20,291 for the Frontier Heritage Fund.

Table of Contents

		Pages
PART I – FINANCIAL INFORMATION		1
Item 1.	Series Financial Statements	1
	Statements of Financial Condition as of March 31, 2022 (Unaudited) and December 31, 2021	1
	Condensed Schedules of Investments as of March 31, 2022 (Unaudited) and December 31, 2021	4
	Statements of Operations for the three months ended March 31, 2022 and 2021 (Unaudited)	10
	Statements of Changes in Owners’ Capital for the three months ended March 31, 2022 (Unaudited)	13
	Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited)	17
	Notes to Financial Statements (Unaudited)	20
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of March 31, 2022 (Unaudited) and December 31, 2021	48
	Consolidated Condensed Schedules of Investments as of March 31, 2022 (Unaudited) and December 31, 2021	49
	Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (Unaudited)	51
	Consolidated Statement of Changes in Owners’ Capital for the three months ended March 31, 2022 (Unaudited)	52
	Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited)	53
	Notes to Consolidated Financial Statements (Unaudited)	54
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	72
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	108
Item 4.	Controls and Procedures	113
PART II – OTHER INFORMATION		115
Item 1.	Legal Proceedings	115
Item 1A.	Risk Factors	115
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	115
Item 3.	Defaults Upon Senior Securities	115
Item 4.	Mine Safety Disclosures	115
Item 5.	Other Information	115
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 A NUMBER OF RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN, SUCH AS THOSE DESCRIBED IN THE “RISK FACTORS” SECTION UNDER PART II. ITEM 1A AND ELSEWHERE IN THIS REPORT, AND UNKNOWN, THAT COULD CAUSE THE TRUST’S ACTUAL RESULTS, PERFORMANCE, PROSPECTS OR OPPORTUNITIES TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN, OR IMPLIED BY, THESE FORWARD-LOOKING STATEMENTS.

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

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS AS OF MARCH 31, 2022, 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, 2022 (Unaudited) and December 31, 2021

	Frontier				Frontier				Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	3/31/2022		12/31/2021		3/31/2022		12/31/2021		3/31/2022		12/31/2021
ASSETS
Cash and cash equivalents	$	91,947	$	165,491	$	41,036	$	76,703	$	43,661	$	40,528
U.S. Treasury securities, at fair value		133,419		33,274		59,546		15,422		63,354		8,148
Investments in private investment companies, at fair value		3,381,725		2,838,658		694,512		638,376		1,368,481		1,209,022
Investments in unconsolidated trading companies, at fair value		22,707		30,788		10,134		14,270		10,783		7,541
Interest receivable		999		717		446		332		475		176
Redemptions receivable from private investment companies		-		-		-		-		711		-
Total Assets	$	3,630,797	$	3,068,928	$	805,674	$	745,103	$	1,487,465	$	1,265,415
LIABILITIES & CAPITAL
LIABILITIES
Interest payable to Managing Owner	$	-	$	-	$	-	$	-	$	43	$	32
Redemptions payable		277		-		8,689		-		-		20,299
Service fees payable to Managing Owner		96		83		43		43		22		19
Trading fees payable to Managing Owner		10,172		9,217		4,298		3,882		2,882		3,407
Subscriptions in advance for service fee rebates		22,650		22,650		31,725		31,725		393		393
Other liabilities		1,794		3,838		800		1,779		851		941
Total Liabilities	$	34,989	$	35,788	$	45,555	$	37,429	$	4,191	$	25,091
CAPITAL
Managing Owner - Class 2		9,535		7,870		5,197		3,781		4,524		4,121
Managing Owner - Class 2a		-		-		-		-		9,546		7,619
Managing Owner - Class 3		26,874		22,677		4,459		3,933		-		-
Managing Owner - Class 3a		-		-		-		-		1,398		1,116
Limited Owner - Class 2		452,718		373,647		200,716		194,618		26,380		21,045
Limited Owner - Class 2a		-		-		-		-		95,520		76,239
Limited Owner - Class 3		3,106,681		2,628,946		549,747		505,342		1,086,238		923,058
Limited Owner - Class 3a		-		-		-		-		259,668		207,126
Total Owners’ Capital		3,595,808		3,033,140		760,119		707,674		1,483,274		1,240,324
Non-Controlling Interests		-		-		-		-		-		-
Total Capital		3,595,808		3,033,140		760,119		707,674		1,483,274		1,240,324
Total Liabilities and Capital	$	3,630,797	$	3,068,928	$	805,674	$	745,103	$	1,487,465	$	1,265,415
Units Outstanding
Class 2		4,288		4,288		2,135		2,828		274		280
Class 2a		N/A		N/A		N/A		N/A		1,428		1,428
Class 3		30,932		31,733		6,092		7,699		9,181		9,780
Class 3a		N/A		N/A		N/A		N/A		3,351		3,351
Net Asset Value per Unit
Class 2	$	107.81	$	88.98	$	96.44	$	70.17	$	112.78	$	89.97
Class 2a		N/A		N/A		N/A		N/A	$	73.60	$	58.75
Class 3	$	101.30	$	83.56	$	90.98	$	66.15	$	118.31	$	94.38
Class 3a		N/A		N/A		N/A		N/A	$	77.92	$	62.16

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

1

The Series of Frontier Funds

Statements of Financial Condition

March 31, 2022 (Unaudited) and December 31, 2021

	Frontier Balanced Fund				Frontier Select Fund
	3/31/2022		12/31/2021		3/31/2022		12/31/2021
ASSETS
Cash and cash equivalents	$	431,827	$	188,010	$	42,005	$	51,140
U.S. Treasury securities, at fair value		626,597		37,801		60,950		10,282
Open trade equity, at fair value		-		14,836		-		-
Receivable from futures commission merchants		234,445		818,362		-		-
Investments in private investment companies, at fair value		10,905,026		8,928,481		1,739,617		1,374,376
Investments in unconsolidated trading companies, at fair value		106,643		34,977		10,373		9,514
Interest receivable		4,694		815		457		222
Redemptions receivable from private investment companies		3,894		-		339		-
Total Assets	$	12,313,126	$	10,023,282	$	1,853,741	$	1,445,534
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	-	$	20,382	$	-	$	-
Incentive fees payable to Managing Owner		76,963		54,702		-		-
Management fees payable to Managing Owner		1,601		1,431		-		-
Interest payable to Managing Owner		953		957		237		196
Service fees payable to Managing Owner		20,814		18,314		4,272		3,524
Trading fees payable to Managing Owner		36,890		32,970		4,299		3,682
Risk analysis fees payable		11,701		10,380		-		-
Subscriptions in advance for service fee rebates		374,556		369,341		21,287		21,076
Other liabilities		14,310		5,772		1,159		1,186
Total Liabilities		537,788		514,249		31,254		29,664
CAPITAL
Managing Owner - Class 2		56,067		43,148		18,665		14,981
Managing Owner - Class 2a		66,671		56,328		-		-
Limited Owner - Class 1		9,141,503		7,471,841		1,721,629		1,334,518
Limited Owner - Class 1AP		85,797		66,027		13,626		10,259
Limited Owner - Class 2		1,929,116		1,489,930		68,567		56,112
Limited Owner - Class 3a		496,184		381,759		-		-
Total Owners’ Capital		11,775,338		9,509,033		1,822,487		1,415,870
Non-Controlling Interests		-		-		-		-
Total Capital		11,775,338		9,509,033		1,822,487		1,415,870
Total Liabilities and Capital	$	12,313,126	$	10,023,282	$	1,853,741	$	1,445,534
Units Outstanding
Class 1		85,575		90,219		20,598		21,051
Class 1AP		639		639		129		129
Class 2		10,959		10,998		625		677
Class 2a		424		466		N/A		N/A
Class 3a		3,166		3,166		N/A		N/A
Net Asset Value per Unit
Class 1	$	106.82	$	82.82	$	83.58	$	63.39
Class 1AP	$	134.33	$	103.38	$	105.20	$	79.21
Class 2	$	181.14	$	139.40	$	139.61	$	105.10
Class 2a	$	157.24	$	120.98		N/A		N/A
Class 3a	$	156.71	$	120.57		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, 2022 (Unaudited) and December 31, 2021

	Frontier Global Fund				Frontier Heritage Fund
	3/31/2022		12/31/2021		3/31/2022		12/31/2021
ASSETS
Cash and cash equivalents	$	69,369	$	128,021	$	79,583	$	48,839
U.S. Treasury securities, at fair value		100,657		25,740		115,478		9,820
Investments in private investment companies, at fair value		2,830,415		2,137,382		3,095,759		2,338,774
Investments in unconsolidated trading companies, at fair value		17,132		23,818		19,655		9,087
Interest receivable		754		555		865		212
Total Assets	$	3,018,327	$	2,315,516	$	3,311,340	$	2,406,732
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	52,947	$	27,561	$	14,973	$	-
Interest payable to Managing Owner		400		312		448		217
Service fees payable to Managing Owner		6,268		4,986		6,492		4,950
Trading fees payable to Managing Owner		11,321		9,533		10,363		8,307
Subscriptions in advance for service fee rebates		159,581		158,810		71,693		69,814
Other liabilities		1,356		2,973		1,216		1,136
Total Liabilities		231,873		204,175		105,185		84,424
CAPITAL
Managing Owner - Class 2		31,787		25,029		33,523		23,919
Limited Owner - Class 1		2,660,475		1,926,328		2,913,912		2,119,250
Limited Owner - Class 1AP		-		-		11,903		8,242
Limited Owner - Class 2		94,192		159,984		246,817		170,897
Total Owners’ Capital		2,786,454		2,111,341		3,206,155		2,322,308
Non-Controlling Interests		-		-		-		-
Total Capital		2,786,454		2,111,341		3,206,155		2,322,308
Total Liabilities and Capital	$	3,018,327	$	2,315,516	$	3,311,340	$	2,406,732
Units Outstanding
Class 1		16,433		17,600		19,653		20,491
Class 1AP		-		-		64		64
Class 2		496		1,086		1,123		1,127
Net Asset Value per Unit
Class 1	$	161.90	$	109.45	$	148.27	$	103.43
Class 1AP		N/A		N/A	$	186.60	$	129.19
Class 2	$	253.94	$	170.40	$	249.73	$	172.91

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

3

The Series of Frontier Funds

Condensed Schedule of Investments

March 31, 2022 (Unaudited)

		Frontier Diversified Fund					Frontier Masters Fund					Frontier Long/Short Commodity Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	510,968		14.21	%	$	-		0.00	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		394,002		10.96	%		-		0.00	%		-		0.00	%
	Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		328,849		9.15	%		181,453		23.87	%		-		0.00	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		697,480		19.40	%		-		0.00	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		856,723		23.83	%		356,298		46.87	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		593,703		16.51	%		156,761		20.62	%		583,437		39.33	%
	Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		328,497		22.15	%
	Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		456,547		30.78	%
	Total Private Investment Companies	$	3,381,725		94.06	%	$	694,512		91.37	%	$	1,368,481		92.26	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	22,707		0.63	%	$	10,134		1.33	%	$	10,783		0.73	%
	Total Investment in Unconsolidated Trading Companies	$	22,707		0.63	%	$	10,134		1.33	%	$	10,783		0.73	%

U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value				Fair Value				Fair Value
	$1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	133,419	3.71	%	$	59,546	7.83	%	$	63,354	4.27	%
Additional Disclosure on U.S. Treasury Securities			Face Value				Face Value				Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	116,915			$	52,179			$	55,517
Additional Disclosure on U.S. Treasury Securities			Cost				Cost				Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	134,921			$	60,216			$	64,067

(1)	See Note 2 to the Financial Statements.
(2)	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, 2022 (Unaudited)

		Frontier					Frontier
		Balanced Fund					Select Fund
				% of Total Capital					% of Total Capital
Description		Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	932,403		7.92	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,690,066		14.35	%		-		0.00	%
	Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		1,675,575		14.23	%		619,109		33.97	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,860,727		15.80	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		2,260,107		19.19	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,486,148		21.11	%		1,120,508		61.48	%
	Total Private Investment Companies	$	10,905,026		92.60	%	$	1,739,617		95.45	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	106,643		0.91	%	$	10,373		0.57	%
	Total Investment in Unconsolidated Trading Companies	$	106,643		0.91	%	$	10,373		0.57	%

U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value				Fair Value
$	1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	626,597	5.32	%	$	60,950	3.34	%
Additional Disclosure on U.S. Treasury Securities			Face Value				Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	549,082			$	53,410
Additional Disclosure on U.S. Treasury Securities			Cost				Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	633,651			$	61,636

(1) See Note 2 to the Financial Statements.

(2) 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, 2022 (Unaudited)

		Frontier					Frontier
		Global Fund					Heritage Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,830,415		101.58	%	$	2,243,393		69.97	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			852,366		26.59	%
	Total Private Investment Companies	$	2,830,415		101.58	%	$	3,095,759		96.56	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	17,132		0.61	%	$	19,655		0.61	%
	Total Investment in Unconsolidated Trading Companies	$	17,132		0.61	%	$	19,655		0.61	%

U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value				Fair Value
$1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	100,657	3.61	%	$	115,478	3.60	%
Additional Disclosure on U.S. Treasury Securities		Face Value				Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	88,205			$	101,192
Additional Disclosure on U.S. Treasury Securities		Cost				Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	101,791			$	116,778

(1)	See Note 2 to the Financial Statements.
(2)	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, 2021

													Frontier
			Frontier Diversified Fund					Frontier Masters Fund					Long/Short Commodity Fund
			Fair		%  of Total Capital (Net Asset			Fair		%  of Total Capital (Net Asset			Fair		%  of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	875,796		28.87	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		185,705		6.12	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		453,710		14.96	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		663,002		21.86	%		279,895		39.55	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		386,996		12.76	%		193,269		27.31	%		482,639		38.91	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		273,449		9.02	%		165,212		23.35	%		-		0.00	%
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		252,149		20.33	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		474,234		38.23	%
		Total Private Investment Companies	$	2,838,658		93.59	%	$	638,376		90.21	%	$	1,209,022		97.48	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
		Frontier Trading Company XXXVIII, LLC	$	30,788		1.02	%	$	14,270		2.02	%	$	7,541		0.61	%
		Total Investment in Unconsolidated Trading Companies	$	30,788		1.02	%	$	14,270		2.02	%	$	7,541		0.61	%
U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value					Fair Value					Fair Value
	FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	33,274		1.10	%	$	15,422		2.18	%	$	8,148		0.66	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	27,592				$	12,789				$	6,757
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	33,709				$	15,624				$	8,255

(1)	See Note 2 to the Financial Statements.
(2)	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, 2021

		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)	$	10,141			0.11	%	$	-		0.00	%
	Various agriculture futures contracts (Europe)		(21,640	)		-0.23	%		-		0.00	%
	Various agriculture futures contracts (U.S.)		51,912			0.55	%		-		0.00	%
	Various base metals futures contracts (U.S.)		20,031			0.21	%		-		0.00	%
	Various currency futures contracts (Europe)		1,994			0.02	%		-		0.00	%
	Various currency futures contracts (Far East)		819			0.01	%		-		0.00	%
	Various currency futures contracts (Latin America)		6,710			0.07	%		-		0.00	%
	Various currency futures contracts (U.S.)		(9,800	)		-0.10	%		-		0.00	%
	Various energy futures contracts (U.S.)		34			0.00	%		-		0.00	%
	Various interest rates futures contracts (Europe)		(718,038	)		-7.55	%		-		0.00	%
	Various interest rates futures contracts (Far East)		(10,418	)		-0.11	%		-		0.00	%
	Various interest rates futures contracts (U.S.)		(7,281	)		-0.08	%		-		0.00	%
	Various precious metal futures contracts (U.S.)		19,168			0.20	%		-		0.00	%
	Various soft futures contracts (U.S.)		138,674			1.46	%		-		0.00	%
	Various stock index futures contracts (Europe)		1,508			0.02	%		-		0.00	%
	Various stock index futures contracts (Far East)		1,542			0.02	%		-		0.00	%
	Various stock index futures contracts (Oceanic)		1,236			0.01	%		-		0.00	%
	Various stock index futures contracts (Canada)		1,853			0.02	%		-		0.00	%
	Total Long Futures Contracts	$	(511,556	)		-5.37	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
	Various agriculture futures contracts (Far East)	$	(27,804	)		-0.29	%	$	-		0.00	%
	Various agriculture futures contracts (Europe)		20,105			0.21	%		-		0.00	%
	Various agriculture futures contracts (U.S.)		(11,749	)		-0.12	%		-		0.00	%
	Various base metals futures contracts (U.S.)		(29,574	)		-0.31	%		-		0.00	%
	Various currency futures contracts (Europe)		(18,181	)		-0.19	%		-		0.00	%
	Various currency futures contracts (Far East)		(1,110	)		-0.01	%		-		0.00	%
	Various currency futures contracts (Latin America)		(21,340	)		-0.22	%		-		0.00	%
	Various currency futures contracts (U.S.)		6,288			0.07	%		-		0.00	%
	Various energy futures contracts (U.S.)		(10,792	)		-0.11	%		-		0.00	%
	Various interest rates futures contracts (Europe)		785,677			8.26	%		-		0.00	%
	Various interest rates futures contracts (U.S.)		(625	)		-0.01	%		-		0.00	%
	Various precious metal futures contracts (U.S.)		(38,573	)		-0.41	%		-		0.00	%
	Various soft futures contracts (U.S.)		(110,902	)		-1.17	%		-		0.00	%
	Various stock index futures contracts (Canada)		(5,194	)		-0.05	%		-		0.00	%
	Various stock index futures contracts (Europe)		(5,157	)		-0.05	%		-		0.00	%
	Various stock index futures contracts (Far East)		(2,191	)		-0.02	%		-		0.00	%
	Various stock index futures contracts (Oceanic)		(2,217	)		-0.02	%		-		0.00	%
	Various stock index futures contracts (U.S.)		(269	)		0.00	%		-		0.00	%
	Total Short Futures Contracts	$	526,392			5.56	%	$	-		0.00	%
	Total Open Trade Equity (Deficit)	$	14,836			0.19	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,890,115			19.88	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		820,002			8.62	%		-		0.00	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,134,963			11.94	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,658,225			17.44	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,032,209			21.37	%		796,855		56.28	%
	Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		1,392,967			14.65	%		577,521		40.79	%
	Total Private Investment Companies	$	8,928,481			93.90	%	$	1,374,376		97.07	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	34,977			0.37	%	$	9,514		0.67	%
	Total Investment in Unconsolidated Trading Companies	$	34,977			0.37	%	$	9,514		0.67	%
U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value						Fair Value
FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	37,801			0.40	%	$	10,282		0.73	%
Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	31,347					$	8,527
Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	38,296					$	10,417

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

(1) See Note 2 to the Financial Statements.

(2) 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, 2021

		Frontier					Frontier
		Global Fund					Heritage Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,137,382		101.23	%	$	1,614,360		69.52	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			724,414		31.19	%
	Total Private Investment Companies	$	2,137,382		101.23	%	$	2,338,774		100.71	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	23,818		1.13	%	$	9,087		0.39	%
	Total Investment in Unconsolidated Trading Companies	$	23,818		1.13	%	$	9,087		0.39	%
U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value					Fair Value
FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	25,740		1.22	%	$	9,820		0.42	%
Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	21,345				$	8,143
Additional Disclosure on U.S. Treasury Securities		Cost					Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	26,077				$	9,948

(1) See Note 2 to the Financial Statements.

(2) 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 (Unaudited)

For the Three Months Ended March 31, 2022 and 2021

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	3/31/2022			3/31/2021			3/31/2022			3/31/2021			3/31/2022			3/31/2021
Investment income:
Interest - net	$	1,365		$	1,587		$	664		$	855		$	610		$	1,279
Total Income		1,365			1,587			664			855			610			1,279
Expenses:
Service Fees - Class 1		251			1,049			116			210			56			54
Due Diligence Fees		945			1,202			222			291			93			90
Trading Fees		27,593			34,937			11,781			14,863			8,468			8,765
Total Expenses		28,789			37,188			12,119			15,364			8,617			8,909
Investment (loss) - net		(27,424	)		(35,601	)		(11,455	)		(14,509	)		(8,007	)		(7,630	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		1,081,696			184,708			481,020			34,339			302,405			64,279
Net realized gain/(loss) on private investment companies		(432,880	)		(36,972	)		(229,832	)		12,685			1,048			1,305
Net realized gain/(loss) on U.S. Treasury securities		(828	)		(1,741	)		(423	)		(1,004	)		(444	)		(1,950	)
Net unrealized gain/(loss) on U.S. Treasury securities		(1,921	)		(440	)		(561	)		(250	)		(939	)		(25	)
Change in fair value of investments in unconsolidated trading companies		12,035			10,245			4,469			12,761			5,827			12,123
Net gain/(loss) on investments		658,102			155,800			254,673			58,531			307,897			75,732
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		630,678			120,199			243,218			44,022			299,890			68,102
Less:  Operations attributable to non-controlling interests		-			-			-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	630,678		$	120,199		$	243,218		$	44,022		$	299,890		$	68,102
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1		N/A		$	1.94			N/A		$	2.26			N/A			N/A
Class 2	$	18.83		$	2.76		$	26.27		$	3.07		$	22.81		$	4.40
Class 2a		N/A			N/A			N/A			N/A		$	14.85		$	3.20
Class 3	$	17.74		$	2.64		$	24.83		$	2.93		$	23.93		$	4.61
Class 3a		N/A			N/A			N/A			N/A		$	15.76		$	3.40

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

10

The Series of the Frontier Funds

Statements of Operations (Unaudited)

For the Three Months Ended March 31, 2022 and 2021

	Frontier Balanced Fund						Frontier Select Fund
	3/31/2022			3/31/2021			3/31/2022			3/31/2021
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income/(loss)		-			-			-			-
Expenses:
Incentive Fees (rebate)		76,272			49,840			-			-
Interest - net		115			-			-			-
Management Fees		4,403			4,619			-			-
Service Fees - Class 1		61,363			67,267			10,925			11,438
Risk analysis Fees		1,321			1,386			-			-
Trading Fees		102,264			114,439			11,861			11,355
Total Expenses		245,738			237,551			22,786			22,793
Investment (loss) - net		(245,738	)		(237,551	)		(22,786	)		(22,793	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		271,469			371,559			-			-
Net unrealized gain/(loss) on private investment companies		3,769,442			388,609			976,044			10,019
Net realized gain/(loss) on private investment companies		(1,136,957	)		48,862			(513,536	)		114,434
Net change in open trade equity/(deficit)		42,742			(47,335	)		-			-
Net realized gain/(loss) on U.S. Treasury securities		(1,928	)		(621	)		(386	)		(1,017	)
Net unrealized gain/(loss) on U.S. Treasury securities		(4,122	)		(252	)		(811	)		(190	)
Trading commissions		(3,120	)		(6,017	)		-			-
Change in fair value of investments in unconsolidated trading companies		23,183			(14,281	)		5,154			8,540
Net gain/(loss) on investments		2,960,709			740,524			466,465			131,786
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		2,714,971			502,973			443,679			108,993
Less:  Operations attributable to non-controlling interests		-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	2,714,971		$	502,973		$	443,679		$	108,993
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	24.00		$	3.46		$	20.19		$	4.01
Class 1AP	$	30.95		$	4.94		$	25.99		$	5.42
Class 2	$	41.74		$	6.67		$	34.51		$	7.20
Class 2a	$	36.26		$	5.78			N/A			N/A
Class 3a	$	36.14		$	5.77			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 (Unaudited)

For the Three Months Ended March 31, 2022 and 2021

	Frontier Global Fund						Frontier Heritage Fund
	3/31/2022			3/31/2021			3/31/2022			3/31/2021
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income		-			-			-			-
Expenses:
Service Fees - Class 1		16,989			19,938			18,381			16,157
Trading Fees		30,349			35,130			27,156			23,676
Total Expenses		47,338			55,068			45,537			39,833
Investment (loss) - net		(47,338	)		(55,068	)		(45,537	)		(39,833	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		874,900			47,148			946,263			183,803
Net realized gain/(loss) on private investment companies		146,069			82,686			75,755			32,372
Net realized gain/(loss) on U.S. Treasury securities		(513	)		(1,735	)		(532	)		(1,201	)
Net unrealized gain/(loss) on U.S. Treasury securities		(1,446	)		(526	)		(1,420	)		(484	)
Change in fair value of investments in unconsolidated trading companies		8,550			16,133			8,272			12,628
Net gain/(loss) on investments		1,027,560			143,706			1,028,338			227,118
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		980,222			88,638			982,801			187,285
Less:  Operations attributable to non-controlling interests		-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	980,222		$	88,638		$	982,801		$	187,285
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	52.45		$	3.42		$	44.84		$	7.67
Class 1AP		N/A			N/A		$	57.41		$	10.24
Class 2	$	83.54		$	6.45		$	76.82		$	13.70

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

12

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended March 31, 2022

	Frontier Diversified Fund																Frontier Masters Fund
		Class 2		Class 2		Class 3			Class 3			Non-					Class 2		Class 2			Class 3			Class 3			Non-
		Managing Owner		Limited Owners		Managing Owner			Limited Owners			Controlling Interests		Total			Managing Owner		Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total
Owners’ Capital, December 31, 2021		$	7,870	$	373,647	$	22,677		$	2,628,946		$	-	$	3,033,140		$	3,781	$	194,618		$	3,933		$	505,342		$	-	$	707,674
Sale of Units			-		-		-			-			-		-			-		-			-			-			-		-
Redemption of Units			-		-		(500	)		(67,510	)		-		(68,010	)		-		(49,917	)		(700	)		(140,156	)		-		(190,773	)
Transfer of Units In(Out)			-		-		-			-			-		-			-		-			-			-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests			1,665		79,071		4,697			545,245			-		630,678			1,416		56,015			1,226			184,561			-		243,218
Owners’ Capital, March 31, 2022		$	9,535	$	452,718	$	26,874		$	3,106,681		$	-	$	3,595,808		$	5,197	$	200,716		$	4,459		$	549,747			-	$	760,119
Owners’ Capital - Units, December 31, 2021			89		4,199		271			31,462								53		2,775			60			7,639
Sale of Units (including transfers)			-				-			-								-		-			-			-
Redemption of Units (including transfers)					-		(6	)		(795	)							-		(693	)		(10	)		(1,597	)
Owners’ Capital - Units, March 31, 2022			89		4,199		265			30,667								53		2,082			50			6,042
Net asset value per unit at December 31, 2021				$	88.98				$	83.56									$	70.17					$	66.15
Change in net asset value per unit for the three months ended March 31, 2022					18.83					17.74										26.27					$	24.83
Net asset value per unit at March 31, 2022				$	107.81				$	101.30									$	96.44					$	90.98

(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 (Unaudited)

For the Three Months Ended March 31, 2022

	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, 2021	$	4,121		$	21,045	$	923,058		$	7,619	$	76,239	$	1,116	$	207,126	$	-	$	1,240,324
Sale of Units		-			-		-			-		-		-		-		-		-
Redemption of Units		(500	)		-		(56,440	)		-		-		-		-		-		(56,940	)
Transfer of Units In(Out)		-			-		-			-		-		-		-		-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		903			5,335		219,620			1,927		19,281		282		52,542		-		299,890
Owners’ Capital, March 31, 2022	$	4,524		$	26,380	$	1,086,238		$	9,546	$	95,520	$	1,398	$	259,668	$	-	$	1,483,274
Owners’ Capital - Units, December 31, 2021		46			234		9,780			129		1,299		18		3,333
Sale of Units (including transfers)		-			-		-			-		-		-		-
Redemption of Units (including transfers)		(6	)		-		(599	)		-		-		-		-
Owners’ Capital - Units, March 31, 2022		40			234		9,181			129		1,299		18		3,333
Net asset value per unit at December 31, 2021				$	89.97	$	94.38				$	58.75			$	62.16
Change in net for the three months ended March 31, 2022					22.81		23.93					14.85				15.76
Net asset value per unit at March 31, 2022				$	112.78	$	118.31				$	73.60			$	77.92

(1) 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 (Unaudited)

For the Three Months Ended March 31, 2022

	Frontier Balanced Fund
	Class 1			Class 1AP		Class 2					Class 2a					Class 3a		Non-
	Limited			Limited		Managing		Limited			Managing			Limited		Limited		Controlling
	Owners			Owners		Owner		Owners			Owner			Owners		Owners		Interests		Total
Owners’ Capital, December 31, 2021	$	7,471,841		$	66,027	$	43,148	$	1,489,930		$	56,328		$	-	$	381,759	$	-	$	9,509,033
Sale of Units		-			-		-		-			-			-		-		-		-
Redemption of Units		(437,606	)		-		-		(6,060	)		(5,000	)		-		-		-		(448,666	)
Transfer of Units In (Out)		-			-		-		-			-			-		-		-		-
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		2,107,268			19,770		12,919		445,246			15,343			-		114,425		-		2,714,971
Owners’ Capital, March 31, 2022	$	9,141,503		$	85,797	$	56,067	$	1,929,116		$	66,671		$	-	$	496,184	$	-	$	11,775,338
Owners’ Capital - Units, December 31, 2021		90,219			639		310		10,688			466			-		3,166
Sale of Units (including transfers)		-			-		-		-			-			-		-
Redemption of Units (including transfers)		(4,644	)		-		-		(39	)		(42	)		-		-
Owners’ Capital - Units, March 31, 2022		85,575			639		310		10,649			424			-		3,166
Net asset value per unit at December 31, 2021	$	82.82		$	103.38			$	139.40					$	120.98	$	120.57
Change in net asset value for the three months ended March 31, 2022		24.00			30.95				41.74						36.26		36.14
Net asset value per unit at March 31, 2022	$	106.82		$	134.33			$	181.14					$	157.24	$	156.71

(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 (Unaudited)

For the Three Months Ended March 31, 2022

	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, 2021	$	1,334,518		$	10,259	$	14,981		$	56,112		$	-	$	1,415,870		$	1,926,328		$	25,029		$	159,984		$	-	$	2,111,341		$	2,119,250		$	8,242	$	23,919		$	170,897	$	-	$	2,322,308
Sale of Units		-			-		-			-			-		-			-			-			-			-		-			-			-		-			-		-		-
Redemption of Units		(30,962	)		-		(900	)		(5,200	)		-		(37,062	)		(160,162	)		(4,000	)		(140,947	)		-		(305,109	)		(98,204	)		-		(750	)		-		-		(98,954	)
Transfer of Units In(Out)		-			-		-						-		-			-			-			-			-		-			-			-		-			-		-		-
Net increase/(decrease)  in Owners’ Capital resulting from operations attributable to controlling interests		418,073			3,367		4,584			17,655			-		443,679			894,309			10,758			75,155			-		980,222			892,866			3,661		10,354			75,920		-		982,801
Owners’ Capital, March 31, 2022	$	1,721,629		$	13,626	$	18,665		$	68,567		$	-	$	1,822,487		$	2,660,475		$	31,787		$	94,192		$	-	$	2,786,454		$	2,913,912		$	11,903	$	33,523		$	246,817	$	-	$	3,206,155
Owners’ Capital - Units, December 31, 2021		21,051			129		142			535								17,600			147			939								20,491			64		139			988
Sale of Units (including transfers)		-			-		-			-								-			-			-								-			-		-			-
Redemption of Units (including transfers)		(453	)		-		(9	)		(43	)							(1,167	)		(22	)		(568	)							(838	)		-		(4	)		-
Owners’ Capital - Units, March 31, 2022		20,598			129		133			492								16,433			125			371								19,653			64		135			988
Net asset value per unit at December 31, 2021	$	63.39		$	79.21				$	105.10							$	109.45					$	170.40							$	103.43		$	129.19				$	172.91
Change in net asset value per for the three months ended March 31, 2022		20.19			25.99					34.51								52.45						83.54								44.84			57.41					76.82
Net asset value per unit at March 31, 2022	$	83.58		$	105.20				$	139.61							$	161.90					$	253.94							$	148.27		$	186.60				$	249.73

(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 (Unaudited)

For the Three Months Ended March 31, 2022 and March 31, 2021

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	3/31/2022			3/31/2021			3/31/2022			3/31/2021			3/31/2022			3/31/2021
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	630,678		$	120,199		$	243,218		$	44,022		$	299,890		$	68,102
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		83,003			110,091			38,782			(114,658	)		34,723			(37,595	)
Net unrealized (gain)/loss on U.S. Treasury securities		1,921			440			561			250			939			25
Net realized (gain)/loss on U.S. Treasury securities		828			1,741			423			1,004			444			1,950
Net unrealized (gain)/loss on private investment companies		(1,081,696	)		(184,708	)		(481,020	)		(34,339	)		(302,405	)		(64,279	)
Net realized (gain)/loss on private investment companies		432,880			36,972			229,832			(12,685	)		(1,048	)		(1,305	)
(Purchases) sales of:
Sales of U.S. Treasury securities		-			311,471			-			139,801			-			480,065
(Purchases) of U.S. Treasury securities		(187,262	)		(119,541	)		(84,554	)		(73,698	)		(91,922	)		(70,909	)
U.S. Treasury interest and premium paid/amortized		1,365			1,587			664			855			610			1,279
(Purchases) of Private Investment Companies		(517,270	)		(731,683	)		(217,768	)		(82,850	)		(63,333	)		(556,236	)
Sale of Private Investment Companies		623,019			706,904			412,820			261,389			207,329			159,083
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		8,081			(7,062	)		4,136			(12,693	)		(3,242	)		2,139
Interest receivable		(282	)		7,711			(114	)		(8	)		(299	)		8,539
Receivable from related parties		-			4,892			-			266			-			5,205
Redemptions receivable from private investment companies		-			1,023			-			1,688			(711	)		1,251
Interest payable to Managing Owner		-			-			-			-			11			(34	)
Trading fees payable to Managing Owner		955			(235	)		416			(225	)		(525	)		893
Service fees payable to Managing Owner		13			(20	)		-			4			3			(18	)
Subscriptions in advance for service fee rebates		-			-			-			-			-			18
Other liabilities		(2,044	)		(520	)		(979	)		1,314			(90	)		(1,605	)
Net cash provided by (used in) operating activities		(5,811	)		259,262			146,417			119,437			80,374			(3,432	)
Cash Flows from Financing Activities:
Payment for redemption of units		(68,010	)		(273,449	)		(190,773	)		(43,942	)		(56,940	)		(41,767	)
Change in owner redemptions payable		277			-			8,689			(38,128	)		(20,301	)		196
Net cash provided by (used in) financing activities		(67,733	)		(273,449	)		(182,084	)		(82,070	)		(77,241	)		(41,571	)
Net increase (decrease) in cash and cash equivalents		(73,544	)		(14,188	)		(35,667	)		37,367			3,133			(45,003	)
Cash and cash equivalents, beginning of period		165,491			87,715			76,703			4,771			40,528			93,327
Cash and cash equivalents, end of period	$	91,947		$	73,527		$	41,036		$	42,138		$	43,661		$	48,324

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

17

The Series of Frontier Funds

Statements of Cash Flows (Unaudited)

For the Three Months Ended March 31, 2022 and March 31, 2021

	Frontier Balanced Fund						Frontier Select Fund
	3/31/2022			3/31/2021			3/31/2022			3/31/2021
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	2,714,971		$	502,973		$	443,679		$	108,993
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		14,836			47,333			-			-
Net change in ownership allocation of U.S. Treasury securities		(349,053	)		553,920			33,191			(130,085	)
Net unrealized (gain)/loss on U.S. Treasury securities		4,122			252			811			190
Net realized (gain)/loss on U.S. Treasury securities		1,928			621			386			1,017
Net unrealized (gain)/loss on private investment companies		(3,769,442	)		(388,609	)		(976,044	)		(10,019	)
Net realized (gain)/loss on private investment companies		1,136,957			(48,862	)		513,536			(114,434	)
(Purchases) sales of:
Sales of U.S. Treasury securities		-			698,194			-			160,121
(Purchases) of U.S. Treasury securities		(245,678	)		(150,822	)		(85,056	)		(80,385	)
U.S. Treasury interest and premium paid/amortized		(115	)		-			-			-
(Purchases) of Private Investment Companies		(1,643,376	)		(1,695,539	)		(641,030	)		(142,915	)
Sale of Private Investment Companies		2,299,318			2,175,754			738,297			385,657
Increase and/or decrease in:
Receivable from futures commission merchants		583,917			(507,424	)		-			-
Investments in unconsolidated trading companies, at fair value		(71,666	)		15,901			(859	)		(9,590	)
Interest receivable		(3,879	)		24,271			(235	)		(333	)
Receivable from related parties		-			14,602			-			-
Redemptions receivable from private investment companies		(3,894	)		15,455			(339	)		2,141
Incentive fees payable to Managing Owner		22,261			49,840			-			-
Management fees payable to Managing Owner		170			(7,225	)		-			-
Interest payable to Managing Owner		(4	)		(1,376	)		41			180
Trading fees payable to Managing Owner		3,920			258			617			(18	)
Service fees payable to Managing Owner		2,500			(555	)		748			94
Risk analysis fees payable		1,321			1,385			-			-
Payables to related parties		-			-			-			(26,129	)
Subscriptions in advance for service fee rebates		5,215			5,556			211			441
Other liabilities		8,538			(1,048	)		(27	)		1,047
Net cash provided by (used in) operating activities		712,867			1,304,855			27,927			145,973
Cash Flows from Financing Activities:
Payment for redemption of units		(448,666	)		(1,461,767	)		(37,062	)		(132,467	)
Change in owner redemptions payable		(20,384	)		-			-			16,207
Net cash provided by (used in) financing activities		(469,050	)		(1,461,767	)		(37,062	)		(116,260	)
Net increase (decrease) in cash and cash equivalents		243,817			(156,912	)		(9,135	)		29,713
Cash and cash equivalents, beginning of period		188,010			261,803			51,140			-
Cash and cash equivalents, end of period	$	431,827		$	104,891		$	42,005		$	29,713

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

18

The Series of Frontier Funds

Statements of Cash Flows (unaudited)

For the Three Months Ended March 31, 2022 and March 31, 2021

	Frontier Global Fund						Frontier Heritage Fund
	3/31/2022			3/31/2021			3/31/2022			3/31/2021
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	980,222		$	88,638		$	982,801		$	187,285
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		93,254			(296,241	)		58,522			(93,697	)
Net unrealized (gain)/loss on U.S. Treasury securities		1,446			526			1,420			484
Net realized (gain)/loss on U.S. Treasury securities		513			1,735			532			1,201
Net unrealized (gain)/loss on private investment companies		(874,900	)		(47,148	)		(946,263	)		(183,803	)
Net realized (gain)/loss on private investment companies		(146,069	)		(82,686	)		(75,755	)		(32,372	)
(Purchases) sale of:
Sales of U.S. Treasury Securities		0			309,139			-			152,163
(Purchases) of U.S. Treasury securities		(170,130	)		(129,732	)		(166,132	)		(103,772	)
(Purchases) of Private Investment Companies		(206,524	)		(273,856	)		(53,273	)		(213,319	)
Sale of Private Investment Companies		534,460			672,389			318,307			463,973
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		6,686			(26,691	)		(10,568	)		(20,045	)
Interest receivable		(199	)		(409	)		(653	)		680
Receivable from related parties		-			319			-			845
Interest payable to Managing Owner		88			173			231			424
Trading fees payable to Managing Owner		1,788			461			2,056			655
Service fees payable to Managing Owner		1,282			211			1,542			375
Subscriptions in advance for service fee rebates		771			1,004			1,879			1,524
Other liabilities		(1,617	)		2,827			80			1,964
Net cash provided by (used in) operating activities		221,071			220,659			114,726			164,565
Cash Flows from Financing Activities:
Payment for redemption of units		(305,109	)		(141,476	)		(98,954	)		(109,398	)
Change in owner redemptions payable		25,386			1,174			14,972			704
Net cash provided by (used in) financing activities		(279,723	)		(140,302	)		(83,982	)		(108,694	)
Net increase (decrease) in cash and cash equivalents		(58,652	)		80,357			30,744			55,871
Cash and cash equivalents, beginning of period		128,021			5,694			48,839			15,156
Cash and cash equivalents, end of period	$	69,369		$	86,051		$	79,583		$	71,027

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 (“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;

20

● 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.

21

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, 2022, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3.

Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. All the funds are invested in Galaxy Plus entities.

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

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

2. Significant Accounting Policies

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

Basis of Presentation—The Series of the Trust follow U.S. Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of 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. 

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Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus entities, 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 net unrealized gain/(loss) on private investment companies.

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

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

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

Interest Income— U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasury securities 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.

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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, 2022 and December 31, 2021 included restricted cash for margin requirements of $236,513 and $801,701 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 cost 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.

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Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Investments in private investment companies are valued utilizing the net asset values as a practical expedient. Certain Series of the Trust can 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, compares 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 2018 through 2021 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. If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period for a particular series, then the Managing Owner is obligated to return any amount in excess to the Series. The returned amounts are recorded as Incentive Fee (Rebate) on the Statements of Operations.

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2020, 2021 and 2022 the Series were not allowed to issue additional units. The Managing Owner has determined that the purchase of additional units of the relevant Series will commence in 2022 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $374,556, $21,287, $159,581 and $71,693 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2022.

These service fees are part of the offering costs of the Trust, with respect to the Series, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are borne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

Pending Owner Additions—Funds received for new subscriptions and for additions to existing owner interests are recorded as capital additions at the NAV per unit of the second business day following receipt.

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

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

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3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

Swap Contracts. Certain Series of the Trust may 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.  Valuation reports are generated and disseminated daily from the swap counterparty to the third-party administrator.  The fair value is applied by the third-party administrator to calculate the daily performance.  The Managing Owner reviews the third-party administrator performance reports and any noticeable exceptions are investigated.  Unexplained exceptions are escalated to the Managing Owner’s Valuation Committee for further 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 table below.

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The following table summarizes investment in each Series measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

March 31, 2022	Practical Expedient		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	22,707	$	-	$	-	$	-	$	22,707
U.S. Treasury Securities		-		133,419		-		-		133,419
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		10,134		-		-		-		10,134
U.S. Treasury Securities		-		59,546		-		-		59,546
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		10,783		-		-		-		10,783
U.S. Treasury Securities		-		63,354		-		-		63,354
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		106,643		-		-		-		106,643
U.S. Treasury Securities		-		626,597		-		-		626,597
Frontier Select Fund
Investment in Unconsolidated Trading Companies		10,373		-		-		-		10,373
U.S. Treasury Securities		-		60,950		-		-		60,950
Frontier Global Fund
Investment in Unconsolidated Trading Companies		17,132		-		-		-		17,132
U.S. Treasury Securities		-		100,657		-		-		100,657
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		19,655		-		-		-		19,655
U.S. Treasury Securities		-		115,478		-		-		115,478

December 31, 2021	Practical Expedient		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	30,788	$	-	$	-	$	-	$	30,788
U.S. Treasury Securities		-		33,274		-		-		33,274
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		14,270		-		-		-		14,270
U.S. Treasury Securities		-		15,422		-		-		15,422
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		7,541		-		-		-		7,541
U.S. Treasury Securities		-		8,148		-		-		8,148
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		34,977		-		-		-		34,977
Open Trade Equity (Deficit)		-		14,836		-		-		14,836
U.S. Treasury Securities		-		37,801		-		-		37,801
Frontier Select Fund
Investment in Unconsolidated Trading Companies		9,514		-		-		-		9,514
U.S. Treasury Securities		-		10,282		-		-		10,282
Frontier Global Fund
Investment in Unconsolidated Trading Companies		23,818		-		-		-		23,818
U.S. Treasury Securities		-		25,740		-		-		25,740
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		9,087		-		-		-		9,087
U.S. Treasury Securities		-		9,820		-		-		9,820

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4. Swap Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of March 31, 2022, none 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. All swap investments were liquidated in the year 2020.

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5. Investments in Unconsolidated Trading Companies and Private Investment Companies

Investments in unconsolidated Trading Companies and private investment companies represent cash and open trade equity invested in the Trading 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 a 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, 2022 and December 31, 2021:

	As of March 31, 2022					As of December 31, 2021
	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		0.63	%	$	22,707		1.02	%	$	30,788
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		1.33	%	$	10,134		2.02	%	$	14,270
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		0.73	%	$	10,783		0.61	%	$	7,541
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.91	%	$	106,643		0.37	%	$	34,977
Frontier Select Fund ---
Frontier Trading Companies XXXVIII		0.57	%	$	10,373		0.67	%	$	9,514
Frontier Global Fund ---
Frontier Trading Company XXXVIII		0.61	%	$	17,132		1.13	%	$	23,818
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		0.61	%	$	19,655		0.39	%	$	9,087

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, 2022 and March 31, 2021.

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Three months ended March 31, 2022 and 2021

	Three Months Ended March, 2022												Three Months Ended March, 2021
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	17,133		$	17,133		$	-		$	-		$	(15,154	)	$	(15,154	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,053	)		668,170			75,759			742,876			(1,608	)		105,068			4,402			107,862
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(3,806	)		(756,826	)		113,144			(647,488	)		(6,767	)		96,963			(211,084	)		(120,888	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(4,122	)		708,976			84,876			789,730			(2,499	)		(183,383	)		7,536			(178,346	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,189	)		452,000			243,765			693,576			(4,323	)		49,066			109,945			154,688
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(6,669	)		704,792			39,340			737,463			(11,862	)		665,706			(74,900	)		578,944
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(572	)		797,312			(478,381	)		318,359			-			-			-			-
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(2,031	)		(2,031	)		(940	)		(501,183	)		394,602			(107,521	)
Total	$	(18,411	)	$	2,574,424		$	93,605		$	2,649,618		$	(27,999	)	$	232,237		$	215,347		$	419,585
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,591		$	6,591		$	-		$	-		$	13,872		$	13,872
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,390	)		884,077			138,282			1,020,969			(2,508	)		172,894			(40,552	)		129,834
Total	$	(1,390	)	$	884,077		$	144,873		$	1,027,560		$	(2,508	)	$	172,894		$	(26,680	)	$	143,706
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	3,957		$	3,957		$	-		$	-		$	7,332		$	7,332
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,678	)		220,374			127,200			344,896			(3,497	)		198,489			(21,623	)		173,369
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(845	)		(845	)		(392	)		(215,079	)		166,556			(48,915	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(216	)		299,148			(180,475	)		118,457			-			-			-			-
Total	$	(2,894	)	$	519,522		$	(50,163	)	$	466,465		$	(3,889	)	$	(16,590	)	$	152,265		$	131,786
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,321		$	6,321		$	-		$	-		$	10,944		$	10,944
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,041	)		663,179			95,200			757,338			(1,340	)		93,684			(29,457	)		62,887
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,189	)		197,710			69,158			264,679			(3,124	)		179,878			(23,467	)		153,287
Total	$	(3,230	)	$	860,889		$	170,679		$	1,028,338		$	(4,464	)	$	273,562		$	(41,980	)	$	227,118
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	4,443		$	4,443		$	-		$	-		$	10,148		$	10,148
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(270	)		70,364			(7,272	)		62,822			(229	)		23,549			(18,332	)		4,988
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,373	)		114,799			61,788			175,214			(1,861	)		105,715			(12,891	)		90,963
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(2,454	)		(268,651	)		336,523			65,418			(1,808	)		-			(28,559	)		(30,367	)
Total	$	(4,097	)	$	(83,488	)	$	395,482		$	307,897		$	(3,898	)	$	129,264		$	(49,634	)	$	75,732
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,287		$	9,287		$	-		$	-		$	8,063		$	8,063
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(401	)		253,501			32,227			285,327			(753	)		52,525			(1,159	)		50,613
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(1,980	)		(379,839	)		54,380			(327,439	)		(3,231	)		47,548			(95,237	)		(50,920	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(946	)		163,333			16,830			179,217			(640	)		(46,172	)		(2,167	)		(48,979	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(1,046	)		260,120			12,523			271,597			(2,763	)		30,374			90,227			117,838
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,476	)		137,574			41,852			177,950			(2,011	)		110,869			(5,456	)		103,402
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(399	)		(399	)		(219	)		(118,037	)		94,039			(24,217	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(110	)		153,723			(91,051	)		62,562			-			-			-			-
Total	$	(5,959	)	$	588,412		$	75,649		$	658,102		$	(9,617	)	$	77,107		$	88,310		$	155,800
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	3,485		$	3,485		$	-		$	-		$	11,507		$	11,507
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(174	)		108,713			18,397			126,936			(353	)		23,632			(5,892	)		17,387
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(684	)		64,081			(63,397	)		-			(1,062	)		60,348			(7,732	)		51,554
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			(242	)		(242	)		-			-			-			-
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			89,775			89,775			(156	)		(83,540	)		61,779			(21,917	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(64	)		88,318			(53,535	)		34,719			-			-			-			-
Total	$	(922	)	$	261,112		$	(5,517	)	$	254,673		$	(1,571	)	$	440		$	59,662		$	58,531

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The Series’ investments in private investment companies as of March 31, 2022 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 - Quantica Managed Futures Feeder Fund (507) 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 - Quantica Managed Futures Feeder Fund (507) 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 - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) 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 - Quantica Managed Futures Feeder Fund (507) 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 1, 2022, John Locke Investments SA, accessed through Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC, ceased to act as a commodity trading advisor to the Trust.

Effective January 1, 2022, Quantica Capital AG, accessed through Galaxy Plus Fund – Quantica Managed Futures Feeder Fund (507) LLC, became a new commodity trading advisor for Frontier Balanced Fund, Frontier Diversified Fund, Frontier Masters Fund and Frontier Select Fund.

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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.

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.

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, $393, $31,725, $374,556, $21,287, $159,581 and $71,693 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2022.

34

The following table summarizes fees earned by the Managing Owner for the three months ended March 31, 2022 and March 31, 2021, respectively.

Three Months Ended March 31, 2022	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	251	$	27,593
Frontier Masters Fund		-		-		116		11,781
Frontier Long/Short Commodity Fund		-		-		56		8,468
Frontier Balanced Fund		76,272		4,403		61,363		102,264
Frontier Select Fund		-		-		10,925		11,861
Frontier Global Fund		-		-		16,989		30,349
Frontier Heritage Fund		-		-		18,381		27,156

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

The following table summarizes fees payable to the Managing Owner as of March 31, 2022 and December 31, 2021.

As of March 31, 2022	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	96	$	10,172
Frontier Masters Fund		-		-		-		43		4,298
Frontier Long/Short Commodity Fund		-		-		43		22		2,882
Frontier Balanced Fund		76,963		1,601		953		20,814		36,890
Frontier Select Fund		-		-		237		4,272		4,299
Frontier Global Fund		-		-		400		6,268		11,321
Frontier Heritage Fund		-		-		448		6,492		10,363

As of December 31, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	83	$	9,217
Frontier Masters Fund		-		-		-		43		3,882
Frontier Long/Short Commodity Fund		-		-		32		19		3,407
Frontier Balanced Fund		54,702		1,431		957		18,314		32,970
Frontier Select Fund		-		-		196		3,524		3,682
Frontier Global Fund		-		-		312		4,986		9,533
Frontier Heritage Fund		-		-		217		4,950		8,307

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.

35

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, 2022 and 2021.

Three Months Ended	March 31, 2022		March 31, 2021		March 31, 2022			March 31, 2021
	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		3		8		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 3		106		226		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 1a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 2a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 3a		-		-		0.00	%		0.00	%
Frontier Balanced Fund Class 1		2,350		301		0.03	%		0.00	%
Frontier Balanced Fund Class 1AP		21		3		0.03	%		0.00	%
Frontier Balanced Fund Class 2		493		69		0.03	%		0.00	%
Frontier Balanced Fund Class 2a		3		1		0.01	%		0.00	%
Frontier Balanced Fund Class 3a		25		3		0.01	%		0.00	%
Frontier Select Fund Class 1		594		790		0.04	%		0.05	%
Frontier Select Fund Class 1AP		5		5		0.04	%		0.05	%
Frontier Select Fund Class 2		31		35		0.04	%		0.05	%
Frontier Global Fund Class 1		839		1,455		0.04	%		0.05	%
Frontier Global Fund Class 1AP		-		-		0.00	%		0.00	%
Frontier Global Fund Class 2		73		103		0.04	%		0.05	%
Frontier Heritage Fund Class 1		854		1,038		0.03	%		0.05	%
Frontier Heritage Fund Class 1AP		3		4		0.03	%		0.05	%
Frontier Heritage Fund Class 2		81		104		0.03	%		0.05	%
Total	$	5,481	$	4,145

36

7. Financial Highlights

The following information presents the financial highlights of the Series, for the three months ended March 31, 2022 and 2021. This data has been derived from the information presented in the financial statements.

For the three months ended March 31, 2022

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	Class 2			Class 3			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2021	$	88.98		$	83.56		$	70.17		$	66.15		$	89.97		$	58.75		$	94.38		$	62.16
Net operating results:
Interest income		0.04			0.04			0.07			0.07			0.05			0.03			0.05			0.03
Expenses		(0.85	)		(0.80	)		(1.29	)		(1.22	)		(0.64	)		(0.42	)		(0.67	)		(0.44	)
Net gain/(loss) on investments, net of non-controlling interests		19.64			18.50			27.48			25.98			23.40			15.24			24.55			16.17
Net income/(loss)		18.83			17.74			26.27			24.83			22.81			14.85			23.93			15.76
Net asset value, March 31, 2022	$	107.81		$	101.30		$	96.44		$	90.98		$	112.78		$	73.60		$	118.31		$	77.92
Ratios to average net assets
Net investment income/(loss)		-3.46	%		-3.46	%		-6.16	%		-6.16	%		-2.50	%		-2.50	%		-2.50	%		-2.50	%
Expenses before incentive fees (3)(4)		3.63	%		3.63	%		6.52	%		6.52	%		2.70	%		2.70	%		2.70	%		2.70	%
Expenses after incentive fees (3)(4)		3.63	%		3.63	%		6.52	%		6.52	%		2.70	%		2.70	%		2.70	%		2.70	%
Total return before incentive fees (2)		21.16	%		21.24	%		37.44	%		37.53	%		25.35	%		25.28	%		25.35	%		25.36	%
Total return after incentive fees (2)		21.16	%		21.24	%		37.44	%		37.53	%		25.35	%		25.28	%		25.35	%		25.36	%

37

	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, 2021	$	82.82		$	103.38		$	139.40		$	120.98		$	120.57		$	63.39		$	79.21		$	105.10
Net operating results:
Interest income		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		0.00			0.00			0.00
Expenses		(2.32	)		(2.05	)		(2.76	)		(2.39	)		(2.39	)		(1.06	)		(0.67	)		(0.89	)
Net gain/(loss) on investments, net of non-controlling interests		26.33			32.99			44.50			38.66			38.52			21.26			26.67			35.40
Net income/(loss)		24.00			30.95			41.74			36.26			36.14			20.19			25.99			34.51
Net asset value, March 31, 2022	$	106.82		$	134.33		$	181.14		$	157.24		$	156.71		$	83.58		$	105.20		$	139.61
Ratios to average net assets
Net investment income/(loss)		-8.06	%		-4.98	%		-4.98	%		-4.98	%		-4.98	%		-6.10	%		-3.09	%		-3.09	%
Expenses before incentive fees (3)(4)		7.32	%		4.24	%		4.24	%		4.24	%		4.24	%		6.10	%		3.09	%		3.09	%
Expenses after incentive fees (3)(4)		8.06	%		4.98	%		4.98	%		4.98	%		4.98	%		6.10	%		3.09	%		3.09	%
Total return before incentive fees (2)		29.72	%		30.67	%		30.68	%		30.71	%		30.71	%		31.86	%		32.82	%		32.83	%
Total return after incentive fees (2)		28.98	%		29.94	%		29.94	%		29.97	%		29.97	%		31.86	%		32.82	%		32.83	%
Incentive fee per share		0.67			0.85			1.14			0.99			0.99						-			-
Incentive Fee to ANA		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.00	%		0.00	%		0.00	%

38

	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, 2021	$	109.45		$	170.40		$	103.43		$	129.19		$	172.91
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.62	)		(2.51	)		(2.15	)		(1.55	)		(2.08	)
Net gain/(loss) on investments, net of non-controlling interests		55.07			86.05			47.00			58.96			78.90
Net income/(loss)		52.45			83.54			44.84			57.41			76.82
Net asset value, March 31, 2022	$	161.90		$	253.94		$	148.27		$	186.60		$	249.73
Ratios to average net assets
Net investment income/(loss)		-7.97	%		-4.95	%		-7.08	%		-4.06	%		-4.06	%
Expenses before incentive fees (3)(4)		7.97	%		4.95	%		7.08	%		4.06	%		4.06	%
Expenses after incentive fees (3)(4)		7.97	%		4.95	%		7.08	%		4.06	%		4.06	%
Total return before incentive fees (2)		47.92	%		49.02	%		43.35	%		44.44	%		44.43	%
Total return after incentive fees (2)		47.92	%		49.02	%		43.35	%		44.44	%		44.43	%

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

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

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

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

39

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	%

40

	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.

41

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, 2022 and December 31, 2021 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, 2022

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		373		367

For the Three Months ended March 31, 2021

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		788		787

42

The following tables summarize the trading revenues for the three months ended March 31, 2022, and 2021 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2022

Type of contract	Frontier Balanced Fund
Agriculturals	$	(37,319	)
Currencies		183,465
Energies		107,870
Interest rates		27,127
Metals		(188,863	)
Stock indices		179,189
Realized trading income/(loss)(1)	$	271,469

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	63,311
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,119
Realized trading income/(loss)(1)	$	371,559

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

43

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

for the Three Months Ended March 31, 2022

Type of contract	Frontier Balanced Fund
Agriculturals	$	(2,154	)
Currencies		(3,547	)
Energies		14,760
Interest rates		17,389
Metals		15,429
Stock indices		865
Change in unrealized trading income/(loss)(1)	$	42,742

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	)

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

44

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 FCMs 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, 2022 and December 31, 2021.

As of March 31, 2022

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)	$	-	$	-	$	-

As of December 31, 2021

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)	$	2,118,427	$	(2,103,591	)	$	14,836

45

9. Trading Activities and Related Risks

The purchase and sale of futures and options on futures contracts require margin deposits with FCMs. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act, as amended (“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 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.

46

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

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

10. Indemnifications and Guarantees noted in Management Discussion and Analysis

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

11. Subsequent Events

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

From April 1, 2022 through May 16, 2022, 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 $372,895, $108,943, $115,631, $35,729, $2,000, $5,137 and $258,891, respectively, in redemptions.

47

Frontier Funds

Consolidated Statements of Financial Condition

March 31, 2022 (Unaudited) and December 31, 2021

	March 31, 2022		December 31, 2021
ASSETS
Cash and cash equivalents	$	799,428	$	698,732
U.S. Treasury securities, at fair value		1,160,001		140,487
Receivable from futures commission merchants		234,445		818,362
Open trade equity, at fair value		-		14,836
Investments in private investment companies, at fair value		24,212,964		19,595,064
Interest receivable		8,690		3,029
Redemptions receivable from private investment companies		4,944		-
Total Assets	$	26,420,472	$	21,270,510
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	76,886	$	68,242
Incentive fees payable to Managing Owner		76,963		54,702
Management fees payable to Managing Owner		1,601		1,431
Interest payable to Managing Owner		2,081		1,714
Trading fees payable to Managing Owner		80,225		70,998
Service fees payable to Managing Owner		38,007		31,919
Risk analysis fees payable		11,701		10,380
Subscriptions in advance for service fee rebates		681,885		673,809
Other liabilities		21,486		17,625
Total Liabilities		990,835		930,820
OWNERS’ CAPITAL
Managing Owner Units		268,246		214,522
Limited Owner Units		25,161,391		20,125,168
Total Owners’ Capital		25,429,637		20,339,690
Total Liabilities and Owners’ Capital	$	26,420,472	$	21,270,510

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

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Frontier Funds

Consolidated Condensed Schedule of Investments (Unaudited)

March 31, 2022

			% of Total Capital
	Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)	$	328,497		1.29	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		2,804,986		11.03	%
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		1,443,371		5.68	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		2,084,069		8.20	%
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		197,427		0.78	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		2,558,207		10.06	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		8,546,936		33.61	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,792,924		22.78	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		456,547		1.80	%
Total Private Investment Companies	$	24,212,964		95.22	%
U.S. TREASURY SECURITIES
FACE VALUE
$1,016,500  US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	1,160,001		4.56	%
Total U.S. Treasury Securities	$	1,160,001		4.56	%

(1) See Note 2 to the Financial Statements.

(2) See Note 5 to the Financial Statements.

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

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Frontier Funds

Consolidated Condensed Schedule of Investments

December 31, 2021

				% of Total Capital
Description	Fair Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
Various agriculture futures contracts (Far East)	$	10,141			0.05	%
Various agriculture futures contracts (Europe)		(21,640	)		-0.11	%
Various agriculture futures contracts (U.S.)		51,912			0.26	%
Various base metals futures contracts (U.S.)		20,031			0.10	%
Various currency futures contracts (Europe)		1,994			0.01	%
Various currency futures contracts (Far East)		819			0.00	%
Various currency futures contracts (Latin America)		6,710			0.03	%
Various currency futures contracts (U.S.)		(9,800	)		-0.05	%
Various energy futures contracts (U.S.)		34			0.00	%
Various interest rates futures contracts (Europe)		(718,038	)		-3.53	%
Various interest rates futures contracts (Far East)		(10,418	)		-0.05	%
Various interest rates futures contracts (U.S.)		(7,281	)		-0.04	%
Various precious metal futures contracts (U.S.)		19,168			0.09	%
Various soft futures contracts (U.S.)		138,674			0.68	%
Various stock index futures contracts (Europe)		1,508			0.01	%
Various stock index futures contracts (Far East)		1,541			0.01	%
Various stock index futures contracts (Oceanic)		1,236			0.01	%
Various stock index futures contracts (Canada)		1,853			0.01	%
Total Long Futures Contracts	$	(511,556	)		-2.52	%
SHORT FUTURES CONTRACTS *
Various agriculture futures contracts (Far East)	$	(27,804	)		-0.14	%
Various agriculture futures contracts (Europe)		20,105			0.10	%
Various agriculture futures contracts (U.S.)		(11,749	)		-0.06	%
Various base metals futures contracts (U.S.)		(29,574	)		-0.15	%
Various currency futures contracts (Europe)		(18,181	)		-0.09	%
Various currency futures contracts (Far East)		(1,110	)		-0.01	%
Various currency futures contracts (Latin America)		(21,340	)		-0.10	%
Various currency futures contracts (U.S.)		6,288			0.03	%
Various energy futures contracts (U.S.)		(10,792	)		-0.05	%
Various interest rates futures contracts (Europe)		785,677			3.86	%
Various interest rates futures contracts (U.S.)		(625	)		0.00	%
Various precious metal futures contracts (U.S.)		(38,573	)		-0.19	%
Various soft futures contracts (U.S.)		(110,902	)		-0.55	%
Various stock index futures contracts (Canada)		(5,194	)		-0.03	%
Various stock index futures contracts (Europe)		(5,157	)		-0.03	%
Various stock index futures contracts (Far East)		(2,191	)		-0.01	%
Various stock index futures contracts (Oceanic)		(2,217	)		-0.01	%
Various stock index futures contracts (U.S.)		(269	)		0.00	%
Total Short Futures Contracts	$	526,392			2.57	%
Total Open Trade Equity (Deficit)	$	14,836			0.05	%
PRIVATE INVESTMENT COMPANIES (3)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,765,907			13.60	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,005,707			4.94	%
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		129,995			0.64	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,588,673			7.81	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		6,352,866			31.23	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		4,616,381			22.70	%
Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC)		2,409,149			11.84	%
Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)		252,149			1.24	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		474,234			2.33	%
Total Private Investment Companies	$	19,595,064			96.33	%
U.S. TREASURY SECURITIES (2)
FACE VALUE
FACE VALUE   US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)		140,487			0.69	%
Total U.S. Treasury Securities	$	140,487			0.69	%

* 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 3.
(2)	See Notes to Consolidated Financial Statements, Note 2.

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

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Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended March 31, 2022 and 2021

	March 31, 2022			March 31, 2021
Investment income:
Interest - net	$	2,524		$	3,721
Total Income		2,524			3,721
Expenses:
Incentive Fees (rebate)		76,272			49,840
Management Fees		4,403			4,619
Risk analysis Fees		1,321			1,386
Service Fees - Class 1		108,081			116,113
Due Diligence Fees		1,260			1,583
Trading Fees		219,472			243,165
Total Expenses		410,809			416,706
Investment income/(loss) - net		(408,285	)		(412,985	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		271,469			371,559
Net unrealized gain/(loss) on private investment companies		8,459,282			976,504
Net realized gain/(loss) on private investment companies		(2,050,355	)		249,922
Net change in open trade equity/(deficit)		42,742			(47,335	)
Net realized gain/(loss) on U.S. Treasury securities		(5,054	)		(9,269	)
Net unrealized gain/(loss) on U.S. Treasury securities		(11,220	)		(2,167	)
Trading commissions		(3,120	)		(6,017	)
Net gain/(loss) on investments		6,703,744			1,533,197
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	6,295,459		$	1,120,212

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

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Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ending March 31, 2022

	Managing Owner			Limited Owners			Total
Owners’ Capital, December 31, 2021	$	214,522		$	20,125,168		$	20,339,690
Sale of Units (including transfers)		-			-			-
Redemption of Units (including transfers)		(12,350	)		(1,193,162	)		(1,205,512	)
Payment made by Related Party		-			-			-
Payment made by Managing Owner		-			-			-
Net increase/(decrease) in Owners’		66,074			6,229,385			6,295,459
Capital resulting from operations
Owners’ Capital, March 31, 2022	$	268,246		$	25,161,391		$	25,429,637

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

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Frontier Funds

Consolidated Statements of Cash Flows (Unaudited)

For the Three Months Ended March 31, 2022 and 2021

	March 31, 2022			March 31, 2021
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	6,295,463		$	1,120,212
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		14,836			47,335
Net change in ownership allocation of U.S. Treasury Securities		687			-
Net unrealized (gain)/loss on private investment companies		(8,459,281	)		(976,504	)
Net realized (gain)/loss on private investment companies		2,050,355			(249,922	)
Net unrealized (gain)/loss on U.S. Treasury securities		11,220			2,167
Net realized (gain)/loss on U.S. Treasury securities		5,054			9,269
(Purchases) sales of:
(Purchases) of U.S. Treasury securities		(1,039,000	)		(737,126	)
Sales of U.S. Treasury securities		-			2,250,954
(Purchases) of Private Investment Companies		(3,342,514	)		(3,696,290	)
Sales of Private Investment Companies		5,133,547			4,825,149
U.S. Treasury interest and premium paid/amortized		2,524			3,721
Increase and/or decrease in:
Receivable from futures commission merchants		583,917			(507,424	)
Interest receivable		(5,661	)		40,451
Receivable from related parties		-			26,129
Redemptions receivable from private investment companies		(4,944	)		21,558
Incentive fees payable to Managing Owner		22,261			49,840
Management fees payable to Managing Owner, net of change in receivable		170			(7,225	)
Interest payable to Managing Owner		367			(633	)
Trading fees payable to Managing Owner		9,227			1,789
Service fees payable to Managing Owner		6,088			91
Risk analysis fees payable		1,321			1,385
Payables to related parties		-			(26,129	)
Subscriptions in advance for service fee rebates		8,076			8,543
Other liabilities		3,861			3,979
Net cash provided by operating activities		1,297,564			2,211,319
Cash Flows from Financing Activities:
Payment for redemption of capital		(1,205,512	)		(2,204,269	)
Redemptions payable		8,644			(19,847	)
Net cash provided by (used in) financing activities		(1,196,868	)		(2,224,116	)
Net increase (decrease) in cash and cash equivalents		100,696			(12,795	)
Cash and cash equivalents, beginning of period		698,732			468,466
Cash and cash equivalents, end of period	$	799,428		$	455,671

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

53

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 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;

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● 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 Masters Fund Class 1 was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021

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

55

As of March 31, 2022, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3.

Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by New Hyde Park Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

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

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

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

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

Consolidation— The Series, through investing in the Trading Companies and Galaxy Plus entities, authorize certain Trading Advisors to place trades and manage assets at 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.

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

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

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

Interest Income—U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasury securities and assets held at an FCM of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the statement of operations.

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

Receivable from Futures Commission Merchants—The Trust deposits assets with 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, 2022 and December 31, 2021 and included restricted cash for margin requirements of $236,513 and $801,701 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).

57

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 cost 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, compares and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts.

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Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the quarter ended March 31, 2022.

The 2018 through 2021 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. 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.

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Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2021, 2020 and 2019, 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 2022 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 $681,885 and $673,809 as of March 31, 2022 and December 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 11. 

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

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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, compares 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, as well as from a 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. All swap investments were liquidated in the year of 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, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
U.S. Treasury Securities	$	1,160,001	$	-	$	-	$	1,160,001

December 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	14,836	$	-	$	-	$	14,836
U.S. Treasury Securities		140,487		-		-		140,487

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4. Swap Contracts

In addition to authorizing Trading Advisors to manage predetermined 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. All swap investments were liquidated in the year of 2020.

5. Investments in Private Investment Companies

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

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

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The following table summarizes the Trust’s equity in earnings from each of the private investment companies during the three months ended March 31, 2022 and 2021:

Three months ended March 31, 2022 and 2021 

	Three Months Ended March, 2022												Three Months Ended March, 2021
	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	$	(4,059	)	$	2,577,640		$	359,865		$	2,933,446		$	(6,562	)	$	447,803		$	(72,658	)	$	368,583
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(5,786	)		(1,136,665	)		167,524			(974,927	)		(9,998	)		144,511			(306,321	)		(171,808	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(270	)		70,364			(7,272	)		62,822			(229	)		23,549			(18,332	)		4,988
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(5,068	)		872,309			101,706			968,947			(3,139	)		(229,555	)		5,369			(227,325	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(3,235	)		712,120			256,288			965,173			(7,086	)		79,440			200,172			272,526
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			67,491			67,491			-			-			58,149			58,149
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			(242	)		(242	)		-			-			-			-
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(15,069	)		1,439,330			275,941			1,700,202			(23,417	)		1,321,005			(146,069	)		1,151,519
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			86,500			86,500			(1,707	)		(917,839	)		716,976			(202,570	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(2,454)			(268,651	)		336,523			65,418			(1,808	)		-			(28,559	)		(30,367	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(962	)		1,338,501			(803,442	)		534,097			-			-			-			-
Total	$	(36,903	)	$	5,604,948		$	840,882		$	6,408,927		$	(53,946	)	$	868,914		$	408,727		$	1,223,695

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

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) 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 1, 2022, John Locke Investments SA, accessed through Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC, ceased to act as a commodity trading advisor to the Trust.

Effective January 1, 2022, Quantica Capital AG, accessed through Galaxy Plus Fund – Quantica Managed Futures Feeder Fund (507) LLC, became a new commodity trading advisor for Frontier Balanced Fund, Frontier Diversified Fund, Frontier Masters Fund and Frontier Select Fund.  

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6. Transactions with Affiliates

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

The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates. 

Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the notional assets of such Series allocated to Trading Companies, calculated on a daily basis. The percentage basis of the fees varies and are in line with the amounts being disclosed below. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series’ (including notional assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. The total amount of assets of a Series allocated to Trading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the Trading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the Trading Advisors and any reference programs, is referred to herein as the “notional assets” of the Series. The annual rate of the management fee is: 0.5% for the Frontier Balanced Fund Class 1 and Class 2, 1.0% for the Frontier Balanced Fund Class 1AP, Class 2a and Class 3a, 2.0% for the Frontier Global Fund, Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a and Frontier Masters Fund, 0.75% for Frontier Diversified Fund, 2.5% for the Frontier Heritage Fund and Frontier Select Fund, and 3.5% for the Frontier Long/Short Commodity Fund Class 2 and Class 3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the Series by the Managing Owner.

The management fee as a percentage of the applicable Series’ notional assets will be greater than the percentage of the applicable Series’ net asset value to the extent that the notional assets of the Series exceeds its net asset value. The Managing Owner expects that the notional assets of each Series will generally be maintained at a level in excess of the net asset value of such Series and such excess may be substantial to the extent the Managing Owner deems necessary to achieve the desired level of volatility.

Trading Fees—In connection with each Series’ trading activities the Frontier Balanced Fund, Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund pays to the Managing Owner an FCM fee of up to 2.25% per annum of notional assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and any reference programs of the applicable Series. The Frontier Diversified Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund pays to the Managing Owner an FCM fee of up to 2.25% of notional assets allocated to the trading advisors, including through investments in commodity pools available on the Galaxy Plus Platform, and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

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Incentive Fees—Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. Because the Frontier Balanced Fund, Frontier Diversified Fund, Frontier Masters Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly Incentive fee calculated on a Trading Advisor by Trading Advisor basis.

It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Frontier Balanced Fund and the Frontier Diversified Fund and 20% for the Frontier Global Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

Service Fees—In addition, with respect to Class 1 and Class 1a Units of each Series of the Trust, as applicable, the Series pays monthly or quarterly to the Managing Owner a service fee of up to 3% and 2% annually, for the closed Series and open Series, respectively, which the Managing Owner pays to selling agents of the Trust. With respect to Class 2 Units of each Series of the Trust, as applicable, the Series pays monthly or quarterly to the Managing Owner a service fee of up to 0.25% annually, for the closed Series and open Series, respectively, which the Managing Owner pays to selling agents of the Trust.

As of March 31, 2022, the Trust had a payable to the Managing Owner in the amounts of $76,963, $1,601, $2,081, $80,225 and $38,007 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2021, the Trust had a payable to the Managing Owner in the amounts of $54,702, $1,431, $1,714, $70,998 and $31,919 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended March 31, 2022 the Managing Owner earned $76,272, $4,403, $1,321, $108,081 and $219,472 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the three months ended March 31, 2021, the Managing Owner earned $49,840, $4,619, $1,386, $116,113 and $243,165 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

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

Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (for the three months ended March 31, 2022, and March 31, 2021 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, 2022 and March 31, 2021 and, the Trust paid $5,480, and $4,145, 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. 

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7. Financial Highlights

The following information presents the financial highlights of the Trust for the three months ended March 31, 2022 and March 31, 2021. This data has been derived from the information presented in the consolidated financial statements.

Three months ended March 31

	2022			2021
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.50	%		-6.20	%
Expenses before incentive fees (3)		6.20	%		6.06	%
Expenses after incentive fees (3)		6.55	%		6.26	%
Total return before incentive fees (2)		29.11	%		6.45	%
Total return after incentive fees (2)		28.76	%		4.56	%

(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, 2022 and December 31, 2021 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, 2022 and March 31, 2021, the monthly average of futures, forwards and options contracts bought was approximately 373 and 788, respectively and sold was approximately 367 and 787, respectively.

The following tables summarize the trading revenues for the three months ended March 31, 2022 and March 31, 2021 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2022

Type of contract
Agriculturals	$	(37,319	)
Currencies		183,465
Energies		107,870
Interest rates		27,127
Metals		(188,863	)
Stock indices		179,189
Realized trading income/(loss)(1)	$	271,469

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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		171,118
Realized trading income/(loss)(1)	$	371,559

(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, 2022

Type of contract
Agriculturals	$	(2,154	)
Currencies		(3,547	)
Energies		14,760
Interest rates		17,389
Metals		15,429
Stock indices		865
Change in unrealized trading income/(loss)(1)	$	42,742

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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	)

(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 FCMs 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 Master 31, 2022 and December 31, 2021:

As of March 31, 2022

		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)	$	-	$	-	$	-

As of December 31, 2021

	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)	$	2,118,427	$	(2,103,591	)	$	14,836

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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.

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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, 2022 through May 16, 2022, the Trust paid $899,225 in redemptions.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Introduction

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

The following discussion and tables should be read in conjunction with our unaudited consolidated financial statements and notes thereto included in this quarterly report and our 2021 Annual Report on Form 10-K for the year ended December 31, 2021.

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 a investment objective of increasing the value of the Units over the long term (capital appreciation), while controlling risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments (currencies). For additional overview of the Trust’s structure and business activities, see Item 1.

All management fees, incentive fees, service fees, risk analysis fee (for closed Series only) and trading fees of the Trust are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, selling agent service fees and all other operating expenses and continuing offering costs of the Trust. Only management fees and incentive fees related to assets allocated through Trading Companies are included in expense on the Statement of Operations. The Series are all charged management and incentive fees on the assets allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. As of the date of this report, for a Series that has invested in a swap, the Managing Owner or Trading Advisor(s) do not receive any management fees or incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap. The Series are also charged management and incentive fees on assets allocated to swaps. Such fees are embedded in the fair value of the swap and are included in net unrealized gain (loss) on swap contracts on the Statements of Operations. Embedded in the swap fair value is management and incentive fees being paid to Trading Advisors.

For the three months ended March 31, 2022, 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).

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Critical Accounting Policies and Estimates

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

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

Investment Transactions and Valuation

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

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

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

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

Selection and Replacement of Trading Advisors

The 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.

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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.

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 (“Aspect”)	Systematic	Galaxy Plus
Fort, L.P. (“Fort”)	Systematic	Galaxy Plus
Quantitative Investment Management, LLC (“QIM”)	Systematic	Galaxy Plus
Quest Partners LLC (“Quest”)	Systematic	Galaxy Plus
Rosetta Capital Management, LLC (“Rosetta”)	Discretionary	Galaxy Plus
Welton Investment Partners LLC (“Welton”)	Systematic	Galaxy Plus
Wimmer Horizon, LLP (“Wimmer Horizon”)	Systematic	Trading Company
Quantica Capital AG (“Quantica”)	Systematic	Galaxy Plus
Volt Capital Management AB (“Volt”)	Systematic	Galaxy Plus

Effective January 1, 2022, John Locke Investments, SA accessed through Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC, ceased to act as a commodity trading advisor to the Trust.

Effective January 1, 2022, Quantica Capital AG, accessed through Galaxy Plus Fund – Quantica Managed Futures Feeder Fund (507) LLC, became a new commodity trading advisor for Frontier Balanced Fund, Frontier Diversified Fund, Frontier Masters Fund and Frontier Select Fund.  

As of March 31, 2022, the allocation of the assets of each applicable Series of the Trust among the Trading Advisors was as follows:

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Allocation as of March 31, 2022 (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		30	%		-			60	%		26	%		-			100	%		83	%
Fort, L.P.		27	%		-			-			8	%		-			-			-
Volt Diversified Alpha Fund		-			21	%		-			-			-			-			-
Quantitative Investment Management, LLC		8	%		-			-			14	%		-			-			-
Quantica Capital AG		9			-			25			15			45			-			-
Quest Partners LLC		18	%		-			-			12	%		-			-			-
Rosetta Capital Management, LLC		-			44	%		-			-			-			-			-
Welton Investment Partners LLC		8	%		35	%		15	%		15	%		55	%		-			17	%
Wimmer Horizon		-			-			-			10	%		-			-			-

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, 2022, cash deposited at the clearing brokers was $236,513 for the Trust. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. As of March 31, 2022, with the Federal Funds target rate at 0.25% to 0.50%, this amount is estimated to be 0.25%.  In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds and time deposits. Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 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. 

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Approximately 70% to 90% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the CEA and regulations there under. The remaining approximately 10% to 30% 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, 2022, total cash and cash equivalents held at banking institutions were $91,947 for the Frontier Diversified Fund, $41,036 for the Frontier Masters Fund, $43,661 for the Frontier Long/Short Commodity Fund, $431,827 for the Frontier Balanced Fund, $42,005 for the Frontier Select Fund, $69,369 for the Frontier Global Fund, and $79,583 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, 2022, the Trust was able to pay all redemptions.

Off-Balance Sheet Risk

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

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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, 2022

Series Returns and Other Information

The returns for each Series and Class of Units for the three months ended March 31, 2022 and 2021, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during the three months ended March 31, 2022 and 2021. The performance of each Series was impacted over the course of the periods by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For certain of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the periods presented.

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021.

Frontier Diversified Fund

The Frontier Diversified Fund—Class 1 NAV gained 0% and gained 2.67%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV gained 21.16% and gained 3.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV gained 21.24% and gained 3.16%, respectively, for the three months ended March 31, 2022 and 2021.

For the three months ended March 31, 2022, the Frontier Diversified Fund recorded total expenses of $28,789, net investments loss of $27,424, net realized/unrealized gain on investments of $658,102 and resulting in a net increase in Owners’ capital from operations of $630,678. For the three months ended March 31, 2021, the Frontier Diversified Fund recorded total expenses of $37,188, net investments loss of $35,601, net realized/unrealized gain on investments of $155,800, and resulting in a net increase in Owners’ capital from operations of $120,199.

Please see additional discussion under “Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021–Frontier Diversified Fund.”

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Frontier Masters Fund

The Frontier Masters Fund—Class 1 NAV gained 0% and gained 4.10%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Masters Fund—Class 2 NAV gained 37.44% and gained 4.55%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV gained 37.53% and gained 4.61%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses.

For the three months ended March 31, 2022, the Frontier Masters Fund recorded total expenses of $12,119, net investment loss of $11,455, net realized/unrealized gain on investments of $254,673, and resulting in a net increase in Owners’ capital from operations of $243,218. For the three months ended March 31, 2021, the Frontier Masters Fund recorded total expenses of $15,364, net investment loss of $14,509, net realized/unrealized gain on investments of $58,531, and resulting in a net increase in Owners’ capital from operations of $44,022.

Please see additional discussion under “Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021–Frontier Masters Fund.”

Frontier Long/Short Commodity Fund

The Frontier Long/Short Commodity Fund—Class 2 NAV gained 25.35% and gained 5.12%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 3 NAV gained 25.35% and gained 5.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV gained 25.28% and gained 5.79%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV gained 25.36% and gained 5.82%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses.

For the three months ended March 31, 2022, the Frontier Long/Short Commodity Fund recorded total expenses of $8,617, net investment loss of $8,007, net realized/unrealized gain on investments of $307,897, and resulting in a net increase in Owners’ capital from operations of $299,890. For the three months ended March 31, 2021, the Frontier Long/Short Commodity Fund recorded total expenses of $8,909, net investment loss of $7,630, net realized/unrealized gain on investments of $75,732, and resulting in a net increase in Owners’ capital from operations of $68,102. 

Please see additional discussion under “Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021–Frontier Long/Short Commodity Fund.”

Frontier Balanced Fund

The Frontier Balanced Fund—Class 1 NAV gained 28.98% and gained 4.32%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Balanced Fund—Class 2 NAV gained 29.94% and gained 5.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV gained 29.97% and gained 5.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV gained 29.97% and gained 5.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV gained 29.94% and gained 5.10%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses.

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For the three months ended March 31, 2022, the Frontier Balanced Fund recorded total expenses of $245,738, net investment loss of $245,738, net realized/unrealized gain on investments of $2,960,709 and resulting in a net increase in Owners’ capital from operations of $2,714,971. For the three months ended March 31, 2021, the Frontier Balanced Fund recorded total expenses of $237,551, net investment loss of $237,551, net realized/unrealized gain on investments of $740,524, and resulting in a net increase in Owners’ capital from operations of $502,973.

Please see additional discussion under “Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021–Frontier Balanced Fund.”

Frontier Select Fund

The Frontier Select Fund—Class 1 NAV gained 31.86% and gained 6.84%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Select Fund—Class 2 NAV gained 32.83% and gained 7.64%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV gained 32.82% and gained 7.64%, respectively, for the three months ended March 31, 2022 and 2021.

For the three months ended March 31, 2022, the Frontier Select Fund recorded total expenses of $22,786, net investment loss of $22,786, net realized/unrealized gain on investments of $466,465, and resulting in a net increase in Owners’ capital from operations of $443,679. For the three months ended March 31, 2021, the Frontier Select Fund recorded total expenses of $22,793, net investment loss of $22,793, net realized/unrealized gain on investments of $131,786, and resulting in a net increase in Owners’ capital from operations of $108,993.

Please see additional discussion under “Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021–Frontier Select Fund.”

Frontier Global Fund

The Frontier Global Fund—Class 1 NAV gained 47.92% and gained 3.09%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Global Fund—Class 2 NAV gained 49.02% and gained 3.85%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses.

For the three months ended March 31, 2022, the Frontier Global Fund recorded total expenses of $47,338, net investment loss of $47,338, net realized/unrealized gain on investments of $1,027,560, and resulting in a net increase in Owners’ capital from operations of $980,222. For the three months ended March 31, 2021, the Frontier Global Fund recorded total expenses of $55,068, net investment loss of $55,068, net realized/unrealized gain on investments of $143,706, and resulting in a net increase in Owners’ capital from operations of $88,638.

Please see additional discussion under “Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021–Frontier Global Fund.” 

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Frontier Heritage Fund

The Frontier Heritage Fund—Class 1 NAV gained 43.35% and gained 7.99%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 44.43% and gained 8.79%, respectively for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 44.44% and gained 8.79%, respectively, for the three months ended March 31, 2022 and 2021.

For the three months ended March 31, 2022, the Frontier Heritage Fund recorded total expenses of $45,537, net investment loss of $45,537, net realized/unrealized gain on investment of $1,028,338, and resulting in a net increase in Owners’ capital from operations of $982,801. For the three months ended March 31, 2021, the Frontier Heritage Fund recorded total expenses of $39,833, net investment loss of $39,833, net realized/unrealized gain on investments of $227,118, and resulting in a net increase in Owners’ capital from operations of $187,285.

Please see additional discussion under “Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021–Frontier Heritage Fund.”

Three months ended March 31, 2022 Compared to three Months Ended March 31, 2021

Frontier Diversified Fund 

2022

The Frontier Diversified Fund—Class 1 NAV gained 0% and gained 2.67%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV gained 21.16% and gained 3.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV gained 21.24% and gained 3.16%, respectively, for the three months ended March 31, 2022 and 2021.

For the three months ended March 31, 2022, the Frontier Diversified Fund recorded total expenses of $28,789, net investments loss of $27,424, net realized/unrealized gain on investments of $658,102 and resulting in a net increase in Owners’ capital from operations of $630,678. For the three months ended March 31, 2021, the Frontier Diversified Fund recorded total expenses of $37,188, net investments loss of $35,601, net realized/unrealized gain on investments of $155,800, and resulting in a net increase in Owners’ capital from operations of $120,199.

The NAV per Unit, Class 2, increased from $88.98 at December 31, 2021 to $107.81 as of March 31, 2022. The NAV per Unit, Class 3 increased from $83.56 at December 31, 2021 to $101.30 as of March 31, 2022. 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 $68,010, respectively. Ending capital at March 31, 2022 was $462,253 for Class 2, and $3,133,555 for Class 3. Ending capital at December 31, 2021 was $381,517 for Class 2, and $2,651,623 for Class 3.

For the three months ended March 31, 2022, Frontier Diversified Fund did not own a swap investment.

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

81

Five of the six sectors traded in the Frontier Diversified Fund were profitable in Q1 2022. Metals, Currencies, Energies, Agriculturals and Interest Rates were profitable while Stock Indices finished negative for the quarter.

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

In terms of major CTA performance, five of the six major CTAs in the Frontier Diversified Fund were profitable in Q1 2022. Aspect, Quantica, QIM, Quest and Welton finished positive for the quarter. Fort finished negative for the quarter. In terms of YTD performance Aspect, Quantica, QIM, Quest and Welton were positive YTD while Fort was negative YTD.

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 total expenses of $37,188, net investment loss of $35,601, net realized/unrealized gain on investments of $155,800, and 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 total expenses of $111,640, net investment loss of $111,606, net realized/unrealized loss on investments of $2,140,265, and 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.

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

 

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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.

Frontier Masters Fund

2022

The Frontier Masters Fund—Class 1 NAV lost 0% and gained 4.10%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Masters Fund—Class 2 NAV gained 37.44% and gained 4.55%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV gained 37.53% and gained 4.61%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses.

83

For the three months ended March 31, 2022, the Frontier Masters Fund recorded total expenses of $12,119, net investment loss of $11,455, net realized/unrealized gain on investments of $254,673, and resulting in a net increase in Owners’ capital from operations of $243,218. For the three months ended March 31, 2021, the Frontier Masters Fund recorded total expenses of $15,364, net investment loss of $14,509, net realized/unrealized gain on investments of $58,531, and resulting in a net increase in Owners’ capital from operations of $44,022.

The NAV per Unit, Class 2, increased from $70.17 at December 31, 2021 to $96.44 as of March 31, 2022. The NAV per Unit, Class 3, increased from $66.15 at December 31, 2021 to $90.98 as of March 31, 2022. Total Class 2 subscriptions and redemptions for the period were $0 and $49,917, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $140,856,  respectively. Ending capital at March 31, 2022 was $205,913 for Class 2, and $554,206 for Class 3. Ending capital at December 31, 2021 was $198,399 for Class 2, and $509,275 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. 

84

Five of the six sectors which traded in the Frontier Masters Fund were profitable in Q1 2022 and five of the six were profitable YTD. Metals, Currencies, Energies, Agriculturals and Interest Rates were profitable for Q1 2022 while Stock Indices finished negative for the quarter. Metals, Currencies, Energies, Agriculturals and Interest Rates were profitable YTD while Stock Indices finished negative YTD.

In terms of major CTA performance Aspect, Quantica and Welton finished positive for the quarter. No CTA’s were negative for the quarter. Aspect, Quantica and Welton were positive YTD. No CTA’s were negative YTD.

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 total expenses of $15,364, net investment loss of $14,509, net realized/unrealized gain on investments of $58,531, and 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 total expenses of $33,650, net investment loss of $32,660, net realized/unrealized gain on investments of $10,450, and 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.

85

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.

86

Frontier Long/Short Commodity Fund

2022

The Frontier Long/Short Commodity Fund—Class 2 NAV gained 25.35% and gained 5.12%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 3 NAV gained 25.35% and gained 5.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV gained 25.28% and gained 5.79%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV gained 25.36% and gained 5.82%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses.

For the three months ended March 31, 2022, the Frontier Long/Short Commodity Fund recorded total expenses of $8,617, net investment loss of $8,007, net realized/unrealized gain on investments of $307,897, and resulting in a net increase in Owners’ capital from operations of $299,890. For the three months ended March 31, 2021, the Frontier Long/Short Commodity Fund recorded total expenses of $8,909, net investment loss of $7,630, net realized/unrealized gain on investments of $75,732, and resulting in a net increase in Owners’ capital from operations of $68,102.

The NAV per Unit, Class 2, increased from $89.97 as of December 31, 2021 to $112.78 at March 31, 2022. The NAV per Unit, Class 3, increased from $94.38 as of December 31, 2021 to $118.31 at March 31, 2022. The NAV per Unit, Class 2a, increased from $58.75 as of December 31, 2021 to $73.60 at March 31, 2022. The NAV per Unit, Class 3a, increased from $62.16 as of December 31, 2021 to $77.92 at March 31, 2022. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $500, respectively. Total Class 3 subscriptions and redemptions for the three months were $0 and $56,440, 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, 2022 is $30,904 for Class 2, $1,086,238 for Class 3, $105,066 for Class 2a, and $261,066 for Class 3a. Ending capital at December 31, 2021 is $25,166 for Class 2, $923,058 for Class 3, $83,858 for Class 2a, and $208,242 for Class 3a.

For the three months ended March 31, 2022, Frontier Long/Short Commodity Fund did not own a swap investment.

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

87

All seven sectors traded in the Frontier Long/Short Commodity Fund were profitable in Q1 2022 and all seven were profitable YTD. Energies, Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished Q1 2022 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. 

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.

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For the three months ended March 31, 2021, the Frontier Long/Short Commodity Fund recorded total expenses of $8,909, net investment loss of $7,630, net realized/unrealized gain on investments of $75,732, and 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 total expenses of $9,751, net investment loss of $9,104, net realized/unrealized gain on investments of $122,801, and 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.

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.

89

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.

90

Frontier Balanced Fund

2022

The Frontier Balanced Fund—Class 1 NAV gained 28.98% and gained 4.32%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Balanced Fund—Class 2 NAV gained 29.94% and gained 5.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV gained 29.97% and gained 5.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV gained 29.97% and gained 5.11%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV gained 29.94% and gained 5.10%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses.

For the three months ended March 31, 2022, the Frontier Balanced Fund recorded total expenses of $245,738, net investment loss of $245,738, net realized/unrealized gain on investments of $2,960,709 and resulting in a net increase in Owners’ capital from operations of $2,714,971. For the three months ended March 31, 2021, the Frontier Balanced Fund recorded total expenses of $237,551, net investment loss of $237,551, net realized/unrealized gain on investments of $740,524, and resulting in a net increase in Owners’ capital from operations of $502,973.

The NAV per Unit, Class 1, increased from $82.82 as of December 31, 2021 to $106.82 at March 31, 2022. The NAV per Unit, Class 1AP, increased from $103.38 as of December 31, 2021 to $134.33 at March 31, 2022. The NAV per Unit, Class 2, increased from $139.40 as of December 31, 2021 to $181.14 at March 31, 2022. For Class 2a, the NAV per Unit increased from $120.98 as of December 31, 2021 to $157.24 at March 31, 2022. For Class 3a, the NAV per Unit increased from $120.57 as of December 31, 2021 to $156.71 at March 31, 2022. Total Class 1 subscriptions and redemptions for the three months were $0 and $437,606, 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 $6,060, respectively. Total Class 2a subscriptions and redemptions for the three months were $0 and $5,000, respectively. Total Class 3a subscriptions and redemptions for the three months were $0 and $0, respectively. Ending capital at March 31, 2022, was $9,141,503 for Class 1, $85,797 for Class 1 AP, $1,985,183 for Class 2, $66,671 for Class 2a and $496,184 for Class 3a. Ending capital at December 31, 2021, was $7,471,841 for Class 1, $66,027 for Class 1 AP, $1,533,078 for Class 2, $56,328 for Class 2a and $381,759 for Class 3a.

For the three months ended March 31, 2022, Frontier Balanced Fund did not own a swap investment. 

91

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

92

Five of the six sectors traded in the Frontier Balanced Fund were profitable in Q1 2022 and five of the six were profitable YTD. Metals, Currencies, Energies, Agriculturals and Interest Rates were profitable for Q1 2022 while Stock Indices finished negative for the quarter. Metals, Currencies, Energies, Agriculturals and Interest Rates were positive YTD while Stock Indices were negative YTD.

In terms of major CTA performance, Aspect, Quantica, QIM, Welton and Wimmer Horizon finished positive for the quarter. Fort was negative for the quarter.

Aspect, Quantica, QIM, Welton and Wimmer Horizon were positive YTD while Fort was negative YTD.

93

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 total expenses of $237,551, net investment loss of $237,551, net realized/unrealized gain on investments of $740,524, and 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 total expenses of $330,819, net investment loss of $324,508, net realized/unrealized loss on investments of $5,418,209, and 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.

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

95

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Three of the six sectors traded in the Frontier Balanced Fund were profitable in Q1 2021 and three of the six were profitable YTD. Energies, Agriculturals and Stock Indices were profitable for Q1 2021 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, Welton and Wimmer Horizon finished positive for the quarter. Fort, John Locke and QIM were negative for the quarter.

Aspect, Welton and Wimmer Horizon were positive YTD while Fort, John Locke and QIM were negative YTD.

Frontier Select Fund

2022

The Frontier Select Fund—Class 1 NAV gained 31.86% and gained 6.84%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Select Fund—Class 2 NAV gained 32.83% and gained 7.64%,respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV gained 32.82% and gained 7.64%, respectively, for the three months ended March 31, 2022 and 2021.

For the three months ended March 31, 2022, the Frontier Select Fund recorded total expenses of $22,786, net investment loss of $22,786, net realized/unrealized gain on investments of $466,465, and resulting in a net increase in Owners’ capital from operations of $443,679. For the three months ended March 31, 2021, the Frontier Select Fund recorded total expenses of $22,793, net investment loss of $22,793, net realized/unrealized gain on investments of $131,786, and resulting in a net increase in Owners’ capital from operations of $108,993.

The NAV per Unit, Class 1, increased from $63.39 as of December 31, 2021 to $83.58 at March 31, 2022. The NAV per Unit, Class 1AP, increased from $79.21 as of December 31, 2021 to $105.20 at March 31, 2022. The NAV per Unit, Class 2, increased from $105.10 as of December 31, 2021 to $139.61 at March 31, 2022. Total Class 1 subscriptions and redemptions for the three months ended March 31, 2022, were $0 and $30,962, respectively. Total Class 1AP subscriptions and redemptions for the three months ended March 31, 2022, were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the three months ended March 31, 2022, were $0 and $6,100, respectively. Ending capital at March 31, 2022 was $1,721,629 for Class 1, $13,626 for Class 1AP, and $87,232 for Class 2. Ending capital at December 31, 2021 was $1,334,518 for Class 1, $10,259 for Class 1AP, and $71,093 for Class 2.

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For the three months ended March 31, 2022, Frontier Select Fund did not own a swap investment.

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

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Five of the six sectors traded in the Frontier Select Fund were profitable in Q1 2022 and five of the six were profitable YTD. Metals, Currencies, Energies, Agriculturals and Interest Rates were positive while Stock Indices were negative for the quarter. Metals, Currencies, Energies, Agriculturals and Interest Rates were profitable YTD while Stock Indices finished negative YTD.

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

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 total expenses of $22,793, net investment loss of $22,793, net realized/unrealized gain on investments of $131,786, and 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 total expenses of $37,115, net investment loss of $37,115, net realized/unrealized gain on investments of $81,804, and resulting in a net increase in Owners’ capital from operations of $44,689.

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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.

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.

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Frontier Global Fund

2022

The Frontier Global Fund—Class 1 NAV gained 47.92% and gained 3.09%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Global Fund—Class 2 NAV gained 49.02% and gained 3.85%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses.

For the three months ended March 31, 2022, the Frontier Global Fund recorded total expenses of $47,338, net investment loss of $47,338, net realized/unrealized gain on investments of $1,027,560, and resulting in a net increase in Owners’ capital from operations of $980,222. For the three months ended March 31, 2021, the Frontier Global Fund recorded total expenses of $55,068, net investment loss of $55,068, net realized/unrealized gain on investments of $143,706, and resulting in a net increase in Owners’ capital from operations of $88,638.

The NAV per Unit, Class 1, increased from $109.45 at December 31, 2021 to $161.90 as of March 31, 2022. The NAV per Unit, Class 2, increased from $170.40 at December 31, 2021 to $253.94 as of March 31, 2022. Total Class 1 subscriptions and redemptions for the period were $0 and $160,162, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $144,947, respectively. Ending capital at March 31, 2022 was $2,660,475 for Class 1, $125,979 for Class 2 and Ending capital at December 31, 2021 was $1,926,328 for Class 1 and $185,013 for Class 2.

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

 

Five of the six sectors traded in the Frontier Global Fund were profitable in Q1 2022 and five of the six were profitable YTD. Metals, Currencies, Energies, Agriculturals and Interest Rates were positive while Stock Indices were negative for the quarter. Metals, Currencies, Energies, Agriculturals and Interest Rates were positive YTD while Stock Indices were negative YTD.

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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 total expenses of $55,068, net investment loss of $55,068, net realized/unrealized gain on investments of $143,706, and 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 total expenses of $85,996, net investment loss of $85,996, net realized/unrealized gain on investments of $559,705, and 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.

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.

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Frontier Heritage Fund

2022

The Frontier Heritage Fund—Class 1 NAV gained 43.35% and gained 7.99%, respectively, for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 44.43% and gained 8.79%, respectively for the three months ended March 31, 2022 and 2021, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 44.44% and gained 8.79%, respectively, for the three months ended March 31, 2022 and 2021.

For the three months ended March 31, 2022, the Frontier Heritage Fund recorded total expenses of $45,537, net investment loss of $45,537, net realized/unrealized gain on investment of $1,028,338, and resulting in a net increase in Owners’ capital from operations of $982,801. For the three months ended March 31, 2021, the Frontier Heritage Fund recorded total expenses of $39,833, net investment loss of $39,833, net realized/unrealized gain on investments of $227,118, and resulting in a net increase in Owners’ capital from operations of $187,285.

The NAV per Unit, Class 1, increased from $103.43 as of December 31, 2021 to $148.27 at March 31, 2022. The NAV per Unit, Class 1AP, increased from $129.19 as of December 31, 2021 to $186.60 at March 31, 2022. The NAV per Unit, Class 2, increased from $172.91 as of December 31, 2021 to $249.73 at March 31, 2022. Total Class 1 subscriptions and redemptions for the three months were $0 and $98,204, 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 $750, respectively. Ending capital at March 31, 2022 was $2,913,912 for Class 1, $11,903 for Class 1AP, and $280,340 for Class 2. Ending capital at December 31, 2021 was $2,119,250 for Class 1, $8,242 for Class 1AP, and $194,816 for Class 2.

For the three months ended March 31, 2022, Frontier Heritage Fund did not own a swap investment.

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

Five of the six sectors traded in the Frontier Heritage Fund were profitable in Q1 2022 and five of the six were profitable YTD. Metals, Currencies, Energies, Agriculturals and Interest Rates were positive while Stock Indices were negative for the quarter. Metals, Currencies, Energies, Agriculturals and Interest Rates were positive YTD while Stock Indices were negative YTD.

In terms of major CTA performance, Aspect and Welton were positive for Q1 2022 while no CTA’s were negative for the quarter. Aspect and Welton were positive YTD while no CTA’s were negative YTD.

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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 total expenses of $39,833, net investment loss of $39,833, net realized/unrealized gain on investments of $227,118, and 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 total expenses of $47,918, net investment loss of $47,918, net realized/unrealized gain on investments of $627,072, and 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.

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

Four of the six sectors traded in the Frontier Heritage Fund were profitable in 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 and Welton were positive for Q1 2021 while no CTA’s were negative for the quarter. Aspect and Welton were positive YTD while no CTA’s were negative YTD.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

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

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

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Quantitative Market Risk

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

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

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

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

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

Value at Risk by Market Sectors

The following tables present the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of March 31, 2022 and December 31, 2021. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

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DOMESTIC EXPOSURE

Frontier Balanced Fund:

	March 31, 2022					December 31, 2021
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	-		0.00	%	$	7,906		0.08	%
Currencies		236,513		2.01	%		817,788		8.60	%
Stock Indices		-		0.00	%		269		0.00	%
Metals		-		0.00	%		107,346		1.13	%
Agriculturals/Softs		-		0.00	%		313,239		3.29	%
Energy		-		0.00	%		10,826		0.11	%
Total:	$	236,513		2.01	%	$	1,257,374		13.21	%

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, 2022 and December 31, 2021. 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, 2022					December 31, 2021
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	-		0.00	%	$	1,514,134		15.92	%
Currencies		-		0.00	%		22,104		0.23	%
Stock Indices		-		0.00	%		20,897		0.22	%
Agriculturals/Softs		-		0.00	%		107,740		1.13	%
Total:	$	-		0.00	%	$	1,664,875		17.50	%

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.

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Non-Trading Risk

The Series have non-trading market risk on their foreign cash balances not needed for margin. However, these balances, as well as the market risk they represent, are immaterial. The Series also have non-trading market risk as a result of investing a portion of their available assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress of the U.S. or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds, certificates of deposit (under three months) and time deposits. The market risk represented by these investments is also immaterial.

Qualitative Market Risk

The following are the primary trading risk exposures of the Series of the Trust as of March 31, 2022, by market sector.

Interest Rates  

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

Currencies

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

Stock Indices

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

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Metals

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

Agriculturals/Softs

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

Energy

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

Other Trading Risks

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

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

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

112

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, 2022 (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.

113

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, 2022, 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, 2022.

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, 2022.

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.

114

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, 2021. 

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, 2022. 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.

115

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.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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 16, 2022	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 16, 2022	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		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 16, 2022	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 16, 2022	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		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 16, 2022	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 16, 2022	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		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 16, 2022	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 16, 2022	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		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 16, 2022	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 16, 2022	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		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 16, 2022	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 16, 2022	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		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 16, 2022	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 16, 2022	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		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 16, 2022	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 16, 2022	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		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

18 U.S.C.§1350,

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

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

I, Patrick F. Hart III, certify that:

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

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

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

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

(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 16, 2022

/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

18 U.S.C.§1350,

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

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

I, Patrick J. Kane, certify that:

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

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

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

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

(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 16, 2022

/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, 2022 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 16, 2022

/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 16, 2022

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, 2022 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 16, 2022

/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 16, 2022

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, 2022 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 Select 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 16, 2022

/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 16, 2022

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, 2022 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 16, 2022

/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 16, 2022

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, 2022 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 16, 2022

/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 16, 2022

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, 2022 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 16, 2022

/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 16, 2022

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, 2022 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 16, 2022

/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 16, 2022

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, 2022 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 16, 2022

/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 16, 2022

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 16, 2022
Document Information Line Items
Entity Registrant Name	FRONTIER FUNDS
Trading Symbol	N/A
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001261379
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-51274
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-6815533
Entity Address, Address Line One	25568 Genesee Trail Road
Entity Address, City or Town	Golden
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80401
City Area Code	(303)
Local Phone Number	454-5500
Title of 12(b) Security	N/A
Security Exchange Name	NONE
Entity Interactive Data Current	Yes
Frontier Diversified Fund
Document Information Line Items
Entity Common Stock, Shares Outstanding		34,250
Frontier Long/Short Commodity Fund
Document Information Line Items
Entity Common Stock, Shares Outstanding		13,942
Frontier Masters Fund
Document Information Line Items
Entity Common Stock, Shares Outstanding		8,207
Frontier Balanced Fund
Document Information Line Items
Entity Common Stock, Shares Outstanding		97,746
Frontier Select Fund
Document Information Line Items
Entity Common Stock, Shares Outstanding		21,300
Frontier Global Fund
Document Information Line Items
Entity Common Stock, Shares Outstanding		15,614
Frontier Heritage Fund
Document Information Line Items
Entity Common Stock, Shares Outstanding		20,291

XML

Statements of Financial Condition - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Frontier Funds [Member]
ASSETS
Cash and cash equivalents	$ 799,428	$ 698,732
U.S. Treasury securities, at fair value	1,160,001	140,487
Open trade equity, at fair value		14,836
Receivable from futures commission merchants	234,445	818,362
Investments in private investment companies, at fair value	24,212,964	19,595,064
Interest receivable	8,690	3,029
Redemptions receivable from private investment companies	4,944
Total Assets	26,420,472	21,270,510
LIABILITIES
Incentive fees payable to Managing Owner	76,963	54,702
Management fees payable to Managing Owner	1,601	1,431
Risk analysis fees payable	11,701	10,380
LIABILITIES
Interest payable to Managing Owner	2,081	1,714
Redemptions payable	76,886	68,242
Service fees payable to Managing Owner	38,007	31,919
Trading fees payable to Managing Owner	80,225	70,998
Subscriptions in advance for service fee rebates	681,885	673,809
Other liabilities	21,486	17,625
Total Liabilities	990,835	930,820
CAPITAL
Managing Owner Units	268,246	214,522
Limited Owner Units	25,161,391	20,125,168
Total Owners’ Capital	25,429,637	20,339,690
Total Liabilities and Capital	26,420,472	21,270,510
Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	91,947	165,491
U.S. Treasury securities, at fair value	133,419	33,274
Investments in private investment companies, at fair value	3,381,725	2,838,658
Investments in unconsolidated trading companies, at fair value	22,707	30,788
Interest receivable	999	717
Redemptions receivable from private investment companies
Total Assets	3,630,797	3,068,928
LIABILITIES
Interest payable to Managing Owner
Redemptions payable	277
Service fees payable to Managing Owner	96	83
Trading fees payable to Managing Owner	10,172	9,217
Subscriptions in advance for service fee rebates	22,650	22,650
Other liabilities	1,794	3,838
Total Liabilities	34,989	35,788
CAPITAL
Total Owners’ Capital	3,595,808	3,033,140
Non-Controlling Interests
Total Capital	3,595,808	3,033,140
Total Liabilities and Capital	3,630,797	3,068,928
Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	41,036	76,703
U.S. Treasury securities, at fair value	59,546	15,422
Investments in private investment companies, at fair value	694,512	638,376
Investments in unconsolidated trading companies, at fair value	10,134	14,270
Interest receivable	446	332
Redemptions receivable from private investment companies
Total Assets	805,674	745,103
LIABILITIES
Interest payable to Managing Owner
Redemptions payable	8,689
Service fees payable to Managing Owner	43	43
Trading fees payable to Managing Owner	4,298	3,882
Subscriptions in advance for service fee rebates	31,725	31,725
Other liabilities	800	1,779
Total Liabilities	45,555	37,429
CAPITAL
Total Owners’ Capital	760,119	707,674
Non-Controlling Interests
Total Capital	760,119	707,674
Total Liabilities and Capital	805,674	745,103
Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	43,661	40,528
U.S. Treasury securities, at fair value	63,354	8,148
Investments in private investment companies, at fair value	1,368,481	1,209,022
Investments in unconsolidated trading companies, at fair value	10,783	7,541
Interest receivable	475	176
Redemptions receivable from private investment companies	711
Total Assets	1,487,465	1,265,415
LIABILITIES
Interest payable to Managing Owner	43	32
Redemptions payable		20,299
Service fees payable to Managing Owner	22	19
Trading fees payable to Managing Owner	2,882	3,407
Subscriptions in advance for service fee rebates	393	393
Other liabilities	851	941
Total Liabilities	4,191	25,091
CAPITAL
Total Owners’ Capital	1,483,274	1,240,324
Non-Controlling Interests
Total Capital	1,483,274	1,240,324
Total Liabilities and Capital	1,487,465	1,265,415
Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	431,827	188,010
U.S. Treasury securities, at fair value	626,597	37,801
Open trade equity, at fair value		14,836
Receivable from futures commission merchants	234,445	818,362
Investments in private investment companies, at fair value	10,905,026	8,928,481
Investments in unconsolidated trading companies, at fair value	106,643	34,977
Interest receivable	4,694	815
Redemptions receivable from private investment companies	3,894
Total Assets	12,313,126	10,023,282
LIABILITIES
Incentive fees payable to Managing Owner	76,963	54,702
Management fees payable to Managing Owner	1,601	1,431
Risk analysis fees payable	11,701	10,380
LIABILITIES
Interest payable to Managing Owner	953	957
Redemptions payable		20,382
Service fees payable to Managing Owner	20,814	18,314
Trading fees payable to Managing Owner	36,890	32,970
Subscriptions in advance for service fee rebates	374,556	369,341
Other liabilities	14,310	5,772
Total Liabilities	537,788	514,249
CAPITAL
Total Owners’ Capital	11,775,338	9,509,033
Non-Controlling Interests
Total Capital	11,775,338	9,509,033
Total Liabilities and Capital	12,313,126	10,023,282
Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	42,005	51,140
U.S. Treasury securities, at fair value	60,950	10,282
Open trade equity, at fair value
Receivable from futures commission merchants
Investments in private investment companies, at fair value	1,739,617	1,374,376
Investments in unconsolidated trading companies, at fair value	10,373	9,514
Interest receivable	457	222
Redemptions receivable from private investment companies	339
Total Assets	1,853,741	1,445,534
LIABILITIES
Incentive fees payable to Managing Owner
Management fees payable to Managing Owner
Risk analysis fees payable
LIABILITIES
Interest payable to Managing Owner	237	196
Redemptions payable
Service fees payable to Managing Owner	4,272	3,524
Trading fees payable to Managing Owner	4,299	3,682
Subscriptions in advance for service fee rebates	21,287	21,076
Other liabilities	1,159	1,186
Total Liabilities	31,254	29,664
CAPITAL
Total Owners’ Capital	1,822,487	1,415,870
Non-Controlling Interests
Total Capital	1,822,487	1,415,870
Total Liabilities and Capital	1,853,741	1,445,534
Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	69,369	128,021
U.S. Treasury securities, at fair value	100,657	25,740
Investments in private investment companies, at fair value	2,830,415	2,137,382
Investments in unconsolidated trading companies, at fair value	17,132	23,818
Interest receivable	754	555
Total Assets	3,018,327	2,315,516
LIABILITIES
Interest payable to Managing Owner	400	312
Redemptions payable	52,947	27,561
Service fees payable to Managing Owner	6,268	4,986
Trading fees payable to Managing Owner	11,321	9,533
Subscriptions in advance for service fee rebates	159,581	158,810
Other liabilities	1,356	2,973
Total Liabilities	231,873	204,175
CAPITAL
Total Owners’ Capital	2,786,454	2,111,341
Non-Controlling Interests
Total Capital	2,786,454	2,111,341
Total Liabilities and Capital	3,018,327	2,315,516
Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	79,583	48,839
U.S. Treasury securities, at fair value	115,478	9,820
Investments in private investment companies, at fair value	3,095,759	2,338,774
Investments in unconsolidated trading companies, at fair value	19,655	9,087
Interest receivable	865	212
Total Assets	3,311,340	2,406,732
LIABILITIES
Interest payable to Managing Owner	448	217
Redemptions payable	14,973
Service fees payable to Managing Owner	6,492	4,950
Trading fees payable to Managing Owner	10,363	8,307
Subscriptions in advance for service fee rebates	71,693	69,814
Other liabilities	1,216	1,136
Total Liabilities	105,185	84,424
CAPITAL
Total Owners’ Capital	3,206,155	2,322,308
Non-Controlling Interests
Total Capital	3,206,155	2,322,308
Total Liabilities and Capital	3,311,340	2,406,732
Class 2 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	9,535	7,870
Limited Owner Units	$ 452,718	$ 373,647
Units Outstanding
Units Outstanding (in Shares)	4,288	4,288
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 107.81	$ 88.98
Class 2 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 5,197	$ 3,781
Limited Owner Units	$ 200,716	$ 194,618
Units Outstanding
Units Outstanding (in Shares)	2,135	2,828
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 96.44	$ 70.17
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 4,524	$ 4,121
Limited Owner Units	$ 26,380	$ 21,045
Units Outstanding
Units Outstanding (in Shares)	274	280
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 112.78	$ 89.97
Class 2 [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 56,067	$ 43,148
Limited Owner Units	$ 1,929,116	$ 1,489,930
Units Outstanding
Units Outstanding (in Shares)	10,959	10,998
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 181.14	$ 139.4
Class 2 [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 18,665	$ 14,981
Limited Owner Units	$ 68,567	$ 56,112
Units Outstanding
Units Outstanding (in Shares)	625	677
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 139.61	$ 105.1
Class 2 [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 31,787	$ 25,029
Limited Owner Units	$ 94,192	$ 159,984
Units Outstanding
Units Outstanding (in Shares)	496	1,086
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 253.94	$ 170.4
Class 2 [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 33,523	$ 23,919
Limited Owner Units	$ 246,817	$ 170,897
Units Outstanding
Units Outstanding (in Shares)	1,123	1,127
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 249.73	$ 172.91
Class 2a [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 2a [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 9,546	$ 7,619
Limited Owner Units	$ 95,520	$ 76,239
Units Outstanding
Units Outstanding (in Shares)	1,428	1,428
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 73.6	$ 58.75
Class 2a [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 66,671	$ 56,328
Units Outstanding
Units Outstanding (in Shares)	424	466
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 157.24	$ 120.98
Class 2a [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 3 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 26,874	$ 22,677
Limited Owner Units	$ 3,106,681	$ 2,628,946
Units Outstanding
Units Outstanding (in Shares)	30,932	31,733
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 101.3	$ 83.56
Class 3 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 4,459	$ 3,933
Limited Owner Units	$ 549,747	$ 505,342
Units Outstanding
Units Outstanding (in Shares)	6,092	7,699
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 90.98	$ 66.15
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units	$ 1,086,238	$ 923,058
Units Outstanding
Units Outstanding (in Shares)	9,181	9,780
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 118.31	$ 94.38
Class 3a [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 3a [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 1,398	$ 1,116
Limited Owner Units	$ 259,668	$ 207,126
Units Outstanding
Units Outstanding (in Shares)	3,351	3,351
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 77.92	$ 62.16
Class 3a [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 496,184	$ 381,759
Units Outstanding
Units Outstanding (in Shares)	3,166	3,166
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 156.71	$ 120.57
Class 3a [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 1 [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 9,141,503	$ 7,471,841
Units Outstanding
Units Outstanding (in Shares)	85,575	90,219
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 106.82	$ 82.82
Class 1 [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 1,721,629	$ 1,334,518
Units Outstanding
Units Outstanding (in Shares)	20,598	21,051
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 83.58	$ 63.39
Class 1 [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 2,660,475	$ 1,926,328
Units Outstanding
Units Outstanding (in Shares)	16,433	17,600
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 161.9	$ 109.45
Class 1 [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 2,913,912	$ 2,119,250
Units Outstanding
Units Outstanding (in Shares)	19,653	20,491
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 148.27	$ 103.43
Class 1AP [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 85,797	$ 66,027
Units Outstanding
Units Outstanding (in Shares)	639	639
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 134.33	$ 103.38
Class 1AP [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 13,626	$ 10,259
Units Outstanding
Units Outstanding (in Shares)	129	129
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 105.2	$ 79.21
Class 1AP [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 1AP [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 11,903	$ 8,242
Units Outstanding
Units Outstanding (in Shares)	64	64
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 186.6	$ 129.19

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Statements of Operations (Unaudited) - The Series of Frontier Funds [Member] - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Frontier Diversified Fund [Member]
Investment income:
Interest - net	$ 1,365	$ 1,587
Total Income/(loss)	1,365	1,587
Expenses:
Service Fees - Class 1	251	1,049
Due Diligence Fees	945	1,202
Trading Fees	27,593	34,937
Total Expenses	28,789	37,188
Investment income/(loss) - net	(27,424)	(35,601)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	1,081,696	184,708
Net realized gain/(loss) on private investment companies	(432,880)	(36,972)
Net realized gain/(loss) on U.S. Treasury securities	(828)	(1,741)
Net unrealized gain/(loss) on U.S. Treasury securities	(1,921)	(440)
Change in fair value of investments in unconsolidated trading companies	12,035	10,245
Net gain/(loss) on investments	658,102	155,800
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	630,678	120,199
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	630,678	120,199
Frontier Masters Fund [Member]
Investment income:
Interest - net	664	855
Total Income/(loss)	664	855
Expenses:
Service Fees - Class 1	116	210
Due Diligence Fees	222	291
Trading Fees	11,781	14,863
Total Expenses	12,119	15,364
Investment income/(loss) - net	(11,455)	(14,509)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	481,020	34,339
Net realized gain/(loss) on private investment companies	(229,832)	12,685
Net realized gain/(loss) on U.S. Treasury securities	(423)	(1,004)
Net unrealized gain/(loss) on U.S. Treasury securities	(561)	(250)
Change in fair value of investments in unconsolidated trading companies	4,469	12,761
Net gain/(loss) on investments	254,673	58,531
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	243,218	44,022
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	243,218	44,022
Frontier Long/Short Commodity Fund [Member]
Investment income:
Interest - net	610	1,279
Total Income/(loss)	610	1,279
Expenses:
Service Fees - Class 1	56	54
Due Diligence Fees	93	90
Trading Fees	8,468	8,765
Total Expenses	8,617	8,909
Investment income/(loss) - net	(8,007)	(7,630)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	302,405	64,279
Net realized gain/(loss) on private investment companies	1,048	1,305
Net realized gain/(loss) on U.S. Treasury securities	(444)	(1,950)
Net unrealized gain/(loss) on U.S. Treasury securities	(939)	(25)
Change in fair value of investments in unconsolidated trading companies	5,827	12,123
Net gain/(loss) on investments	307,897	75,732
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	299,890	68,102
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	299,890	68,102
Frontier Balanced Fund [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Incentive Fees (rebate)	76,272	49,840
Interest - net	115
Management Fees	4,403	4,619
Service Fees - Class 1	61,363	67,267
Risk analysis Fees	1,321	1,386
Trading Fees	102,264	114,439
Total Expenses	245,738	237,551
Investment income/(loss) - net	(245,738)	(237,551)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	271,469	371,559
Net unrealized gain/(loss) on private investment companies	3,769,442	388,609
Net realized gain/(loss) on private investment companies	(1,136,957)	48,862
Net change in open trade equity/(deficit)	42,742	(47,335)
Net realized gain/(loss) on U.S. Treasury securities	(1,928)	(621)
Net unrealized gain/(loss) on U.S. Treasury securities	(4,122)	(252)
Trading commissions	(3,120)	(6,017)
Change in fair value of investments in unconsolidated trading companies	23,183	(14,281)
Net gain/(loss) on investments	2,960,709	740,524
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	2,714,971	502,973
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	2,714,971	502,973
Frontier Select Fund [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Incentive Fees (rebate)
Interest - net
Management Fees
Service Fees - Class 1	10,925	11,438
Risk analysis Fees
Trading Fees	11,861	11,355
Total Expenses	22,786	22,793
Investment income/(loss) - net	(22,786)	(22,793)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options
Net unrealized gain/(loss) on private investment companies	976,044	10,019
Net realized gain/(loss) on private investment companies	(513,536)	114,434
Net change in open trade equity/(deficit)
Net realized gain/(loss) on U.S. Treasury securities	(386)	(1,017)
Net unrealized gain/(loss) on U.S. Treasury securities	(811)	(190)
Trading commissions
Change in fair value of investments in unconsolidated trading companies	5,154	8,540
Net gain/(loss) on investments	466,465	131,786
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	443,679	108,993
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	443,679	108,993
Frontier Global Fund [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Service Fees - Class 1	16,989	19,938
Trading Fees	30,349	35,130
Total Expenses	47,338	55,068
Investment income/(loss) - net	(47,338)	(55,068)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	874,900	47,148
Net realized gain/(loss) on private investment companies	146,069	82,686
Net realized gain/(loss) on U.S. Treasury securities	(513)	(1,735)
Net unrealized gain/(loss) on U.S. Treasury securities	(1,446)	(526)
Change in fair value of investments in unconsolidated trading companies	8,550	16,133
Net gain/(loss) on investments	1,027,560	143,706
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	980,222	88,638
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	980,222	88,638
Frontier Heritage Fund [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Service Fees - Class 1	18,381	16,157
Trading Fees	27,156	23,676
Total Expenses	45,537	39,833
Investment income/(loss) - net	(45,537)	(39,833)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	946,263	183,803
Net realized gain/(loss) on private investment companies	75,755	32,372
Net realized gain/(loss) on U.S. Treasury securities	(532)	(1,201)
Net unrealized gain/(loss) on U.S. Treasury securities	(1,420)	(484)
Change in fair value of investments in unconsolidated trading companies	8,272	12,628
Net gain/(loss) on investments	1,028,338	227,118
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	982,801	187,285
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	982,801	187,285
Frontier Funds [Member]
Investment income:
Interest - net	2,524	3,721
Total Income/(loss)	2,524	3,721
Expenses:
Incentive Fees (rebate)	76,272	49,840
Management Fees	4,403	4,619
Service Fees - Class 1	108,081	116,113
Risk analysis Fees	1,321	1,386
Due Diligence Fees	1,260	1,583
Trading Fees	219,472	243,165
Total Expenses	410,809	416,706
Investment income/(loss) - net	(408,285)	(412,985)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	271,469	371,559
Net unrealized gain/(loss) on private investment companies	8,459,282	976,504
Net realized gain/(loss) on private investment companies	(2,050,355)	249,922
Net change in open trade equity/(deficit)	42,742	(47,335)
Net realized gain/(loss) on U.S. Treasury securities	(5,054)	(9,269)
Net unrealized gain/(loss) on U.S. Treasury securities	(11,220)	(2,167)
Trading commissions	(3,120)	(6,017)
Net gain/(loss) on investments	6,703,744	1,533,197
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	$ 6,295,459	$ 1,120,212
Class 1 [Member] | Frontier Diversified Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)		$ 1.94
Class 1 [Member] | Frontier Masters Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)		2.26
Class 1 [Member] | Frontier Long/Short Commodity Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)
Class 1 [Member] | Frontier Balanced Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	24	3.46
Class 1 [Member] | Frontier Select Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	20.19	4.01
Class 1 [Member] | Frontier Global Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	52.45	3.42
Class 1 [Member] | Frontier Heritage Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	44.84	7.67
Class 2 [Member] | Frontier Diversified Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	18.83	2.76
Class 2 [Member] | Frontier Masters Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	26.27	3.07
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	22.81	4.4
Class 2 [Member] | Frontier Balanced Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	41.74	6.67
Class 2 [Member] | Frontier Select Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	34.51	7.2
Class 2 [Member] | Frontier Global Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	83.54	6.45
Class 2 [Member] | Frontier Heritage Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	76.82	13.7
Class 2a [Member] | Frontier Diversified Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 2a [Member] | Frontier Masters Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)	14.85	3.2
Class 2a [Member] | Frontier Balanced Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)	36.26	5.78
Class 2a [Member] | Frontier Select Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 3 [Member] | Frontier Diversified Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)	17.74	2.64
Class 3 [Member] | Frontier Masters Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)	24.83	2.93
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)	23.93	4.61
Class 3a [Member] | Frontier Diversified Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)
Class 3a [Member] | Frontier Masters Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)	15.76	3.4
Class 3a [Member] | Frontier Balanced Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)	36.14	5.77
Class 3a [Member] | Frontier Select Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)
Class 1AP [Member] | Frontier Balanced Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)	30.95	4.94
Class 1AP [Member] | Frontier Select Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)	25.99	5.42
Class 1AP [Member] | Frontier Global Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)
Class 1AP [Member] | Frontier Heritage Fund [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)	$ 57.41	$ 10.24

XML

Statements of Changes in Owners’ Capital (Unaudited)	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Frontier Funds [Member]
Owners' Capital, Beginning balance	$ 20,339,690
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’	6,295,459
Capital resulting from operations
Owners’ Capital, Ending balance	$ 25,429,637
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(1,205,512)
Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 214,522
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’	66,074
Capital resulting from operations
Owners’ Capital, Ending balance	$ 268,246
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(12,350)
Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 20,125,168
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’	6,229,385
Capital resulting from operations
Owners’ Capital, Ending balance	$ 25,161,391
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(1,193,162)
Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Owners' Capital, Beginning balance	$ 3,033,140
Sale of Units
Redemption of Units	(68,010)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	630,678
Owners’ Capital, Ending balance	3,595,808
Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member] | Non-Controlling Interests [Member]
Sale of Units
Sale of Units (including transfers) (in Shares) | shares
Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Owners' Capital, Beginning balance	$ 707,674
Sale of Units
Redemption of Units	(190,773)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	243,218
Owners’ Capital, Ending balance	$ 760,119
Sale of Units (including transfers) (in Shares) | shares
Frontier Masters Fund [Member] | The Series of Frontier Funds [Member] | Non-Controlling Interests [Member]
Sale of Units
Transfer of Units In(Out)
Sale of Units (including transfers) (in Shares) | shares
Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Owners' Capital, Beginning balance	$ 1,240,324
Sale of Units
Redemption of Units	(56,940)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	299,890
Owners’ Capital, Ending balance	$ 1,483,274
Sale of Units (including transfers) (in Shares) | shares
Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member] | Non-Controlling Interests [Member]
Sale of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Sale of Units (including transfers) (in Shares) | shares
Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Owners' Capital, Beginning balance	$ 9,509,033
Redemption of Units	(448,666)
Capital resulting from operations attributable to controlling interests	2,714,971
Owners’ Capital, Ending balance	11,775,338
Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Owners' Capital, Beginning balance	1,415,870
Redemption of Units	(37,062)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	443,679
Owners’ Capital, Ending balance	1,822,487
Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
Owners' Capital, Beginning balance	2,111,341
Redemption of Units	(305,109)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	980,222
Owners’ Capital, Ending balance	2,786,454
Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Owners' Capital, Beginning balance	2,322,308
Redemption of Units	(98,954)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	982,801
Owners’ Capital, Ending balance	3,206,155
Class 2 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	7,870
Owners’ Capital - Units, Beginning balance	89
Sale of Units
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,665
Owners’ Capital, Ending balance	$ 9,535
Sale of Units (including transfers) (in Shares) | shares
Owners’ Capital - Units, Ending balance	$ 89
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares
Class 2 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 373,647
Owners’ Capital - Units, Beginning balance	4,199
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	79,071
Owners’ Capital, Ending balance	$ 452,718
Sale of Units (including transfers) (in Shares) | shares
Owners’ Capital - Units, Ending balance	$ 4,199
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 88.98
Change in net asset value per unit for the three months ended March 31, 2022	$ 18.83
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 107.81
Class 2 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 3,781
Owners’ Capital - Units, Beginning balance	53
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,416
Owners’ Capital, Ending balance	5,197
Owners’ Capital - Units, Ending balance	53
Class 2 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	194,618
Owners’ Capital - Units, Beginning balance	2,775
Sale of Units
Redemption of Units	(49,917)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	56,015
Owners’ Capital, Ending balance	$ 200,716
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(693)
Owners’ Capital - Units, Ending balance	$ 2,082
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 70.17
Change in net asset value per unit for the three months ended March 31, 2022	$ 26.27
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 96.44
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 4,121
Owners’ Capital - Units, Beginning balance	46
Sale of Units
Redemption of Units	(500)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	903
Owners’ Capital, Ending balance	$ 4,524
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(6)
Owners’ Capital - Units, Ending balance	$ 40
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	21,045
Owners’ Capital - Units, Beginning balance	234
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	5,335
Owners’ Capital, Ending balance	$ 26,380
Sale of Units (including transfers) (in Shares) | shares
Owners’ Capital - Units, Ending balance	$ 234
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 89.97
Change in net asset value per unit for the three months ended March 31, 2022	$ 22.81
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 112.78
Class 2 [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 43,148
Owners’ Capital - Units, Beginning balance	310
Sale of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests	12,919
Owners’ Capital, Ending balance	56,067
Owners’ Capital - Units, Ending balance	310
Class 2 [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	1,489,930
Owners’ Capital - Units, Beginning balance	10,688
Sale of Units
Redemption of Units	(6,060)
Capital resulting from operations attributable to controlling interests	445,246
Owners’ Capital, Ending balance	$ 1,929,116
Redemption of Units (including transfers) (in Shares) | shares	(39)
Owners’ Capital - Units, Ending balance	$ 10,649
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 139.4
Change in net asset value per unit for the three months ended March 31, 2022	$ 41.74
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 181.14
Class 2 [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 14,981
Owners’ Capital - Units, Beginning balance	142
Redemption of Units	(900)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	4,584
Owners’ Capital, Ending balance	$ 18,665
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(9)
Owners’ Capital - Units, Ending balance	$ 133
Class 2 [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	56,112
Owners’ Capital - Units, Beginning balance	535
Redemption of Units	(5,200)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	17,655
Owners’ Capital, Ending balance	$ 68,567
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(43)
Owners’ Capital - Units, Ending balance	$ 492
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 105.1
Change in net asset value per unit for the three months ended March 31, 2022	$ 34.51
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 139.61
Class 2 [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 25,029
Owners’ Capital - Units, Beginning balance	147
Redemption of Units	(4,000)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	10,758
Owners’ Capital, Ending balance	$ 31,787
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(22)
Owners’ Capital - Units, Ending balance	$ 125
Class 2 [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	159,984
Owners’ Capital - Units, Beginning balance	939
Redemption of Units	(140,947)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	75,155
Owners’ Capital, Ending balance	$ 94,192
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(568)
Owners’ Capital - Units, Ending balance	$ 371
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 170.4
Change in net asset value per unit for the three months ended March 31, 2022	$ 83.54
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 253.94
Class 2 [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 23,919
Owners’ Capital - Units, Beginning balance	139
Redemption of Units	(750)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	10,354
Owners’ Capital, Ending balance	$ 33,523
Redemption of Units (including transfers) (in Shares) | shares	(4)
Owners’ Capital - Units, Ending balance	$ 135
Class 2 [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	170,897
Owners’ Capital - Units, Beginning balance	988
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	75,920
Owners’ Capital, Ending balance	246,817
Owners’ Capital - Units, Ending balance	$ 988
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 172.91
Change in net asset value per unit for the three months ended March 31, 2022	$ 76.82
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 249.73
Class 3 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 22,677
Owners’ Capital - Units, Beginning balance	271
Sale of Units
Redemption of Units	(500)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	4,697
Owners’ Capital, Ending balance	$ 26,874
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(6)
Owners’ Capital - Units, Ending balance	$ 265
Class 3 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	2,628,946
Owners’ Capital - Units, Beginning balance	31,462
Sale of Units
Redemption of Units	(67,510)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	545,245
Owners’ Capital, Ending balance	$ 3,106,681
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(795)
Owners’ Capital - Units, Ending balance	$ 30,667
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 83.56
Change in net asset value per unit for the three months ended March 31, 2022	$ 17.74
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 101.3
Class 3 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 3,933
Owners’ Capital - Units, Beginning balance	60
Redemption of Units	(700)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,226
Owners’ Capital, Ending balance	$ 4,459
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(10)
Owners’ Capital - Units, Ending balance	$ 50
Class 3 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	505,342
Owners’ Capital - Units, Beginning balance	7,639
Sale of Units
Redemption of Units	(140,156)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	184,561
Owners’ Capital, Ending balance	$ 549,747
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(1,597)
Owners’ Capital - Units, Ending balance	$ 6,042
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 66.15
Change in net asset value per unit for the three months ended March 31, 2022	$ 24.83
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 90.98
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 923,058
Owners’ Capital - Units, Beginning balance	9,780
Sale of Units
Redemption of Units	(56,440)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	219,620
Owners’ Capital, Ending balance	$ 1,086,238
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(599)
Owners’ Capital - Units, Ending balance	$ 9,181
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 94.38
Change in net asset value per unit for the three months ended March 31, 2022	$ 23.93
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 118.31
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 7,619
Owners’ Capital - Units, Beginning balance	129
Sale of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	1,927
Owners’ Capital, Ending balance	$ 9,546
Sale of Units (including transfers) (in Shares) | shares
Owners’ Capital - Units, Ending balance	$ 129
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	76,239
Owners’ Capital - Units, Beginning balance	1,299
Sale of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	19,281
Owners’ Capital, Ending balance	$ 95,520
Sale of Units (including transfers) (in Shares) | shares
Owners’ Capital - Units, Ending balance	$ 1,299
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 58.75
Change in net asset value per unit for the three months ended March 31, 2022	$ 14.85
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 73.6
Class 2a [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 56,328
Owners’ Capital - Units, Beginning balance	466
Sale of Units
Redemption of Units	(5,000)
Capital resulting from operations attributable to controlling interests	15,343
Owners’ Capital, Ending balance	$ 66,671
Redemption of Units (including transfers) (in Shares) | shares	(42)
Owners’ Capital - Units, Ending balance	$ 424
Class 2a [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Sale of Units
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 120.98
Change in net asset value per unit for the three months ended March 31, 2022	$ 36.26
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 157.24
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	$ 1,116
Owners’ Capital - Units, Beginning balance	18
Sale of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	282
Owners’ Capital, Ending balance	$ 1,398
Sale of Units (including transfers) (in Shares) | shares
Owners’ Capital - Units, Ending balance	$ 18
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 207,126
Owners’ Capital - Units, Beginning balance	3,333
Sale of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	52,542
Owners’ Capital, Ending balance	$ 259,668
Sale of Units (including transfers) (in Shares) | shares
Owners’ Capital - Units, Ending balance	$ 3,333
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 62.16
Change in net asset value per unit for the three months ended March 31, 2022	$ 15.76
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 77.92
Class 3a [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 381,759
Owners’ Capital - Units, Beginning balance	3,166
Sale of Units
Capital resulting from operations attributable to controlling interests	114,425
Owners’ Capital, Ending balance	496,184
Owners’ Capital - Units, Ending balance	$ 3,166
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 120.57
Change in net asset value per unit for the three months ended March 31, 2022	$ 36.14
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 156.71
Class 1 [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 7,471,841
Owners’ Capital - Units, Beginning balance	90,219
Sale of Units
Redemption of Units	(437,606)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests	2,107,268
Owners’ Capital, Ending balance	$ 9,141,503
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(4,644)
Owners’ Capital - Units, Ending balance	$ 85,575
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 82.82
Change in net asset value per unit for the three months ended March 31, 2022	$ 24
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 106.82
Class 1 [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 1,334,518
Owners’ Capital - Units, Beginning balance	21,051
Redemption of Units	(30,962)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	418,073
Owners’ Capital, Ending balance	$ 1,721,629
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(453)
Owners’ Capital - Units, Ending balance	$ 20,598
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 63.39
Change in net asset value per unit for the three months ended March 31, 2022	$ 20.19
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 83.58
Class 1 [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 1,926,328
Owners’ Capital - Units, Beginning balance	17,600
Redemption of Units	(160,162)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	894,309
Owners’ Capital, Ending balance	$ 2,660,475
Sale of Units (including transfers) (in Shares) | shares
Redemption of Units (including transfers) (in Shares) | shares	(1,167)
Owners’ Capital - Units, Ending balance	$ 16,433
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 109.45
Change in net asset value per unit for the three months ended March 31, 2022	$ 52.45
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 161.9
Class 1 [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 2,119,250
Owners’ Capital - Units, Beginning balance	20,491
Redemption of Units	(98,204)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	892,866
Owners’ Capital, Ending balance	$ 2,913,912
Redemption of Units (including transfers) (in Shares) | shares	(838)
Owners’ Capital - Units, Ending balance	$ 19,653
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 103.43
Change in net asset value per unit for the three months ended March 31, 2022	$ 44.84
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 148.27
Class 1AP [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 66,027
Owners’ Capital - Units, Beginning balance	639
Sale of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests	19,770
Owners’ Capital, Ending balance	85,797
Owners’ Capital - Units, Ending balance	$ 639
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 103.38
Change in net asset value per unit for the three months ended March 31, 2022	$ 30.95
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 134.33
Class 1AP [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 10,259
Owners’ Capital - Units, Beginning balance	129
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	3,367
Owners’ Capital, Ending balance	$ 13,626
Sale of Units (including transfers) (in Shares) | shares
Owners’ Capital - Units, Ending balance	$ 129
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 79.21
Change in net asset value per unit for the three months ended March 31, 2022	$ 25.99
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 105.2
Class 1AP [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member] | Limited Owners
Owners' Capital, Beginning balance	$ 8,242
Owners’ Capital - Units, Beginning balance	64
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests	3,661
Owners’ Capital, Ending balance	11,903
Owners’ Capital - Units, Ending balance	$ 64
Net asset value per unit, Beginning balance (in Dollars per share) | $ / shares	$ 129.19
Change in net asset value per unit for the three months ended March 31, 2022	$ 57.41
Net asset value per unit, Ending balance (in Dollars per share) | $ / shares	$ 186.6

XML

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
The Series of Frontier Funds [Member] | Frontier Diversified Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$ 630,678	$ 120,199
Change in:
Net change in ownership allocation of U.S. Treasury securities	83,003	110,091
Net unrealized (gain)/loss on U.S. Treasury securities	1,921	440
Net realized (gain)/loss on U.S. Treasury securities	828	1,741
Net unrealized (gain)/loss on private investment companies	(1,081,696)	(184,708)
Net realized (gain)/loss on private investment companies	432,880	36,972
(Purchases) sales of:
Sales of U.S. Treasury securities		311,471
(Purchases) of U.S. Treasury securities	(187,262)	(119,541)
U.S. Treasury interest and premium paid/amortized	1,365	1,587
(Purchases) of Private Investment Companies	(517,270)	(731,683)
Sale of Private Investment Companies	623,019	706,904
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	8,081	(7,062)
Interest receivable	(282)	7,711
Receivable from related parties		4,892
Redemptions receivable from private investment companies		1,023
Interest payable to Managing Owner
Trading fees payable to Managing Owner	955	(235)
Service fees payable to Managing Owner	13	(20)
Subscriptions in advance for service fee rebates
Other liabilities	(2,044)	(520)
Net cash provided by (used in) operating activities	(5,811)	259,262
Cash Flows from Financing Activities:
Payment for redemption of units	(68,010)	(273,449)
Change in owner redemptions payable	277
Net cash provided by (used in) financing activities	(67,733)	(273,449)
Net increase (decrease) in cash and cash equivalents	(73,544)	(14,188)
Cash and cash equivalents, beginning of period	165,491	87,715
Cash and cash equivalents, end of period	91,947	73,527
The Series of Frontier Funds [Member] | Frontier Masters Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	243,218	44,022
Change in:
Net change in ownership allocation of U.S. Treasury securities	38,782	(114,658)
Net unrealized (gain)/loss on U.S. Treasury securities	561	250
Net realized (gain)/loss on U.S. Treasury securities	423	1,004
Net unrealized (gain)/loss on private investment companies	(481,020)	(34,339)
Net realized (gain)/loss on private investment companies	229,832	(12,685)
(Purchases) sales of:
Sales of U.S. Treasury securities		139,801
(Purchases) of U.S. Treasury securities	(84,554)	(73,698)
U.S. Treasury interest and premium paid/amortized	664	855
(Purchases) of Private Investment Companies	(217,768)	(82,850)
Sale of Private Investment Companies	412,820	261,389
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	4,136	(12,693)
Interest receivable	(114)	(8)
Receivable from related parties		266
Redemptions receivable from private investment companies		1,688
Interest payable to Managing Owner
Trading fees payable to Managing Owner	416	(225)
Service fees payable to Managing Owner		4
Subscriptions in advance for service fee rebates
Other liabilities	(979)	1,314
Net cash provided by (used in) operating activities	146,417	119,437
Cash Flows from Financing Activities:
Payment for redemption of units	(190,773)	(43,942)
Change in owner redemptions payable	8,689	(38,128)
Net cash provided by (used in) financing activities	(182,084)	(82,070)
Net increase (decrease) in cash and cash equivalents	(35,667)	37,367
Cash and cash equivalents, beginning of period	76,703	4,771
Cash and cash equivalents, end of period	41,036	42,138
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	299,890	68,102
Change in:
Net change in ownership allocation of U.S. Treasury securities	34,723	(37,595)
Net unrealized (gain)/loss on U.S. Treasury securities	939	25
Net realized (gain)/loss on U.S. Treasury securities	444	1,950
Net unrealized (gain)/loss on private investment companies	(302,405)	(64,279)
Net realized (gain)/loss on private investment companies	(1,048)	(1,305)
(Purchases) sales of:
Sales of U.S. Treasury securities		480,065
(Purchases) of U.S. Treasury securities	(91,922)	(70,909)
U.S. Treasury interest and premium paid/amortized	610	1,279
(Purchases) of Private Investment Companies	(63,333)	(556,236)
Sale of Private Investment Companies	207,329	159,083
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	(3,242)	2,139
Interest receivable	(299)	8,539
Receivable from related parties		5,205
Redemptions receivable from private investment companies	(711)	1,251
Interest payable to Managing Owner	11	(34)
Trading fees payable to Managing Owner	(525)	893
Service fees payable to Managing Owner	3	(18)
Subscriptions in advance for service fee rebates		18
Other liabilities	(90)	(1,605)
Net cash provided by (used in) operating activities	80,374	(3,432)
Cash Flows from Financing Activities:
Payment for redemption of units	(56,940)	(41,767)
Change in owner redemptions payable	(20,301)	196
Net cash provided by (used in) financing activities	(77,241)	(41,571)
Net increase (decrease) in cash and cash equivalents	3,133	(45,003)
Cash and cash equivalents, beginning of period	40,528	93,327
Cash and cash equivalents, end of period	43,661	48,324
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	2,714,971	502,973
Change in:
Net change in open trade equity, at fair value	14,836	47,333
Change in:
Net change in ownership allocation of U.S. Treasury securities	(349,053)	553,920
Net unrealized (gain)/loss on U.S. Treasury securities	4,122	252
Net realized (gain)/loss on U.S. Treasury securities	1,928	621
Net unrealized (gain)/loss on private investment companies	(3,769,442)	(388,609)
Net realized (gain)/loss on private investment companies	1,136,957	(48,862)
(Purchases) sales of:
Sales of U.S. Treasury securities		698,194
(Purchases) of U.S. Treasury securities	(245,678)	(150,822)
U.S. Treasury interest and premium paid/amortized	(115)
(Purchases) of Private Investment Companies	(1,643,376)	(1,695,539)
Sale of Private Investment Companies	2,299,318	2,175,754
Increase and/or decrease in:
Receivable from futures commission merchants	583,917	(507,424)
Investments in unconsolidated trading companies, at fair value	(71,666)	15,901
Interest receivable	(3,879)	24,271
Receivable from related parties		14,602
Redemptions receivable from private investment companies	(3,894)	15,455
Incentive fees payable to Managing Owner	22,261	49,840
Management fees payable to Managing Owner	170	(7,225)
Interest payable to Managing Owner	(4)	(1,376)
Trading fees payable to Managing Owner	3,920	258
Service fees payable to Managing Owner	2,500	(555)
Risk analysis fees payable	1,321	1,385
Payables to related parties
Subscriptions in advance for service fee rebates	5,215	5,556
Other liabilities	8,538	(1,048)
Net cash provided by (used in) operating activities	712,867	1,304,855
Cash Flows from Financing Activities:
Payment for redemption of units	(448,666)	(1,461,767)
Change in owner redemptions payable	(20,384)
Net cash provided by (used in) financing activities	(469,050)	(1,461,767)
Net increase (decrease) in cash and cash equivalents	243,817	(156,912)
Cash and cash equivalents, beginning of period	188,010	261,803
Cash and cash equivalents, end of period	431,827	104,891
The Series of Frontier Funds [Member] | Frontier Select Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	443,679	108,993
Change in:
Net change in open trade equity, at fair value
Change in:
Net change in ownership allocation of U.S. Treasury securities	33,191	(130,085)
Net unrealized (gain)/loss on U.S. Treasury securities	811	190
Net realized (gain)/loss on U.S. Treasury securities	386	1,017
Net unrealized (gain)/loss on private investment companies	(976,044)	(10,019)
Net realized (gain)/loss on private investment companies	513,536	(114,434)
(Purchases) sales of:
Sales of U.S. Treasury securities		160,121
(Purchases) of U.S. Treasury securities	(85,056)	(80,385)
U.S. Treasury interest and premium paid/amortized
(Purchases) of Private Investment Companies	(641,030)	(142,915)
Sale of Private Investment Companies	738,297	385,657
Increase and/or decrease in:
Receivable from futures commission merchants
Investments in unconsolidated trading companies, at fair value	(859)	(9,590)
Interest receivable	(235)	(333)
Receivable from related parties
Redemptions receivable from private investment companies	(339)	2,141
Incentive fees payable to Managing Owner
Management fees payable to Managing Owner
Interest payable to Managing Owner	41	180
Trading fees payable to Managing Owner	617	(18)
Service fees payable to Managing Owner	748	94
Risk analysis fees payable
Payables to related parties		(26,129)
Subscriptions in advance for service fee rebates	211	441
Other liabilities	(27)	1,047
Net cash provided by (used in) operating activities	27,927	145,973
Cash Flows from Financing Activities:
Payment for redemption of units	(37,062)	(132,467)
Change in owner redemptions payable		16,207
Net cash provided by (used in) financing activities	(37,062)	(116,260)
Net increase (decrease) in cash and cash equivalents	(9,135)	29,713
Cash and cash equivalents, beginning of period	51,140
Cash and cash equivalents, end of period	42,005	29,713
The Series of Frontier Funds [Member] | Frontier Global Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	980,222	88,638
Change in:
Net change in ownership allocation of U.S. Treasury securities	93,254	(296,241)
Net unrealized (gain)/loss on U.S. Treasury securities	1,446	526
Net realized (gain)/loss on U.S. Treasury securities	513	1,735
Net unrealized (gain)/loss on private investment companies	(874,900)	(47,148)
Net realized (gain)/loss on private investment companies	(146,069)	(82,686)
(Purchases) sales of:
Sales of U.S. Treasury securities	0	309,139
(Purchases) of U.S. Treasury securities	(170,130)	(129,732)
(Purchases) of Private Investment Companies	(206,524)	(273,856)
Sale of Private Investment Companies	534,460	672,389
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	6,686	(26,691)
Interest receivable	(199)	(409)
Receivable from related parties		319
Interest payable to Managing Owner	88	173
Trading fees payable to Managing Owner	1,788	461
Service fees payable to Managing Owner	1,282	211
Subscriptions in advance for service fee rebates	771	1,004
Other liabilities	(1,617)	2,827
Net cash provided by (used in) operating activities	221,071	220,659
Cash Flows from Financing Activities:
Payment for redemption of units	(305,109)	(141,476)
Change in owner redemptions payable	25,386	1,174
Net cash provided by (used in) financing activities	(279,723)	(140,302)
Net increase (decrease) in cash and cash equivalents	(58,652)	80,357
Cash and cash equivalents, beginning of period	128,021	5,694
Cash and cash equivalents, end of period	69,369	86,051
The Series of Frontier Funds [Member] | Frontier Heritage Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	982,801	187,285
Change in:
Net change in ownership allocation of U.S. Treasury securities	58,522	(93,697)
Net unrealized (gain)/loss on U.S. Treasury securities	1,420	484
Net realized (gain)/loss on U.S. Treasury securities	532	1,201
Net unrealized (gain)/loss on private investment companies	(946,263)	(183,803)
Net realized (gain)/loss on private investment companies	(75,755)	(32,372)
(Purchases) sales of:
Sales of U.S. Treasury securities		152,163
(Purchases) of U.S. Treasury securities	(166,132)	(103,772)
(Purchases) of Private Investment Companies	(53,273)	(213,319)
Sale of Private Investment Companies	318,307	463,973
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value	(10,568)	(20,045)
Interest receivable	(653)	680
Receivable from related parties		845
Interest payable to Managing Owner	231	424
Trading fees payable to Managing Owner	2,056	655
Service fees payable to Managing Owner	1,542	375
Subscriptions in advance for service fee rebates	1,879	1,524
Other liabilities	80	1,964
Net cash provided by (used in) operating activities	114,726	164,565
Cash Flows from Financing Activities:
Payment for redemption of units	(98,954)	(109,398)
Change in owner redemptions payable	14,972	704
Net cash provided by (used in) financing activities	(83,982)	(108,694)
Net increase (decrease) in cash and cash equivalents	30,744	55,871
Cash and cash equivalents, beginning of period	48,839	15,156
Cash and cash equivalents, end of period	79,583	71,027
Frontier Funds [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	6,295,463	1,120,212
Change in:
Net change in open trade equity	14,836	47,335
Change in:
Net change in ownership allocation of U.S. Treasury securities	687
Net unrealized (gain)/loss on U.S. Treasury securities	11,220	2,167
Net realized (gain)/loss on U.S. Treasury securities	5,054	9,269
Net unrealized (gain)/loss on private investment companies	(8,459,281)	(976,504)
Net realized (gain)/loss on private investment companies	2,050,355	(249,922)
(Purchases) sales of:
Sales of U.S. Treasury securities		2,250,954
(Purchases) of U.S. Treasury securities	(1,039,000)	(737,126)
U.S. Treasury interest and premium paid/amortized	2,524	3,721
(Purchases) of Private Investment Companies	(3,342,514)	(3,696,290)
Sale of Private Investment Companies	5,133,547	4,825,149
Increase and/or decrease in:
Receivable from futures commission merchants	583,917	(507,424)
Interest receivable	(5,661)	40,451
Receivable from related parties		26,129
Redemptions receivable from private investment companies	(4,944)	21,558
Incentive fees payable to Managing Owner	22,261	49,840
Management fees payable to Managing Owner, net of change in receivable	170	(7,225)
Interest payable to Managing Owner	367	(633)
Trading fees payable to Managing Owner	9,227	1,789
Service fees payable to Managing Owner	6,088	91
Risk analysis fees payable	1,321	1,385
Payables to related parties		(26,129)
Subscriptions in advance for service fee rebates	8,076	8,543
Other liabilities	3,861	3,979
Net cash provided by (used in) operating activities	1,297,564	2,211,319
Cash Flows from Financing Activities:
Payment for redemption of capital	(1,205,512)	(2,204,269)
Redemptions payable	8,644	(19,847)
Net cash provided by (used in) financing activities	(1,196,868)	(2,224,116)
Net increase (decrease) in cash and cash equivalents	100,696	(12,795)
Cash and cash equivalents, beginning of period	698,732	468,466
Cash and cash equivalents, end of period	$ 799,428	$ 455,671

XML

Consolidated Condensed Schedule of Investments

3 Months Ended

Mar. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Consolidated Condensed Schedule of Investments

		Frontier Diversified Fund					Frontier Masters Fund					Frontier Long/Short Commodity Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	510,968		14.21	%	$	-		0.00	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		394,002		10.96	%		-		0.00	%		-		0.00	%
	Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		328,849		9.15	%		181,453		23.87	%		-		0.00	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		697,480		19.40	%		-		0.00	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		856,723		23.83	%		356,298		46.87	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		593,703		16.51	%		156,761		20.62	%		583,437		39.33	%
	Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		328,497		22.15	%
	Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		456,547		30.78	%
	Total Private Investment Companies	$	3,381,725		94.06	%	$	694,512		91.37	%	$	1,368,481		92.26	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	22,707		0.63	%	$	10,134		1.33	%	$	10,783		0.73	%
	Total Investment in Unconsolidated Trading Companies	$	22,707		0.63	%	$	10,134		1.33	%	$	10,783		0.73	%

U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value				Fair Value				Fair Value
	$1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	133,419	3.71	%	$	59,546	7.83	%	$	63,354	4.27	%
Additional Disclosure on U.S. Treasury Securities			Face Value				Face Value				Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	116,915			$	52,179			$	55,517
Additional Disclosure on U.S. Treasury Securities			Cost				Cost				Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	134,921			$	60,216			$	64,067

		Frontier					Frontier
		Balanced Fund					Select Fund
				% of Total Capital					% of Total Capital
Description		Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	932,403		7.92	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,690,066		14.35	%		-		0.00	%
	Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		1,675,575		14.23	%		619,109		33.97	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,860,727		15.80	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		2,260,107		19.19	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,486,148		21.11	%		1,120,508		61.48	%
	Total Private Investment Companies	$	10,905,026		92.60	%	$	1,739,617		95.45	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	106,643		0.91	%	$	10,373		0.57	%
	Total Investment in Unconsolidated Trading Companies	$	106,643		0.91	%	$	10,373		0.57	%

U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value				Fair Value
$	1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	626,597	5.32	%	$	60,950	3.34	%
Additional Disclosure on U.S. Treasury Securities			Face Value				Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	549,082			$	53,410
Additional Disclosure on U.S. Treasury Securities			Cost				Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	633,651			$	61,636

		Frontier					Frontier
		Global Fund					Heritage Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,830,415		101.58	%	$	2,243,393		69.97	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			852,366		26.59	%
	Total Private Investment Companies	$	2,830,415		101.58	%	$	3,095,759		96.56	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	17,132		0.61	%	$	19,655		0.61	%
	Total Investment in Unconsolidated Trading Companies	$	17,132		0.61	%	$	19,655		0.61	%

U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value				Fair Value
$1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	100,657	3.61	%	$	115,478	3.60	%
Additional Disclosure on U.S. Treasury Securities		Face Value				Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	88,205			$	101,192
Additional Disclosure on U.S. Treasury Securities		Cost				Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	101,791			$	116,778

													Frontier
			Frontier Diversified Fund					Frontier Masters Fund					Long/Short Commodity Fund
			Fair		%  of Total Capital (Net Asset			Fair		%  of Total Capital (Net Asset			Fair		%  of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	875,796		28.87	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		185,705		6.12	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		453,710		14.96	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		663,002		21.86	%		279,895		39.55	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		386,996		12.76	%		193,269		27.31	%		482,639		38.91	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		273,449		9.02	%		165,212		23.35	%		-		0.00	%
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		252,149		20.33	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		474,234		38.23	%
		Total Private Investment Companies	$	2,838,658		93.59	%	$	638,376		90.21	%	$	1,209,022		97.48	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
		Frontier Trading Company XXXVIII, LLC	$	30,788		1.02	%	$	14,270		2.02	%	$	7,541		0.61	%
		Total Investment in Unconsolidated Trading Companies	$	30,788		1.02	%	$	14,270		2.02	%	$	7,541		0.61	%
U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value					Fair Value					Fair Value
	FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	33,274		1.10	%	$	15,422		2.18	%	$	8,148		0.66	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	27,592				$	12,789				$	6,757
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	33,709				$	15,624				$	8,255

		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)	$	10,141			0.11	%	$	-		0.00	%
	Various agriculture futures contracts (Europe)		(21,640	)		-0.23	%		-		0.00	%
	Various agriculture futures contracts (U.S.)		51,912			0.55	%		-		0.00	%
	Various base metals futures contracts (U.S.)		20,031			0.21	%		-		0.00	%
	Various currency futures contracts (Europe)		1,994			0.02	%		-		0.00	%
	Various currency futures contracts (Far East)		819			0.01	%		-		0.00	%
	Various currency futures contracts (Latin America)		6,710			0.07	%		-		0.00	%
	Various currency futures contracts (U.S.)		(9,800	)		-0.10	%		-		0.00	%
	Various energy futures contracts (U.S.)		34			0.00	%		-		0.00	%
	Various interest rates futures contracts (Europe)		(718,038	)		-7.55	%		-		0.00	%
	Various interest rates futures contracts (Far East)		(10,418	)		-0.11	%		-		0.00	%
	Various interest rates futures contracts (U.S.)		(7,281	)		-0.08	%		-		0.00	%
	Various precious metal futures contracts (U.S.)		19,168			0.20	%		-		0.00	%
	Various soft futures contracts (U.S.)		138,674			1.46	%		-		0.00	%
	Various stock index futures contracts (Europe)		1,508			0.02	%		-		0.00	%
	Various stock index futures contracts (Far East)		1,542			0.02	%		-		0.00	%
	Various stock index futures contracts (Oceanic)		1,236			0.01	%		-		0.00	%
	Various stock index futures contracts (Canada)		1,853			0.02	%		-		0.00	%
	Total Long Futures Contracts	$	(511,556	)		-5.37	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
	Various agriculture futures contracts (Far East)	$	(27,804	)		-0.29	%	$	-		0.00	%
	Various agriculture futures contracts (Europe)		20,105			0.21	%		-		0.00	%
	Various agriculture futures contracts (U.S.)		(11,749	)		-0.12	%		-		0.00	%
	Various base metals futures contracts (U.S.)		(29,574	)		-0.31	%		-		0.00	%
	Various currency futures contracts (Europe)		(18,181	)		-0.19	%		-		0.00	%
	Various currency futures contracts (Far East)		(1,110	)		-0.01	%		-		0.00	%
	Various currency futures contracts (Latin America)		(21,340	)		-0.22	%		-		0.00	%
	Various currency futures contracts (U.S.)		6,288			0.07	%		-		0.00	%
	Various energy futures contracts (U.S.)		(10,792	)		-0.11	%		-		0.00	%
	Various interest rates futures contracts (Europe)		785,677			8.26	%		-		0.00	%
	Various interest rates futures contracts (U.S.)		(625	)		-0.01	%		-		0.00	%
	Various precious metal futures contracts (U.S.)		(38,573	)		-0.41	%		-		0.00	%
	Various soft futures contracts (U.S.)		(110,902	)		-1.17	%		-		0.00	%
	Various stock index futures contracts (Canada)		(5,194	)		-0.05	%		-		0.00	%
	Various stock index futures contracts (Europe)		(5,157	)		-0.05	%		-		0.00	%
	Various stock index futures contracts (Far East)		(2,191	)		-0.02	%		-		0.00	%
	Various stock index futures contracts (Oceanic)		(2,217	)		-0.02	%		-		0.00	%
	Various stock index futures contracts (U.S.)		(269	)		0.00	%		-		0.00	%
	Total Short Futures Contracts	$	526,392			5.56	%	$	-		0.00	%
	Total Open Trade Equity (Deficit)	$	14,836			0.19	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,890,115			19.88	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		820,002			8.62	%		-		0.00	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,134,963			11.94	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,658,225			17.44	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,032,209			21.37	%		796,855		56.28	%
	Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		1,392,967			14.65	%		577,521		40.79	%
	Total Private Investment Companies	$	8,928,481			93.90	%	$	1,374,376		97.07	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	34,977			0.37	%	$	9,514		0.67	%
	Total Investment in Unconsolidated Trading Companies	$	34,977			0.37	%	$	9,514		0.67	%
U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value						Fair Value
FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	37,801			0.40	%	$	10,282		0.73	%
Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	31,347					$	8,527
Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	38,296					$	10,417

		Frontier					Frontier
		Global Fund					Heritage Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,137,382		101.23	%	$	1,614,360		69.52	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			724,414		31.19	%
	Total Private Investment Companies	$	2,137,382		101.23	%	$	2,338,774		100.71	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	23,818		1.13	%	$	9,087		0.39	%
	Total Investment in Unconsolidated Trading Companies	$	23,818		1.13	%	$	9,087		0.39	%
U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value					Fair Value
FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	25,740		1.22	%	$	9,820		0.42	%
Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	21,345				$	8,143
Additional Disclosure on U.S. Treasury Securities		Cost					Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	26,077				$	9,948

			% of Total Capital
	Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)	$	328,497		1.29	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		2,804,986		11.03	%
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		1,443,371		5.68	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		2,084,069		8.20	%
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		197,427		0.78	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		2,558,207		10.06	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		8,546,936		33.61	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,792,924		22.78	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		456,547		1.80	%
Total Private Investment Companies	$	24,212,964		95.22	%
U.S. TREASURY SECURITIES
FACE VALUE
$1,016,500  US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	1,160,001		4.56	%
Total U.S. Treasury Securities	$	1,160,001		4.56	%

				% of Total Capital
Description	Fair Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
Various agriculture futures contracts (Far East)	$	10,141			0.05	%
Various agriculture futures contracts (Europe)		(21,640	)		-0.11	%
Various agriculture futures contracts (U.S.)		51,912			0.26	%
Various base metals futures contracts (U.S.)		20,031			0.10	%
Various currency futures contracts (Europe)		1,994			0.01	%
Various currency futures contracts (Far East)		819			0.00	%
Various currency futures contracts (Latin America)		6,710			0.03	%
Various currency futures contracts (U.S.)		(9,800	)		-0.05	%
Various energy futures contracts (U.S.)		34			0.00	%
Various interest rates futures contracts (Europe)		(718,038	)		-3.53	%
Various interest rates futures contracts (Far East)		(10,418	)		-0.05	%
Various interest rates futures contracts (U.S.)		(7,281	)		-0.04	%
Various precious metal futures contracts (U.S.)		19,168			0.09	%
Various soft futures contracts (U.S.)		138,674			0.68	%
Various stock index futures contracts (Europe)		1,508			0.01	%
Various stock index futures contracts (Far East)		1,541			0.01	%
Various stock index futures contracts (Oceanic)		1,236			0.01	%
Various stock index futures contracts (Canada)		1,853			0.01	%
Total Long Futures Contracts	$	(511,556	)		-2.52	%
SHORT FUTURES CONTRACTS *
Various agriculture futures contracts (Far East)	$	(27,804	)		-0.14	%
Various agriculture futures contracts (Europe)		20,105			0.10	%
Various agriculture futures contracts (U.S.)		(11,749	)		-0.06	%
Various base metals futures contracts (U.S.)		(29,574	)		-0.15	%
Various currency futures contracts (Europe)		(18,181	)		-0.09	%
Various currency futures contracts (Far East)		(1,110	)		-0.01	%
Various currency futures contracts (Latin America)		(21,340	)		-0.10	%
Various currency futures contracts (U.S.)		6,288			0.03	%
Various energy futures contracts (U.S.)		(10,792	)		-0.05	%
Various interest rates futures contracts (Europe)		785,677			3.86	%
Various interest rates futures contracts (U.S.)		(625	)		0.00	%
Various precious metal futures contracts (U.S.)		(38,573	)		-0.19	%
Various soft futures contracts (U.S.)		(110,902	)		-0.55	%
Various stock index futures contracts (Canada)		(5,194	)		-0.03	%
Various stock index futures contracts (Europe)		(5,157	)		-0.03	%
Various stock index futures contracts (Far East)		(2,191	)		-0.01	%
Various stock index futures contracts (Oceanic)		(2,217	)		-0.01	%
Various stock index futures contracts (U.S.)		(269	)		0.00	%
Total Short Futures Contracts	$	526,392			2.57	%
Total Open Trade Equity (Deficit)	$	14,836			0.05	%
PRIVATE INVESTMENT COMPANIES (3)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,765,907			13.60	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,005,707			4.94	%
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		129,995			0.64	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,588,673			7.81	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		6,352,866			31.23	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		4,616,381			22.70	%
Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC)		2,409,149			11.84	%
Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)		252,149			1.24	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		474,234			2.33	%
Total Private Investment Companies	$	19,595,064			96.33	%
U.S. TREASURY SECURITIES (2)
FACE VALUE
FACE VALUE   US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)		140,487			0.69	%
Total U.S. Treasury Securities	$	140,487			0.69	%

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Organization and Purpose

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Organization and Purpose [Line Items]

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 (“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, 2022, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3.

Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. All the funds are invested in Galaxy Plus entities.

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

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

Frontier Funds [Member]

Organization and Purpose [Line Items]

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 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;

● 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 Masters Fund Class 1 was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021

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

As of March 31, 2022, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3.

Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by New Hyde Park 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.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Significant Accounting Policies [Line Items]

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 entities, 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 net unrealized gain/(loss) on private investment companies.

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

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

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

Interest Income— U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasury securities and assets held at a futures commission merchant (“FCM”), of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series and shown net on the statement of operations. The amount reflected in the financial statements of the Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those Series may be zero.

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

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, 2022 and December 31, 2021 included restricted cash for margin requirements of $236,513 and $801,701 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 cost 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 can 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, compares 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 2018 through 2021 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. 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 2020, 2021 and 2022 the Series were not allowed to issue additional units. The Managing Owner has determined that the purchase of additional units of the relevant Series will commence in 2022 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $374,556, $21,287, $159,581 and $71,693 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2022.

These service fees are part of the offering costs of the Trust, with respect to the Series, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are borne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

Pending Owner Additions—Funds received for new subscriptions and for additions to existing owner interests are recorded as capital additions at the NAV per unit of the second business day following receipt.

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

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

Frontier Funds [Member]

Significant Accounting Policies [Line Items]

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

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

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

Interest Income—U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasury securities and assets held at an FCM of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series, and shown net on the statement of operations.

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

Receivable from Futures Commission Merchants—The Trust deposits assets with 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, 2022 and December 31, 2021 and included restricted cash for margin requirements of $236,513 and $801,701 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 cost 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, compares 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, 2022.

The 2018 through 2021 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. 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.

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 2021, 2020 and 2019, 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 2022 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 $681,885 and $673,809 as of March 31, 2022 and December 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 11. 

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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Fair Value Measurements [Line Items]

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 may 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.  Valuation reports are generated and disseminated daily from the swap counterparty to the third-party administrator.  The fair value is applied by the third-party administrator to calculate the daily performance.  The Managing Owner reviews the third-party administrator performance reports and any noticeable exceptions are investigated.  Unexplained exceptions are escalated to the Managing Owner’s Valuation Committee for further 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 table below.

The following table summarizes investment in each Series measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

March 31, 2022	Practical Expedient		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	22,707	$	-	$	-	$	-	$	22,707
U.S. Treasury Securities		-		133,419		-		-		133,419
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		10,134		-		-		-		10,134
U.S. Treasury Securities		-		59,546		-		-		59,546
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		10,783		-		-		-		10,783
U.S. Treasury Securities		-		63,354		-		-		63,354
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		106,643		-		-		-		106,643
U.S. Treasury Securities		-		626,597		-		-		626,597
Frontier Select Fund
Investment in Unconsolidated Trading Companies		10,373		-		-		-		10,373
U.S. Treasury Securities		-		60,950		-		-		60,950
Frontier Global Fund
Investment in Unconsolidated Trading Companies		17,132		-		-		-		17,132
U.S. Treasury Securities		-		100,657		-		-		100,657
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		19,655		-		-		-		19,655
U.S. Treasury Securities		-		115,478		-		-		115,478

December 31, 2021	Practical Expedient		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	30,788	$	-	$	-	$	-	$	30,788
U.S. Treasury Securities		-		33,274		-		-		33,274
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		14,270		-		-		-		14,270
U.S. Treasury Securities		-		15,422		-		-		15,422
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		7,541		-		-		-		7,541
U.S. Treasury Securities		-		8,148		-		-		8,148
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		34,977		-		-		-		34,977
Open Trade Equity (Deficit)		-		14,836		-		-		14,836
U.S. Treasury Securities		-		37,801		-		-		37,801
Frontier Select Fund
Investment in Unconsolidated Trading Companies		9,514		-		-		-		9,514
U.S. Treasury Securities		-		10,282		-		-		10,282
Frontier Global Fund
Investment in Unconsolidated Trading Companies		23,818		-		-		-		23,818
U.S. Treasury Securities		-		25,740		-		-		25,740
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		9,087		-		-		-		9,087
U.S. Treasury Securities		-		9,820		-		-		9,820

Frontier Funds [Member]

Fair Value Measurements [Line Items]

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 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, compares 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, as well as from a 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. All swap investments were liquidated in the year of 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, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
U.S. Treasury Securities	$	1,160,001	$	-	$	-	$	1,160,001

December 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	14,836	$	-	$	-	$	14,836
U.S. Treasury Securities		140,487		-		-		140,487

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Swap Contracts

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Swap Contracts [Line Items]

Swap Contracts

4. Swap Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of March 31, 2022, none 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. All swap investments were liquidated in the year 2020.

Frontier Funds [Member]

Swap Contracts [Line Items]

Swap Contracts

4. Swap Contracts

In addition to authorizing Trading Advisors to manage predetermined 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. All swap investments were liquidated in the year of 2020.

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Investments in Unconsolidated Trading Companies and Private Investment Companies

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Investments in Unconsolidated Trading Companies and Private Investment Companies [Line Items]

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 a 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, 2022 and December 31, 2021:

	As of March 31, 2022					As of December 31, 2021
	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		0.63	%	$	22,707		1.02	%	$	30,788
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		1.33	%	$	10,134		2.02	%	$	14,270
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		0.73	%	$	10,783		0.61	%	$	7,541
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.91	%	$	106,643		0.37	%	$	34,977
Frontier Select Fund ---
Frontier Trading Companies XXXVIII		0.57	%	$	10,373		0.67	%	$	9,514
Frontier Global Fund ---
Frontier Trading Company XXXVIII		0.61	%	$	17,132		1.13	%	$	23,818
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		0.61	%	$	19,655		0.39	%	$	9,087

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, 2022 and March 31, 2021.

Three months ended March 31, 2022 and 2021

	Three Months Ended March, 2022												Three Months Ended March, 2021
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	17,133		$	17,133		$	-		$	-		$	(15,154	)	$	(15,154	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,053	)		668,170			75,759			742,876			(1,608	)		105,068			4,402			107,862
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(3,806	)		(756,826	)		113,144			(647,488	)		(6,767	)		96,963			(211,084	)		(120,888	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(4,122	)		708,976			84,876			789,730			(2,499	)		(183,383	)		7,536			(178,346	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,189	)		452,000			243,765			693,576			(4,323	)		49,066			109,945			154,688
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(6,669	)		704,792			39,340			737,463			(11,862	)		665,706			(74,900	)		578,944
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(572	)		797,312			(478,381	)		318,359			-			-			-			-
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(2,031	)		(2,031	)		(940	)		(501,183	)		394,602			(107,521	)
Total	$	(18,411	)	$	2,574,424		$	93,605		$	2,649,618		$	(27,999	)	$	232,237		$	215,347		$	419,585
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,591		$	6,591		$	-		$	-		$	13,872		$	13,872
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,390	)		884,077			138,282			1,020,969			(2,508	)		172,894			(40,552	)		129,834
Total	$	(1,390	)	$	884,077		$	144,873		$	1,027,560		$	(2,508	)	$	172,894		$	(26,680	)	$	143,706
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	3,957		$	3,957		$	-		$	-		$	7,332		$	7,332
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,678	)		220,374			127,200			344,896			(3,497	)		198,489			(21,623	)		173,369
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(845	)		(845	)		(392	)		(215,079	)		166,556			(48,915	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(216	)		299,148			(180,475	)		118,457			-			-			-			-
Total	$	(2,894	)	$	519,522		$	(50,163	)	$	466,465		$	(3,889	)	$	(16,590	)	$	152,265		$	131,786
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,321		$	6,321		$	-		$	-		$	10,944		$	10,944
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,041	)		663,179			95,200			757,338			(1,340	)		93,684			(29,457	)		62,887
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,189	)		197,710			69,158			264,679			(3,124	)		179,878			(23,467	)		153,287
Total	$	(3,230	)	$	860,889		$	170,679		$	1,028,338		$	(4,464	)	$	273,562		$	(41,980	)	$	227,118
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	4,443		$	4,443		$	-		$	-		$	10,148		$	10,148
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(270	)		70,364			(7,272	)		62,822			(229	)		23,549			(18,332	)		4,988
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,373	)		114,799			61,788			175,214			(1,861	)		105,715			(12,891	)		90,963
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(2,454	)		(268,651	)		336,523			65,418			(1,808	)		-			(28,559	)		(30,367	)
Total	$	(4,097	)	$	(83,488	)	$	395,482		$	307,897		$	(3,898	)	$	129,264		$	(49,634	)	$	75,732
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,287		$	9,287		$	-		$	-		$	8,063		$	8,063
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(401	)		253,501			32,227			285,327			(753	)		52,525			(1,159	)		50,613
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(1,980	)		(379,839	)		54,380			(327,439	)		(3,231	)		47,548			(95,237	)		(50,920	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(946	)		163,333			16,830			179,217			(640	)		(46,172	)		(2,167	)		(48,979	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(1,046	)		260,120			12,523			271,597			(2,763	)		30,374			90,227			117,838
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,476	)		137,574			41,852			177,950			(2,011	)		110,869			(5,456	)		103,402
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(399	)		(399	)		(219	)		(118,037	)		94,039			(24,217	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(110	)		153,723			(91,051	)		62,562			-			-			-			-
Total	$	(5,959	)	$	588,412		$	75,649		$	658,102		$	(9,617	)	$	77,107		$	88,310		$	155,800
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	3,485		$	3,485		$	-		$	-		$	11,507		$	11,507
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(174	)		108,713			18,397			126,936			(353	)		23,632			(5,892	)		17,387
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(684	)		64,081			(63,397	)		-			(1,062	)		60,348			(7,732	)		51,554
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			(242	)		(242	)		-			-			-			-
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			89,775			89,775			(156	)		(83,540	)		61,779			(21,917	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(64	)		88,318			(53,535	)		34,719			-			-			-			-
Total	$	(922	)	$	261,112		$	(5,517	)	$	254,673		$	(1,571	)	$	440		$	59,662		$	58,531

The Series’ investments in private investment companies as of March 31, 2022 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 - Quantica Managed Futures Feeder Fund (507) 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 - Quantica Managed Futures Feeder Fund (507) 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 - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) 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 - Quantica Managed Futures Feeder Fund (507) 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 1, 2022, John Locke Investments SA, accessed through Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC, ceased to act as a commodity trading advisor to the Trust.

Effective January 1, 2022, Quantica Capital AG, accessed through Galaxy Plus Fund – Quantica Managed Futures Feeder Fund (507) LLC, became a new commodity trading advisor for Frontier Balanced Fund, Frontier Diversified Fund, Frontier Masters Fund and Frontier Select Fund.

Frontier Funds [Member]

Investments in Unconsolidated Trading Companies and Private Investment Companies [Line Items]

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

The following table summarizes the Trust’s equity in earnings from each of the private investment companies during the three months ended March 31, 2022 and 2021:

Three months ended March 31, 2022 and 2021 

	Three Months Ended March, 2022												Three Months Ended March, 2021
	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	$	(4,059	)	$	2,577,640		$	359,865		$	2,933,446		$	(6,562	)	$	447,803		$	(72,658	)	$	368,583
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(5,786	)		(1,136,665	)		167,524			(974,927	)		(9,998	)		144,511			(306,321	)		(171,808	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(270	)		70,364			(7,272	)		62,822			(229	)		23,549			(18,332	)		4,988
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(5,068	)		872,309			101,706			968,947			(3,139	)		(229,555	)		5,369			(227,325	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(3,235	)		712,120			256,288			965,173			(7,086	)		79,440			200,172			272,526
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			67,491			67,491			-			-			58,149			58,149
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			(242	)		(242	)		-			-			-			-
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(15,069	)		1,439,330			275,941			1,700,202			(23,417	)		1,321,005			(146,069	)		1,151,519
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			86,500			86,500			(1,707	)		(917,839	)		716,976			(202,570	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(2,454)			(268,651	)		336,523			65,418			(1,808	)		-			(28,559	)		(30,367	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(962	)		1,338,501			(803,442	)		534,097			-			-			-			-
Total	$	(36,903	)	$	5,604,948		$	840,882		$	6,408,927		$	(53,946	)	$	868,914		$	408,727		$	1,223,695

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

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) 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 1, 2022, John Locke Investments SA, accessed through Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC, ceased to act as a commodity trading advisor to the Trust.

Effective January 1, 2022, Quantica Capital AG, accessed through Galaxy Plus Fund – Quantica Managed Futures Feeder Fund (507) LLC, became a new commodity trading advisor for Frontier Balanced Fund, Frontier Diversified Fund, Frontier Masters Fund and Frontier Select Fund.  

XML

Transactions with Affiliates

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Transactions with Affiliates [Line Items]

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.

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.

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, $393, $31,725, $374,556, $21,287, $159,581 and $71,693 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2022.

The following table summarizes fees earned by the Managing Owner for the three months ended March 31, 2022 and March 31, 2021, respectively.

Three Months Ended March 31, 2022	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	251	$	27,593
Frontier Masters Fund		-		-		116		11,781
Frontier Long/Short Commodity Fund		-		-		56		8,468
Frontier Balanced Fund		76,272		4,403		61,363		102,264
Frontier Select Fund		-		-		10,925		11,861
Frontier Global Fund		-		-		16,989		30,349
Frontier Heritage Fund		-		-		18,381		27,156

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

The following table summarizes fees payable to the Managing Owner as of March 31, 2022 and December 31, 2021.

As of March 31, 2022	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	96	$	10,172
Frontier Masters Fund		-		-		-		43		4,298
Frontier Long/Short Commodity Fund		-		-		43		22		2,882
Frontier Balanced Fund		76,963		1,601		953		20,814		36,890
Frontier Select Fund		-		-		237		4,272		4,299
Frontier Global Fund		-		-		400		6,268		11,321
Frontier Heritage Fund		-		-		448		6,492		10,363

As of December 31, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	83	$	9,217
Frontier Masters Fund		-		-		-		43		3,882
Frontier Long/Short Commodity Fund		-		-		32		19		3,407
Frontier Balanced Fund		54,702		1,431		957		18,314		32,970
Frontier Select Fund		-		-		196		3,524		3,682
Frontier Global Fund		-		-		312		4,986		9,533
Frontier Heritage Fund		-		-		217		4,950		8,307

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

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

The following table outlines the interest paid by each series to the Managing owner and its ratio to average net assets for the three months ended March 31, 2022 and 2021.

Three Months Ended	March 31, 2022		March 31, 2021		March 31, 2022			March 31, 2021
	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		3		8		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 3		106		226		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 1a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 2a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 3a		-		-		0.00	%		0.00	%
Frontier Balanced Fund Class 1		2,350		301		0.03	%		0.00	%
Frontier Balanced Fund Class 1AP		21		3		0.03	%		0.00	%
Frontier Balanced Fund Class 2		493		69		0.03	%		0.00	%
Frontier Balanced Fund Class 2a		3		1		0.01	%		0.00	%
Frontier Balanced Fund Class 3a		25		3		0.01	%		0.00	%
Frontier Select Fund Class 1		594		790		0.04	%		0.05	%
Frontier Select Fund Class 1AP		5		5		0.04	%		0.05	%
Frontier Select Fund Class 2		31		35		0.04	%		0.05	%
Frontier Global Fund Class 1		839		1,455		0.04	%		0.05	%
Frontier Global Fund Class 1AP		-		-		0.00	%		0.00	%
Frontier Global Fund Class 2		73		103		0.04	%		0.05	%
Frontier Heritage Fund Class 1		854		1,038		0.03	%		0.05	%
Frontier Heritage Fund Class 1AP		3		4		0.03	%		0.05	%
Frontier Heritage Fund Class 2		81		104		0.03	%		0.05	%
Total	$	5,481	$	4,145

Frontier Funds [Member]

Transactions with Affiliates [Line Items]

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.

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.

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, 2022, the Trust had a payable to the Managing Owner in the amounts of $76,963, $1,601, $2,081, $80,225 and $38,007 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2021, the Trust had a payable to the Managing Owner in the amounts of $54,702, $1,431, $1,714, $70,998 and $31,919 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended March 31, 2022 the Managing Owner earned $76,272, $4,403, $1,321, $108,081 and $219,472 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the three months ended March 31, 2021, the Managing Owner earned $49,840, $4,619, $1,386, $116,113 and $243,165 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

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

Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (for the three months ended March 31, 2022, and March 31, 2021 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, 2022 and March 31, 2021 and, the Trust paid $5,480, and $4,145, 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, 2022

The Series of the Frontier Funds [Member]

Financial Highlights [Line Items]

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Series, for the three months ended March 31, 2022 and 2021. This data has been derived from the information presented in the financial statements.

For the three months ended March 31, 2022

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	Class 2			Class 3			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2021	$	88.98		$	83.56		$	70.17		$	66.15		$	89.97		$	58.75		$	94.38		$	62.16
Net operating results:
Interest income		0.04			0.04			0.07			0.07			0.05			0.03			0.05			0.03
Expenses		(0.85	)		(0.80	)		(1.29	)		(1.22	)		(0.64	)		(0.42	)		(0.67	)		(0.44	)
Net gain/(loss) on investments, net of non-controlling interests		19.64			18.50			27.48			25.98			23.40			15.24			24.55			16.17
Net income/(loss)		18.83			17.74			26.27			24.83			22.81			14.85			23.93			15.76
Net asset value, March 31, 2022	$	107.81		$	101.30		$	96.44		$	90.98		$	112.78		$	73.60		$	118.31		$	77.92
Ratios to average net assets
Net investment income/(loss)		-3.46	%		-3.46	%		-6.16	%		-6.16	%		-2.50	%		-2.50	%		-2.50	%		-2.50	%
Expenses before incentive fees (3)(4)		3.63	%		3.63	%		6.52	%		6.52	%		2.70	%		2.70	%		2.70	%		2.70	%
Expenses after incentive fees (3)(4)		3.63	%		3.63	%		6.52	%		6.52	%		2.70	%		2.70	%		2.70	%		2.70	%
Total return before incentive fees (2)		21.16	%		21.24	%		37.44	%		37.53	%		25.35	%		25.28	%		25.35	%		25.36	%
Total return after incentive fees (2)		21.16	%		21.24	%		37.44	%		37.53	%		25.35	%		25.28	%		25.35	%		25.36	%

	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, 2021	$	82.82		$	103.38		$	139.40		$	120.98		$	120.57		$	63.39		$	79.21		$	105.10
Net operating results:
Interest income		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		0.00			0.00			0.00
Expenses		(2.32	)		(2.05	)		(2.76	)		(2.39	)		(2.39	)		(1.06	)		(0.67	)		(0.89	)
Net gain/(loss) on investments, net of non-controlling interests		26.33			32.99			44.50			38.66			38.52			21.26			26.67			35.40
Net income/(loss)		24.00			30.95			41.74			36.26			36.14			20.19			25.99			34.51
Net asset value, March 31, 2022	$	106.82		$	134.33		$	181.14		$	157.24		$	156.71		$	83.58		$	105.20		$	139.61
Ratios to average net assets
Net investment income/(loss)		-8.06	%		-4.98	%		-4.98	%		-4.98	%		-4.98	%		-6.10	%		-3.09	%		-3.09	%
Expenses before incentive fees (3)(4)		7.32	%		4.24	%		4.24	%		4.24	%		4.24	%		6.10	%		3.09	%		3.09	%
Expenses after incentive fees (3)(4)		8.06	%		4.98	%		4.98	%		4.98	%		4.98	%		6.10	%		3.09	%		3.09	%
Total return before incentive fees (2)		29.72	%		30.67	%		30.68	%		30.71	%		30.71	%		31.86	%		32.82	%		32.83	%
Total return after incentive fees (2)		28.98	%		29.94	%		29.94	%		29.97	%		29.97	%		31.86	%		32.82	%		32.83	%
Incentive fee per share		0.67			0.85			1.14			0.99			0.99						-			-
Incentive Fee to ANA		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.00	%		0.00	%		0.00	%

	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, 2021	$	109.45		$	170.40		$	103.43		$	129.19		$	172.91
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.62	)		(2.51	)		(2.15	)		(1.55	)		(2.08	)
Net gain/(loss) on investments, net of non-controlling interests		55.07			86.05			47.00			58.96			78.90
Net income/(loss)		52.45			83.54			44.84			57.41			76.82
Net asset value, March 31, 2022	$	161.90		$	253.94		$	148.27		$	186.60		$	249.73
Ratios to average net assets
Net investment income/(loss)		-7.97	%		-4.95	%		-7.08	%		-4.06	%		-4.06	%
Expenses before incentive fees (3)(4)		7.97	%		4.95	%		7.08	%		4.06	%		4.06	%
Expenses after incentive fees (3)(4)		7.97	%		4.95	%		7.08	%		4.06	%		4.06	%
Total return before incentive fees (2)		47.92	%		49.02	%		43.35	%		44.44	%		44.43	%
Total return after incentive fees (2)		47.92	%		49.02	%		43.35	%		44.44	%		44.43	%

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

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

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

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

	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	%

	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.

Frontier Funds [Member]

Financial Highlights [Line Items]

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Trust for the three months ended March 31, 2022 and March 31, 2021. This data has been derived from the information presented in the consolidated financial statements.

Three months ended March 31

	2022			2021
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.50	%		-6.20	%
Expenses before incentive fees (3)		6.20	%		6.06	%
Expenses after incentive fees (3)		6.55	%		6.26	%
Total return before incentive fees (2)		29.11	%		6.45	%
Total return after incentive fees (2)		28.76	%		4.56	%

(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.

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Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Derivative Instruments and Hedging Activities [Line Items]

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, 2022 and December 31, 2021 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, 2022

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		373		367

For the Three Months ended March 31, 2021

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		788		787

The following tables summarize the trading revenues for the three months ended March 31, 2022, and 2021 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2022

Type of contract	Frontier Balanced Fund
Agriculturals	$	(37,319	)
Currencies		183,465
Energies		107,870
Interest rates		27,127
Metals		(188,863	)
Stock indices		179,189
Realized trading income/(loss)(1)	$	271,469

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	63,311
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,119
Realized trading income/(loss)(1)	$	371,559

(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, 2022

Type of contract	Frontier Balanced Fund
Agriculturals	$	(2,154	)
Currencies		(3,547	)
Energies		14,760
Interest rates		17,389
Metals		15,429
Stock indices		865
Change in unrealized trading income/(loss)(1)	$	42,742

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	)

(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 FCMs 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, 2022 and December 31, 2021.

As of March 31, 2022

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)	$	-	$	-	$	-

As of December 31, 2021

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)	$	2,118,427	$	(2,103,591	)	$	14,836

Frontier Funds [Member]

Derivative Instruments and Hedging Activities [Line Items]

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, 2022 and December 31, 2021 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, 2022 and March 31, 2021, the monthly average of futures, forwards and options contracts bought was approximately 373 and 788, respectively and sold was approximately 367 and 787, respectively.

The following tables summarize the trading revenues for the three months ended March 31, 2022 and March 31, 2021 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2022

Type of contract
Agriculturals	$	(37,319	)
Currencies		183,465
Energies		107,870
Interest rates		27,127
Metals		(188,863	)
Stock indices		179,189
Realized trading income/(loss)(1)	$	271,469

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		171,118
Realized trading income/(loss)(1)	$	371,559

(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, 2022

Type of contract
Agriculturals	$	(2,154	)
Currencies		(3,547	)
Energies		14,760
Interest rates		17,389
Metals		15,429
Stock indices		865
Change in unrealized trading income/(loss)(1)	$	42,742

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	)

(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 FCMs 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 Master 31, 2022 and December 31, 2021:

As of March 31, 2022

		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)	$	-	$	-	$	-

As of December 31, 2021

	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)	$	2,118,427	$	(2,103,591	)	$	14,836

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Trading Activities and Related Risks

3 Months Ended

Mar. 31, 2022

The Series of the Frontier Funds [Member]

Trading Activities and Related Risks [Line Items]

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 Commodity Exchange Act, as amended (“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 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.

Frontier Funds [Member]

Trading Activities and Related Risks [Line Items]

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.

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Indemnifications and Guarantees noted in Management Discussion and Analysis

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Indemnifications and Guarantees noted in Management Discussion and Analysis [Line Items]

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 [Line Items]

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 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.

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Subsequent Events

3 Months Ended

Mar. 31, 2022

The Series of the Frontier Funds [Member]

Subsequent Events [Line Items]

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, 2022 through May 16, 2022, 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 $372,895, $108,943, $115,631, $35,729, $2,000, $5,137 and $258,891, respectively, in redemptions.

Frontier Funds [Member]

Subsequent Events [Line Items]

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, 2022 through May 16, 2022, the Trust paid $899,225 in redemptions.

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Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Accounting Policies, by Policy (Policies) [Line Items]

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 entities, 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 net unrealized gain/(loss) on private investment companies.

Galaxy Plus entities are co-mingled investment vehicles. In addition to the Series, there are other non-affiliated investors in Galaxy Plus entities. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Series’ ownership percentage in Galaxy Plus entities. 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

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. Treasury securities and assets held at a futures commission merchant (“FCM”), of up to two percentage points of the aggregate percentage yield (annualized) of net asset value less any fair market value related to swaps, is paid to the Managing Owner by the Frontier Balanced Fund (Class 1, and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. All interest not paid to the Managing Owner is interest income to the Series and shown net on the statement of operations. The amount reflected in the financial statements of the Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those Series may be zero.

U.S. Treasury Securities

U.S. Treasury Securities—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, 2022 and December 31, 2021 included restricted cash for margin requirements of $236,513 and $801,701 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 cost 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 can 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, compares 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 2018 through 2021 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. 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 2020, 2021 and 2022 the Series were not allowed to issue additional units. The Managing Owner has determined that the purchase of additional units of the relevant Series will commence in 2022 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $374,556, $21,287, $159,581 and $71,693 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2022.

These service fees are part of the offering costs of the Trust, with respect to the Series, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are borne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

Pending Owner Additions

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

Subsequent Events

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

Frontier Funds [Member]

Accounting Policies, by Policy (Policies) [Line Items]

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 entities, 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 of investment level 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 entities. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Trust’s ownership percentage in Galaxy Plus entities. 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

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

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, 2022 and December 31, 2021 and included restricted cash for margin requirements of $236,513 and $801,701 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 cost 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, compares 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, 2022.

The 2018 through 2021 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. 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.

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 2021, 2020 and 2019, 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 2022 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 $681,885 and $673,809 as of March 31, 2022 and December 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 has evaluated the impacts of ASU 2018-13 and ensured that the financial statements are compliant.

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 11.

XML

Consolidated Condensed Schedule of Investments (Tables)

3 Months Ended

Mar. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Schedule of investment companies (Unaudited)

		Frontier Diversified Fund					Frontier Masters Fund					Frontier Long/Short Commodity Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	510,968		14.21	%	$	-		0.00	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		394,002		10.96	%		-		0.00	%		-		0.00	%
	Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		328,849		9.15	%		181,453		23.87	%		-		0.00	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		697,480		19.40	%		-		0.00	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		856,723		23.83	%		356,298		46.87	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		593,703		16.51	%		156,761		20.62	%		583,437		39.33	%
	Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		328,497		22.15	%
	Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		456,547		30.78	%
	Total Private Investment Companies	$	3,381,725		94.06	%	$	694,512		91.37	%	$	1,368,481		92.26	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	22,707		0.63	%	$	10,134		1.33	%	$	10,783		0.73	%
	Total Investment in Unconsolidated Trading Companies	$	22,707		0.63	%	$	10,134		1.33	%	$	10,783		0.73	%

U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value				Fair Value				Fair Value
	$1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	133,419	3.71	%	$	59,546	7.83	%	$	63,354	4.27	%
Additional Disclosure on U.S. Treasury Securities			Face Value				Face Value				Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	116,915			$	52,179			$	55,517
Additional Disclosure on U.S. Treasury Securities			Cost				Cost				Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	134,921			$	60,216			$	64,067

		Frontier					Frontier
		Balanced Fund					Select Fund
				% of Total Capital					% of Total Capital
Description		Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	932,403		7.92	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,690,066		14.35	%		-		0.00	%
	Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		1,675,575		14.23	%		619,109		33.97	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,860,727		15.80	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		2,260,107		19.19	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,486,148		21.11	%		1,120,508		61.48	%
	Total Private Investment Companies	$	10,905,026		92.60	%	$	1,739,617		95.45	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	106,643		0.91	%	$	10,373		0.57	%
	Total Investment in Unconsolidated Trading Companies	$	106,643		0.91	%	$	10,373		0.57	%

U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value				Fair Value
$	1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	626,597	5.32	%	$	60,950	3.34	%
Additional Disclosure on U.S. Treasury Securities			Face Value				Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	549,082			$	53,410
Additional Disclosure on U.S. Treasury Securities			Cost				Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	633,651			$	61,636

		Frontier					Frontier
		Global Fund					Heritage Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,830,415		101.58	%	$	2,243,393		69.97	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			852,366		26.59	%
	Total Private Investment Companies	$	2,830,415		101.58	%	$	3,095,759		96.56	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	17,132		0.61	%	$	19,655		0.61	%
	Total Investment in Unconsolidated Trading Companies	$	17,132		0.61	%	$	19,655		0.61	%

U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value				Fair Value
$1,016,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	100,657	3.61	%	$	115,478	3.60	%
Additional Disclosure on U.S. Treasury Securities		Face Value				Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	88,205			$	101,192
Additional Disclosure on U.S. Treasury Securities		Cost				Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	101,791			$	116,778

													Frontier
			Frontier Diversified Fund					Frontier Masters Fund					Long/Short Commodity Fund
			Fair		%  of Total Capital (Net Asset			Fair		%  of Total Capital (Net Asset			Fair		%  of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	875,796		28.87	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		185,705		6.12	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		453,710		14.96	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		663,002		21.86	%		279,895		39.55	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		386,996		12.76	%		193,269		27.31	%		482,639		38.91	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		273,449		9.02	%		165,212		23.35	%		-		0.00	%
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		252,149		20.33	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		474,234		38.23	%
		Total Private Investment Companies	$	2,838,658		93.59	%	$	638,376		90.21	%	$	1,209,022		97.48	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
		Frontier Trading Company XXXVIII, LLC	$	30,788		1.02	%	$	14,270		2.02	%	$	7,541		0.61	%
		Total Investment in Unconsolidated Trading Companies	$	30,788		1.02	%	$	14,270		2.02	%	$	7,541		0.61	%
U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value					Fair Value					Fair Value
	FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	33,274		1.10	%	$	15,422		2.18	%	$	8,148		0.66	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	27,592				$	12,789				$	6,757
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	33,709				$	15,624				$	8,255

		Frontier					Frontier
		Global Fund					Heritage Fund
		Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description		Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,137,382		101.23	%	$	1,614,360		69.52	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			724,414		31.19	%
	Total Private Investment Companies	$	2,137,382		101.23	%	$	2,338,774		100.71	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	23,818		1.13	%	$	9,087		0.39	%
	Total Investment in Unconsolidated Trading Companies	$	23,818		1.13	%	$	9,087		0.39	%
U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value					Fair Value
FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	25,740		1.22	%	$	9,820		0.42	%
Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	21,345				$	8,143
Additional Disclosure on U.S. Treasury Securities		Cost					Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	26,077				$	9,948

			% of Total Capital
	Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)	$	328,497		1.29	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		2,804,986		11.03	%
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		1,443,371		5.68	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		2,084,069		8.20	%
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		197,427		0.78	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		2,558,207		10.06	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		8,546,936		33.61	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,792,924		22.78	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		456,547		1.80	%
Total Private Investment Companies	$	24,212,964		95.22	%
U.S. TREASURY SECURITIES
FACE VALUE
$1,016,500  US Treasury Note 6.875% due 08/15/2025 (Cost $1,173,060)	$	1,160,001		4.56	%
Total U.S. Treasury Securities	$	1,160,001		4.56	%

Condensed Schedule of futures contracts and investment companies (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)	$	10,141			0.11	%	$	-		0.00	%
	Various agriculture futures contracts (Europe)		(21,640	)		-0.23	%		-		0.00	%
	Various agriculture futures contracts (U.S.)		51,912			0.55	%		-		0.00	%
	Various base metals futures contracts (U.S.)		20,031			0.21	%		-		0.00	%
	Various currency futures contracts (Europe)		1,994			0.02	%		-		0.00	%
	Various currency futures contracts (Far East)		819			0.01	%		-		0.00	%
	Various currency futures contracts (Latin America)		6,710			0.07	%		-		0.00	%
	Various currency futures contracts (U.S.)		(9,800	)		-0.10	%		-		0.00	%
	Various energy futures contracts (U.S.)		34			0.00	%		-		0.00	%
	Various interest rates futures contracts (Europe)		(718,038	)		-7.55	%		-		0.00	%
	Various interest rates futures contracts (Far East)		(10,418	)		-0.11	%		-		0.00	%
	Various interest rates futures contracts (U.S.)		(7,281	)		-0.08	%		-		0.00	%
	Various precious metal futures contracts (U.S.)		19,168			0.20	%		-		0.00	%
	Various soft futures contracts (U.S.)		138,674			1.46	%		-		0.00	%
	Various stock index futures contracts (Europe)		1,508			0.02	%		-		0.00	%
	Various stock index futures contracts (Far East)		1,542			0.02	%		-		0.00	%
	Various stock index futures contracts (Oceanic)		1,236			0.01	%		-		0.00	%
	Various stock index futures contracts (Canada)		1,853			0.02	%		-		0.00	%
	Total Long Futures Contracts	$	(511,556	)		-5.37	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
	Various agriculture futures contracts (Far East)	$	(27,804	)		-0.29	%	$	-		0.00	%
	Various agriculture futures contracts (Europe)		20,105			0.21	%		-		0.00	%
	Various agriculture futures contracts (U.S.)		(11,749	)		-0.12	%		-		0.00	%
	Various base metals futures contracts (U.S.)		(29,574	)		-0.31	%		-		0.00	%
	Various currency futures contracts (Europe)		(18,181	)		-0.19	%		-		0.00	%
	Various currency futures contracts (Far East)		(1,110	)		-0.01	%		-		0.00	%
	Various currency futures contracts (Latin America)		(21,340	)		-0.22	%		-		0.00	%
	Various currency futures contracts (U.S.)		6,288			0.07	%		-		0.00	%
	Various energy futures contracts (U.S.)		(10,792	)		-0.11	%		-		0.00	%
	Various interest rates futures contracts (Europe)		785,677			8.26	%		-		0.00	%
	Various interest rates futures contracts (U.S.)		(625	)		-0.01	%		-		0.00	%
	Various precious metal futures contracts (U.S.)		(38,573	)		-0.41	%		-		0.00	%
	Various soft futures contracts (U.S.)		(110,902	)		-1.17	%		-		0.00	%
	Various stock index futures contracts (Canada)		(5,194	)		-0.05	%		-		0.00	%
	Various stock index futures contracts (Europe)		(5,157	)		-0.05	%		-		0.00	%
	Various stock index futures contracts (Far East)		(2,191	)		-0.02	%		-		0.00	%
	Various stock index futures contracts (Oceanic)		(2,217	)		-0.02	%		-		0.00	%
	Various stock index futures contracts (U.S.)		(269	)		0.00	%		-		0.00	%
	Total Short Futures Contracts	$	526,392			5.56	%	$	-		0.00	%
	Total Open Trade Equity (Deficit)	$	14,836			0.19	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (2)
	Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,890,115			19.88	%	$	-		0.00	%
	Galaxy Plus Fund - QIM Feeder Fund (526) LLC		820,002			8.62	%		-		0.00	%
	Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,134,963			11.94	%		-		0.00	%
	Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,658,225			17.44	%		-		0.00	%
	Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,032,209			21.37	%		796,855		56.28	%
	Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		1,392,967			14.65	%		577,521		40.79	%
	Total Private Investment Companies	$	8,928,481			93.90	%	$	1,374,376		97.07	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
	Frontier Trading Company XXXVIII, LLC	$	34,977			0.37	%	$	9,514		0.67	%
	Total Investment in Unconsolidated Trading Companies	$	34,977			0.37	%	$	9,514		0.67	%
U.S. TREASURY SECURITIES (1)
FACE VALUE		Fair Value						Fair Value
FACE VALUE	US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)	$	37,801			0.40	%	$	10,282		0.73	%
Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value
	US Treasury Note 6.875% due 08/15/2025 (1)	$	31,347					$	8,527
Additional Disclosure on U.S. Treasury Securities		Cost						Cost
	US Treasury Note 6.875% due 08/15/2025 (1)	$	38,296					$	10,417

				% of Total Capital
Description	Fair Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
Various agriculture futures contracts (Far East)	$	10,141			0.05	%
Various agriculture futures contracts (Europe)		(21,640	)		-0.11	%
Various agriculture futures contracts (U.S.)		51,912			0.26	%
Various base metals futures contracts (U.S.)		20,031			0.10	%
Various currency futures contracts (Europe)		1,994			0.01	%
Various currency futures contracts (Far East)		819			0.00	%
Various currency futures contracts (Latin America)		6,710			0.03	%
Various currency futures contracts (U.S.)		(9,800	)		-0.05	%
Various energy futures contracts (U.S.)		34			0.00	%
Various interest rates futures contracts (Europe)		(718,038	)		-3.53	%
Various interest rates futures contracts (Far East)		(10,418	)		-0.05	%
Various interest rates futures contracts (U.S.)		(7,281	)		-0.04	%
Various precious metal futures contracts (U.S.)		19,168			0.09	%
Various soft futures contracts (U.S.)		138,674			0.68	%
Various stock index futures contracts (Europe)		1,508			0.01	%
Various stock index futures contracts (Far East)		1,541			0.01	%
Various stock index futures contracts (Oceanic)		1,236			0.01	%
Various stock index futures contracts (Canada)		1,853			0.01	%
Total Long Futures Contracts	$	(511,556	)		-2.52	%
SHORT FUTURES CONTRACTS *
Various agriculture futures contracts (Far East)	$	(27,804	)		-0.14	%
Various agriculture futures contracts (Europe)		20,105			0.10	%
Various agriculture futures contracts (U.S.)		(11,749	)		-0.06	%
Various base metals futures contracts (U.S.)		(29,574	)		-0.15	%
Various currency futures contracts (Europe)		(18,181	)		-0.09	%
Various currency futures contracts (Far East)		(1,110	)		-0.01	%
Various currency futures contracts (Latin America)		(21,340	)		-0.10	%
Various currency futures contracts (U.S.)		6,288			0.03	%
Various energy futures contracts (U.S.)		(10,792	)		-0.05	%
Various interest rates futures contracts (Europe)		785,677			3.86	%
Various interest rates futures contracts (U.S.)		(625	)		0.00	%
Various precious metal futures contracts (U.S.)		(38,573	)		-0.19	%
Various soft futures contracts (U.S.)		(110,902	)		-0.55	%
Various stock index futures contracts (Canada)		(5,194	)		-0.03	%
Various stock index futures contracts (Europe)		(5,157	)		-0.03	%
Various stock index futures contracts (Far East)		(2,191	)		-0.01	%
Various stock index futures contracts (Oceanic)		(2,217	)		-0.01	%
Various stock index futures contracts (U.S.)		(269	)		0.00	%
Total Short Futures Contracts	$	526,392			2.57	%
Total Open Trade Equity (Deficit)	$	14,836			0.05	%
PRIVATE INVESTMENT COMPANIES (3)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,765,907			13.60	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,005,707			4.94	%
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		129,995			0.64	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,588,673			7.81	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		6,352,866			31.23	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		4,616,381			22.70	%
Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC)		2,409,149			11.84	%
Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC)		252,149			1.24	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		474,234			2.33	%
Total Private Investment Companies	$	19,595,064			96.33	%
U.S. TREASURY SECURITIES (2)
FACE VALUE
FACE VALUE   US Treasury Note 6.875% due 08/15/2025 (Cost $142,326)		140,487			0.69	%
Total U.S. Treasury Securities	$	140,487			0.69	%

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Fair Value Measurements (Tables) [Line Items]

Schedule of financial asset portfolio measured at fair value

March 31, 2022	Practical Expedient		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	22,707	$	-	$	-	$	-	$	22,707
U.S. Treasury Securities		-		133,419		-		-		133,419
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		10,134		-		-		-		10,134
U.S. Treasury Securities		-		59,546		-		-		59,546
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		10,783		-		-		-		10,783
U.S. Treasury Securities		-		63,354		-		-		63,354
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		106,643		-		-		-		106,643
U.S. Treasury Securities		-		626,597		-		-		626,597
Frontier Select Fund
Investment in Unconsolidated Trading Companies		10,373		-		-		-		10,373
U.S. Treasury Securities		-		60,950		-		-		60,950
Frontier Global Fund
Investment in Unconsolidated Trading Companies		17,132		-		-		-		17,132
U.S. Treasury Securities		-		100,657		-		-		100,657
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		19,655		-		-		-		19,655
U.S. Treasury Securities		-		115,478		-		-		115,478

December 31, 2021	Practical Expedient		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	30,788	$	-	$	-	$	-	$	30,788
U.S. Treasury Securities		-		33,274		-		-		33,274
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		14,270		-		-		-		14,270
U.S. Treasury Securities		-		15,422		-		-		15,422
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		7,541		-		-		-		7,541
U.S. Treasury Securities		-		8,148		-		-		8,148
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		34,977		-		-		-		34,977
Open Trade Equity (Deficit)		-		14,836		-		-		14,836
U.S. Treasury Securities		-		37,801		-		-		37,801
Frontier Select Fund
Investment in Unconsolidated Trading Companies		9,514		-		-		-		9,514
U.S. Treasury Securities		-		10,282		-		-		10,282
Frontier Global Fund
Investment in Unconsolidated Trading Companies		23,818		-		-		-		23,818
U.S. Treasury Securities		-		25,740		-		-		25,740
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		9,087		-		-		-		9,087
U.S. Treasury Securities		-		9,820		-		-		9,820

Frontier Funds [Member]

Fair Value Measurements (Tables) [Line Items]

Schedule of financial asset portfolio measured at fair value

March 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
U.S. Treasury Securities	$	1,160,001	$	-	$	-	$	1,160,001

December 31, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	14,836	$	-	$	-	$	14,836
U.S. Treasury Securities		140,487		-		-		140,487

XML

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

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Investments in Unconsolidated Trading Companies and Private Investment Companies (Tables) [Line Items]

Schedule of investments in unconsolidated trading companies

	As of March 31, 2022					As of December 31, 2021
	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		0.63	%	$	22,707		1.02	%	$	30,788
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		1.33	%	$	10,134		2.02	%	$	14,270
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		0.73	%	$	10,783		0.61	%	$	7,541
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.91	%	$	106,643		0.37	%	$	34,977
Frontier Select Fund ---
Frontier Trading Companies XXXVIII		0.57	%	$	10,373		0.67	%	$	9,514
Frontier Global Fund ---
Frontier Trading Company XXXVIII		0.61	%	$	17,132		1.13	%	$	23,818
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		0.61	%	$	19,655		0.39	%	$	9,087

Schedule of earnings from unconsolidated trading companies and private investment companies

	Three Months Ended March, 2022												Three Months Ended March, 2021
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	17,133		$	17,133		$	-		$	-		$	(15,154	)	$	(15,154	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,053	)		668,170			75,759			742,876			(1,608	)		105,068			4,402			107,862
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(3,806	)		(756,826	)		113,144			(647,488	)		(6,767	)		96,963			(211,084	)		(120,888	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(4,122	)		708,976			84,876			789,730			(2,499	)		(183,383	)		7,536			(178,346	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,189	)		452,000			243,765			693,576			(4,323	)		49,066			109,945			154,688
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(6,669	)		704,792			39,340			737,463			(11,862	)		665,706			(74,900	)		578,944
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(572	)		797,312			(478,381	)		318,359			-			-			-			-
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(2,031	)		(2,031	)		(940	)		(501,183	)		394,602			(107,521	)
Total	$	(18,411	)	$	2,574,424		$	93,605		$	2,649,618		$	(27,999	)	$	232,237		$	215,347		$	419,585
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,591		$	6,591		$	-		$	-		$	13,872		$	13,872
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,390	)		884,077			138,282			1,020,969			(2,508	)		172,894			(40,552	)		129,834
Total	$	(1,390	)	$	884,077		$	144,873		$	1,027,560		$	(2,508	)	$	172,894		$	(26,680	)	$	143,706
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	3,957		$	3,957		$	-		$	-		$	7,332		$	7,332
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,678	)		220,374			127,200			344,896			(3,497	)		198,489			(21,623	)		173,369
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(845	)		(845	)		(392	)		(215,079	)		166,556			(48,915	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(216	)		299,148			(180,475	)		118,457			-			-			-			-
Total	$	(2,894	)	$	519,522		$	(50,163	)	$	466,465		$	(3,889	)	$	(16,590	)	$	152,265		$	131,786
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,321		$	6,321		$	-		$	-		$	10,944		$	10,944
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,041	)		663,179			95,200			757,338			(1,340	)		93,684			(29,457	)		62,887
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,189	)		197,710			69,158			264,679			(3,124	)		179,878			(23,467	)		153,287
Total	$	(3,230	)	$	860,889		$	170,679		$	1,028,338		$	(4,464	)	$	273,562		$	(41,980	)	$	227,118
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	4,443		$	4,443		$	-		$	-		$	10,148		$	10,148
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(270	)		70,364			(7,272	)		62,822			(229	)		23,549			(18,332	)		4,988
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,373	)		114,799			61,788			175,214			(1,861	)		105,715			(12,891	)		90,963
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(2,454	)		(268,651	)		336,523			65,418			(1,808	)		-			(28,559	)		(30,367	)
Total	$	(4,097	)	$	(83,488	)	$	395,482		$	307,897		$	(3,898	)	$	129,264		$	(49,634	)	$	75,732
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,287		$	9,287		$	-		$	-		$	8,063		$	8,063
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(401	)		253,501			32,227			285,327			(753	)		52,525			(1,159	)		50,613
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(1,980	)		(379,839	)		54,380			(327,439	)		(3,231	)		47,548			(95,237	)		(50,920	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(946	)		163,333			16,830			179,217			(640	)		(46,172	)		(2,167	)		(48,979	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(1,046	)		260,120			12,523			271,597			(2,763	)		30,374			90,227			117,838
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,476	)		137,574			41,852			177,950			(2,011	)		110,869			(5,456	)		103,402
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			(399	)		(399	)		(219	)		(118,037	)		94,039			(24,217	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(110	)		153,723			(91,051	)		62,562			-			-			-			-
Total	$	(5,959	)	$	588,412		$	75,649		$	658,102		$	(9,617	)	$	77,107		$	88,310		$	155,800
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	3,485		$	3,485		$	-		$	-		$	11,507		$	11,507
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(174	)		108,713			18,397			126,936			(353	)		23,632			(5,892	)		17,387
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(684	)		64,081			(63,397	)		-			(1,062	)		60,348			(7,732	)		51,554
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			(242	)		(242	)		-			-			-			-
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			89,775			89,775			(156	)		(83,540	)		61,779			(21,917	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(64	)		88,318			(53,535	)		34,719			-			-			-			-
Total	$	(922	)	$	261,112		$	(5,517	)	$	254,673		$	(1,571	)	$	440		$	59,662		$	58,531

Schedule of earnings from unconsolidated trading companies and private investment companies

	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 - Quantica Managed Futures Feeder Fund (507) 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 - Quantica Managed Futures Feeder Fund (507) 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 - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) 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 - Quantica Managed Futures Feeder Fund (507) 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]

Investments in Unconsolidated Trading Companies and Private Investment Companies (Tables) [Line Items]

Schedule of earnings from unconsolidated trading companies and private investment companies

	Three Months Ended March, 2022												Three Months Ended March, 2021
	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	$	(4,059	)	$	2,577,640		$	359,865		$	2,933,446		$	(6,562	)	$	447,803		$	(72,658	)	$	368,583
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(5,786	)		(1,136,665	)		167,524			(974,927	)		(9,998	)		144,511			(306,321	)		(171,808	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(270	)		70,364			(7,272	)		62,822			(229	)		23,549			(18,332	)		4,988
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(5,068	)		872,309			101,706			968,947			(3,139	)		(229,555	)		5,369			(227,325	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(3,235	)		712,120			256,288			965,173			(7,086	)		79,440			200,172			272,526
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			67,491			67,491			-			-			58,149			58,149
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			(242	)		(242	)		-			-			-			-
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(15,069	)		1,439,330			275,941			1,700,202			(23,417	)		1,321,005			(146,069	)		1,151,519
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		-			-			86,500			86,500			(1,707	)		(917,839	)		716,976			(202,570	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(2,454)			(268,651	)		336,523			65,418			(1,808	)		-			(28,559	)		(30,367	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(962	)		1,338,501			(803,442	)		534,097			-			-			-			-
Total	$	(36,903	)	$	5,604,948		$	840,882		$	6,408,927		$	(53,946	)	$	868,914		$	408,727		$	1,223,695

Schedule of earnings from unconsolidated trading companies and private investment companies

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) 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 Frontier Funds [Member]

3 Months Ended

Mar. 31, 2022

Transactions with Affiliates (Tables) [Line Items]

Schedule of fees earned by managing owner

Three Months Ended March 31, 2022	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	251	$	27,593
Frontier Masters Fund		-		-		116		11,781
Frontier Long/Short Commodity Fund		-		-		56		8,468
Frontier Balanced Fund		76,272		4,403		61,363		102,264
Frontier Select Fund		-		-		10,925		11,861
Frontier Global Fund		-		-		16,989		30,349
Frontier Heritage Fund		-		-		18,381		27,156

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

Schedule of fees payable to managing owner

As of March 31, 2022	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	96	$	10,172
Frontier Masters Fund		-		-		-		43		4,298
Frontier Long/Short Commodity Fund		-		-		43		22		2,882
Frontier Balanced Fund		76,963		1,601		953		20,814		36,890
Frontier Select Fund		-		-		237		4,272		4,299
Frontier Global Fund		-		-		400		6,268		11,321
Frontier Heritage Fund		-		-		448		6,492		10,363

As of December 31, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	83	$	9,217
Frontier Masters Fund		-		-		-		43		3,882
Frontier Long/Short Commodity Fund		-		-		32		19		3,407
Frontier Balanced Fund		54,702		1,431		957		18,314		32,970
Frontier Select Fund		-		-		196		3,524		3,682
Frontier Global Fund		-		-		312		4,986		9,533
Frontier Heritage Fund		-		-		217		4,950		8,307

Schedule of interest paid by each series to managing owner

Three Months Ended	March 31, 2022		March 31, 2021		March 31, 2022			March 31, 2021
	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		3		8		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 3		106		226		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 1a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 2a		-		-		0.00	%		0.00	%
Frontier Long/Short Commodity Fund Class 3a		-		-		0.00	%		0.00	%
Frontier Balanced Fund Class 1		2,350		301		0.03	%		0.00	%
Frontier Balanced Fund Class 1AP		21		3		0.03	%		0.00	%
Frontier Balanced Fund Class 2		493		69		0.03	%		0.00	%
Frontier Balanced Fund Class 2a		3		1		0.01	%		0.00	%
Frontier Balanced Fund Class 3a		25		3		0.01	%		0.00	%
Frontier Select Fund Class 1		594		790		0.04	%		0.05	%
Frontier Select Fund Class 1AP		5		5		0.04	%		0.05	%
Frontier Select Fund Class 2		31		35		0.04	%		0.05	%
Frontier Global Fund Class 1		839		1,455		0.04	%		0.05	%
Frontier Global Fund Class 1AP		-		-		0.00	%		0.00	%
Frontier Global Fund Class 2		73		103		0.04	%		0.05	%
Frontier Heritage Fund Class 1		854		1,038		0.03	%		0.05	%
Frontier Heritage Fund Class 1AP		3		4		0.03	%		0.05	%
Frontier Heritage Fund Class 2		81		104		0.03	%		0.05	%
Total	$	5,481	$	4,145

XML

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2022

The Series of the Frontier Funds [Member]

Financial Highlights (Tables) [Line Items]

Schedule of financial highlights of trust

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	Class 2			Class 3			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2021	$	88.98		$	83.56		$	70.17		$	66.15		$	89.97		$	58.75		$	94.38		$	62.16
Net operating results:
Interest income		0.04			0.04			0.07			0.07			0.05			0.03			0.05			0.03
Expenses		(0.85	)		(0.80	)		(1.29	)		(1.22	)		(0.64	)		(0.42	)		(0.67	)		(0.44	)
Net gain/(loss) on investments, net of non-controlling interests		19.64			18.50			27.48			25.98			23.40			15.24			24.55			16.17
Net income/(loss)		18.83			17.74			26.27			24.83			22.81			14.85			23.93			15.76
Net asset value, March 31, 2022	$	107.81		$	101.30		$	96.44		$	90.98		$	112.78		$	73.60		$	118.31		$	77.92
Ratios to average net assets
Net investment income/(loss)		-3.46	%		-3.46	%		-6.16	%		-6.16	%		-2.50	%		-2.50	%		-2.50	%		-2.50	%
Expenses before incentive fees (3)(4)		3.63	%		3.63	%		6.52	%		6.52	%		2.70	%		2.70	%		2.70	%		2.70	%
Expenses after incentive fees (3)(4)		3.63	%		3.63	%		6.52	%		6.52	%		2.70	%		2.70	%		2.70	%		2.70	%
Total return before incentive fees (2)		21.16	%		21.24	%		37.44	%		37.53	%		25.35	%		25.28	%		25.35	%		25.36	%
Total return after incentive fees (2)		21.16	%		21.24	%		37.44	%		37.53	%		25.35	%		25.28	%		25.35	%		25.36	%

	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, 2021	$	82.82		$	103.38		$	139.40		$	120.98		$	120.57		$	63.39		$	79.21		$	105.10
Net operating results:
Interest income		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		0.00			0.00			0.00
Expenses		(2.32	)		(2.05	)		(2.76	)		(2.39	)		(2.39	)		(1.06	)		(0.67	)		(0.89	)
Net gain/(loss) on investments, net of non-controlling interests		26.33			32.99			44.50			38.66			38.52			21.26			26.67			35.40
Net income/(loss)		24.00			30.95			41.74			36.26			36.14			20.19			25.99			34.51
Net asset value, March 31, 2022	$	106.82		$	134.33		$	181.14		$	157.24		$	156.71		$	83.58		$	105.20		$	139.61
Ratios to average net assets
Net investment income/(loss)		-8.06	%		-4.98	%		-4.98	%		-4.98	%		-4.98	%		-6.10	%		-3.09	%		-3.09	%
Expenses before incentive fees (3)(4)		7.32	%		4.24	%		4.24	%		4.24	%		4.24	%		6.10	%		3.09	%		3.09	%
Expenses after incentive fees (3)(4)		8.06	%		4.98	%		4.98	%		4.98	%		4.98	%		6.10	%		3.09	%		3.09	%
Total return before incentive fees (2)		29.72	%		30.67	%		30.68	%		30.71	%		30.71	%		31.86	%		32.82	%		32.83	%
Total return after incentive fees (2)		28.98	%		29.94	%		29.94	%		29.97	%		29.97	%		31.86	%		32.82	%		32.83	%
Incentive fee per share		0.67			0.85			1.14			0.99			0.99						-			-
Incentive Fee to ANA		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.00	%		0.00	%		0.00	%

	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, 2021	$	109.45		$	170.40		$	103.43		$	129.19		$	172.91
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.62	)		(2.51	)		(2.15	)		(1.55	)		(2.08	)
Net gain/(loss) on investments, net of non-controlling interests		55.07			86.05			47.00			58.96			78.90
Net income/(loss)		52.45			83.54			44.84			57.41			76.82
Net asset value, March 31, 2022	$	161.90		$	253.94		$	148.27		$	186.60		$	249.73
Ratios to average net assets
Net investment income/(loss)		-7.97	%		-4.95	%		-7.08	%		-4.06	%		-4.06	%
Expenses before incentive fees (3)(4)		7.97	%		4.95	%		7.08	%		4.06	%		4.06	%
Expenses after incentive fees (3)(4)		7.97	%		4.95	%		7.08	%		4.06	%		4.06	%
Total return before incentive fees (2)		47.92	%		49.02	%		43.35	%		44.44	%		44.43	%
Total return after incentive fees (2)		47.92	%		49.02	%		43.35	%		44.44	%		44.43	%

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

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

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

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

	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	%

	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.

Frontier Funds [Member]

Financial Highlights (Tables) [Line Items]

Schedule of financial highlights of trust

	2022			2021
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.50	%		-6.20	%
Expenses before incentive fees (3)		6.20	%		6.06	%
Expenses after incentive fees (3)		6.55	%		6.26	%
Total return before incentive fees (2)		29.11	%		6.45	%
Total return after incentive fees (2)		28.76	%		4.56	%

(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.

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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

The Series of Frontier Funds [Member]

Derivative Instruments and Hedging Activities (Tables) [Line Items]

Schedule of averages futures contracts

	Bought		Sold
Frontier Balanced Fund		373		367

	Bought		Sold
Frontier Balanced Fund		788		787

Schedule of realized trading revenue from futures, forwards and options

Type of contract	Frontier Balanced Fund
Agriculturals	$	(37,319	)
Currencies		183,465
Energies		107,870
Interest rates		27,127
Metals		(188,863	)
Stock indices		179,189
Realized trading income/(loss)(1)	$	271,469

Type of contract	Frontier Balanced Fund
Agriculturals	$	63,311
Currencies		(27,812	)
Energies		34,820
Interest rates		106,786
Metals		23,335
Stock indices		171,119
Realized trading income/(loss)(1)	$	371,559

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

Schedule of net trading gain loss

Type of contract	Frontier Balanced Fund
Agriculturals	$	(2,154	)
Currencies		(3,547	)
Energies		14,760
Interest rates		17,389
Metals		15,429
Stock indices		865
Change in unrealized trading income/(loss)(1)	$	42,742

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	)

(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

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)	$	-	$	-	$	-

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)	$	2,118,427	$	(2,103,591	)	$	14,836

Frontier Funds [Member]

Derivative Instruments and Hedging Activities (Tables) [Line Items]

Schedule of realized trading revenue from futures, forwards and options

Type of contract
Agriculturals	$	(37,319	)
Currencies		183,465
Energies		107,870
Interest rates		27,127
Metals		(188,863	)
Stock indices		179,189
Realized trading income/(loss)(1)	$	271,469

Type of contract
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

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

Schedule of net trading gain loss

Type of contract
Agriculturals	$	(2,154	)
Currencies		(3,547	)
Energies		14,760
Interest rates		17,389
Metals		15,429
Stock indices		865
Change in unrealized trading income/(loss)(1)	$	42,742

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	)

(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		Gross Amounts offset in the Statements of Financial Condition		Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	-	$	-	$	-

	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)	$	2,118,427	$	(2,103,591	)	$	14,836

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Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) - USD ($)		Mar. 31, 2022	Dec. 31, 2021
Private Investment Companies [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 24,212,964
Investment Owned, % of Total Capital (Net Asset Value)	[1]	95.22%
Private Investment Companies [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 2,838,658
Investment Owned, % of Total Capital (Net Asset Value)	[1]		93.59%
Private Investment Companies [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 3,381,725
Investment Owned, % of Total Capital (Net Asset Value)	[1]	94.06%
Private Investment Companies [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 638,376
Investment Owned, % of Total Capital (Net Asset Value)	[1]		90.21%
Private Investment Companies [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 694,512
Investment Owned, % of Total Capital (Net Asset Value)	[1]	91.37%
Private Investment Companies [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,368,481	$ 1,209,022
Investment Owned, % of Total Capital (Net Asset Value)	[1]	92.26%	97.48%
Private Investment Companies [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 10,905,026
Investment Owned, % of Total Capital (Net Asset Value)	[1]	92.60%
Private Investment Companies [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,739,617
Investment Owned, % of Total Capital (Net Asset Value)	[1]	95.45%
Private Investment Companies [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,830,415	$ 2,137,382
Investment Owned, % of Total Capital (Net Asset Value)	[1]	101.58%	101.23%
Private Investment Companies [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 3,095,759	$ 2,338,774
Investment Owned, % of Total Capital (Net Asset Value)	[1]	96.56%	100.71%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,443,371
Investment Owned, % of Total Capital (Net Asset Value)	[1]	5.68%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 875,796
Investment Owned, % of Total Capital (Net Asset Value)	[1]		28.87%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 510,968
Investment Owned, % of Total Capital (Net Asset Value)	[1]	14.21%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 932,403
Investment Owned, % of Total Capital (Net Asset Value)	[1]	7.92%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,084,069
Investment Owned, % of Total Capital (Net Asset Value)	[1]	8.20%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 185,705
Investment Owned, % of Total Capital (Net Asset Value)	[1]		6.12%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 394,002
Investment Owned, % of Total Capital (Net Asset Value)	[1]	10.96%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,690,066
Investment Owned, % of Total Capital (Net Asset Value)	[1]	14.35%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,804,986
Investment Owned, % of Total Capital (Net Asset Value)	[1]	11.03%
Private Investment Companies [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 328,849
Investment Owned, % of Total Capital (Net Asset Value)	[1]	9.15%
Private Investment Companies [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 181,453
Investment Owned, % of Total Capital (Net Asset Value)	[1]	23.87%
Private Investment Companies [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,675,575
Investment Owned, % of Total Capital (Net Asset Value)	[1]	14.23%
Private Investment Companies [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 619,109
Investment Owned, % of Total Capital (Net Asset Value)	[1]	33.97%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,558,207
Investment Owned, % of Total Capital (Net Asset Value)	[1]	10.06%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 453,710
Investment Owned, % of Total Capital (Net Asset Value)	[1]		14.96%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 697,480
Investment Owned, % of Total Capital (Net Asset Value)	[1]	19.40%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,860,727
Investment Owned, % of Total Capital (Net Asset Value)	[1]	15.80%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 8,546,936
Investment Owned, % of Total Capital (Net Asset Value)	[1]	33.61%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 663,002
Investment Owned, % of Total Capital (Net Asset Value)	[1]		21.86%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 856,723
Investment Owned, % of Total Capital (Net Asset Value)	[1]	23.83%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 279,895
Investment Owned, % of Total Capital (Net Asset Value)	[1]		39.55%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 356,298
Investment Owned, % of Total Capital (Net Asset Value)	[1]	46.87%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,260,107
Investment Owned, % of Total Capital (Net Asset Value)	[1]	19.19%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,830,415	$ 2,137,382
Investment Owned, % of Total Capital (Net Asset Value)	[1]	101.58%	101.23%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,243,393	$ 1,614,360
Investment Owned, % of Total Capital (Net Asset Value)	[1]	69.97%	69.52%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 5,792,924
Investment Owned, % of Total Capital (Net Asset Value)	[1]	22.78%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 386,996
Investment Owned, % of Total Capital (Net Asset Value)	[1]		12.76%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 593,703
Investment Owned, % of Total Capital (Net Asset Value)	[1]	16.51%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 193,269
Investment Owned, % of Total Capital (Net Asset Value)	[1]		27.31%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 156,761
Investment Owned, % of Total Capital (Net Asset Value)	[1]	20.62%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 583,437	$ 482,639
Investment Owned, % of Total Capital (Net Asset Value)	[1]	39.33%	38.91%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,486,148
Investment Owned, % of Total Capital (Net Asset Value)	[1]	21.11%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,120,508
Investment Owned, % of Total Capital (Net Asset Value)	[1]	61.48%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 852,366	$ 724,414
Investment Owned, % of Total Capital (Net Asset Value)	[1]	26.59%	31.19%
Private Investment Companies [Member] | Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 328,497
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.29%
Private Investment Companies [Member] | Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 328,497
Investment Owned, % of Total Capital (Net Asset Value)	[1]	22.15%
Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 456,547
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.80%
Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.00%
Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 456,547	$ 474,234
Investment Owned, % of Total Capital (Net Asset Value)	[1]	30.78%	38.23%
Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 273,449
Investment Owned, % of Total Capital (Net Asset Value)	[1]		9.02%
Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 165,212
Investment Owned, % of Total Capital (Net Asset Value)	[1]		23.35%
Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.00%
Private Investment Companies [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.00%
Private Investment Companies [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.00%
Private Investment Companies [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 252,149
Investment Owned, % of Total Capital (Net Asset Value)	[1]		20.33%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 197,427
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.78%
Investment in Unconsolidated Trading Companies [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 30,788
Investment Owned, % of Total Capital (Net Asset Value)	[1]		1.02%
Investment in Unconsolidated Trading Companies [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 22,707
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.63%
Investment in Unconsolidated Trading Companies [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 14,270
Investment Owned, % of Total Capital (Net Asset Value)	[1]		2.02%
Investment in Unconsolidated Trading Companies [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 10,134
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.33%
Investment in Unconsolidated Trading Companies [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 10,783	$ 7,541
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.73%	0.61%
Investment in Unconsolidated Trading Companies [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 106,643
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.91%
Investment in Unconsolidated Trading Companies [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 10,373
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.57%
Investment in Unconsolidated Trading Companies [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 17,132	$ 23,818
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.61%	1.13%
Investment in Unconsolidated Trading Companies [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 19,655	$ 9,087
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.61%	0.39%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 30,788
Investment Owned, % of Total Capital (Net Asset Value)	[1]		1.02%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 22,707
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.63%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 14,270
Investment Owned, % of Total Capital (Net Asset Value)	[1]		2.02%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 10,134
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.33%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 10,783	$ 7,541
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.73%	0.61%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 106,643
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.91%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 10,373
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.57%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 23,818
Investment Owned, % of Total Capital (Net Asset Value)	[1]		1.13%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]		$ 9,087
Investment Owned, % of Total Capital (Net Asset Value)	[1]		0.39%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 17,132
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.61%
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 19,655
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.61%
US Treasury Securities [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 1,160,001
Investment Owned, % of Total Capital (Net Asset Value)		4.56%
US Treasury Securities [Member] | US Treasury Note [Member] | Parent Company [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 1,160,001
Investment Owned, % of Total Capital (Net Asset Value)		4.56%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]		$ 33,274
Investment Owned, % of Total Capital (Net Asset Value)	[2]		1.10%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 133,419
Investment Owned, % of Total Capital (Net Asset Value)	[2]	3.71%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]		$ 15,422
Investment Owned, % of Total Capital (Net Asset Value)	[2]		2.18%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 59,546
Investment Owned, % of Total Capital (Net Asset Value)	[2]	7.83%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 63,354	$ 8,148
Investment Owned, % of Total Capital (Net Asset Value)	[2]	4.27%	0.66%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 626,597
Investment Owned, % of Total Capital (Net Asset Value)	[2]	5.32%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 60,950
Investment Owned, % of Total Capital (Net Asset Value)	[2]	3.34%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 100,657	$ 25,740
Investment Owned, % of Total Capital (Net Asset Value)	[2]	3.61%	1.22%
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 115,478	$ 9,820
Investment Owned, % of Total Capital (Net Asset Value)	[2]	3.60%	0.42%
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]		$ 27,592
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 116,915
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]		12,789
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	52,179
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	55,517	6,757
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	549,082
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	53,410
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	88,205	21,345
Additional Disclosure on U.S. Treasury Securities [Member | US Treasury Note [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	101,192	8,143
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]		33,709
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	134,921
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Masters Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]		15,624
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	60,216
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	64,067	8,255
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	633,651
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	61,636
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	101,791	26,077
Additional Disclosure on U.S. Treasury Securities [Member | Cost [Member] | US Treasury Note [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 116,778	$ 9,948

[1] See Note 5 to the Financial Statements.

[2] See Note 2 to the Financial Statements.

XML

Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	$ 1,173,060
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	1,173,060
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	$ 1,173,060
Investment in Unconsolidated Trading Companies [Member] | US Treasury Note [Member] | Frontier Diversified Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost		$ 142,326

XML

Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited)	Dec. 31, 2021 USD ($)
Various stock index futures contracts (Canada) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (5,194)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.05%)	[1]
Various stock index futures contracts (Canada) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (511,556)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(2.52%)	[1]
LONG FUTURES CONTRACTS [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (511,556)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(5.37%)	[1]
LONG FUTURES CONTRACTS [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various agriculture futures contracts (Far East) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 10,141	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.05%	[1]
LONG FUTURES CONTRACTS [Member] | Various agriculture futures contracts (Far East) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 10,141	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.11%	[1]
LONG FUTURES CONTRACTS [Member] | Various agriculture futures contracts (Far East) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (21,640)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.11%)	[1]
LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (21,640)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.23%)	[1]
LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 51,912	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.26%	[1]
LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 51,912	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.55%	[1]
LONG FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 20,031	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.10%	[1]
LONG FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 20,031	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.21%	[1]
LONG FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,994	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]
LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,994	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.02%	[1]
LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 819	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 819	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]
LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 6,710	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.03%	[1]
LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 6,710	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.07%	[1]
LONG FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (9,800)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.05%)	[1]
LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (9,800)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.10%)	[1]
LONG FUTURES CONTRACTS [Member] | Various currency futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 34	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 34	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (718,038)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(3.53%)	[1]
LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (718,038)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(7.55%)	[1]
LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (10,418)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.05%)	[1]
LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (10,418)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.11%)	[1]
LONG FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Far East) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (7,281)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.04%)	[1]
LONG FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (7,281)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.08%)	[1]
LONG FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 19,168	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.09%	[1]
LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 19,168	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.20%	[1]
LONG FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 138,674	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.68%	[1]
LONG FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 138,674	[1]
Investment Owned, % of Total Capital (Net Asset Value)	1.46%	[1]
LONG FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,508	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,508	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.02%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,541	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,542	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.02%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,236	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,236	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Canada) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,853	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Canada) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,853	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.02%	[1]
LONG FUTURES CONTRACTS [Member] | Various stock index futures contracts (Canada) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 526,392	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.57%	[1]
SHORT FUTURES CONTRACTS [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 526,392	[1]
Investment Owned, % of Total Capital (Net Asset Value)	5.56%	[1]
SHORT FUTURES CONTRACTS [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various agriculture futures contracts (Far East) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (27,804)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.14%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 20,105	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.10%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 20,105	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.21%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (Europe) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (11,749)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.06%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (11,749)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.12%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Agriculture Futures Contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (29,574)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.15%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (29,574)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.31%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Base Metals Futures Contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (18,181)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.09%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (18,181)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.19%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Europe) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (1,110)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.01%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (1,110)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.01%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (Far East) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (21,340)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.10%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (21,340)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.22%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various Currency Futures Contracts (Latin America) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 6,288	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.03%	[1]
SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 6,288	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.07%	[1]
SHORT FUTURES CONTRACTS [Member] | Various currency futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (10,792)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.05%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (10,792)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.11%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various energy futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 785,677	[1]
Investment Owned, % of Total Capital (Net Asset Value)	3.86%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 785,677	[1]
Investment Owned, % of Total Capital (Net Asset Value)	8.26%	[1]
SHORT FUTURES CONTRACTS [Member] | Various Interest Rates Futures Contracts (Europe) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (625)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (625)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.01%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various interest rates futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (38,573)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.19%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (38,573)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.41%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various precious metal futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (110,902)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.55%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (110,902)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.17%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various soft futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (5,157)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.03%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (5,157)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.05%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Europe) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (2,191)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.01%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (2,191)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Far East) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (2,217)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.01%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (2,217)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Oceanic) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (Canada) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (5,194)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.03%)	[1]
SHORT FUTURES CONTRACTS [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (27,804)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.29%)	[1]
SHORT FUTURES CONTRACTS [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (U.S.) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (269)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (U.S.) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ (269)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
SHORT FUTURES CONTRACTS [Member] | Various stock index futures contracts (U.S.) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Open Trade Equity (Deficit) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 14,836	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.05%	[1]
Open Trade Equity (Deficit) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 14,836	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.19%	[1]
Open Trade Equity (Deficit) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Private Investment Companies [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 19,595,064	[2]
Investment Owned, % of Total Capital (Net Asset Value)	96.33%	[2]
Private Investment Companies [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 8,928,481	[3]
Investment Owned, % of Total Capital (Net Asset Value)	93.90%	[3]
Private Investment Companies [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,374,376	[3]
Investment Owned, % of Total Capital (Net Asset Value)	97.07%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 2,765,907	[2]
Investment Owned, % of Total Capital (Net Asset Value)	13.60%	[2]
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,890,115	[3]
Investment Owned, % of Total Capital (Net Asset Value)	19.88%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,005,707	[2]
Investment Owned, % of Total Capital (Net Asset Value)	4.94%	[2]
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 820,002	[3]
Investment Owned, % of Total Capital (Net Asset Value)	8.62%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,588,673	[2]
Investment Owned, % of Total Capital (Net Asset Value)	7.81%	[2]
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,134,963	[3]
Investment Owned, % of Total Capital (Net Asset Value)	11.94%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 6,352,866	[2]
Investment Owned, % of Total Capital (Net Asset Value)	31.23%	[2]
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,658,225	[3]
Investment Owned, % of Total Capital (Net Asset Value)	17.44%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 4,616,381	[2]
Investment Owned, % of Total Capital (Net Asset Value)	22.70%	[2]
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 2,032,209	[3]
Investment Owned, % of Total Capital (Net Asset Value)	21.37%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 796,855	[3]
Investment Owned, % of Total Capital (Net Asset Value)	56.28%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 1,392,967	[3]
Investment Owned, % of Total Capital (Net Asset Value)	14.65%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 577,521	[3]
Investment Owned, % of Total Capital (Net Asset Value)	40.79%	[3]
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 129,995	[2]
Investment Owned, % of Total Capital (Net Asset Value)	0.64%	[2]
Private Investment Companies [Member] | Galaxy Plus Fund - JL Cyril Systematic Feeder Fund (547) LLC [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 2,409,149	[2]
Investment Owned, % of Total Capital (Net Asset Value)	11.84%	[2]
Private Investment Companies [Member] | Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 252,149	[2]
Investment Owned, % of Total Capital (Net Asset Value)	1.24%	[2]
Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 474,234	[2]
Investment Owned, % of Total Capital (Net Asset Value)	2.33%	[2]
Investment in Unconsolidated Trading Companies [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 34,977	[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.37%	[3]
Investment in Unconsolidated Trading Companies [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 9,514	[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.67%	[3]
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 34,977	[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.37%	[3]
Investment in Unconsolidated Trading Companies [Member] | Frontier Trading Company XXXVIII, LLC [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 9,514	[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.67%	[3]
US Treasury Securities [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 37,801	[4]
Investment Owned, % of Total Capital (Net Asset Value)	0.40%	[4]
US Treasury Securities [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 10,282	[4]
Investment Owned, % of Total Capital (Net Asset Value)	0.73%	[4]
US Treasury Securities [Member] | US Treasury Note [Member] | Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 140,487	[5]
Investment Owned, % of Total Capital (Net Asset Value)	0.69%	[5]
Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Securities [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 31,347	[4]
Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Securities [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	8,527	[4]
Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Securities [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	38,296	[4]
Additional Disclosure on U.S. Treasury Securities [Member] | US Treasury Securities [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	$ 10,417	[4]

[1] 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.

[2] See Notes to Consolidated Financial Statements, Note 3.

[3] See Note 5 to the Financial Statements.

[4] See Note 2 to the Financial Statements.

[5] See Notes to Consolidated Financial Statements, Note 2.

XML

Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) (Parentheticals)	Dec. 31, 2021 USD ($)
The Series of Frontier Funds [Member] | Frontier Balanced Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	$ 142,326
The Series of Frontier Funds [Member] | Frontier Select Fund [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	142,326
Frontier Funds [Member]
Consolidated Condensed Schedule of Investments (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	$ 142,326

XML

Organization and Purpose (Details)	3 Months Ended
	Mar. 31, 2022
The Series of Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Managing owner contributions to the series of the trust percentage	1.00%
Service fee percentage	2.00%
Amortized monthly at an annual rate percentage	2.00%
Redemption fee percentage	2.00%
Percentage of limited owners holding	0.25%
Aggregate initial and ongoing service fees	9.00%
Total of the purchase price	10.00%
Service fee percentage	2.00%
The Series of Frontier Funds [Member] | Minimum [Member]
Organization and Purpose (Details) [Line Items]
Assets normally invested in one or more trading companies	30.00%
The Series of Frontier Funds [Member] | Maximum [Member]
Organization and Purpose (Details) [Line Items]
Assets normally invested in one or more trading companies	70.00%
Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Managing owner contributions to the series of the trust percentage	1.00%
Amortized monthly at an annual rate percentage	2.00%
Aggregate initial and ongoing service fees	9.00%
Redemption fee percentage	10.00%
Frontier Funds [Member] | Minimum [Member]
Organization and Purpose (Details) [Line Items]
Assets normally invested in one or more trading companies	30.00%
Frontier Funds [Member] | Maximum [Member]
Organization and Purpose (Details) [Line Items]
Assets normally invested in one or more trading companies	70.00%
Class 2 or Class 2a [Member] | The Series of Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Service fee percentage	3.00%
Service fee to selling agents percentage	0.50%
Service fee percentage	0.50%
Class 1 or Class 1a [Member] | The Series of Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Amortized monthly at an annual rate percentage	3.00%
Class 1 or Class 1a [Member] | Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Service fee percentage	3.00%
Amortized monthly at an annual rate percentage	3.00%
Redemption fee percentage	2.00%
Service fee percentage	2.00%
Class 2 and Class 2a [Member] | Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Service fee to selling agents percentage	0.50%
Percentage of limited owners holding	0.25%
Service fee percentage	0.50%

XML

Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Managing owner percentage	2.00%
Restricted cash (in Dollars)	$ 236,513	$ 801,701
Gross income of the trust constitutes qualifying income	90.00%
Incentive fees percentage	10.00%
Incentive fee, description	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 fee percentage	2.00%
Amortized monthly annual rate	2.00%
Redemption fee percentage	2.00%
Percentage of average daily NAV charged as a service fees	3.00%
Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Gross income of the trust constitutes qualifying income	90.00%
Subscriptions in advance for service fee (in Dollars)	$ 681,885	673,809
Class 1 or Class 1a [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Aggregate interest income percentage	100.00%
Class 1 or Class 1a [Member] | Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Aggregate interest income percentage	100.00%
Service fee percentage	2.00%
Amortized monthly annual rate	2.00%
Redemption fee percentage	2.00%
Class 2 or Class 2a [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Service fee percentage	0.50%
Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	$ 22,650
Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	393
Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	31,725
Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	374,556
Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	21,287
Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	159,581
Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	$ 71,693
Class 2 and Class 2a [Member] | Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Service fee percentage	0.50%
Service fee charged to limited owners	0.25%
Frontier Balanced Fund [Member] | Class 1 or Class 1a [Member] | Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Service fee percentage	3.00%
Amortized monthly annual rate	3.00%
Redemption fee percentage	3.00%
Frontier Trading Company I LLC [Member] | Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Restricted cash (in Dollars)	$ 236,513	$ 801,701

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Fair Value Measurements (Details)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Prices exceeding	5.00%

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Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies		$ 9,087
U.S. Treasury Securities		9,820
Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$ 22,707	30,788
U.S. Treasury Securities	133,419	33,274
Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	10,134	14,270
U.S. Treasury Securities	59,546	15,422
Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	10,783	7,541
U.S. Treasury Securities	63,354	8,148
Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	106,643	34,977
Open Trade Equity (Deficit)		14,836
U.S. Treasury Securities	626,597	37,801
Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	10,373
U.S. Treasury Securities	60,950
Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	17,132	9,514
U.S. Treasury Securities	100,657	10,282
Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	19,655	23,818
U.S. Treasury Securities		25,740
Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
U.S. Treasury Securities	115,478
Practical Expedient [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies		9,087
U.S. Treasury Securities
Practical Expedient [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	22,707	30,788
U.S. Treasury Securities
Practical Expedient [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	10,134	14,270
U.S. Treasury Securities
Practical Expedient [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	10,783	7,541
U.S. Treasury Securities
Practical Expedient [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	106,643	34,977
Open Trade Equity (Deficit)
U.S. Treasury Securities
Practical Expedient [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	10,373
U.S. Treasury Securities
Practical Expedient [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	17,132	9,514
U.S. Treasury Securities
Practical Expedient [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	19,655	23,818
U.S. Treasury Securities
Practical Expedient [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
U.S. Treasury Securities
Level 1 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities		9,820
Level 1 Inputs [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities	133,419	33,274
Level 1 Inputs [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities	59,546	15,422
Level 1 Inputs [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities	63,354	8,148
Level 1 Inputs [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
Open Trade Equity (Deficit)		14,836
U.S. Treasury Securities	626,597	37,801
Level 1 Inputs [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities	60,950
Level 1 Inputs [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities	100,657	10,282
Level 1 Inputs [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities		25,740
Level 1 Inputs [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
U.S. Treasury Securities	115,478
Level 2 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 2 Inputs [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 2 Inputs [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 2 Inputs [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 2 Inputs [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
Open Trade Equity (Deficit)
U.S. Treasury Securities
Level 2 Inputs [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 2 Inputs [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 2 Inputs [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 2 Inputs [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
U.S. Treasury Securities
Level 3 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 3 Inputs [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 3 Inputs [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 3 Inputs [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 3 Inputs [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
Open Trade Equity (Deficit)
U.S. Treasury Securities
Level 3 Inputs [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 3 Inputs [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 3 Inputs [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Level 3 Inputs [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Frontier Diversified Fund
U.S. Treasury Securities

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Swap Contracts (Details)	Mar. 31, 2022 USD ($)
The Series of Frontier Funds [Member]
Swap Contracts (Details) [Line Items]
Cash holding shall be in excess amount	$ 250,000
Percentage of index exposure total	40.00%
Frontier Funds [Member]
Swap Contracts (Details) [Line Items]
Cash holding shall be in excess amount	$ 250,000
Percentage of index exposure total	40.00%

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details)	Mar. 31, 2022
Series of Frontier Funds [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) [Line Items]
Trust’s total capital	5.00%
Frontier Funds [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) [Line Items]
Trust’s total capital	5.00%

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies - Frontier Trading Company XXXVIII [Member] - The Series of Frontier Funds [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Frontier Trading Company XXXVIII [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.63%	1.02%
Fair Value	$ 22,707	$ 30,788
Frontier Masters Fund [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	1.33%	2.02%
Fair Value	$ 10,134	$ 14,270
Frontier Long/Short Commodity Fund [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.73%	0.61%
Fair Value	$ 10,783	$ 7,541
Frontier Balanced Fund [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.91%	0.37%
Fair Value	$ 106,643	$ 34,977
Frontier Select Fund [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.57%	0.67%
Fair Value	$ 10,373	$ 9,514
Frontier Global Fund [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.61%	1.13%
Fair Value	$ 17,132	$ 23,818
Frontier Heritage Fund [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.61%	0.39%
Fair Value	$ 19,655	$ 9,087

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of earnings from unconsolidated trading companies and private investment companies - Series of Frontier Funds [Member] - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions	$ (18,411)	$ (27,999)
Realized Gain/(Loss)	2,574,424	232,237
Change in Unrealized Gain/(Loss)	93,605	215,347
Net Income (Loss)	2,649,618	419,585
Frontier Global Fund (formerly Frontier Winton Fund) [Member]
Frontier Balanced Fund
Trading Commissions	(1,390)	(2,508)
Realized Gain/(Loss)	884,077	172,894
Change in Unrealized Gain/(Loss)	144,873	(26,680)
Net Income (Loss)	1,027,560	143,706
Frontier Select Fund [Member]
Frontier Balanced Fund
Trading Commissions	(2,894)	(3,889)
Realized Gain/(Loss)	519,522	(16,590)
Change in Unrealized Gain/(Loss)	(50,163)	152,265
Net Income (Loss)	466,465	131,786
Frontier Heritage Fund [Member]
Frontier Balanced Fund
Trading Commissions	(3,230)	(4,464)
Realized Gain/(Loss)	860,889	273,562
Change in Unrealized Gain/(Loss)	170,679	(41,980)
Net Income (Loss)	1,028,338	227,118
Frontier Long/Short Commodity Fund [Member]
Frontier Balanced Fund
Trading Commissions	(4,097)	(3,898)
Realized Gain/(Loss)	(83,488)	129,264
Change in Unrealized Gain/(Loss)	395,482	(49,634)
Net Income (Loss)	307,897	75,732
Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions	(5,959)	(9,617)
Realized Gain/(Loss)	588,412	77,107
Change in Unrealized Gain/(Loss)	75,649	88,310
Net Income (Loss)	658,102	155,800
Frontier Masters Fund [Member]
Frontier Balanced Fund
Trading Commissions	(922)	(1,571)
Realized Gain/(Loss)	261,112	440
Change in Unrealized Gain/(Loss)	(5,517)	59,662
Net Income (Loss)	254,673	58,531
Frontier Trading Company XXXVIII, LLC [Member] | Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	17,133	(15,154)
Net Income (Loss)	17,133	(15,154)
Frontier Trading Company XXXVIII, LLC [Member] | Frontier Global Fund (formerly Frontier Winton Fund) [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	6,591	13,872
Net Income (Loss)	6,591	13,872
Frontier Trading Company XXXVIII, LLC [Member] | Frontier Select Fund [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	3,957	7,332
Net Income (Loss)	3,957	7,332
Frontier Trading Company XXXVIII, LLC [Member] | Frontier Heritage Fund [Member]
Frontier Balanced Fund
Change in Unrealized Gain/(Loss)	6,321	10,944
Net Income (Loss)	6,321	10,944
Frontier Trading Company XXXVIII, LLC [Member] | Frontier Long/Short Commodity Fund [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	4,443	10,148
Net Income (Loss)	4,443	10,148
Frontier Trading Company XXXVIII, LLC [Member] | Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	9,287	8,063
Net Income (Loss)	9,287	8,063
Frontier Trading Company XXXVIII, LLC [Member] | Frontier Masters Fund [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	3,485	11,507
Net Income (Loss)	3,485	11,507
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions	(1,053)	(1,608)
Realized Gain/(Loss)	668,170	105,068
Change in Unrealized Gain/(Loss)	75,759	4,402
Net Income (Loss)	742,876	107,862
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Global Fund (formerly Frontier Winton Fund) [Member]
Frontier Balanced Fund
Trading Commissions	(1,390)	(2,508)
Realized Gain/(Loss)	884,077	172,894
Change in Unrealized Gain/(Loss)	138,282	(40,552)
Net Income (Loss)	1,020,969	129,834
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Heritage Fund [Member]
Frontier Balanced Fund
Trading Commissions	(1,041)	(1,340)
Realized Gain/(Loss)	663,179	93,684
Change in Unrealized Gain/(Loss)	95,200	(29,457)
Net Income (Loss)	757,338	62,887
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions	(401)	(753)
Realized Gain/(Loss)	253,501	52,525
Change in Unrealized Gain/(Loss)	32,227	(1,159)
Net Income (Loss)	285,327	50,613
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Masters Fund [Member]
Frontier Balanced Fund
Trading Commissions	(174)	(353)
Realized Gain/(Loss)	108,713	23,632
Change in Unrealized Gain/(Loss)	18,397	(5,892)
Net Income (Loss)	126,936	17,387
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions	(3,806)	(6,767)
Realized Gain/(Loss)	(756,826)	96,963
Change in Unrealized Gain/(Loss)	113,144	(211,084)
Net Income (Loss)	(647,488)	(120,888)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions	(1,980)	(3,231)
Realized Gain/(Loss)	(379,839)	47,548
Change in Unrealized Gain/(Loss)	54,380	(95,237)
Net Income (Loss)	(327,439)	(50,920)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions	(4,122)	(2,499)
Realized Gain/(Loss)	708,976	(183,383)
Change in Unrealized Gain/(Loss)	84,876	7,536
Net Income (Loss)	789,730	(178,346)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions	(946)	(640)
Realized Gain/(Loss)	163,333	(46,172)
Change in Unrealized Gain/(Loss)	16,830	(2,167)
Net Income (Loss)	179,217	(48,979)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions	(2,189)	(4,323)
Realized Gain/(Loss)	452,000	49,066
Change in Unrealized Gain/(Loss)	243,765	109,945
Net Income (Loss)	693,576	154,688
Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions	(1,046)	(2,763)
Realized Gain/(Loss)	260,120	30,374
Change in Unrealized Gain/(Loss)	12,523	90,227
Net Income (Loss)	271,597	117,838
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions	(6,669)	(11,862)
Realized Gain/(Loss)	704,792	665,706
Change in Unrealized Gain/(Loss)	39,340	(74,900)
Net Income (Loss)	737,463	578,944
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Select Fund [Member]
Frontier Balanced Fund
Trading Commissions	(2,678)	(3,497)
Realized Gain/(Loss)	220,374	198,489
Change in Unrealized Gain/(Loss)	127,200	(21,623)
Net Income (Loss)	344,896	173,369
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Heritage Fund [Member]
Frontier Balanced Fund
Trading Commissions	(2,189)	(3,124)
Realized Gain/(Loss)	197,710	179,878
Change in Unrealized Gain/(Loss)	69,158	(23,467)
Net Income (Loss)	264,679	153,287
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Long/Short Commodity Fund [Member]
Frontier Balanced Fund
Trading Commissions	(1,373)	(1,861)
Realized Gain/(Loss)	114,799	105,715
Change in Unrealized Gain/(Loss)	61,788	(12,891)
Net Income (Loss)	175,214	90,963
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions	(1,476)	(2,011)
Realized Gain/(Loss)	137,574	110,869
Change in Unrealized Gain/(Loss)	41,852	(5,456)
Net Income (Loss)	177,950	103,402
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Masters Fund [Member]
Frontier Balanced Fund
Trading Commissions	(684)	(1,062)
Realized Gain/(Loss)	64,081	60,348
Change in Unrealized Gain/(Loss)	(63,397)	(7,732)
Net Income (Loss)		51,554
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC [Member] | Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions	(572)
Realized Gain/(Loss)	797,312
Change in Unrealized Gain/(Loss)	(478,381)
Net Income (Loss)	318,359
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC [Member] | Frontier Select Fund [Member]
Frontier Balanced Fund
Trading Commissions	(216)
Realized Gain/(Loss)	299,148
Change in Unrealized Gain/(Loss)	(180,475)
Net Income (Loss)	118,457
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC [Member] | Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions	(110)
Realized Gain/(Loss)	153,723
Change in Unrealized Gain/(Loss)	(91,051)
Net Income (Loss)	62,562
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC [Member] | Frontier Masters Fund [Member]
Frontier Balanced Fund
Trading Commissions	(64)
Realized Gain/(Loss)	88,318
Change in Unrealized Gain/(Loss)	(53,535)
Net Income (Loss)	34,719
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions		(940)
Realized Gain/(Loss)		(501,183)
Change in Unrealized Gain/(Loss)	(2,031)	394,602
Net Income (Loss)	(2,031)	(107,521)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Select Fund [Member]
Frontier Balanced Fund
Trading Commissions		(392)
Realized Gain/(Loss)		(215,079)
Change in Unrealized Gain/(Loss)	(845)	166,556
Net Income (Loss)	(845)	(48,915)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions		(219)
Realized Gain/(Loss)		(118,037)
Change in Unrealized Gain/(Loss)	(399)	94,039
Net Income (Loss)	(399)	(24,217)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member] | Frontier Masters Fund [Member]
Frontier Balanced Fund
Trading Commissions		(156)
Realized Gain/(Loss)		(83,540)
Change in Unrealized Gain/(Loss)	89,775	61,779
Net Income (Loss)	89,775	(21,917)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member] | Frontier Long/Short Commodity Fund [Member]
Frontier Balanced Fund
Trading Commissions	(270)	(229)
Realized Gain/(Loss)	70,364	23,549
Change in Unrealized Gain/(Loss)	(7,272)	(18,332)
Net Income (Loss)	62,822	4,988
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Long/Short Commodity Fund [Member]
Frontier Balanced Fund
Trading Commissions	(2,454)	(1,808)
Realized Gain/(Loss)	(268,651)
Change in Unrealized Gain/(Loss)	336,523	(28,559)
Net Income (Loss)	65,418	(30,367)
Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member] | Frontier Masters Fund [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(242)
Net Income (Loss)	$ (242)

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of private investment companies have certain redemption and liquidity restrictions - Series of Frontier Funds [Member]	3 Months Ended
	Mar. 31, 2022
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Diversified Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Masters Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Long/Short Commodity Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Balanced Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Select Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member] | Frontier Heritage Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Diversified Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Masters Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Balanced Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member] | Frontier Select Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC) [Member] | Frontier Long/Short Commodity Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Diversified Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Masters Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Weekly
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Balanced Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Global Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member] | Frontier Heritage Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Diversified Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member] | Frontier Balanced Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Diversified Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member] | Frontier Balanced Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Diversified Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member] | Frontier Balanced Fund [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None

XML

Transactions with Affiliates (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Transactions with Affiliates (Details) [Line Items]
Trust paid (in Dollars)	$ 5,480
The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
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.
Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of minimum purchase commitment	1.00%
Percentage of contributes funds to trust	1.00%
Subscriptions in advance for service fee (in Dollars)	$ 681,885		$ 673,809
Trust had payable for trading fees (in Dollars)	80,225		70,998
Incentive fees payable to managing owner (in Dollars)	76,963		54,702
Management fees payable to managing owner (in Dollars)	1,601		1,431
Service fees payable to managing owner (in Dollars)	38,007		31,919
Risk analysis fees payable to managing owner (in Dollars)	$ 11,701		10,380
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) 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.
Trust paid (in Dollars)		$ 4,145
Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of minimum purchase commitment	1.00%
Percentage of contributes funds to trust	1.00%
Percentage of interest	1.00%
Managing Owner [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Trust had payable for incentive fees (in Dollars)	$ 76,963		54,702
Trust had payable for management fees (in Dollars)	1,601		1,431
Trust had payable for interest fees (in Dollars)	2,081		1,714
Trust had payable for trading fees (in Dollars)	80,225		70,998
Trust had payable for service fees (in Dollars)	38,007		$ 31,919
Incentive fees payable to managing owner (in Dollars)	76,272	49,840
Management fees payable to managing owner (in Dollars)	4,403	4,619
Service fees payable to managing owner (in Dollars)	108,081	116,113
Trading fees payable to managing owner (in Dollars)	$ 219,472	243,165
Risk analysis fees payable to managing owner (in Dollars)		$ 1,386
Class 1AP Units [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of interest in specific series of trust	1.00%
Class 2a Units [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of interest	1.00%
Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Description of range of incentive fee percentage	As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $374,556, $21,287, $159,581 and $71,693 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2022.
Class 1 [Member] | Managing Owner [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of service fee	3.00%
Class 1a Units [Member] | Managing Owner [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of service fee	2.00%
Class 2 Units [Member] | Managing Owner [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of service fee	0.25%
Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 374,556
Frontier Balanced Fund [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of FCM fee	2.25%
Percentage of incentive fee	25.00%
Frontier Balanced Fund [Member] | Class 1AP [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of interest in specific series of trust	1.00%
Frontier Balanced Fund [Member] | Class 2a [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of interest in specific series of trust	1.00%
Frontier Balanced Fund [Member] | Class 3a [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.50%
Frontier Balanced Fund [Member] | Class 1 [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.50%
Frontier Balanced Fund [Member] | Class 1 and Class 2 [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.50%
Frontier Balanced Fund [Member] | Class 1AP, Class 2a and Class 3a [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	1.00%
Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 393
Frontier Long/Short Commodity Fund [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%
Frontier Long/Short Commodity Fund [Member] | Class 2 and Class 3 [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	3.50%
Frontier Long/Short Commodity Fund [Member] | Class 2a [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%
Frontier Long/Short Commodity Fund [Member] | Class 2 [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	3.50%
Frontier Diversified Fund [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.75%
Percentage of FCM fee	2.50%
Percentage of incentive fee	20.00%
Frontier Diversified Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.75%
Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 71,693
Frontier Heritage Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.50%
Percentage of FCM fee	2.25%
Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 31,725
Frontier Masters Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of FCM fee	2.25%
Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 22,650
Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 21,287
Frontier Select Fund [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of FCM fee	2.25%
Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 159,581
Frontier Global Fund [Member] | Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of series NAV	0.12%

XML

Transactions with Affiliates (Details) - Schedule of fees earned by managing owner - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Frontier Diversified Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	251	1,049
Trading Fee	27,593	34,937
Frontier Masters Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	116	210
Trading Fee	11,781	14,863
Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	56	54
Trading Fee	8,468	8,765
Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees	76,272	49,840
Management Fee	4,403	4,619
Service Fee	61,363	67,267
Trading Fee	102,264	114,439
Frontier Select Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	10,925	11,438
Trading Fee	11,861	11,355
Frontier Global Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	16,989	19,938
Trading Fee	30,349	35,130
Frontier Heritage Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	18,381	16,157
Trading Fee	$ 27,156	$ 23,676

XML

Transactions with Affiliates (Details) - Schedule of fees payable to managing owner - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Frontier Diversified Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees
Service Fees	96	83
Trading Fees	10,172	9,217
Frontier Masters Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees
Service Fees	43	43
Trading Fees	4,298	3,882
Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees	43	32
Service Fees	22	19
Trading Fees	2,882	3,407
Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees	76,963	54,702
Management Fees	1,601	1,431
Interest Fees	953	957
Service Fees	20,814	18,314
Trading Fees	36,890	32,970
Frontier Select Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees	237	196
Service Fees	4,272	3,524
Trading Fees	4,299	3,682
Frontier Global Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees	400	312
Service Fees	6,268	4,986
Trading Fees	11,321	9,533
Frontier Heritage Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees	448	217
Service Fees	6,492	4,950
Trading Fees	$ 10,363	$ 8,307

XML

Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 5,481	$ 4,145
Frontier Diversified Fund [Member] | Class 1 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Diversified Fund [Member] | Class 2 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Diversified Fund [Member] | Class 3 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Masters Fund [Member] | Class 1 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Masters Fund [Member] | Class 2 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
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] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 3	$ 8
Ratio to Average Net Assets	0.01%	0.02%
Frontier Long/Short Commodity Fund [Member] | Class 3 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 106	$ 226
Ratio to Average Net Assets	0.01%	0.02%
Frontier Long/Short Commodity Fund [Member] | Class One A [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
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] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
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] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Balanced Fund [Member] | Class 1 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 2,350	$ 301
Ratio to Average Net Assets	0.03%	0.00%
Frontier Balanced Fund [Member] | Class 2 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 493	$ 69
Ratio to Average Net Assets	0.03%	0.00%
Frontier Balanced Fund [Member] | Class 2a [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 3	$ 1
Ratio to Average Net Assets	0.01%	0.00%
Frontier Balanced Fund [Member] | Class 3a [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 25	$ 3
Ratio to Average Net Assets	0.01%	0.00%
Frontier Balanced Fund [Member] | Class 1AP [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 21	$ 3
Ratio to Average Net Assets	0.03%	0.00%
Frontier Select Fund [Member] | Class 1 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 594	$ 790
Ratio to Average Net Assets	0.04%	0.05%
Frontier Select Fund [Member] | Class 2 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 31	$ 35
Ratio to Average Net Assets	0.04%	0.05%
Frontier Select Fund [Member] | Class 1AP [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 5	$ 5
Ratio to Average Net Assets	0.04%	0.05%
Frontier Global Fund [Member] | Class 1 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 839	$ 1,455
Ratio to Average Net Assets	0.04%	0.05%
Frontier Global Fund [Member] | Class 2 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 73	$ 103
Ratio to Average Net Assets	0.04%	0.05%
Frontier Global Fund [Member] | Class 1AP [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner
Ratio to Average Net Assets	0.00%	0.00%
Frontier Heritage Fund [Member] | Class 1 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 854	$ 1,038
Ratio to Average Net Assets	0.03%	0.05%
Frontier Heritage Fund [Member] | Class 2 [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 81	$ 104
Ratio to Average Net Assets	0.03%	0.05%
Frontier Heritage Fund [Member] | Class 1AP [Member] | The Series of Frontier Funds [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 3	$ 4
Ratio to Average Net Assets	0.03%	0.05%

XML

Financial Highlights (Details) - Schedule of financial highlights of trust - The Series of the Frontier Funds [Member] - $ / shares		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Frontier Diversified Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 88.98	$ 88.95
Net operating results:
Interest income	[1]	0.04	0.03
Expenses	[1]	(0.85)	(0.8)
Net gain/(loss) on investments, net of non-controlling interests	[1]	19.64	3.53
Net income/(loss)		18.83	2.76	[1]
Net asset value		$ 107.81	$ 91.71	[1]
Ratios to average net assets
Net investment income/(loss)		(3.46%)	(3.43%)
Expenses before incentive fees	[2],[3]	3.63%	3.59%
Expenses after incentive fees	[2],[3]	3.63%	3.59%
Total return before incentive fees	[4]	21.16%	3.11%
Total return after incentive fees	[4]	21.16%	3.11%
Frontier Diversified Fund [Member] | Class 3 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 83.56
Net operating results:
Interest income	[1]	0.04
Expenses	[1]	(0.8)
Net gain/(loss) on investments, net of non-controlling interests		18.5
Net income/(loss)		17.74
Net asset value		$ 101.3
Ratios to average net assets
Net investment income/(loss)		(3.46%)
Expenses before incentive fees	[2],[3]	3.63%
Expenses after incentive fees	[2],[3]	3.63%
Total return before incentive fees	[4]	21.24%
Total return after incentive fees	[4]	21.24%
Frontier Diversified Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 72.68
Net operating results:
Interest income	[1]		0.03
Expenses	[1]		(1.14)
Net gain/(loss) on investments, net of non-controlling interests	[1]		3.05
Net income/(loss)	[1]		1.94
Net asset value	[1]		$ 74.62
Ratios to average net assets
Net investment income/(loss)			(6.16%)
Expenses before incentive fees	[2],[3]		6.31%
Expenses after incentive fees	[2],[3]		6.31%
Total return before incentive fees	[4]		2.67%
Total return after incentive fees	[4]		2.67%
Frontier Masters Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 70.17	$ 67.54
Net operating results:
Interest income	[1]	0.07	0.06
Expenses	[1]	(1.29)	(1.05)
Net gain/(loss) on investments, net of non-controlling interests		27.48	4.07	[1]
Net income/(loss)		26.27	3.07	[1]
Net asset value		$ 96.44	$ 70.61	[1]
Ratios to average net assets
Net investment income/(loss)		(6.16%)	(5.85%)
Expenses before incentive fees	[2],[3]	6.52%	6.20%
Expenses after incentive fees	[2],[3]	6.52%	6.20%
Total return before incentive fees	[4]	37.44%	4.55%
Total return after incentive fees	[4]	37.44%	4.55%
Frontier Masters Fund [Member] | Class 3 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 63.52
Net operating results:
Interest income	[1]		0.06
Expenses	[1]		(0.99)
Net gain/(loss) on investments, net of non-controlling interests	[1]		3.86
Net income/(loss)	[1]		2.93
Net asset value	[1]		$ 66.45
Ratios to average net assets
Net investment income/(loss)			(5.85%)
Expenses before incentive fees	[2],[3]		6.20%
Expenses after incentive fees	[2],[3]		6.20%
Total return before incentive fees	[4]		4.61%
Total return after incentive fees	[4]		4.61%
Frontier Masters Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 55.18
Net operating results:
Interest income	[1]		0.05
Expenses	[1]		(2.05)
Net gain/(loss) on investments, net of non-controlling interests	[1]		4.26
Net income/(loss)	[1]		2.26
Net asset value	[1]		$ 57.44
Ratios to average net assets
Net investment income/(loss)			(14.43%)
Expenses before incentive fees	[2],[3]		14.78%
Expenses after incentive fees	[2],[3]		14.78%
Total return before incentive fees	[4]		4.10%
Total return after incentive fees	[4]		4.10%
Frontier Masters Fund [Member] | Class 3 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 66.15
Net operating results:
Interest income	[1]	0.07
Expenses	[1]	(1.22)
Net gain/(loss) on investments, net of non-controlling interests		25.98
Net income/(loss)	[1]	24.83
Net asset value		$ 90.98
Ratios to average net assets
Net investment income/(loss)		(6.16%)
Expenses before incentive fees	[2],[3]	6.52%
Expenses after incentive fees	[2],[3]	6.52%
Total return before incentive fees	[4]	37.53%
Total return after incentive fees	[4]	37.53%
Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 89.97	$ 85.99
Net operating results:
Interest income	[1]	0.05	0.09
Expenses	[1]	(0.64)	(0.59)
Net gain/(loss) on investments, net of non-controlling interests		23.4	4.91	[1]
Net income/(loss)		22.81	4.4	[1]
Net asset value	[1]	$ 112.78	$ 90.39
Ratios to average net assets
Net investment income/(loss)		(2.50%)	(2.26%)
Expenses before incentive fees	[2],[3]	2.70%	2.65%
Expenses after incentive fees	[2],[3]	2.70%	2.65%
Total return before incentive fees	[4]	25.35%	5.12%
Total return after incentive fees	[4]	25.35%	5.12%
Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 90.21
Net operating results:
Interest income	[1]		0.09
Expenses	[1]		(0.62)
Net gain/(loss) on investments, net of non-controlling interests	[1]		5.15
Net income/(loss)	[1]		4.61
Net asset value	[1]		$ 94.82
Ratios to average net assets
Net investment income/(loss)			(2.26%)
Expenses before incentive fees	[2],[3]		2.65%
Expenses after incentive fees	[2],[3]		2.65%
Total return before incentive fees	[4]		5.11%
Total return after incentive fees	[4]		5.11%
Frontier Long/Short Commodity Fund [Member] | Class 2a [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 55.29
Net operating results:
Interest income	[1]		0.06
Expenses	[1]		(0.38)
Net gain/(loss) on investments, net of non-controlling interests	[1]		3.51
Net income/(loss)	[1]		3.2
Net asset value	[1]		$ 58.49
Ratios to average net assets
Net investment income/(loss)			(2.26%)
Expenses before incentive fees	[2],[3]		2.65%
Expenses after incentive fees	[2],[3]		2.65%
Total return before incentive fees	[4]		5.79%
Total return after incentive fees	[4]		5.79%
Frontier Long/Short Commodity Fund [Member] | Class 3a [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 58.37
Net operating results:
Interest income	[1]		0.06
Expenses	[1]		(0.4)
Net gain/(loss) on investments, net of non-controlling interests	[1]		3.74
Net income/(loss)	[1]		3.4
Net asset value	[1]		$ 61.77
Ratios to average net assets
Net investment income/(loss)			(2.26%)
Expenses before incentive fees	[2],[3]		2.65%
Expenses after incentive fees	[2],[3]		2.65%
Total return before incentive fees	[4]		5.82%
Total return after incentive fees	[4]		5.82%
Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 94.38
Net operating results:
Interest income	[1]	0.05
Expenses	[1]	(0.67)
Net gain/(loss) on investments, net of non-controlling interests		24.55
Net income/(loss)		23.93
Net asset value		$ 118.31
Ratios to average net assets
Net investment income/(loss)		(2.50%)
Expenses before incentive fees	[2],[3]	2.70%
Expenses after incentive fees	[2],[3]	2.70%
Total return before incentive fees	[4]	25.35%
Total return after incentive fees	[4]	25.35%
Frontier Long/Short Commodity Fund [Member] | Class 2a [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 58.75
Net operating results:
Interest income	[1]	0.03
Expenses	[1]	(0.42)
Net gain/(loss) on investments, net of non-controlling interests		15.24
Net income/(loss)		14.85
Net asset value		$ 73.6
Ratios to average net assets
Net investment income/(loss)		(2.50%)
Expenses before incentive fees	[2],[3]	2.70%
Expenses after incentive fees	[2],[3]	2.70%
Total return before incentive fees	[4]	25.28%
Total return after incentive fees	[4]	25.28%
Frontier Long/Short Commodity Fund [Member] | Class 3a [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 62.16
Net operating results:
Interest income	[1]	0.03
Expenses	[1]	(0.44)
Net gain/(loss) on investments, net of non-controlling interests		16.17
Net income/(loss)		15.76
Net asset value		$ 77.92
Ratios to average net assets
Net investment income/(loss)		(2.50%)
Expenses before incentive fees	[2],[3]	2.70%
Expenses after incentive fees	[2],[3]	2.70%
Total return before incentive fees	[4]	25.36%
Total return after incentive fees	[4]	25.36%
Frontier Balanced Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 130.54
Net operating results:
Interest income	[1]		0
Expenses	[1]		(1.94)
Net gain/(loss) on investments, net of non-controlling interests	[1]		8.61
Net income/(loss)	[1]		6.67
Net asset value	[1]		$ 137.21
Ratios to average net assets
Net investment income/(loss)			(4.62%)
Expenses before incentive fees	[2],[3]		4.19%
Expenses after incentive fees	[2],[3]		4.62%
Total return before incentive fees	[4]		5.54%
Total return after incentive fees	[4]		5.11%
Frontier Balanced Fund [Member] | Class 2a [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 120.98
Net operating results:
Interest income		0
Expenses	[1]	(2.39)
Net gain/(loss) on investments, net of non-controlling interests	[1]	38.66
Net income/(loss)	[1]	36.26
Net asset value	[1]	$ 157.24
Ratios to average net assets
Net investment income/(loss)		(4.98%)
Expenses before incentive fees	[2],[3]	4.24%
Expenses after incentive fees	[2],[3]	4.98%
Total return before incentive fees	[4]	30.71%
Total return after incentive fees	[4]	29.97%
Incentive fee per share		$ 0.99
Incentive Fee to ANA		0.74%
Frontier Balanced Fund [Member] | Class 3a [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 120.57
Net operating results:
Interest income		0
Expenses	[1]	(2.39)
Net gain/(loss) on investments, net of non-controlling interests	[1]	38.52
Net income/(loss)	[1]	36.14
Net asset value	[1]	$ 156.71
Ratios to average net assets
Net investment income/(loss)		(4.98%)
Expenses before incentive fees	[2],[3]	4.24%
Expenses after incentive fees	[2],[3]	4.98%
Total return before incentive fees	[4]	30.71%
Total return after incentive fees	[4]	29.97%
Incentive fee per share		$ 0.99
Incentive Fee to ANA		0.74%
Frontier Balanced Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 82.82
Net operating results:
Interest income		0
Expenses	[1]	(2.32)
Net gain/(loss) on investments, net of non-controlling interests	[1]	26.33
Net income/(loss)	[1]	24
Net asset value	[1]	$ 106.82
Ratios to average net assets
Net investment income/(loss)		(8.06%)
Expenses before incentive fees	[2],[3]	7.32%
Expenses after incentive fees	[2],[3]	8.06%
Total return before incentive fees	[4]	29.72%
Total return after incentive fees	[4]	28.98%
Incentive fee per share		$ 0.67
Incentive Fee to ANA		0.74%
Frontier Balanced Fund [Member] | Class 1AP [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 103.38
Net operating results:
Interest income		0
Expenses	[1]	(2.05)
Net gain/(loss) on investments, net of non-controlling interests	[1]	32.99
Net income/(loss)	[1]	30.95
Net asset value	[1]	$ 134.33
Ratios to average net assets
Net investment income/(loss)		(4.98%)
Expenses before incentive fees	[2],[3]	4.24%
Expenses after incentive fees	[2],[3]	4.98%
Total return before incentive fees	[4]	30.67%
Total return after incentive fees	[4]	29.94%
Incentive fee per share		$ 0.85
Incentive Fee to ANA		0.74%
Frontier Balanced Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 139.4
Net operating results:
Interest income		0
Expenses	[1]	(2.76)
Net gain/(loss) on investments, net of non-controlling interests	[1]	44.5
Net income/(loss)	[1]	41.74
Net asset value	[1]	$ 181.14
Ratios to average net assets
Net investment income/(loss)		(4.98%)
Expenses before incentive fees	[2],[3]	4.24%
Expenses after incentive fees	[2],[3]	4.98%
Total return before incentive fees	[4]	30.68%
Total return after incentive fees	[4]	29.94%
Incentive fee per share		$ 1.14
Incentive Fee to ANA		0.74%
Frontier Balanced Fund [Member] | Class 2a [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 113.2
Net operating results:
Interest income	[1]		0
Expenses	[1]		(1.69)
Net gain/(loss) on investments, net of non-controlling interests	[1]		7.47
Net income/(loss)	[1]		5.78
Net asset value	[1]		$ 118.98
Ratios to average net assets
Net investment income/(loss)			(4.62%)
Expenses before incentive fees	[2],[3]		4.19%
Expenses after incentive fees	[2],[3]		4.62%
Total return before incentive fees	[4]		5.54%
Total return after incentive fees	[4]		5.11%
Frontier Balanced Fund [Member] | Class 3a [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 112.81
Net operating results:
Interest income	[1]		0
Expenses	[1]		(1.68)
Net gain/(loss) on investments, net of non-controlling interests	[1]		7.45
Net income/(loss)	[1]		5.77
Net asset value	[1]		$ 118.58
Ratios to average net assets
Net investment income/(loss)			(4.62%)
Expenses before incentive fees	[2],[3]		4.19%
Expenses after incentive fees	[2],[3]		4.62%
Total return before incentive fees	[4]		5.54%
Total return after incentive fees	[4]		5.11%
Frontier Balanced Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 79.93
Net operating results:
Interest income	[1]		0
Expenses	[1]		(1.78)
Net gain/(loss) on investments, net of non-controlling interests	[1]		5.24
Net income/(loss)	[1]		3.46
Net asset value	[1]		$ 83.39
Ratios to average net assets
Net investment income/(loss)			(7.61%)
Expenses before incentive fees	[2],[3]		7.18%
Expenses after incentive fees	[2],[3]		7.61%
Total return before incentive fees	[4]		4.76%
Total return after incentive fees	[4]		4.32%
Frontier Balanced Fund [Member] | Class 1AP [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 96.81
Net operating results:
Interest income	[1]		0
Expenses	[1]		(1.44)
Net gain/(loss) on investments, net of non-controlling interests	[1]		6.38
Net income/(loss)	[1]		4.94
Net asset value	[1]		$ 101.75
Ratios to average net assets
Net investment income/(loss)			(4.62%)
Expenses before incentive fees	[2],[3]		4.19%
Expenses after incentive fees	[2],[3]		4.62%
Total return before incentive fees	[4]		5.53%
Total return after incentive fees	[4]		5.10%
Frontier Select Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 105.1	$ 94.2
Net operating results:
Interest income		0	0	[1]
Expenses	[1]	(0.89)	(0.68)
Net gain/(loss) on investments, net of non-controlling interests	[1]	35.4	7.88
Net income/(loss)	[1]	34.51	7.2
Net asset value	[1]	$ 139.61	$ 101.4
Ratios to average net assets
Net investment income/(loss)		(3.09%)	(2.82%)
Expenses before incentive fees	[2],[3]	3.09%	2.82%
Expenses after incentive fees	[2],[3]	3.09%	2.82%
Total return before incentive fees	[4]	32.83%	7.64%
Total return after incentive fees	[4]	32.83%	7.64%
Incentive fee per share
Incentive Fee to ANA		0.00%
Frontier Select Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 63.39
Net operating results:
Interest income		0
Expenses	[1]	(1.06)
Net gain/(loss) on investments, net of non-controlling interests	[1]	21.26
Net income/(loss)	[1]	20.19
Net asset value	[1]	$ 83.58
Ratios to average net assets
Net investment income/(loss)		(6.10%)
Expenses before incentive fees	[2],[3]	6.10%
Expenses after incentive fees	[2],[3]	6.10%
Total return before incentive fees	[4]	31.86%
Total return after incentive fees	[4]	31.86%
Incentive Fee to ANA		0.00%
Frontier Select Fund [Member] | Class 1AP [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 79.21	$ 70.99
Net operating results:
Interest income		0	0	[1]
Expenses	[1]	(0.67)	(0.51)
Net gain/(loss) on investments, net of non-controlling interests	[1]	26.67	5.93
Net income/(loss)	[1]	25.99	5.42
Net asset value	[1]	$ 105.2	$ 76.41
Ratios to average net assets
Net investment income/(loss)		(3.09%)	(2.82%)
Expenses before incentive fees	[2],[3]	3.09%	2.82%
Expenses after incentive fees	[2],[3]	3.09%	2.82%
Total return before incentive fees	[4]	32.82%	7.64%
Total return after incentive fees	[4]	32.82%	7.64%
Incentive fee per share
Incentive Fee to ANA		0.00%
Frontier Global Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 170.4
Net operating results:
Interest income	[1]	0
Expenses	[1]	(2.51)
Net gain/(loss) on investments, net of non-controlling interests	[1]	86.05
Net income/(loss)	[1]	83.54
Net asset value	[1]	$ 253.94
Ratios to average net assets
Net investment income/(loss)		(4.95%)
Expenses before incentive fees	[2],[3]	4.95%
Expenses after incentive fees	[2],[3]	4.95%
Total return before incentive fees	[4]	49.02%
Total return after incentive fees	[4]	49.02%
Frontier Global Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 109.45
Net operating results:
Interest income	[1]	0
Expenses	[1]	(2.62)
Net gain/(loss) on investments, net of non-controlling interests	[1]	55.07
Net income/(loss)	[1]	52.45
Net asset value	[1]	$ 161.9
Ratios to average net assets
Net investment income/(loss)		(7.97%)
Expenses before incentive fees	[2],[3]	7.97%
Expenses after incentive fees	[2],[3]	7.97%
Total return before incentive fees	[4]	47.92%
Total return after incentive fees	[4]	47.92%
Frontier Heritage Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 172.91	$ 155.92
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(2.08)	(1.61)
Net gain/(loss) on investments, net of non-controlling interests	[1]	78.9	15.31
Net income/(loss)	[1]	76.82	13.7
Net asset value	[1]	$ 249.73	$ 169.62
Ratios to average net assets
Net investment income/(loss)		(4.06%)	(3.96%)
Expenses before incentive fees	[2],[3]	4.06%	3.96%
Expenses after incentive fees	[2],[3]	4.06%	3.96%
Total return before incentive fees	[4]	44.43%	8.79%
Total return after incentive fees	[4]	44.43%	8.79%
Frontier Heritage Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 103.43	$ 96.1
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(2.15)	(1.74)
Net gain/(loss) on investments, net of non-controlling interests	[1]	47	9.41
Net income/(loss)	[1]	44.84	7.67
Net asset value	[1]	$ 148.27	$ 103.77
Ratios to average net assets
Net investment income/(loss)		(7.08%)	(6.94%)
Expenses before incentive fees	[2],[3]	7.08%	6.94%
Expenses after incentive fees	[2],[3]	7.08%	6.94%
Total return before incentive fees	[4]	43.35%	7.99%
Total return after incentive fees	[4]	43.35%	7.99%
Frontier Heritage Fund [Member] | Class 1AP [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 129.19	$ 116.5
Net operating results:
Interest income	[1]	0	0
Expenses	[1]	(1.55)	(1.2)
Net gain/(loss) on investments, net of non-controlling interests	[1]	58.96	11.44
Net income/(loss)	[1]	57.41	10.24
Net asset value	[1]	$ 186.6	$ 126.74
Ratios to average net assets
Net investment income/(loss)		(4.06%)	(3.96%)
Expenses before incentive fees	[2],[3]	4.06%	3.96%
Expenses after incentive fees	[2],[3]	4.06%	3.96%
Total return before incentive fees	[4]	44.44%	8.79%
Total return after incentive fees	[4]	44.44%	8.79%
Frontier Diversified Fund [Member] | Class 3 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 83.33
Net operating results:
Interest income	[1]		0.03
Expenses	[1]		(0.75)
Net gain/(loss) on investments, net of non-controlling interests	[1]		3.35
Net income/(loss)	[1]		2.64
Net asset value	[1]		$ 85.97
Ratios to average net assets
Net investment income/(loss)			(3.43%)
Expenses before incentive fees	[2],[3]		3.59%
Expenses after incentive fees	[2],[3]		3.59%
Total return before incentive fees	[4]		3.16%
Total return after incentive fees	[4]		3.16%
Frontier Select Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 58.55
Net operating results:
Interest income	[1]		0
Expenses	[1]		(0.86)
Net gain/(loss) on investments, net of non-controlling interests	[1]		4.87
Net income/(loss)	[1]		4.01
Net asset value	[1]		$ 62.56
Ratios to average net assets
Net investment income/(loss)			(5.80%)
Expenses before incentive fees	[2],[3]		5.80%
Expenses after incentive fees	[2],[3]		5.80%
Total return before incentive fees	[4]		6.84%
Total return after incentive fees	[4]		6.84%
Frontier Global Fund [Member] | Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 167.56
Net operating results:
Interest income	[1]		0
Expenses	[1]		(2.08)
Net gain/(loss) on investments, net of non-controlling interests	[1]		8.54
Net income/(loss)	[1]		6.45
Net asset value	[1]		$ 174.01
Ratios to average net assets
Net investment income/(loss)			(4.90%)
Expenses before incentive fees	[2],[3]		4.90%
Expenses after incentive fees	[2],[3]		4.90%
Total return before incentive fees	[4]		3.85%
Total return after incentive fees	[4]		3.85%
Frontier Global Fund [Member] | Class 1 [Member]
Per unit operating performance (1)
Net asset value	[1]		$ 110.9
Net operating results:
Interest income	[1]		0
Expenses	[1]		(2.21)
Net gain/(loss) on investments, net of non-controlling interests	[1]		5.63
Net income/(loss)	[1]		3.42
Net asset value	[1]		$ 114.32
Ratios to average net assets
Net investment income/(loss)			(7.88%)
Expenses before incentive fees	[2],[3]		7.88%
Expenses after incentive fees	[2],[3]		7.88%
Total return before incentive fees	[4]		3.09%
Total return after incentive fees	[4]		3.09%

[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

Derivative Instruments and Hedging Activities (Details) - Frontier Fund [Member] - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities (Details) [Line Items]
Monthly average of forwards, options and futures contracts bought	$ 373	$ 788
Monthly average of forwards, options and futures contracts sold	$ 367	$ 787
Minimum [Member]
Derivative Instruments and Hedging Activities (Details) [Line Items]
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 (Details) [Line Items]
Percentage of embedded management fees	1.50%
Percentage of fair value of swaps and embedded incentive fees	25.00%

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of averages futures contracts - Series of Frontier Funds [Member]	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities (Details) - Schedule of averages futures contracts [Line Items]
Derivative Numbers of Instruments Bought	373	788
Derivative Numbers of Instruments Sold	367	787

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of realized trading revenue from futures, forwards and options - Frontier Balanced Fund [Member] - Realized Trading Revenue from Futures, Forwards and Options [Member] - The Series of Frontier Funds [Member] - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)	[1]	$ 271,469	$ 371,559
Agriculturals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		(37,319)	63,311
Currencies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		183,465	(27,812)
Energies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		107,870	34,820
Interest rates [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		27,127	106,786
Metals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		(188,863)	23,335
Stock indices [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		$ 179,189	$ 171,119

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

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss - Frontier Balanced Fund [Member] - Unrealized Trading Revenue from Futures, Forwards and Options [Member] - The Series of Frontier Funds [Member] - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	[1]	$ 42,742	$ (47,335)
Agriculturals [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		(2,154)	6,802
Currencies [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		(3,547)	17,052
Energies [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		14,760	16,600
Interest rates [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		17,389	(76,782)
Metals [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		15,429	(15,723)
Stock indices [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		$ 865	$ 4,716

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

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of gross and net information about the trust's assets and liabilities - Open Trade Equity/(Deficit) [Member] - Frontier Balanced Fund [Member] - Series of Frontier Funds [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities (Details) - Schedule of gross and net information about the trust's assets and liabilities [Line Items]
Gross Amounts of recognized Derivative Assets/Liabilities		$ 2,118,427
Gross Amounts offset in the Statements of Financial Condition		(2,103,591)
Net Amounts Presented in the Statements of Financial Condition		$ 14,836

XML

Trading Activities and Related Risks (Details)	3 Months Ended
	Mar. 31, 2022
The Series of Frontier Funds [Member]
Trading Activities and Related Risks (Details) [Line Items]
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.
Frontier Funds [Member]
Trading Activities and Related Risks (Details) [Line Items]
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 (Details)	2 Months Ended
	May 16, 2022 USD ($)
Subsequent Events (Details) [Line Items]
Paid in redemptions	$ 899,225
Frontier Balanced Fund [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	372,895
Frontier Diversified Fund [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	108,943
Frontier Heritage Fund [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	115,631
Frontier Long/Short Commodity Fund [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	35,729
Frontier Masters Fund [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	2,000
Frontier Select Fund [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	5,137
Frontier Global Fund [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	$ 258,891

XML

Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) - Frontier Funds [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) [Line Items]
U.S. Treasury Securities	$ 1,160,001	$ 140,487
Open Trade Equity (Deficit)		14,836
Level 1 Inputs [Member]
Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) [Line Items]
U.S. Treasury Securities	1,160,001	140,487
Open Trade Equity (Deficit)		14,836
Level 2 Inputs [Member]
Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) [Line Items]
U.S. Treasury Securities
Open Trade Equity (Deficit)
Level 3 Inputs [Member]
Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) [Line Items]
U.S. Treasury Securities
Open Trade Equity (Deficit)

XML

Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies - Frontier Funds [Member] - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	$ (36,903)	$ (53,946)
Realized Gain/(Loss)	5,604,948	868,914
Change in Unrealized Gain/(Loss)	840,882	408,727
Net Income (Loss)	6,408,927	1,223,695
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	(4,059)	(6,562)
Realized Gain/(Loss)	2,577,640	447,803
Change in Unrealized Gain/(Loss)	359,865	(72,658)
Net Income (Loss)	2,933,446	368,583
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	(5,786)	(9,998)
Realized Gain/(Loss)	(1,136,665)	144,511
Change in Unrealized Gain/(Loss)	167,524	(306,321)
Net Income (Loss)	(974,927)	(171,808)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	(270)	(229)
Realized Gain/(Loss)	70,364	23,549
Change in Unrealized Gain/(Loss)	(7,272)	(18,332)
Net Income (Loss)	62,822	4,988
Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	(5,068)	(3,139)
Realized Gain/(Loss)	872,309	(229,555)
Change in Unrealized Gain/(Loss)	101,706	5,369
Net Income (Loss)	968,947	(227,325)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	(3,235)	(7,086)
Realized Gain/(Loss)	712,120	79,440
Change in Unrealized Gain/(Loss)	256,288	200,172
Net Income (Loss)	965,173	272,526
Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	67,491	58,149
Net Income (Loss)	67,491	58,149
Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(242)
Net Income (Loss)	(242)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	(15,069)	(23,417)
Realized Gain/(Loss)	1,439,330	1,321,005
Change in Unrealized Gain/(Loss)	275,941	(146,069)
Net Income (Loss)	1,700,202	1,151,519
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions		(1,707)
Realized Gain/(Loss)		(917,839)
Change in Unrealized Gain/(Loss)	86,500	716,976
Net Income (Loss)	86,500	(202,570)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	(2,454)	(1,808)
Realized Gain/(Loss)	(268,651)
Change in Unrealized Gain/(Loss)	336,523	(28,559)
Net Income (Loss)	65,418	(30,367)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from each of the private investment companies [Line Items]
Trading Commissions	(962)
Realized Gain/(Loss)	1,338,501
Change in Unrealized Gain/(Loss)	(803,442)
Net Income (Loss)	$ 534,097

XML

Investments in Private Investment Companies (Details) - Schedule of private investment companies have certain redemption and liquidity restrictions - Frontier Funds [Member]	3 Months Ended
	Mar. 31, 2022
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None

XML

Financial Highlights (Details) - Schedule of financial highlights of trust - Frontier Funds [Member]		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Ratios to average net assets (1)
Net investment income/(loss)	[1]	(6.50%)	(6.20%)
Expenses before incentive fees	[2]	6.20%	6.06%
Expenses after incentive fees	[2]	6.55%	6.26%
Total return before incentive fees	[3]	29.11%	6.45%
Total return after incentive fees	[3]	28.76%	4.56%

[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 (Details) - Schedule of realized trading revenue from futures, forwards and options - Frontier Funds [Member] - Realized Trading Revenue from Futures, Forwards and Options [Member] - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)	[1]	$ 271,469	$ 371,559
Agriculturals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		(37,319)	63,312
Currencies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		183,465	(27,812)
Energies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		107,870	34,820
Interest rates [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		27,127	106,786
Metals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		(188,863)	23,335
Stock indices [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		$ 179,189	$ 171,118

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

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss - Net Change in Open Trade Equity from Futures, Forwards and Options [Member] - Frontier Fund [Member] - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	[1]	$ 42,742	$ (47,335)
Agriculturals [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		(2,154)	6,802
Currencies [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		(3,547)	17,052
Energies [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		14,760	16,600
Interest rates [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		17,389	(76,782)
Metals [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		15,429	(15,723)
Stock indices [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		$ 865	$ 4,716

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

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of gross and net information about the Trust's assets and liabilities - Frontier Funds [Member] - Open Trade Equity/(Deficit) [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities (Details) - Schedule of gross and net information about the Trust's assets and liabilities [Line Items]
Gross Amounts of recognized Derivative Assets		$ 2,118,427
Gross Amounts offset in the Statements of Financial Condition		(2,103,591)
Net Amounts Presented in the Statements of Financial		$ 14,836